In my travels, I've come across a variety of IP procrastinators. The one who wins the award for the longest, however, belongs to an acquaintance, who keeps discussing PI with me, and has been "wanting to buy" since I met her, in 1999 and she still is IP-less!! When we first met, she was asking my opinion on the market (I thought it worthwhile and was looking myself) and continued to talk herself out of buying via various excuses and reasons. For her, the market was always "unrealistic" and she now talks longingly of the days when her money could have purchased something so much better. Apparently, now is "too late", according to her way of thinking and she's going to wait until the Sydney market settles down and drops a further 30%!!! Anyway, just thought it might be interesting to hear of any others experiences of "gunnas" and if anyone can beat my record......
Many years ago when I was a schoolgirl, I remember being told by the Sisters of Mercy that in the late 1800's their order turned down the buying of the land where the Perth mint now stands. Their reason was that it was too far from the city centre. In those days the "city" centre was Fremantle. The Mint land is spitting distance from the heart of Perth. I think your challenge is hard to respond to Jacque because there's probably a little bit of procrastinator in all of us. We passed up the opportunity to buy a house in Margaret River in the mid 70's for $4,500 because it was next to the cemetry. Dumb! dumb! Dumb! And I have to keep driving past the darn place as a reminder of being dumb for the rest of my life. I try to make up for it with other purchases though
There is only one good time to buy property if you are a serious investor. Many people ask me when. I always say this. 9.00am tomorrow morning If you work on a 5-7 year plan, you can rarely go wrong with a little research and homework. Cheers
Sorry Wayne but I have to disagree with this bandied about 5-7yr holding belief. Property can remain stagnant for up to a decade in some areas and I'm sure there's more than I on this forum who can provide you with examples of hard cold data that put this theory to bed. Property cycles vary and it's a case of holding property long enough through at least one complete cycle to benefit from the cap growth anticipated. Obviously research plays more than a little role here- it's vital if you are to select a property that is going to pay dividends for you over the length of the period that you manage to retain it (and pay for it!). As for buying by 9am well I'm on the ball tomorrow morning with a client inspection booked for 9.15am- does that count?
Hi Jacque All the data I have logged for areas we have bought in or my folks have bought in have always seen a healthy profit over a 7 year period. I know people who didnt make 1c over 12 years on the Gold Coast, but they bought the wrong type of property. Research is VERY important - AGREED.. Cheers
