PropertyChat member is $1 million in debt on I/O, losing $20K a year, what to do?

Look man - you seem like a nice guy and in fact... I went through your post history which I almost never do!

Not sure what compelled me - my posts on Reddit are so far removed from who I am in real life, but I went through and had a read anyway!

So it appears you've been watching Property for years now - and good for you! But going back 2,3 years or so, you were posting articles about the crash back then and really, in the past 24 months, the gains have been arguably the highest.

I raise this because you’ve been flogging this for 2 years now. And look, perhaps 2 years ago you were wrong and the articles you posted were wrong... but who cares! You were speculating you were wrong..!

But PERHAPS you're now right. If so - good for you... but I'm reaching out here irrespective if the market crashes and if it does or doesn’t and ask you, genuinely with interest, why you're making this a point of contention and almost obsession here, to the point where you’ve been focused on this for years.

Look man, not here to lecture.

I think perhaps we're similar - mid/late 30's, have a family and so on... and the reason I wanted to pull you aside (so to speak) and just see if you can reflect on the market a little bit, is to put a personal touch to it.

Let's say the market does FUCK up. Let's say now you're right - and every single one of those people over in Propertychat get royally fucked.

Do you want that? Do you honestly want thousands, if not tens of thousands of peoples lifes to be fucked over?

Do you want the single parents, the mum and dads with new families, the people who have made decisions in bricks and mortar – to go belly up?

And if so – look in your own back yard? What decisions have you made for your family that may have had a chance of risk? And isn’t risk something we really have to wear a bit everyday to try and get ahead?

How would you want the very decisions you made, to become a writer…. Or your wife to have a child… to come crushing down on you?

Look - I know that's a very broad stroke here... but let me saying there is a very real, personal and approachable face to the property market. People like yourself, wanting a sea change to Hervey Bay, people raising kids, people looking for new starts… these are all the people that just had a crack!

Further, this is Reddit man... there is an extreme amount of lefty hate and prejudice here.

Sure, sure, there are some good folk on here that are getting priced out of the market... and I feel for them. But let me also say this, that most actually on here are potentially people that would never actually indeed make those sacrifices and lifestyle choices to be home owners.

I’ll get hate for that comment – but there are loads of people on here that just don’t have that acumen yet. Perhaps their young, perhaps Ideal… perhaps the market is savage… all those things, but there are many people on here that just don’t have it in them… and there are LOADS of people, friends and family, look around you… that DON’T go on here but do have that commitment to become home owners.

So don’t let this Reddit Property hate keep going. The truth is, if you really, really, really want to buy a house in Australia - you can.

We have great banks that set up formulas and facilities to assist you. We have a large, open, country with amazing culture, diversity and accessibility - almost anywhere you turn. We have high incomes and great opportunities… that is the truth of it.

What we don't have is the ability to live 15-20kms out from a capital city and it be cheap! That's it! Really - like London, San Fran, Paris, New York and so on... the reason our cities are so desirable creates a supply and demand and unfortunately, it's been capitalized.

But look man, continually watching Propertychat... continually posting about the sky falling is not good for you, nor is it productive and I want the best for you. I really do.

I'm not here to life leason you man!

Fuck, you're a complete stranger... but just stop and think about it. If you're bummed that you can't get into property, I hear you! Do something. Invest regionally and go for it?

But don't metaphorically cheer for others demise - like you're kind of doing in this thread here by posting this dude's genuine concern and advice.

And let me just say one last thing.

I'm heavily invested in property. I'm building a $3m PPOR in the suburbs of Melbourne. A McMansion as they call it!

I’ve got loads of IP’s.

I just received news today from my townplanner I engaged for some advise, the density zoning has changed and instead of doing a 3 townhouse development - she is recommending a 9 dwelling development instead.

Another IP I own - we have two adjoinging lots and I have been recommended a 16 dwelling project there.

Blame the councils there man – not me.

But further….

I am a small business owner and I am a dad. I'm also a brother, an uncle and a husband.

I'm just a dude from the suburbs who speculated and is riding this train. If things fuck up - well, they fuck up. If things go great - well they go great.

Honestly man - if things fuck up - they fuck up.

It's no different for me, going upstairs after I type this, having a shower and feeling a lump in my balls... or having a child get seriously ill.

I would sacrifice my ENTIRE wealth for one more minute with my Dad… but I can’t.

So I’m just literally trying to do what others do and succeed

So like me and like others… people aren't doing or making these property decisions to deliberate hurt others. They're just doing them, as you would, to better provide for themselves and their family.

Take satisfcation in the positives of the property market - not the negatives.

I wish the best for you man

/r/AusFinance Thread Parent