Gold and Silver or Property?

Good post, I didn't really consider that perspective.

It fits with what Rothbard said.

Also we are geographically close and somewhat multicultural.

 

My mother had get heart set on buying cheap property in France recently. Problem for aussies is that anywhere looks cheap compared to us.

I advised her not to buy property in another country because it 'seems cheap', particularly as she cannot be certain about taxation and upkeep costs (she is not a world traveler).

 

a euphemism for [edit] ...

 

As long as it's on some island away from all forms of government. Governments are kinda like those goons who demand "protection money" with the threat of violence if you resist.

 

Why not consider seceding from Australia? Surprisingly, there are a few independent principalities (sp) in Australia.

 

Never going to happen. They get too much funding from the big island, to want to leave. :/

 

I thought he meant so that we could say finally goodbye to the parasitic buggers.

 

That is a main point about US property - the yields are great but you need a few properties to justify the trust set up's etc. and ongoing tax costs and upkeep is huge compared to Australia as you virtually need to do a cosmetic reno between sets of tenants given the number of properties on the market for rent and the mentality of renters there. Another thing to keep in mind with the US is they don't have property managers like we have here they have rent collectors for a fee and you need to organise upkeep (so either get a building super or negotiate an additional fee for service with an agreeable real estate agent and hope they come through).

I had a look at it but couldn't justify the risk and effort for what would have been a relatively modest investment - if I was investing enough to get an "economy of scale" effect going it would have been different.

Oh and watch out for people targeting foreign investors there with big mark ups on sub standard property and the good old pump and dump (tenant in place for x% yield on lease who disappears after the term is up and no hope of securing another for similar $).

 

When your overseas YOU are the foreigner

 

hi,
i just got a friend who just bought a house and land packages outright back here in melbourne... and just settling on a condo in singapore worth about 5 million SGD.

he doesnt even do any due diligence.. just asked me for a place where he can buy land, and i showed him couple of places.. then just buy..

why does he have to know the market or doing any due diligence when the money is not a problem ?

i couldnt stop thinking about it.. but he does have the money...

now the house key is with me.. and house is just sitting empty..... he never lives on the place.. and all bill got paid by me (which reimbursed by him).

when you up to that level of wealth... you will have different thinking and philosopy..

 

+1. I've known guys like this in former life. One guy had multiple high quality places around the world and every now and then as driving along he'd say something like "I have a place up in them thar hills. Haven't been there for 12 years but I remember giving the keys to xxx for Christmas a while ago." (But in an Austrian accent.)

He spent half a million dollars getting snow makers and pine trees to make a faux winter forest scene for his last wedding (which was in late spring).

 

Silver stackers party time"...

Where & when?

Can I get a set of keys?

 

Funny though - this is how the rich spend the money.

But this is not how they make money - it's how they lose it. Unused properties are a money sinkhole - they won't even break even after capital appreciation unless there's a mega-bubble.

It's just plain stupid really, but they can afford it so it matters little to them.

 

^ Exactly. He made his money by building and operating a string of productive factories.

 

they're just stacking at a different level
where by we stack bars and coins they just doing it on a bigger scale using property