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Comm property very dangerous now anyway. It is probably a good thing you didn't buy
Bought two in the last 9 months in WA.
Buy in the lows sell in the highs? (My strategy)
..I think im the only one that loves all the doom and gloom at the moment as it conditions the sellers to reduce prices. My last one I got a great bank val 10% higher than i paid.
Prices would need to drop at least 25% before I might think about it. If that doesn't happen, so be it. At current levels there is far too much risk.
Well, by a stroke of good luck I actually moved away from the area just before the carnage, but we kept the house up there. Large trees came down, roller door went bye bye, but we came out of it pretty good.
In Toowoomba then, we were at the 'inland tsunami', gridlocked about one street back from what you saw on the telly; the weather kind of followed us around.
So yeah, house prices have dropped in Ingham at least, a LOT of places now sub 300, and a few sub 200, which is really bringing the market down.
I suspect 'hold' will be the option until about 2015, unless another flood etc. happens up there.
No.
As soon as it's done I'll be getting a reval to (hopefully) enjoy some extra equity to use for another business purchase for some instant cashflow.
Been shopping, but nothing appeals yet. Too many F&C shops, hairdressing salons and cafes.
If you dont mind me asking, how do you go about buying a business for instant cashflow. This is something id like to look into in the near future, as im happy at my job, and would like to invest my savings into something over the next year or two.
Is there a field you specialise in, or do you just buy into something that has good returns, and get someone to manage it for you?
If you dont mind me asking, how do you go about buying a business for instant cashflow. This is something id like to look into in the near future, as im happy at my job, and would like to invest my savings into something over the next year or two.
Is there a field you specialise in, or do you just buy into something that has good returns, and get someone to manage it for you?
Buying a business might be ok but nowadays they seem to go for ridiculous valuations because there's lot of foreigners buying local businesses for their permanent residency. Definitely not a good move in Victoria. I had a friend who recently sold a small business for about $500k, it loses money and it only has a 2 year lease left...go figure
Ideally, id love to go to my boss and say "if i gave you X amount, could i buy a share in the business", but when it turns over around $10m a year (would say 20% clear after all expenses), im sure what i can offer wouldnt be worth it haha.
Give it a go. The worst thing he/she will say is no.
If you don't ask you don't get.
One of my mates manages a golf proshop facility which recently changed ownership
He asked for a 5% stake in the ownership from the new owner. The new owner wanted him to go up to 10%, but it was too much of a stretch for him, so they settled on 8%. It was a figure of $750k to buy in, so he gets his % of dividends plus his management income.
$750k for a 8% share makes the proshop worth supposedly 9.3 million dollars. He did do his due diligence???