Lately, I’m getting A LOT of questions…
What will COVID-19 mean for property? Should I buy now? Should I sell? Is renovation or flipping the right strategy? How can I optimise the cash flow on my existing properties? Is it better to sit on my hands and wait to see what happens? And most importantly, “Ian, what are you doing in property right now?”
Micro-markets are volatile, rents aren’t where they used to be, and can you even rely on capital growth anymore? How do you safeguard your investments, or even think about buying a property, when so much around you is in flux?
It’s all pretty confusing. And I’ve been where you are right now.
Back when I started investing, I followed traditional investment advice and bought residential property after property (all negatively-geared). I was in the ‘accumulation phase’, and my equity was increasing like mad.
But eventually, I couldn’t afford to hold my properties anymore. The outgoings and finance costs were killing me.
I didn’t have another strategy to fall back on. I didn’t know of any other way to get out of the situation other than to sell up and practically start again.
You’ve heard it before, but yes … I wish I knew then what I know now!