Just wondering how many in this site have made money on selling property in the last year..It's a simple testable statement that can be broken down into several quantitative components let say one investors buy 2.5 years ago in inner city Brisbane,for 850k plus all the entry costs, has problem tenants from day one,plus spends over 100k on a makeover reno then 3 months ago gives up,does a quick clean-up the puts the property on the market Agents comes in 980k listing and the signs go up the front,first open house 3 people turn up,was on the market for 6 weeks one person comes in offers 800k cash 2week settlement wiwo and as I know the vendors and the agent plus the cleaner and all tell me the same story,not a good ending but all I read in this site is people buying,so the question is how many have made money on selling property held for less then 3 years..
Who has made money on selling in the past year?..
- Thread starter willair
- Start date
Like share trading people tell you about the winning they don't tell you about the loss 
until you sit down tally up all your sunk cost and sold out with a profit then you made money, until then its all up in the air
Revenue is Vanity, Profit is Sanity, Cash is Reality.
Got a friend bought a place $275K, 11 years later RE said he can sell them for 530K
he said he made 225K
put up the place for sale, not even one offer after three months, low it a bit no offer.
a little bit disappointed, took off the market and will try again next year.
he will make some money after he sold I assume but how much no idea until
he sold, got cash in hand and tally up all sunk cost then that is the reality.
I say there is vested interest in both properties and share market to keep
people load up in debt and never pay off, keep the money spinning
they pocket commissions and clip the ticket a long the way.
The smart investors know what to do
until you sit down tally up all your sunk cost and sold out with a profit then you made money, until then its all up in the air
Revenue is Vanity, Profit is Sanity, Cash is Reality.
Got a friend bought a place $275K, 11 years later RE said he can sell them for 530K
he said he made 225K
put up the place for sale, not even one offer after three months, low it a bit no offer.
a little bit disappointed, took off the market and will try again next year.
he will make some money after he sold I assume but how much no idea until
he sold, got cash in hand and tally up all sunk cost then that is the reality.
I say there is vested interest in both properties and share market to keep
people load up in debt and never pay off, keep the money spinning
they pocket commissions and clip the ticket a long the way.
The smart investors know what to do
We have bought and sold two properties in Perth in the last 2.5 years, one in Ashfield, one in Lockridge. As novice investors, we feel they did pretty well for us. They netted (net of all fees, sales commissions etc) about 15% for Lockridge and 13% for Ashfield. Both were cash positive during ownership, but figures do not include as would only be a few grand each.
The decision to sell was two pronged as our initial strategy was buy and hold, however:
1. We were privately managing them even after moving back to Brissy and things were just getting too complicated, as both tenants were going to move on at the end of their tenancies (both wanted to buy).
2. We wanted to focus on our small projects over here as we decided buy and hold was too "slow" from an equity creation point of view.
Before anyone comments, I understand we could have looked at revaluing and lines of credit etc, but serviceability was beginning to become an issue with my wife not working full time, and we just wanted to simplify.
"Luckily", I won't pay tax on either of these gains with the losses incurred thanks to my penchant for dog mining speccies...sigh...
Cheers,
The decision to sell was two pronged as our initial strategy was buy and hold, however:
1. We were privately managing them even after moving back to Brissy and things were just getting too complicated, as both tenants were going to move on at the end of their tenancies (both wanted to buy).
2. We wanted to focus on our small projects over here as we decided buy and hold was too "slow" from an equity creation point of view.
Before anyone comments, I understand we could have looked at revaluing and lines of credit etc, but serviceability was beginning to become an issue with my wife not working full time, and we just wanted to simplify.
"Luckily", I won't pay tax on either of these gains with the losses incurred thanks to my penchant for dog mining speccies...sigh...
Cheers,
Any particular region?
I am doing research in 2560, I will post in that thread any resales i come across.
I am doing research in 2560, I will post in that thread any resales i come across.
Who needs to lock in a profit by selling when you can just borrow against any paper gains to buy more houses as we all flip them to each other for higher and higher prices?
Not always a good idea as when markets tank the loans can be greater than the value of the property and then you could be waiting 7+ years for another growth cycle while you are bleeding.
