Hi everyone,
I have posted a couple of times in the past but I have this thought about getting started that is just burning me up and I’d really like your feedback on it. Maybe I intend to go this way initially but just want your feedback for the loser in me???
Do you all see merit in purchasing a property, doing the basics of rehabbing it, forcing capital growth and then drawing on the equity to fund the 20% down deposits for wraps? Or, is it wiser to use the smallish money put aside to fund the wraps etc fisrt off and eat up most of the money after say 3-4 wraps? I tend to think more along the lines of the first. I guess what inspired me was an article in the latest Aust Property Investor Mag about student accomodation etc. This looked to be a good idea and I know some people who have done this reasonably successfully however I believe they are almost maxed out due to the way that they have structred their properties. They currently have 4.
I have the latest tape from Steve and all I can say is brilliant. I have been researching areas and drove out to a place last weekend. Looks promising…
Anyway, any feedback, positive insights etc would be most appreciated.
All the best,
Matt
“I’m no rocket scientist…but where I come from, a Positive is always better than a Negative” CRACKERS.[
]Hey Matthew,
Sounds like you have some good ideas. Questions for you. Where do you want to be and how soon do you want to be there ?? The options you talk about are great but different. Which one will get you from your A to B faster. Also why not consider using Investors for your wrap money and then allow you to do the deals like Rehab’s…
Just my rambling thoughts. Hope they help.Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHi Matt,
Happy New Year for Wednesday!
I’m very pleased you enjoyed the tape… for $15 it’s a no-brainer, right?
Anyway, I thought that since you wrote such a nice comment I’d write some detailed feedback for you (even though it’s late!) [
]You ask:
quote:
Do you all see merit in purchasing a property, doing the basics of rehabbing it, forcing capital growth and then drawing on the equity to fund the 20% down deposits for wraps?The short answer is yes, I do see merit… lots of merit. However I can also see one minor ‘fly in the ointment’.
And that’s lenders in my experience usually want to wait about 6 months before doing a revaluation and then you’ll probably only get 80% of the increase at best. Then there’ll be some application fees and other costs too.
quote:
Or, is it wiser to use the smallish money put aside to fund the wraps etc fisrt off and eat up most of the money after say 3-4 wraps?As you’d expect I also like option 2 as well [
]So what I’d be asking is: How can I do both? Why not do one of each? That way you can test the market with real life experience and then make up your own mind.
quote:
I tend to think more along the lines of the first. I guess what inspired me was an article in the latest Aust Property Investor Mag about student accomodation etc.Hmmm… how were you inspired? What did it say?
Well mate, my final comment is that whatever you do… do something! Don’t sit on the fence! Make it your New Year’s Resolution to have your first deal stiched up by 31 Jan 03.
I can see that you have already started looking for properties in line with what I said on the Fast Track tape. Excellent. Action creates momentum.
quote:
Anyway, any feedback, positive insights etc would be most appreciated.Matthew, you have done the research and have taken some tentative action. If it’s meant to be then it’s up to you. I believe you can do it. Do you?
Warm regards,
Steve McKnight
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Remember that success comes from doing things differently.
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Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi, could you please tell me where I would get the tape of Steve McKnight, I am new to Australia, but Steve McKnight’s name seems to crop up everywhere, he is obviously the man that I need to hear it from
…thanks.************************************
Some people grin and bear it. Others smile and change it.
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Behold The Turtle; he makes progress only when he sticks his neckout.
*************************************[]Have a look in the resources section of the website. Some good value stuff in there (I don’t get commission by the way).
Worth getting a few things here and then for further reading hunt through the forum for a post by Steve that listed some books worth reading.
http://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=316
Enjoy
AD [:0)]
A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithEdited by – [email protected] on 01/01/2003 4:00:22 PM
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…thanks.The topic ‘Is this the right way to get it all started?’ is closed to new replies.
