9fingers wrote:Tusses wrote:I had 3 just before the crash .. lost about £250k
I'd do it again ... except I'm properly skint as the result !
I wasn't in a position to ride it out, and had to sell as much as poss very quickly.
Thanks!
What problem did the crash cause you? Negative equity and hence mortgage foreclosure or something else?
I don't plan to borrow for this venture. I feel I might have too much stock market exposure.
Cheers
Bob
I was "playing the game" .. that was the main problem.
I had no cash to start with .. used credit cards for a deposit, re-mortgaged as we rode the wave, used that to buy the next .. .. built up a decent portfolio, inc a 57ft boat, a good stock of american muscle cars etc etc,,,
we lived it right up for about 10 yrs, so I don't regret it.
would have been sweet if the crash didn't happen !
Basicaly lived off the rising house prices like it wasn't going to stop !
Saying that, the place we are in now, isn't worth what we paid for it in 2004.
Neither would we have been able to buy it playing by the normal rules.
If you have cash and are planning on living a long time, I'd say look at it.
I'd look at investment "do-err-uppas"
Do the very least to get them rented.
Then fix up if you want to sell.
I did it the other way .. did them up nice, and found the tenants just had no respect for the house.
Used a rent agency for one, which didn't help much .. apart from it was easier to get my deposit back when I chucked the tenants out.
SIL rented her house out .. tenant stopped paying and it took 6 months to get them out
also remember there is a housing shortage, and also a building boom .. so if the housing stock catches up, then the prices might not rise like they have in the past.
I'd do it again .. and with hind sight, not be so blahzay about the whole thing ..
I still have a collection of cars for resto ... so maybe I still will :-)