Jimbo Posted April 25, 2005 Report Share Posted April 25, 2005 A REAL ESTATE TALE My sibling of mine just bought a 1 bedroom unit in Melbourne for $300,000 RENT PER ANNUM $15,000 Net income per annum after all costs about $10,000. Interest on loan per annum $20,000. Negative cash flow $10,000 per annum What a great investment. Of course my advice not to was ignored. No wonder bank shares have been such great investments over the past 10 years. I note that Vinyard National Bank appears to be making a head and shoulders. The RE bust is not that far off. Link to comment Share on other sites More sharing options...
DrStool Posted April 25, 2005 Report Share Posted April 25, 2005 What we have seen described here re Real Estate are the end stage mechanics of a bubble, a pyramid gone to the extreme financed by freely available, and worthless debt. There's going to be a lot of real estate owned by banks next year, and more the year after that. The game is over. I'd appreciate it if you would repost your RE related posts to http://Realestatebubblewatch.com Thanks! Link to comment Share on other sites More sharing options...
beardrech Posted April 25, 2005 Report Share Posted April 25, 2005 What we have seen described here re Real Estate are the end stage mechanics of a bubble, a pyramid gone to the extreme financed by freely available, and worthless debt. There's going to be a lot of real estate owned by banks next year, and more the year after that. The game is over. I'd appreciate it if you would repost your RE related posts to http://Realestatebubblewatch.com Thanks! <{POST_SNAPBACK}> i AGREE WITH above wholeheartedly when applied to anyone belonging to the class having more than two dimes to rub together:at least they have something to lose;but there is an exceptiional class of people who should at all costs try to get a domicile somewhere no matter what the cost--and who might these be?? The class of have-nothings,the current super-marginalised band of homeless desparadoes with absolutely nothing at risk-- They should band together with as many destitute collateral branches of their family and recruit a sympathetic agent of the e.g. Nehemiah program and gain access to the domicile with as little or next to nothing down payment:with this move they become reputable "Homeowners" Comes the crash:They will combine the mass sympathy of pols and party members as well as distantly living citizenry and will become the very powerful cohort of "rightfully entitled but historically VICTIMISED" citizens--thus becoming the largest class of squatters the world has ever seen This "dialectical anti-banking counter-gaming" ,I think most unethical; but the SOB banking and RE system brought it upon themselves and deserve what they get beardrech I own a home--I have a mortgage--currently although my nabors dont know it I am a RENTER in drag Link to comment Share on other sites More sharing options...
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