Stupid aussies losing money on american property.

reply to post by GEORGETHEGREEK


George, in this case mate, they are stupid.

If they don't choose to research before diving in, it's no ones fault but their own.

reply to post by punterdeb
I didn't read all of the article, sorry....
Don't buy what these people are saying about our housing market....rental properties going up 20%??
I don't think that is gonna happen, there's too many people who can't afford the rent at what it is now here, and well, that is why we have so many getting assistance from the gov't programs. If it is allowed to go up that much more (and by what I have observed, it's mainly hud that is dictating the cost of housing, if they are not willling to go up 20%, well, that rental property better be really nice, so the better offs would be interested!) and well, look at the fiscal state of our gov't at the moment and the political climate in the US as well as the rest of the world. How many gov'ts do you hear talking about expanding these types of programs, all I am hearing here is a bunch of conservatives talking about how they need to be cut! And, well, it's gonna take a major maracle to keep those conservatives in power! Add to that the question of the validity of the foreclosures, and thus the legal right of the buyers of foreclosed homes....
I don't think investing in our housing market is a sound investment at this time.....sorry...
But, then I am not an economist, or an expert in the housing market. I am just drawing from what I've read, what I am observing, and well...common sense!
I am hoping to see lower rents after this all funnels through....our economy desparately needs it!

reply to post by Chadwickus


Agreed as everybody's actions account for their own and are responsible for them.

I wouldn' t go as far as generalising this in such a manner though.

Sounds bad. The word "some" or something along these lines might help.
In any case nothing is to be definite. They could come out smart... You never know.

Originally posted by GEORGETHEGREEK

Stupid aussies losing money on american property

Aussies are stupid ???????????? !!!!!!!!!!!!!!!!!!!!!!

Not in my oppinion. Not at all.

This kinda thread tittling just makes for definition of: BAD THREAD TITTLING

Thanks GTG!

I just added you to my will mate!

IRM

reply to post by InfaRedMan


How many empty beer cans from your fine Aussie beer can collection does he get? Can I have your Wallabies jersey for trickle treating later this year?

Originally posted by bluemirage5
reply to post by InfaRedMan

 

How many empty beer cans from your fine Aussie beer can collection does he get? Can I have your Wallabies jersey for trickle treating later this year?

Man you're going to be really disappointed! I don't drink beer or follow Rugby!

IRM

no one is stopping you from selling worthless aussie houses to the americans. they don't come more stupid and greedy than an american. their whole economy is based on stupidity and greed.

sell them some crocodile invested shack and say its a beautiful riverside resort with plenty of natural wildlife.

reply to post by randomname


Hey there...

Helps to read the article/thread.

Aussies are buying up worthless American houses, not Americans buying worthless (HA!*) Aussie houses.

Some, more worthless than others.



* Indicates irony, since most Aussie houses are worth more than they should be.

as the OP, i probably need to make it clear that i am an australian. Really, the whole point i am trying to make clear with this thread is that there are an untold amount of australians who dont realise what is actually happening overseas for the last 2 years. we have the same problem here with the msm that everyone else has. the 6pm news does not really cover what is happening. most know that there has been a problem with other countries and the gfc, but not to the extent that it is happening.

My second point that i would make is that GREED is out of control. everyone wants the big return and be able to sit back then and do nothing. i know its only human nature to want that, but the scale that it is on these days is what has got the world into the crisis that it is in. i believe that its a generational trend. you go back 2 generations ago. for most people in their late 30's or 40's our grandparents worked very very hard for what they had. when their children (the baby boomers and our parents) reached their adult hood and moved out of home, the parents would help them out with furniture or carpets and general stuff like that. They then became the generation that wanted more. they didnt want to do it tough as their parents had done. they also had the added advantage of being in their prime for the real estate boom. They maybe helped out their children with a deposit on a home. but because of the rising house prices and interest rates, by now you had both parents working fulltime, and because of feeling guilty that they were not home with their kids as their mum had been, they lavished the kids with all sorts of toys too keep them amused. by now, im talking people who are in their 20's to early 30's. they definately had the help of parents to get them into their house. without it, they had no hope. because of that help they have equity in their home, so they buy investment properties and just want to sit back and watch it roll in. so what i am saying is that within 2 generations we have gone from grandparents who had the family around every weekend for sunday lunch, to a generation thats too busy shopping on the weekends to visit.

i acknowledge that my way of thinking is different. it has to do probably with my job. i work in a hospital. i see death almost every day. just yesterday i dealt with a family that turned off the life support on a women in her late 40's that died of a brain aneurysm. i didnt know how many houses she had, if she had a shiny new car, the best furniture. the family didnt speak of that. they spoke of lasting memories. time they had together. i am extremely "anti greed". the sooner we start living our lives again and creating lasting memories rather than creating profits, the better of this whole world will be.

Originally posted by punterdeb
as the OP, i probably need to make it clear that i am an australian. Really, the whole point i am trying to make clear with this thread is that there are an untold amount of australians who dont realise what is actually happening overseas for the last 2 years. we have the same problem here with the msm that everyone else has. the 6pm news does not really cover what is happening. most know that there has been a problem with other countries and the gfc, but not to the extent that it is happening.

My second point that i would make is that GREED is out of control. everyone wants the big return and be able to sit back then and do nothing. i know its only human nature to want that, but the scale that it is on these days is what has got the world into the crisis that it is in. i believe that its a generational trend. you go back 2 generations ago. for most people in their late 30's or 40's our grandparents worked very very hard for what they had. when their children (the baby boomers and our parents) reached their adult hood and moved out of home, the parents would help them out with furniture or carpets and general stuff like that. They then became the generation that wanted more. they didnt want to do it tough as their parents had done. they also had the added advantage of being in their prime for the real estate boom. They maybe helped out their children with a deposit on a home. but because of the rising house prices and interest rates, by now you had both parents working fulltime, and because of feeling guilty that they were not home with their kids as their mum had been, they lavished the kids with all sorts of toys too keep them amused. by now, im talking people who are in their 20's to early 30's. they definately had the help of parents to get them into their house. without it, they had no hope. because of that help they have equity in their home, so they buy investment properties and just want to sit back and watch it roll in. so what i am saying is that within 2 generations we have gone from grandparents who had the family around every weekend for sunday lunch, to a generation thats too busy shopping on the weekends to visit.

i acknowledge that my way of thinking is different. it has to do probably with my job. i work in a hospital. i see death almost every day. just yesterday i dealt with a family that turned off the life support on a women in her late 40's that died of a brain aneurysm. i didnt know how many houses she had, if she had a shiny new car, the best furniture. the family didnt speak of that. they spoke of lasting memories. time they had together. i am extremely "anti greed". the sooner we start living our lives again and creating lasting memories rather than creating profits, the better of this whole world will be.

That is why I have invested in real estate since I was 18 years old. I receive residual income on a monthly basis from my investments. This allows me the freedom of not having to spend time at a 9-5 job but more time with my loved ones. If that makes me greedy...I can live with that!!

For people who want to own rentals, do not pay fair market for the property. You always want to buy at a discount so your properties will have a positive cash flow. You want to buy the property at 70% fair market value minus the needed repairs. If I don't get at least a 2% monthly return on my money for a property I'm going to hold I will not buy it.

Real estate is still a better investment for me than the stock market or letting my money just sit in a bank. I have yet to find another investment vehicle that can give me a consistent return of 15%-25% on my money.

reply to post by yizzel


The Ausie's at least can take control of their currency, unlike European countries where a central government can sacrifice small countries "for the greater good" (sorry Greece and Ireland, you're expendable) so they can work to devalue their dollar. The US Dollar however is looking like it's in bad shape.. inflation should be a concern now that we are seeing the Dollar drop and spending increase.. I highly doubt that this is anywhere near finished though .. the prices of commodities is going to go through the roof. I sincerely hope people, regardless of what country you live in, can find a way to construct some form of food generating garden this year..

Originally posted by bluemirage5
reply to post by yizzel

 

I think alot of Aussies are holding out for the bubble to burst, it was already predicted to happen in 2009/2010 but I think 2012/2013. Even if one does'nt have the deposit, it would not be stupid for a family with adult kids or 2 families buy in to one property.

Correct, there's nothing wrong with a couple of families buying into one property. It's better then accepting the government's first home buyers loan only to discover you can't pay the mortgage when the interest rates go up and end up loosing the lot. It's already happening...

reply to post by Rockpuck

yeah we got a decent garden, last year we had a bumper crop of tomatoes and beans. We ended up trading our surplus with our neighbor's for spuds and carrots. Great way to save a few bucks

Originally posted by yizzel

Originally posted by bluemirage5
reply to post by yizzel

 

I think alot of Aussies are holding out for the bubble to burst, it was already predicted to happen in 2009/2010 but I think 2012/2013. Even if one does'nt have the deposit, it would not be stupid for a family with adult kids or 2 families buy in to one property.

Correct, there's nothing wrong with a couple of families buying into one property. It's better then accepting the government's first home buyers loan only to discover you can't pay the mortgage when the interest rates go up and end up loosing the lot. It's already happening...

reply to post by Rockpuck

my family is looking into this at the moment. makes a lot of sense the more we look into it. everyone will be more cashed up and able live life more than being slaves to a bank.

 

yeah we got a decent garden, last year we had a bumper crop of tomatoes and beans. We ended up trading our surplus with our neighbor's for spuds and carrots. Great way to save a few bucks

edit on 4-1-2011 by yizzel because: typo