{"id":7207,"date":"2016-03-04T01:00:14","date_gmt":"2016-03-03T14:00:14","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7207"},"modified":"2016-03-04T01:00:14","modified_gmt":"2016-03-03T14:00:14","slug":"it-doesnt-matter-when-you-buy-just-hold-onto-it","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/it-doesnt-matter-when-you-buy-just-hold-onto-it\/","title":{"rendered":"Myths: It doesn\u2019t matter when you buy; just hold onto it – Jan Somers"},"content":{"rendered":"

 
\nTime heals all wounds \u2013 or so they say. Jan Somers<\/strong>\u00a0from Somersoft.com.au\u00a0says that it does take time but rather than using time to cover mistakes, why not look at time being an important element in your strategy.<\/p>\n

<\/h4>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 I want to talk about another myth, and that is that it doesn\u2019t matter when you buy a property, just to hold it and time takes care of any mistakes you might make. To have a look at this one, I\u2019m going to talk to Jan Somers from Somersoft.com.au. That\u2019s software that will help you improve your property investment outcomes.
\nJan, thank you for your time.
\nJan:<\/b>\u00a0 My pleasure, Kevin.
\nKevin:<\/b>\u00a0 How do you feel about that statement, \u201cIt doesn\u2019t matter when you buy; just hold onto it.\u201d
\nJan:<\/b>\u00a0 My philosophy is time, not timing. That\u2019s probably the best way of describing it.
\nKevin:<\/b>\u00a0 Tell me a little bit more about what you mean by that.
\nJan:<\/b>\u00a0 You have to have a length of time for property, I believe, to make it work, an absolute minimum of 7 years and preferably 10 or 20. It\u2019s the length of time that you hold a property that is most important, rather than the exact timing of when you buy, because trying to pick the time is like trying to pick when the Spanish bus is going to come past. You don\u2019t know; it\u2019s not the same as a Swiss train. Timing is very iffy, very buzzy, and there\u2019s usually not a good outcome if you\u2019re relying on making a lot of money in a quick time. It just doesn\u2019t work.
\nKevin:<\/b>\u00a0 Generally, people who try to pick the cycles in the market will chase things like hot spots and so on, which are very risky.
\nJan:\u00a0 <\/b>It\u2019s a completely different end of the market to what I call investing. It really is the speculating end of the market if you\u2019re relying on timing to make money. It becomes almost in the category of shares, where you\u2019re taking a punt and a bet on the market, whereas if you\u2019re buying for the long-term, you\u2019re not taking a bet on the market; you\u2019re taking a bet on the time.
\nI was reading an article the other day on Marcus Licinius Crassus, who in 55 B.C., made a lot of money by buying property and holding onto it.
\nKevin:<\/b>\u00a0 In fact, a lot of the very astute investors I\u2019ve met over the years\u2026 I hate to categorize people, but I think those in the Italian community are great at this. They\u2019ll have property, probably even the first property they ever owned.
\nJan:<\/b>\u00a0 It\u2019s almost a European tradition that goes back hundreds of years to buy and hold property.
\nKevin:\u00a0 <\/b>That buy and hold strategy, as you\u2019ve just identified, is nothing new. I think those who get into flipping and things like that, there are lots of pitfalls. You can over-capitalize, you can get your timing wrong, and end up losing lots of money.
\nJan:<\/b>\u00a0 It does and those people who rely on the timing and trying to pick the market are generally trying to make a short, quick dollar. My experience is, particularly for me, it doesn\u2019t work. When I\u2019ve looked at others, it doesn\u2019t work, either. It\u2019s very hit and miss.
\nKevin:<\/b>\u00a0 Your strategy very much is to buy and hold, Jan?
\nJan:<\/b>\u00a0 Has always been buy and hold, except for the one time we did try to make, I can\u2019t say a quick dollar. It was back in the late \u201980s when we did a renovation and expected to spend $10,000 and make $20,000 or $30,000. Much to our disgust, it was worth less when we\u2019d finished than when we\u2019d started, but holding it for another few years soon ironed out those little bumps in the market, and we were fortunate that the time corrected any mistakes that we\u2019d made.
\nKevin:<\/b>\u00a0 Yes, sometimes the quick buck looks really good and looks very profitable at the outset, but then by the time that you look at all of your on-costs and the time taken, there is not a lot of money left in some of these renovations.
\nJan:<\/b>\u00a0 Looks good, sounds good, and if it sounds too good to be true, it is too good to be true.
\nKevin:<\/b>\u00a0 It normally is. Very good advice. Jan, great talking to you. Thank you once again. A reminder, once again, about that great software company, Somersoft.com.au. It\u2019ll certainly help you turn your portfolio into a more profitable one.
\nJan Somers, thank you so much for your time.
\nJan:<\/b>\u00a0 Thanks, Kevin. My pleasure.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Time heals all wounds \u2013 or so they say. Jan Somers\u00a0from Somersoft.com.au\u00a0says that it does take time but rather than using time to cover mistakes, why not look at time being an important element in your strategy. Transcript: Kevin:\u00a0 I want to talk about…<\/p>\n","protected":false},"author":176692471,"featured_media":7210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,17,25],"tags":[101],"class_list":["post-7207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nMyths: It doesn\u2019t matter when you buy; just hold onto it - Jan Somers - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/it-doesnt-matter-when-you-buy-just-hold-onto-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Myths: It doesn\u2019t matter when you buy; just hold onto it - Jan Somers - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Time heals all wounds \u2013 or so they say. Jan Somers\u00a0from Somersoft.com.au\u00a0says that it does take time but rather than using time to cover mistakes, why not look at time being an important element in your strategy. 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