Quote:
Originally Posted by MrBaldBastard
Why would you want to be debt free when borrowed money is the cheapest its been in history? I don't know how it works where you live, but here in Sydney the person who gets to split a multiple dwelling property into separate titles is the one who stands to make the most. If you have the money for one, try and buy the lot, get the permissions needed to separate, give them a quick make over and flip.
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That cheap money has driven real estate prices to beyond ridiculous levels locally. They are selling and I am buying at the high. (But I'm buying lower than market) Interest rates are going up and in turn real estate prices will be going down. Besides you can essentially reduce your interest rate via principal payments.
The parcel I don't want to pay their asking could eventually be worth a fortune but right now it's just really overpriced bare land. I'll have the first option on it in the future in the deal. I'm taking a gamble that they will need the money in the near future and also that values will drop to get the price where I want it. That's if they don't give in and agree to my offer on the entirety now.