You know what, I might get hit by a bus next week, if I do I'll be super happy that I didn't spend my life working and not doing anything so I could have investment properties as my great grandfather used to say, "you can't take it (money) with you" lol
I dont think there should be a limit to how many properties one can have. I think that the system needs reviewing tho. With builders buying houses with larger blocks so they can knock them down to put units on, it raises the price of some properties for that reason only, and I dont think its fair on the person who just wanted to buy that property, bc it has a big backyard.
Things are getting tougher that's for sure, by the time you pay off an average house, you've actually paid almost double for it (if you include the interest!) I wonder if when I sell my house, if I even make any profit from it at all?
No not pointing the finger at anyone in particular about being mean, but I don't feel mean doing it.
For the record I've walked the Great Wall of China, slept on a deserted island ... You name it, i've Had plenty of experiences not worrying about buying rental properties. I believe of making the most of what you can while you're here too and leaving something for DD, but not being complacent about financial security.
No, definitely not. If people can afford it, they can do what they want with their money. If investors didn't exist hen renters would havens where to rent.
The current laws can be unfair for both tenants and landlords. As a landlord, I once had tenants who requested (withintheir rights apparently) that I had to come and change their light bulbs! A kitchen draw was loose and we had to go an tighten the screw on one of the draw rails for them too.
I also had one set of tenants who were contacted by our letting agent to request their intentions to either renew their lease or continue for another year. They never setback to the agent until the day before the least was due and said they were moving out. We were without tenants for over a month because of it. Fair enough the agent should have advertised it earlier given they didn't respond, but they were legally able to do what they did.
I agree with a pp who said they bought a cheap house as their first then moved up to a bigger house in a better area and this is what people have to do if they don't have enough money to buy exactly what they want. First time buyers want far too much for their money, they often want to spend nothing but have a big yard, 4 bedrooms, 2 living areas and an ensuite but for next to nothing. With propermoney management anyone can afford a roof over their heads, but before then they can always rent off an investor!
NO. For so many reasons...
To name a few
broadening rental housing
Retirement (to decrease the stress on welfare)
Family foundations (to help future generations)
Tax offsets etc
Plus so so many more.
I think it would have a negative effect on the Australian economy if there was a law that stopped you from building a strong portfolio.
In my experience, being in Real Estate for 24 years , the biggest problem in our area ( Sydney South) is that for the last ten or so years property investors have been dropping off or pulling out of the market because of the stamp duty, taxes, insurances and high sales prices , most of our landlords (we have about 250 properties) are mum and dad investors, with only about 5 or 6 out of that 250 who own more than 1 home
ten years ago there were a lot of homes for rent , now there are none, which in turn pushes rents up and makes it harder to find decent homes
I think if the government made it easier or gave better incentives more people would come back to the market, more homes would become available , rents would be cheaper and we could find people more affordable housing without having to rely on government housing, which in our area there is a 10-15 year wait
The average sale price in my area is $750,000 with the average rental being $650 per week, so it's not even a 4.5% return and the weekly mortgage payments are close to $1000 a week plus expenses
With our 250 homes , 245 of the tenants are perfect and 245 of the landlords are lovely, it's the 2% that give us the most grief, the worst tenant I have ever had was a lawyer and the worst landlord was a multi millionaire!
So no OP I don't think there should be a cap on the number of houses you own, I think it should be encouraged!
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