What do our forumites do for work.

[yy_cheng]

Hey Avenger, when do you think is a good time to get back into the real estate market? What do you think about what Harry Dent has written?

 

[Avenger]

Was pleased the Eels played well in the 9s. I think they will have a good year. I always 'keep an eye' on the Eels..surprise packets for 2014, and I will 'spec' them at good odds.
Owning a pub and owning part of a newspaper is not 'showing off'. It was BLOODY hard work, and no-one was more relieved than me when it (the pub) was finally sold (in 2005),,and my partners brought my share of the newspaper when I first got crook in 2007...
Retired now....wish I had done it ten years earlier....BUT if I had my time over, I would do it all again. I loved the PUB and MOTEL, I enjoy meeting new people, and the Pub certainly allowed me to do that. It was just a little freehold Country Pub - catering for working class people - with a half a dozen poker machines. When I went into it I was 39 --at my peak --by the time I got out I was 60...and feeling my age. Pubs are not good work environment when little things start giving you the shits.
I have written for the local paper for 45 years, so when the opportunity arose to own a third share in 1999, I jumped at it...Love being able to offer an opinion on any sporting situation. Still do!!!.

Pete, I'm not calling you a show off. I love to read people's experiences. Im just saying that some people are allowed to and some can't. It's cool, I'm tongue in cheek most of the time anyway. At first I couldn't stand Pou, now I like the prick. It's going to take more time with Bigfella. I feel like Pi on that raft with the tiger.

 

[Avenger]

Hey Avenger, when do you think is a good time to get back into the real estate market? What do you think about what Harry Dent has written?

My advice is that the best time is when you can afford it because the cycle always trends up. Harry Dent is a knob. He tries to compare the US and Dubai to us. No comparison. Both of those markets biggest problem is oversupply and the fact that people could just walk away from their mortgages and hand in the keys. What he failed to disclose is that some markets were completely unaffected and have higher prices now then what they had in 2008. San Fransisco is an example. I'm not saying that Sydney is unbreakable but what I do know is that as far as real estate is concerned it is as blue chip as you can get.

 

[yy_cheng]

My advice is that the best time is when you can afford it because the cycle always trends up. Harry Dent is a knob. He tries to compare the US and Dubai to us. No comparison. Both of those markets biggest problem is oversupply and the fact that people could just walk away from their mortgages and hand in the keys. What he failed to disclose is that some markets were completely unaffected and have higher prices now then what they had in 2008. San Fransisco is an example. I'm not saying that Sydney is unbreakable but what I do know is that as far as real estate is concerned it is as blue chip as you can get.

That's a good response. I have been in negative equity before and it took 10 years for me to get out of it. Back in 1998, there was the Asian Financial Flu. Property prices in Hong Kong had dropped 30%. It was quite unprecedented and so we entered the HK market. It dropped a further 50% and was deep in negative equity.

Luckily we had also bought a 2 bedroom unit in Coogee for $195k. This helped us manipulate the finances as it had appreciated significantly.

We rented the HK property out and moved to a cheaper location. Just before the GFC, close to 10 years later, the HK property market rose and it's market value went back to our purchase price. We sold it.

However, that property is now worth $1.2M Aussie due to the chinese pushing the markets up in HK. Oh well.......

 

[Poupou Escobar]

Was talking more about the Lebanese stereotype rather then the dentist one. Not sure what dentist normally drive, I guess I've noticed a few VWs and Audi's around

So do you keep your dentist tools in your Nike bum bag?

 

[Gronk]

That's a good response. I have been in negative equity before and it took 10 years for me to get out of it. Back in 1998, there was the Asian Financial Flu. Property prices in Hong Kong had dropped 30%. It was quite unprecedented and so we entered the HK market. It dropped a further 50% and was deep in negative equity.

Luckily we had also bought a 2 bedroom unit in Coogee for $195k. This helped us manipulate the finances as it had appreciated significantly.

We rented the HK property out and moved to a cheaper location. Just before the GFC, close to 10 years later, the HK property market rose and it's market value went back to our purchase price. We sold it.

However, that property is now worth $1.2M Aussie due to the chinese pushing the markets up in HK. Oh well.......

A mate of mine lives in the mid levels in HK and rents an apartment. He's been in the same building for 10 years or so. He's got a nice but not remarkable 2 bedder with "help" accommodation. He reckons it would cost him $AU5M to buy it. He's well to do but can't afford to buy where he wants to live in HK.

 

[yy_cheng]

A mate of mine lives in the mid levels in HK and rents an apartment. He's been in the same building for 10 years or so. He's got a nice but not remarkable 2 bedder with "help" accommodation. He reckons it would cost him $AU5M to buy it. He's well to do but can't afford to buy where he wants to live in HK.

My bro lives in HK. He pays HKD$150k a month rent which is around AUD$21K a month for a 4 bedder each with ensuites, i.e. 6 bathrooms (2 common bathrooms).

He goes for the dogs though

 

[Barry O'Speedwagon]

My advice is that the best time is when you can afford it because the cycle always trends up.

That is exactly how asset bubbles start. If prices rise by considerably more than fundamentals (i.e. average disposable income, unemployment rates, interest rates) suggest, then you eventually get a 'correction' and that correction can happen much faster the sustained period of growth. They don't necessarily happen that often, but when they do, you find out about it. As long as we don't get an unemployment spike, things will be hunky dory, but on the off-chance that that happens, and loans get called in all bets are off. Not a likely occurrence, but far from impossible.

 

[Avenger]

That is exactly how asset bubbles start. If prices rise by considerably more than fundamentals (i.e. average disposable income, unemployment rates, interest rates) suggest, then you eventually get a 'correction' and that correction can happen much faster the sustained period of growth. They don't necessarily happen that often, but when they do, you find out about it. As long as we don't get an unemployment spike, things will be hunky dory, but on the off-chance that that happens, and loans get called in all bets are off. Not a likely occurrence, but far from impossible.

There will always be corrections. However in the long term it will be worth more than when you purchased it.

 

[caylo]

So do you keep your dentist tools in your Nike bum bag?

lonsdale; I'm a high rolling Lebo

 

[Avenger]

f**k I love Lebanese food. I do the whole thing. Mixed plates, raw food, sweets and the apple tobacco at the end.

 

[Barry O'Speedwagon]

There will always be corrections. However in the long term it will be worth more than when you purchased it.

Very often that is true, because the long-run cycles are.....well....typically very long. Your after-tax capital growth also needs to beat inflation and alternate investment opportunities as well (which, granted it often does). Not saying it's a bad investment....just that people should make such an investment with a full understanding of what might go wrong (even if that is not super likely to happen).

 

[IFR33K]

f**k I love Lebanese food. I do the whole thing. Mixed plates, raw food, sweets and the apple tobacco at the end.

I'm probably being a bit bias, but IMO there's not much that comes near Lebanese cuisine. You eat the raw kibbeh?

 

[Avenger]

I'm probably being a bit bias, but IMO there's not much that comes near Lebanese cuisine. You eat the raw kibbeh?

Of course. I used to work in the Campsie area in the 90's and did the Lakemba strip regularly. That is when I was introduced to it. Since then my brother in law married a Lebanese girl and the love affair with that food has reignited. My favourite by far.

 

[Springs]

Was pleased the Eels played well in the 9s. I think they will have a good year. I always 'keep an eye' on the Eels..surprise packets for 2014, and I will 'spec' them at good odds.
Owning a pub and owning part of a newspaper is not 'showing off'. It was BLOODY hard work, and no-one was more relieved than me when it (the pub) was finally sold (in 2005),,and my partners brought my share of the newspaper when I first got crook in 2007...
Retired now....wish I had done it ten years earlier....BUT if I had my time over, I would do it all again. I loved the PUB and MOTEL, I enjoy meeting new people, and the Pub certainly allowed me to do that. It was just a little freehold Country Pub - catering for working class people - with a half a dozen poker machines. When I went into it I was 39 --at my peak --by the time I got out I was 60...and feeling my age. Pubs are not good work environment when little things start giving you the shits.
I have written for the local paper for 45 years, so when the opportunity arose to own a third share in 1999, I jumped at it...Love being able to offer an opinion on any sporting situation. Still do!!!.

Come run the Springs Pub, god knows we need a new publican.

 

[Springs]

I run a small service station/NRMA in town, mainly for the community side. Make f**k all money but I don't mind it. Being involved and trying to help a struggling community feels good although often it seems in vain.
Some friends tell me I should move to a bigger town/city/university so I can meet more people and get away from the f**kwits out here but I don't see the difference. There's dickheads wherever you go and I meet plenty of people through my footy team anyway.
I'm happy with a quiet life. The hard thing is finding a girl who wants the same.

 

[IFR33K]

Of course. I used to work in the Campsie area in the 90's and did the Lakemba strip regularly. That is when I was introduced to it. Since then my brother in law married a Lebanese girl and the love affair with that food has reignited. My favourite by far.

I tried getting a few of my mates on the raw meat. Ive had some success. Once they try it, they love it. So your brother in law is married to a Lebanese girl. FMD, we are probably related. Lol

 

[Delboy]

Basically had 2 careers, was reasonably high level management position in a number if foreign and domestic banks, treasury and foreign exchange and spent a deal of time traveling abroad and locally dealing with major high level clients. Finally got retrenched and end up as a senior manager in a bank owned motor finance company, travelling NSW dealing with high worth owners.
Now I spend most of my time as secretary of a large junior club, committees and meting with the Parramatta junior league take up a fair bit of time. Wouldn't change it , keeps me involved with the game, and the opportunity to speak to a number of people in the club, as an aside saw BA spend an hour or so with Sterlo today, and on leaving asked Sterlo to meet again next week, very refreshing

 

[Avenger]

I tried getting a few of my mates on the raw meat. Ive had some success. Once they try it, they love it. So your brother in law is married to a Lebanese girl. FMD, we are probably related. Lol

Her dad is Orthodox and mum is marinite catholic.

 

[Avenger]

Basically had 2 careers, was reasonably high level management position in a number if foreign and domestic banks, treasury and foreign exchange and spent a deal of time traveling abroad and locally dealing with major high level clients. Finally got retrenched and end up as a senior manager in a bank owned motor finance company, travelling NSW dealing with high worth owners.
Now I spend most of my time as secretary of a large junior club, committees and meting with the Parramatta junior league take up a fair bit of time. Wouldn't change it , keeps me involved with the game, and the opportunity to speak to a number of people in the club, as an aside saw BA spend an hour or so with Sterlo today, and on leaving asked Sterlo to meet again next week, very refreshing

Your job sounds ideal. When I retire and if I stay in Australia I would like to be involved with the club in some capacity. I just don't work for free.