for the last few years now, ive had family and friends tell me i didnt have what it took to be a property investor, dont get me wrong i do own property but didnt leverage like some of my friends. On any occasion they would run figures at me about how they bought at $500,000 and sold at 700,000 and that i was stupid for not leveraging up. I never understood were the money was coming from to push values up. I never went past 30% mortgage to asset value In the last year 3 people have gone into bankruptcy 2 more have banks knocking on thier doors.One is pushing rents up every 6 months by $20/30 dollars to try and stay afloat ,if this was just a hiccup he might survive what he is forgetting is that he needs to spend on maintenance in the near future as the property is run down and he has no idea were the money is going to come from. Hi mum and dad ever thought about mortgage against your home.
Yep! the party is over, Australia will be last to leave but don't bother about switching off the lights, "they being off for a while "
