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From: Anthony Zullo
Hi all,
My wife and I have been reading through the advice given to many by Les, Mike, Geoff1, TW and really appreciate this type of forum (and generous spirit!) which allows people like us to move forward on our PI plans with better confidence and common sense. Thankyou!
We have a question, perhaps it's rhetorical, but I'll ask it nevertheless. We are ready to buy our 2nd IP after buying the 1st one last Oct. We are looking in Port Macq again (although we are from Sydney) as we are familiar with the area, have accom up there if we need to renovate any properties, and believe it is a good place to find buy&hold properties (we're about 30yrs, and want to hold for many yrs).
To get to the question - should we be looking to buy now whilst the market is so heated? We have been looking for 6 weeks or so,and after much low offering (about 20 props over a 6week period, the low offers matching an acceptable % return), we are finding that it’s at the peak end of a sellers market.
Do you think it would be a good idea to keep looking and making offers, though really getting set for when the economic conditions change to suit more a buyers market? Of course, we are happy to keep looking because we enjoy this as a hobby and have a real interest in it apart from the fact that we know this is planning for the future.
Thanks for any advice.
Rgds
Zul
Hi all,
My wife and I have been reading through the advice given to many by Les, Mike, Geoff1, TW and really appreciate this type of forum (and generous spirit!) which allows people like us to move forward on our PI plans with better confidence and common sense. Thankyou!
We have a question, perhaps it's rhetorical, but I'll ask it nevertheless. We are ready to buy our 2nd IP after buying the 1st one last Oct. We are looking in Port Macq again (although we are from Sydney) as we are familiar with the area, have accom up there if we need to renovate any properties, and believe it is a good place to find buy&hold properties (we're about 30yrs, and want to hold for many yrs).
To get to the question - should we be looking to buy now whilst the market is so heated? We have been looking for 6 weeks or so,and after much low offering (about 20 props over a 6week period, the low offers matching an acceptable % return), we are finding that it’s at the peak end of a sellers market.
Do you think it would be a good idea to keep looking and making offers, though really getting set for when the economic conditions change to suit more a buyers market? Of course, we are happy to keep looking because we enjoy this as a hobby and have a real interest in it apart from the fact that we know this is planning for the future.
Thanks for any advice.
Rgds
Zul
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