why are we in a recession, page-79

lol...Warnie the loan shark....nice comment....and to be honest its not pay day lending......I lend to business people requiring a qucik injection of funds for a short period, namely 1-3 months.

Also if you have sold your house and waiting for a settlement , I lend against the settlement which enables the seller to perhaps use these funds to put a deposit on another property.

Thats tha nuts n bolts and yes I charge about 5-10% month on those funds, remembering they are 1-3 month loans, and the banks take 2-3 weeks to do paperwork for a bridging type loan whereas I can have the cash available in 48 hours.

I guess thats the main difference....cut the red tape.


To answer some of the other questions.

Age 34

how to pay for repairs etc?

A good idea is to rent your property to a tradie of sorts, give them a little relief in their rent in return for some free labour when its required.

All of my properties are rented to tradespeople.....works well for me and you get to build up a team that can do the odd job for you.

Started buying age 20 I think.

Had no money or very little , worked hard, lived in dump for 18 months, made some money on the sharemarket, slowly accumulated property etc etc.

Ill elaborate when i have more time, perhaps later tonight.

Interest rates, If your at 8% for 9 more months I would prob stay fixed then grab the cheaper fixed rates on offer in 9 months time, should be 3-4% by then.

I think rates will platuea mid 2010 so until then stay variable or fix long term would be my best guess.

There is always property that goes up in down in value, so really the credit crisis to me means be more vigiliant in your research and buy below the median for an area if possible but stay clear of the scrubber areas if u can.

$280-$400k range seems to be the sweet spot.

Any other questions...sorry if i missed any.