I read your book. A great read. Came across it by accident, as fate would have it, but couldn’t put it down till l read it all. However, l have been left with a few questions.
If one knows where the pot of gold is or knows where it’s hidden, why would he tell everyone about it?
I have doubts that properties you talk about still exist. Perhaps when prices drop. But l will be doing some serching. But, so will everyone else.
You talk about having a 20% deposit, but how do continue to raise that kind of money to continually to buy properties? Cash flow? But most jobs don’t pay that kind of money. You started off your new business and within two months you had 10000 dollars and bought your first house. I can’t generate that kind of money. your book will generate an even greater cash flow for you to keep going.
With 130 properties why would you want to tell others and kill the goose that is laying golden eggs for you?argyle610 – glad to hear you liked the book. In response to your queries I will try and answer a few for you..
If one knows where the pot of gold is or knows where it’s hidden, why would he tell everyone about it?Its simply a perception of abundance in this world rather then scarcity. It is just a paradigm shift.
I have doubts that properties you talk about still exist. Perhaps when prices drop. But l will be doing some searching. But, so will everyone else.
Steve and Co have bought over 30 in the last month. Just jump online and apply the 11 second solution – they are out there, just take a little effort to find.
You talk about having a 20% deposit, but how do continue to raise that kind of money to continually to buy properties? Cash flow?Read Robert Allen’s – Multiple Streams of Income, it has great ideas of how to get other income streams. Also you need to sacrifice something’s in life to be successful maybe you need to sacrifice a holiday to start investing.
With 130 properties why would you want to tell others and kill the goose that is laying golden eggs for you?Again, it is the abundance mentality. Share the wealth.
Pete
…Beware of the dreamtakers…
Hello Argyle610,
Here is my take on the situation. Investing is the end product of having developed the golden goose that lays the golden egg. What I mean by that is that it’s probably wise to develop a cash producing business first, then use the proceeds to fund your 20% deposits. I know that this doesn’t give you an exact answer to your question, but hopefully the understanding on how I have tackled the issue.
As far as the low end property is concerned? It’s there…. dig a little deeper [
]Kind regards
Marco
Thanks for the advice. My frame of mind is very positive and l think we will all succeed.
Where do l look? l have chcked the local papers and the big newspapers. No luck.
You mentioned Steve has bought 30 properties in the last month. Where? Are they all in the same area or is he buying all over the country?
There is no point teaching you where the fish are, its better to teach you how to fish..
If you knew where +ve cashflows were, you could head there and buy no problems – but what happens once that area is ‘fished out’, what would you do then, when you don’t know how to find the next ‘hot spot’….
Sorry to not give you exact details, but it is all part of the journey….
Pete
…Beware of the dreamtakers…
I understand your point..
Steve has enough money to travel all over the country to find properties. He also had good cash flow (not from his properies) from his busines when he first started. Now from everywhere.In his book he said he had $10 000 after 2 months
of starting his business. Steve and his partners were going to be well off anyway. He just has made more than he thought he would.It will take most people a year to save $10 000, and they’d be doing well if they did. So it would be hard mr/mrs average to do this in such a short time.(hope they do).
The reality is most of the peole reading this book will be competing with each other bumping prices up, because they will not move far from the area(s) they know.
The botom line is you need money to make movey. The more you have the faster you will make more.
Hi argyle610,
keep at it and you will start seeing more and more opportunities, read the book again and read between the lines, read more investment type info and you will see and learn more and more. I’ve been at this for only a few weeks and it’s amazing what I’m starting to see and discover.
You do need to learn for yourself, others can’t realy “give” you, they can just show you the way and inspire you to keep looking.
Don’t give up, keep educating yourself and you will find the way.
Good luck. [
]Hey Argyle,
I can speak from experience that Steve is the sort of bloke that freely shares his experience. I remember when I first started (not that long ago) and could not “find” anything. Steve kept challenging me and I perservered (luckily) and now I feel we have had moderate success with our property. What happened…did the properties appear..no…I just changed my paradigm and allowed myself to see them. I still rememeber my first house which we bought for $73K renting for $145/week. Not an earth shattering figure but it was a start. We are currently selling the same one for $169K Which will allow us to be unencumbered on our own property and we will keep using our house for an equity base.As to needing $10K I guarantee you I could lay my hands on $10K within a week which is not my own (i.e. borrowed). Interest may be higher than normal but I could still get it. There are many ways to get money and use it without having to earn it. I also used to believe that you had to have the money to make money but now I disagree. Money does make money but more importantly so does determination and creativity.
I completed 14 trnsactions over the last year and for some of those I had to be very creative as money was not there. Deals still happened and I still made money. In one case I found the deal and an investor financed it and we split the profit. After al;l some profit is better than none. From that deal alone I made $20K (before tax) which would have been enough to get firing.
I have also stepped up my investing in the last month and have 13 houses under contract at present. I will be seeking another 13 by christmas and another 13 by end of financial year. I am no Steve McKnight and that is encouraging as I am living proof anyone can do it. Steve and Dave are exceptional but it does not mean that we cannot be above average and or exceptional ourselves. For me I have no desire to reach the heights Steve and Dave have but I know that my path lies that way (if on a lower rung).
Set goals, strive for them, desire them, make them real to you. Read books and other literature that will help you with goal setting and mental attitude. I personally have found it very helpful and I am currently reading an Anthony Robbins book. There are other great books out there (John Burley, Robert Allen, Steve McKnight….search for books in the history).
In Short Argyle……you can do it if you want to. Never accept no, turn it into maybe….then when you get the maybe turn it into a yes…It lies a lot in your belief in yourself. For me the gates opened when I realised that.
Keep on going and I hope to see tales of your success here soon.
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Andrew,
thanks for another great inspiring post.
In many ways your posts are more relevant to many of us here as you are still doing things that we can relate to. Whereas often Steve seems to have already moved to a higher plane (bulk finance etc.).
Rod.
Curious as to how you manage to get your finance for a rapidly growing property base.
As an example, I have $100K equity in a home worth $300K. I buy an IP “zero down” for $200K. Now I have $100K in property worth $500K (80%).
Now, for me to borrow more money, I need to look at going above 80% borrowing and therefore need to look at taking out mortgage insurance or similar.
Furthermore, once I get above 700K in borrowings, the bank starts to require more equity to be able to avoid mortgage insurance. Even with the MI, the bank may not be willing to lend you more money.
How do you go about getting massive amount of debt in a very quick time when you’re limited by the amount of money you can borrow.
How do people manage to do the finance part of it (obviously without paying huge interest rates in the process).
Thanks in advance.
Hi Andrew (AD)
That is fantastic. Congratulations!!
I am so happy for you.
I believe what goes around comes around.[]Naughty Johny,
It is always a good idea if you are looking to build up a large portfolio, that you must keep your borrowing to 80%. Once you go into MI, you will be restricting yourself with any further borrowing, and find the next approval MUCH HARDER.
Good luck,
Del
Thank u AD.
I plan to go for a drive this weekend. Will let you know what happens.
Cheers.
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