Monday, 16 August 2010
Should I buy, fix, sell and get RICH!!!!!!
Thank heavens some other sucker could not afford to pay his homeloan.
I scored, I really, really scored as I could raise some money
from my other homeloan for this house. Oh, what a bargain!
Now, I am going to do quick, fixit, with my gardner and a couple of guys off the street who walk around carrying paintbrushes and ladders with card board adverts. They are really so cheap and desperate for work that a few more bucks will sort that out.
Then i'll sell it on Private property so that i do not need an agent and I'll save myself a fortune.
So whats the reality in property!!! Or does reality exist in properties in possession!
Owning property is no doubt great. Owing the bank money for the property is not so hot, but the truth is not all of us have hard earned cash!!
Second mortgages, even third and fourth ones to cover that little speculative property, can be great when things are good and you have rental income, but not so great when the burning hole in your pocket hurts like crazy.
A quick fixit, can also be a quick drain on cash, especially with no recourse and no guarantees. so be careful.