GCS15 Posted August 23, 2005 Share Posted August 23, 2005 G'day all Had more than enough to drink so I thought I'd share this qoute for you from my latest read. Real Estate Myths e-x-p-l-o-d-e-d, a complete guide to avoid gettting ripped off when you buy a property (David Morrell). I got a laugh at the Authors audacity. Big big dollar amounts are tossed around like nothing. This guy talks about savings that are in excess of what I want to pay when I buy Then again I am a simple man with a simple plan (ie a house a decent job and a family ) A client bought a sixth-floor inner city appartment off the plan, with a rental guarantee for two years, for $430,000. After the rental guarantee had elapsed, our client was frustrated that he couldn't find a tenant, not even for a substantially lower rent than he had previously been getting. The property had been vacant for nine months - not a wonderful investment. Our advice was that the building was not going to increase in value, as it was particularly ugly and had the signs of a rental ghetto, with rubbish in the letterboxes, a messy foyer, unkempt gardens and graffiti in the car park. The client finally sold the property for $265,000. pge 132 Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted August 23, 2005 Share Posted August 23, 2005 Where was that? Melbourne? Quote Link to comment Share on other sites More sharing options...
GCS15 Posted August 23, 2005 Author Share Posted August 23, 2005 (edited) I am thinking that it was Sydney. The author doesn't say. I got a lot out of the book. As much as I am dead set against the whole "make money in real estate" game I want to learn the rules of the game so my family don't get lumbered with to much debt and if I can make a few bob...... Edited August 23, 2005 by GCS15 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.