Forum Replies Created
jb007
I agree with you on that score, I notice Henry Kaye has come onto the radar of some of the consumer protection bodies – about time – Ive read some amazing stories about his practices.
Ben
Hi Maximus,
Had hoped to be able to retire by 40 (now 33) but kids may put us back a bit !
It would be good to know how many people have managed to do well enough to retire.
Ben.
Mini,
(The thing which is so interesting is why this dude has to spend so much time and energy running RK down.
He’s probably jealous of his success and is living in fear/lack rather than abundance – he feels RK is ‘stealing his customers’.)I am glad that there are people out there who take the time to check that the stuff people spout as gospel is actually true. Everyone should be held accountable for their actions or the world would not be a very nice place.
(A lot of those criticisms are just silly – RK isn’t saying education is bad, but he criticises the trend of people wanting their kids to ‘go to school to learn a profession or trade so you can get a nice safe and secure job with good benefits’ – as something that worked in the 50’s when his Dad was young but is not working for people now.)
I agree some criticisms are a bit silly but the ones where he is caught lying about the types of investments he has done and the things he holds himself out to be an expert on, are not.
“If Rich Dad was a real person RK obviously wanted to protect his rich dad’s privacy by not naming him.”
He dug himself into a bit of hole here because in one interview he says he exists and in another he says he does not.Why not just be honest ?
I agree that his message probably has motivated a lot of people, but the article also points out that some of the specific tactics he suggets are illegal which is a bit of a concern if you were a true beleiver and attempted to emulate everything he said.
Mini I too consider myself to be a positive person and decided long ago that there is a better way to go than work to 65 in a job i dont enjoy, but i still beleive life is about balance and everyone must weigh things up for themselves and make sure that you are happy with whatever path you take and never blindly follow anyone without deciding if its the best option for you.
Just because someone stands on a stage or writes a book dosn’t make them an expert. There seems to be a lot of dishonest people in the real estate industry at the moment and i think that it is wise for people, especially newbies to be aware of that.
Benson.
Terry,
I guess thats the issue that I find quite hard to take that a person like him preaches integrity and then dosn’t display any of his own. Makes it hard to listen to anything he has got to say once you look at it that way.
Benson.
It sounds like you would have sufficient equity to acquire another property however I suggest that you take your time understanding the numbers because the numbers are the key to deal, if you dont understand those you may be setting yourself up for a fall. Dont get caught in the hype there will always be deals out there as long as you take the time to learn what you are looking for and determine the strategy you will use to create wealth. Everyone has their own. In the mean time plough all your possible savings into reducing your home loan as this will be money well spent.
Goodluck.
It makes you realise that whatever course of action you take you must go into it with your eyes wide open, there is no magic formula or panacea on how to get rich and anyone that tells you there is is probably getting rich off you !
The simple reality is that most of these real estate gurus make more money from “educating” the wannabees than through there own deals.
Its a tough world and there are lots of people out there to make a buck, a healthy dose of scepticism is a good thing in my opinion.
Hi Weston,
Not sure if I’d buy one of his books again, I found he was good for motivation as birdman intimates but a little short on facts. I think he must have pretty much done that whole story to death now anyway.
His last book was about why the stockmarket was going to crash when all the baby boomers withdrew from their managed funds wasnt it ?
Not familiar with them Natchat but it seems like youve answered your own question.
Ben.
Ours is $729,000 but we are trying to pay off as much as we can at the mo.
Mini are your properties rented now ?
Ben.
Hi guys,
I think the most important thing for anyone considering investing in anything is make sure you take all the time you need to understand everything. Also make sure you understand that no system is infallible because markets by definition can go up or down – know your risk and be comfortable with it. The time taken to learn the art of investing will serve you well in the long term. Read books by Kiyosaki, Warren Buffet and other successful investors before you commit any of your own funds and never get caught up in the hype.
Good luck.
Hi guys,
My wife and I have 4 IP’s along with our PPOR.
Acquired first in 94 and have added the others in the last 2 years. 2 are pos 2 neg and in all in the perth metro area. Total value $1.65 mil and loan of 729k.
All are buy and holds in places i think will achieve good capital growth, 4 along the beach 1 in the cbd. Pos cashflow for 2 was achieved by time in one instance and by very fortunate low purchase price in the other.
Keep up the good work everyone, I love reading about all the different strategies people use to get ahead.
Livelife,
I asked a similar question not long ago, if you do a search on “investor club” you can read all the threads.
They generally suggested to exercise some caution.
Cheers,
Benson.
vluu28,
It would not surprise me if the letter is just an attempt to scare you into paying, If they have used underhanded tactics to get everyone to sign they are unlikely to want to proceed with legal action.
Good Luck.
Hi,
I know the Commonwealth Bank allows you to pay off 10K a year off interest only loans.
Cheers,
Benson
The law in WA states that if a company is land rich ie Land value greater than $1m and more than 80% of the value of the company is attributable to land then a greater than 50% transfer of shares in a company would be assessed for stamp duty at conveyance rates.
I beleive most other states have similar clauses.
Wouldnt changes to the tax deductibility of loses on property also effect positive cashflow properties that are positive due to depreciation ?
Im not sure how such a change would be structured.
Westan,
I have simply bought and held IP’s over the past 8 or 9 years. For this strategy at least I’m not sure if this is the best time to buy. Ive spent the last 12 months lowering my debt level during this period of low interest rates. I still look at a lot of deals but the rental returns on the sort of property I like, inner city or coastal (perth) are too low for me to justify purchasing at the moment.
My opinions only, I dont wish to dissuade anyone from following their own plan.
Boothy,
While you can still get property in Armadale in the $130K to $150K range the capital growth has historically been far lower than in the northern corridor of Perth. I would suggest that if you did a comparison of median prices for the areas and factored in an estimate of the various rental returns over the last 10 years say, the northern suburbs would be showing a far superior return (considering both rental return and capital growth even allowing for increased holding costs).
I guess its all about what you want to achieve, however I would like to think that you would need a reasonable rate of return to justify investing your money.
Happy hunting.
