'05 article about Irish investor in US/Hungary

[gurramok]

Spotted this ireland.com/newspaper/proper … 97907.html
The following part was quite a stunner for this investor if he looks back now on how wrong he could think US prices could rise forever(he didnt say it but probably thought about it alot)

@I.T.

"A US bank lent me $240,000 on the basis of my €60,000 and I bought a four-bedroom townhouse for $292,000 last February. The same houses are now selling for $469,000.

About Hungary, economic troubles happened shortly after article was written!

@I.T.

"I’ll actually be in profit next year when the rents in Budapest go up. The most I could borrow as a first-time buyer was €160,000 and you can’t get anything at home for that.

“It took courage but it paid off. In two years’ time, I’ll cash in my SSIAs, release equity in the Florida house, then perhaps buy here.”

snip
Their Hungarian apartment is in a period building earmarked for refurbishment by the local authority. With glimpses of the Danube and a great location near the opera house, the apartment was a bargain at €111,000, says Cliona.
"The apartment is worth €140,000 now and it will go up when Hungarians can take out EU mortgages.

[geckko]

@gurramok

Spotted this ireland.com/newspaper/proper … 97907.html
The following part was quite a stunner for this investor if he looks back now on how wrong he could think US prices could rise forever(he didnt say it but probably thought about it alot)

@I.T.

"A US bank lent me $240,000 on the basis of my €60,000 and I bought a four-bedroom townhouse for $292,000 last February. The same houses are now selling for $469,000.

About Hungary, economic troubles happened shortly after article was written!

@I.T.

"I’ll actually be in profit next year when the rents in Budapest go up. The most I could borrow as a first-time buyer was €160,000 and you can’t get anything at home for that.

“It took courage but it paid off. In two years’ time, I’ll cash in my SSIAs, release equity in the Florida house, then perhaps buy here.”

snip
Their Hungarian apartment is in a period building earmarked for refurbishment by the local authority. With glimpses of the Danube and a great location near the opera house, the apartment was a bargain at €111,000, says Cliona.
"The apartment is worth €140,000 now and it will go up when Hungarians can take out EU mortgages.

Now this would make an follow up article. I wonder how things are panning out, what he is thinking now and what he plans to do and/or might have done differently if anything.