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I have bought 6 (nearly 9) cashflow positive properties in the Qld area. Now before you ask the answer is no [}
]. I won’t tell you where because more than half the joy of knowledge is the journey to receive it. Best of luck though and I can assure you they are still out there. I looked at three today and will hopefully buy 2 of them.
DO NOT GIVE UP !!! (I Didn’t…..thanks Steve.)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 SmithWhich part of the world are you in ??
ADA 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 SmithAlways keen to hear the deal Darryl. Email me on or call me
Enjoy
ADA 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 14/11/2002 12:10:08 AM
Well done Lance. Great to see people applying what they learn. You beat me back to the market by a day. I’m off hunting tomorrow and wednesday. Love to chat sometime.
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 SmithHey Wayne,
Sounds like a great wrap. The reality is though you either need to know how to wrap or get someone to help you do the deal. It is not a difficult process but not a simple one either. The questions I have for you is do you want to do anything with the extra cash in the deal. (140K revalue says to me that you have 48K extra equity to play with). Do you want to keep the property or do you want to sell it and get a deposit base??
As to there deposit, which part of the world are you in ?(FHOG)On my quick numbers it seems to me that the repayments on a $140K wrap with a 2.5% interest spread is $249/week(ish) plus outgoings. (assuming an 80000 debt on the place the cashflow per year is around $7000/year and a back end of $60K……nice).
Can the tenants afford about another 120-130/week extra to own the place. Is 140K a real price or is it worth more. Remember that a valuer may undervalue the property to it’s real selling price.
Hope these thoughts helped you.
Enjoy
AD [:0)]P.S. To really understand wrapping you probably need to buy a Wrap Pack. Education is worth the expense.
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 SmithHey guys,
IF you want to know where the properties are jump on realestate.com.au and set the parameters to sub $100K and plug away. This will give you some ideas then it is either the phone or the pavement…EnjoyAD [: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 SmithWell Done Steve !!
How are you going to wear all these hats at once. Next we’ll be seeing you with Paul Clitheroe on the big screen.
Once again congrats….see you Saturday….then again you will be flooded with people so I may not get a chance.C’est la vie.
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 SmithWell I must say in Steve’s defence that I have bouhgt 6 (nearly 7) properties and of those 5 would fit the criteria. They are out there you just have to look outside the normal areas.
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 Smithah sooshie….I wish I could watch Thomas the tank….
Some of us with daughters are confined to the world of Hi-5, Rocfish and the wiggles. And joy upon joy my daughter (4) discovered Nikki Webster the other day……yahoo…..All a bit much for someone with 3 brothers and all male cousins. Oh well I love them even with Nikki Webster on the CD….
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 SmithHey all…..
From experience I can say that this book is a MUST for all investore whether houses, shares or pack horses. This is an encouraging book and has a great story to teach. $12.95…..I think I will go buy a few for some of my friends.Hope you are all challenged this week and can find out just how special and powerful you each are.
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 SmithHey soosh….I do realise how lucky I am. It will be a good weekend and I have a great wife who lets me go to such events while she stays home and minds the kids. One day I meet even have to come good on the promise of a new volvo…..one day.
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 SmithAs the old saying goes….I’ll be there with bells on….where did I put those darn bells ?????
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 SmithGlad it encouraged you Peter. You are your greatest asset and after many deals (I’m not there yet…) you will spot them really easily. Keep looking and reading and asking questions. I did. Steve’s info is great and it will help you now look for other stuff to broaden your perception. Use your library to the fullest extent….(my library card is always on fire from overuse).
I will send an Email sometime when I have a chance to. Must go the wife is looking threatening…Hope all are well and this week provides awesome challenges and opportunities.
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 SmithHey Pug,
Great to hear that you are getting things in order. I Think you are doing your due diligence vaery effectively from the sounds of it. In practice I started out religously using steve’s calculators and such in the memebrs section and was disappointed that not many deals fit the bill but what I did find was that it made me think about ewach deal more and more and over time I could start to do deals in my head. I still use the 11 sec solution for my realllly basic think but now I look at the deal and think where does the profit lie in this deal? What is my exit strategy going to be ? Am I interested in this deal and what it has to offer ?
I am currently negotiating deal nnumber 7 (I started 6-7 months ago) and am finding I enjoy the challenge of looking behind the deal a real buzz. For eg. the other day I saw a house for $90K needs reno on a 32 perch block. Other done up houses are selling for $150K(this one is a better property and would fetch around $q65K). From my experience of just about having finished my first reno(builder doing it) I know the reno will cost about $25-30K. This says to me that it is worth doing. This house is also a two street frontage and a block in this part of town sells for $50-60K. So even if subdivision costs me $15K (ish) then I put a removal house on the block and fix it up too. I could wind up with two properties worth around $300-330K and it has cost me around $180-200K.
I guess the key here is to find what you are good at. If you re still dead set on the no brainer you may have to wait for the right deal or hunt a little harder but you may also just need to thnk a little laterally. The rent from these deals would be worth around $400/week (both) so they would still meet the eleven second solution and I would have great equity in the deal. I have bought other properties and would be glad to share the numbers if you would like and the reasons behind the purchases so let me know if you want to here more of my rambling thoughts.
In summation it is b=very hard to get deals that turn the numbers Steve was talking about and I think that if you ask Steve he would agree. You may still find them but they may require a little travel (or a lot) as you suggest. Whatever happens don’t be disheartened just keep plugging away and you will find your deals and after one they do become easier…sort of.
Hope this helped.
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 SmithHey Wendy,
You said your instructor does it this way. What clas are you taking? Might give some angle on approaches.
Thanks
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 SmithHey Nessie,
Haven’t had direct contact but do know they must pay a lot of dough to API magazine as they have a three page spread advertising the deal in the last few issues. Sounds good but as I said haven’t had personal contact.
Enjoy
ADA 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 SmithDavlyn,
I might be able to give you some help with a lender who does full disclosure.
Drop me a line at [email protected]
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 SmithHey Normy,
Always a tricky question and I always say…it depends…..hows that for conclusive. But seriously your structure must suit you and what you do. I suggest seeing a solicitor and accountant to ask them what they suggest. By the way I am not either of these so I am not speaking to give them more business. It is important to set yourself up properly as it may save money, time or hassles later on.
Hope this helps,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 SmithNo time for champagne Bruce….On to the next deal…..the thrill of the hunt for a good property……
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 SmithFelicity,
Last I had heard it was $499. They give a free trial period of 21 days but if like me you trialled it when you didn’t know much you cannot trial again on the same PC.
Oh well.
Steve,
Not using anything at the moment. That’s why I wanted to see what others were using.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 Smith
]. I won’t tell you where because more than half the joy of knowledge is the journey to receive it. Best of luck though and I can assure you they are still out there. I looked at three today and will hopefully buy 2 of them.
