We have bought another PPOR so our current home becomes an IP. Keeping a close watch on the market and expect to purchase at least one more IP this year. Andrew
POLL simple...will you buy an IP in 2009?
- Thread starter Peter 14.7
- Start date
I will have an IP by default if my PPoR doesn't sell by May. Just occurred to me today that with all the interest rate cuts the bank hadn't changed the payments.
We're actually paying $43pw for it
Bought paint and tiles for it this week. End of the reno is in sight, but will cost a decent amount, probably $1500 or so to finish the bath and sitting room on top of the $30,000 or so already spent on it. I'm still very doubtful it will sell (its kind of overcapitalised for the area), but there's only one way to find out.
We're actually paying $43pw for it
Bought paint and tiles for it this week. End of the reno is in sight, but will cost a decent amount, probably $1500 or so to finish the bath and sitting room on top of the $30,000 or so already spent on it. I'm still very doubtful it will sell (its kind of overcapitalised for the area), but there's only one way to find out.
I will vote for NO in 2009 at this stage.
Having seen great increases in the last boom I off loaded a lot of property in 2007/08. Dropped debt & STRESS levels. Sitting on the fence.
I really do not see any value in buying until there is some real upward movement. Otherwise I just feel you are holding rentals for years & years with all the usual tenant problems and expenses. Along with ALL the Land TAXES, rates etc.
My theory at present is to pay extra on loans as rates drop. Therefore dropping my gearing levels.
When finally I see a upward trend I will re-finance the portfolio and go out SHOPPING
However I am a habitual property investor/developer.
If I see something like cheap land or a quick desperate reno sale at a absolutely bargain price. Can see a margin in it without toooooo much work. I will most likely jump at it.
Gee Cee
They have AA's . Gamblers annonymus.
Anything available for us with property addictions
Having seen great increases in the last boom I off loaded a lot of property in 2007/08. Dropped debt & STRESS levels. Sitting on the fence.
I really do not see any value in buying until there is some real upward movement. Otherwise I just feel you are holding rentals for years & years with all the usual tenant problems and expenses. Along with ALL the Land TAXES, rates etc.
My theory at present is to pay extra on loans as rates drop. Therefore dropping my gearing levels.
When finally I see a upward trend I will re-finance the portfolio and go out SHOPPING
However I am a habitual property investor/developer.
If I see something like cheap land or a quick desperate reno sale at a absolutely bargain price. Can see a margin in it without toooooo much work. I will most likely jump at it.
Gee Cee
They have AA's . Gamblers annonymus.
Anything available for us with property addictions
Peter
We sold our last negatively geared property that we bought in the last cycle recently and I would have answered yes if we hadn't found a really good deal just before Christmas and bought that ...
We may buy another one in 2009 . At some stage in the next 18 months we'll be buying an IP in Sydney in my wifes name to use up0 her land tax threshold and we may also be buying one in our Super fund.
We need to spend some time seeingg how the new one goes to see how our cash flow situation is.
Cliff
We sold our last negatively geared property that we bought in the last cycle recently and I would have answered yes if we hadn't found a really good deal just before Christmas and bought that ...
We may buy another one in 2009 . At some stage in the next 18 months we'll be buying an IP in Sydney in my wifes name to use up0 her land tax threshold and we may also be buying one in our Super fund.
We need to spend some time seeingg how the new one goes to see how our cash flow situation is.
Cliff
Missed the opportunity to vote, but i'm happy to just hold the property i currently have. Im not interesting in selling because i believe that any potential correction in property prices will be LESS than the transactional costs (selling and re-entering) and CGT of disposing of any of the properties.
Like several other posters here i am allocating all my resources to the Australian stock market. I started 2008 with an exposure to Australian shares of about $50,000 i have continuously allocated additional resources to buying more shares as the market declined. I now have an exposure of around $850,000 and will continue to build on this during 2009.
Like several other posters here i am allocating all my resources to the Australian stock market. I started 2008 with an exposure to Australian shares of about $50,000 i have continuously allocated additional resources to buying more shares as the market declined. I now have an exposure of around $850,000 and will continue to build on this during 2009.
I have found myself in the unexpected position of being able to buy another house for up to $330k due to a small pay rise and a drop in interest rates.
However I am not sure I want to do that until I see that prices are moving upwards in some way.
I bought my only IP (a house which is currently a PPOR) in May and I have seen property prices go lower ever since then (from my research on the net it seems property in Nth Brisbane has dropped 1-10% this quarter). I am not heading anywhere near negative equity but it is sad to see properties advertised now for the same price that are on bigger land or have slightly better features. I am also sad that I am not making money on my investment. I would have been better off putting the money in the bank. However that is why it is called investing and I learnt some lessons.
So.. even though I would love to buy another house because my renos will be complete in a few mths, I am going to just put any extra money into my mortgage.
Unemployment worries me. People dont buy houses if they are uncertain about jobs.
However I am not sure I want to do that until I see that prices are moving upwards in some way.
I bought my only IP (a house which is currently a PPOR) in May and I have seen property prices go lower ever since then (from my research on the net it seems property in Nth Brisbane has dropped 1-10% this quarter). I am not heading anywhere near negative equity but it is sad to see properties advertised now for the same price that are on bigger land or have slightly better features. I am also sad that I am not making money on my investment. I would have been better off putting the money in the bank. However that is why it is called investing and I learnt some lessons.
So.. even though I would love to buy another house because my renos will be complete in a few mths, I am going to just put any extra money into my mortgage.
Unemployment worries me. People dont buy houses if they are uncertain about jobs.
I am building...and also a possibility of buying, (as well)....business as usual.
Am seriously considering buying a particular property at the moment.
It's poorly marketed (not advertised on the internet nor is sign up at the property), and the REA appears disinterested and has it significantly underpriced for the above Adelaide priced median area that it is.
Vendors are away for a few more days so awaiting their return to put in an offer.
(crossing fingers REA doesn't lift his game)
It's poorly marketed (not advertised on the internet nor is sign up at the property), and the REA appears disinterested and has it significantly underpriced for the above Adelaide priced median area that it is
.Vendors are away for a few more days so awaiting their return to put in an offer.
(crossing fingers REA doesn't lift his game
)
UNSURE but leaning to NOT purchasing. Too much uncertainty.
Basically sitting on hands, however eyes wide open. I've got two fixed loans coming off around mid-year which will be nice. Might suck out some equity/funds to use as a deposit for a value add/development purchase if the numbers stack up, or if stock market shows some upward bias, go long there.
Keeping it simple this year. No fancy strategies that may come undone and certainly no over-borrowing.
Basically sitting on hands, however eyes wide open. I've got two fixed loans coming off around mid-year
which will be nice. Might suck out some equity/funds to use as a deposit for a value add/development purchase if the numbers stack up, or if stock market shows some upward bias, go long there.Keeping it simple this year. No fancy strategies that may come undone and certainly no over-borrowing.
Hi Cloff
As the intent of the Poll is to guage confidence to invest please fell free to vote yes to your purchase in Xmas. the market outlook was the same, unknown! and you made a call.
Peter
I voted yes. We have just bought 2 properties out from the Trust and secured them at 4.99% with the Westpac 3yr option. This will be a huge saving as they are coming from RHG. Add to that NO LAND TAX for these anymore and they will be close to neutral geared. The VERY small loss will now be deductable, which makes me a happy camper.
Have also purchased new PPOR, making the old one an IP. The savings from the two trust purchases added to the rental income from the PPOR, means that we get another property for no additional cost.
Have also purchased new PPOR, making the old one an IP. The savings from the two trust purchases added to the rental income from the PPOR, means that we get another property for no additional cost.
Still 68% positive and I know of one voter who voted No picked that option because of $$$ not wishes.
Peter
Peter
I voted "you betcha"! I am in the process of buying a mixed commercial/residential which will settle later this month. It is a larger deal than all my current properties put together so is exciting and nerve wracking. I see 2009 as a great opportunity for those that are willing to go against the herd.
Cheers
V
Cheers
V
