Property Magic, Simon Zutshi. *******???
Discussion
A friend passed me this book, and I will admit i'm only up to the third chapter.
http://www.amazon.co.uk/Property-Magic-Using-Peopl...
Just wondering if anyone else has read this. I noticed the other thread on "Rich dad, Poor dad" so thought this could go in the finance section also.
Firstly. His method seems to be based on what he considers the norm, That house prices double every 9-12 years and always have done. Now, I havn't checked the history of house prices, yet I did buy a house 7 years ago and it's still worth 20% less than I payed for it. It will Not be worth double in 3 years time. Ok, so I did buy at the wrong time, and I have witnessed huge capital gain in property in my lifetime prior to my purchase. But I think I'm correct that there's big differences between houses doubling in value over ten years from 20k to 40k. But it's very different when the average house price is what? 235k I believe. Those houses are extremely unlikely to double in ten years as wages always lag meaning lending would just dry up.
There's other things I distrust about this book but what are your feelings on this. Obviously nobody knows what prices will do over the next decade, which is why a struggle with someone advising £million worth of debt on the fact prices will double.
http://www.amazon.co.uk/Property-Magic-Using-Peopl...
Just wondering if anyone else has read this. I noticed the other thread on "Rich dad, Poor dad" so thought this could go in the finance section also.
Firstly. His method seems to be based on what he considers the norm, That house prices double every 9-12 years and always have done. Now, I havn't checked the history of house prices, yet I did buy a house 7 years ago and it's still worth 20% less than I payed for it. It will Not be worth double in 3 years time. Ok, so I did buy at the wrong time, and I have witnessed huge capital gain in property in my lifetime prior to my purchase. But I think I'm correct that there's big differences between houses doubling in value over ten years from 20k to 40k. But it's very different when the average house price is what? 235k I believe. Those houses are extremely unlikely to double in ten years as wages always lag meaning lending would just dry up.
There's other things I distrust about this book but what are your feelings on this. Obviously nobody knows what prices will do over the next decade, which is why a struggle with someone advising £million worth of debt on the fact prices will double.
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