One of the least-missed features of the bubble years was specuvestors buying up investment properties (often off the plans) with little or no research and even less understanding of how they were going to get a return bar flipping it later. I’ve recently noticed a definite trend of folk with resources seeing news headlines and wanting to splurge on “investment opportunities”, press the “make-me-money” and sit back to enjoy the riches. Dare I say it but it’s back as a canteen hot topic of conversation.
But you guys are at least making some notion of accepting that there is a risk and you need to be informed about the area you’re investing in. The boards thread above is a slightly extreme example of the “buy money making machine, pull lever and take money” specuvestors that appear to be slowly making a comeback.
I’m actually not too bothered if it’s their own cash they are using but if they are getting credit.
Recently drew down on a RIP mortgage,had to pony up 25% of price,skin in the game as they say but banks are lending to professional landlords…yes I know this will probably trigger a rash of smilies,hope to get another RIP mortgage fairly shortly as there are opportunities for landlords who know what they are doing as opposed to the vast majority who havents a fucking scooby doo.
Don’t think anyone really has an issue with that. My worry is that folk asking “where’s a good place to buy in Dublin? I don’t really know anything about Dublin” might be getting finance. In fact, it more than worries me, it terrifies me.