[Agent007Participant@agent007Join Date: 2003Post Count: 61]

October 1, 2003 - 11:29 pm

Thanks Bill & Melanie.

I look forward to your analysis… (I did spell that right didn’t I?)

I rang my accountant yesterday. Even though he only has one IP (a unit in a retirement village) he has heaps of client’s that are, and he is very confident in getting me in the right structure.

But I also value the view points on this forum from those who I ventured before us.

Cheers,

David Paxton
New Homes Consultant
Sterling Homes
0412 853 395

[Agent007Participant@agent007Join Date: 2003Post Count: 61]

October 1, 2003 - 11:20 pm

I totally agree.

I don’t mind CONSTRUCTIVE CRITICISM based on fact &/or past experience.

But not knocking other people for the fun of it.

I would hate to see this forum close because of a few BAD APPLES.

ALready I have received so much good advice from other experienced PI’s, mortgage brokers etc. …. and that’s just in 2 days!

And a BIG THANK YOU to John Fowler for spending 2 hours on the phone the other night to explain how it got 43 IP’s in 2 years.

Cheers,

David Paxton
New Homes Consultant
Sterling Homes
0412 853 395

[Agent007Participant@agent007Join Date: 2003Post Count: 61]

October 1, 2003 - 12:21 am

Hi Sue,

The client’s I generally refer are not PI’s. Just people who haven’t bothered to organise finance yet.

And when I sign up a contract to build their home I don’t want the deal to fall over because they didn’t get their finance. It is not easy as it sounds to sign up a building contract. A lot of time, hard work and some argumentive people (that’s why at 40 I’m already getting a few grey hairs).

No, what I meant is as a professional PI why are they going to banks direct? Like on Steve’s tapes? Am I missing something?

Cheers,

David Paxton
New Homes Consultant
Sterling Homes
0412 853 395

[Agent007Participant@agent007Join Date: 2003Post Count: 61]

September 29, 2003 - 3:39 pm

Try these:

Australian Property Investor magazine (bi-monthly)

Steve’s ebook & tapes available on this website

Go to Dymocks bookstore & check out their FANTASTIC share & property investment section:

On the weekend I got:

Real Estate Riches – Dolf De Roos (is that his real name? ) 1/2 way through & an excellent must read – he’s lived and invested in Australia, NZ & US

Seven Stps to Wealth – John Fitzgerald (Aussie) – even Bert Newton has read it

Australia’s Money Secrets of the Rich – John Burley (recommended by Steve & one of his very successful collegues)

So go read & study.

Any one bok won’t have it all. But get a few (or many) gems from each one – and USE the information.

And did I say, any of Stve’s products on this site? For a few $100 bucks you can’t go wrong.

Hey, it’s cheaper than spending a day with my accountant…. (Sorry John…

Cheers,

David Paxton
New Homes Consultant
Sterling Homes
0412 853 395

[Agent007Participant@agent007Join Date: 2003Post Count: 61]

September 29, 2003 - 3:25 pm

Steve’s book is very good.

Hey, not too many accountants would be writing a book on property investing in Australia. His book is VERY unique and valuable irrespective of where you think the market is at.

Maybe I would disagree on a couple of numbers like maintainance costs. Also he doesn’t factor things like building inspections & valuations into any of the costs. Not to mention admin. costs in running the business.

But then again, property investing for wealth/financial independence needs to be run like a business. Not a hobby. Otherwise you only get out of it what you put in…. OK?

BTW I live in Adelaide & have found about 10 +ve cashflow properties in one large country town here in SA using Steve’s 11 second formula, during my FIRST search for such IP’s online.

Unless the agents lied about the rent & price in their ads.

I just got to get my system together, and tell my missus what I’m doing, then I’m out there buying them, while the critics keep complaining fulltime in the online forums. (Psssst… A little secret – thank God they’re not out there buying them too…. )

Cheers,

David Paxton
New Homes Consultant
Sterling Homes
0412 853 395

[Agent007Participant@agent007Join Date: 2003Post Count: 61]

September 29, 2003 - 2:16 pm

The first night I did some research online for +ve cashflow IP’s (just last week), I found about 10 that met Steve McKnight’s 11 second rule just in one of our large country towns here in SA.

Don’t know where the critics are looking…. hmmmmm

The only criticism I had with Steve’s book was that I thought his annual property maintenance budget was a bit too low ($200 p.a.). But that’s only a minor point.

I prefer to budget for $1-2k. For example a dead hot water service could easily set you back $1,000 including installation. And what about repairs if your tenants cause a bit more than the usual wear & tear, or leave the place & yard messy.

Basically, as I see it, Steve’s recommendations really only work best if you treat the your property investments like a business, not a hobby.

By that I mean, not just settling for 1 or 2 or 3 IP’s. But acquiring 10, 20 , 50 or 100 IP’s over the course of your IP activities.

Then you are in a real position to build a good team, have a streamlined system & support crew, and get the best deals for maintenance items, loans, property management etc. And of course reap the big rewards!!!

The project building company I’m subcontracted to have a support crew of about 30 full time staff, 10 sub contracted sales consultants, 100’s of sub contracted trades people, heaps of suppliers, builds 600 homes per year & (I guess) a turnover of $60m pa.(and although a small % imagine what the net profit would be like…)

All this privately owned & run by a couple in their 40’s who bought the company 16 years ago when it was doing 16 homes pa.

With good strategies, hard work, good systems, support & suppliers they made it work. So you & I too could do this in property investing.

Sure look at everything with a critical eye (there are still a few con men out there), but don’t get hung up on a few minor details.

Thank God that Steve & other property investors he has introduced (like in “Tales in the Trenches”) have bothered to reveal the ins & outs of their strategies.

Forget the nay-sayers that do nothing….

Create WIN-WIN solutions to problems (in fact, look for problems, then create solutions for them).

And go out an’ get ’em!!!

Cheers,

David Paxton
New Homes Consultant
Sterling Homes
0412 853 395