has anyone been to any of his seminars, if so, any good?
They are currently being flogged for $3000.
Regina

We have now 3 properties, in the Melb. east suburbs, 1 front house and big backyard. I’ve decided this is the only property we will buy.
We brought under a company and under a trust, we have to wait 1 year due to cap.gains before selling.
We’ve refurbished/renovated/cleaned/rented the front house.
Our first is just about thru’ council, Hopefully, if no objections, it will be through any day. I think they prefer north facing backyards. It’s been on the market for the whole lot for about 2 weeks, the response a little slow so far, but I think the market has slowed a little.
I think land is more and more difficult to come by, so that’s my reasoning and its almost instant cap.gain. It should bring enough cash back to pay your renov. costs and have a cash deposit for the next property. The av. cost should be about $5000, or less, drafting/council etc costs.
The interesting thing is, there is widely varient valuations by R/E agents of the land, eg. 85,000 to 250,000 for one 500sqm block.
I think they don’t know because there is little comparison in the area. You need to check for easements as you cannot usually build across them and make sure there is at least 3 m side entrance, but I am only talking about Melb. outer east.
Regina

Hi Danny,
Yes, I have done that to.
I believe there is no such thing as a “finacial planner”.
It’s a complete misnmer. They do not look at the big picture but only further their own interests: “managed fund”, commission, property, unless its in a managed fund, obviously offers them no commission.
The only time I will probably see a planner, is at retirement, to sort out super/pensions.
Educate yourself in every possible way and have complete control over your money.
Regina

wow, this is a pretty amazing story, the sharks are in a feeding frenzy.
I tend to avoid seminars like the plaque these days, having been to some doosies(right spelling?).
The exeption is of course, Steve’s recent seminar.
I have attended Peter Spann, which has given me some learning, but every seminar has something to sell. They want to hold on to you as a customer, in order to continue to run their business, which I suppose is fine, if the product is ok.
I have decided my hard earned money will now be used very selectively, as you can easily be out of pocket by thousands.
I would suggest, avoid the likes of the great HK, the greater the hype, the more suspicious the motive.
My biggest blunder would have been Allan Edwards over 2 days
(about 2 years ago), which was so incredibly false and misleading, you wonder how he was even allowed to run this thing. Unfortunately it ended up costing many people more than the seminar fee, in that they were actually taken in by a trickster and their money ended up going o/seas,never to be seen again. Unfortunately, you do not need a license or sense of ethics to run an “investment” seminar, its like the old fashioned spruiker of miracle cures.
One girlfriend, went to QLD one weekend and brought five properties in the time. I asked her who she went through and she told me one very helpful investment adviser, who took them around for free and was able to kindly organise everything. She didn’t have to worry about anything.
Well, what can you say? I don’t think she has ever heard of 2 tier marketing. I decided it was not up to me to say anything else.
I would also suggest, avoid serviced “anything”, like the plaque, unless you have passed it by an INDEPENDENT COMMERCIAL SOLICITOR, costs a bit but worth it one thousand times. Also, check the financials very very closely, it is not commercial or worth while if you end up at the bottom of the payment pile and still have to pay body corp, rates, mortgage etc.and your assett is steadily DEPRECIATING. The banks know what is happening and why they are not lending readily against this sort of product.
I and 100 other owners have basically lost 100,000 each with the above, also remember the vagaries of the tourism industry.
It is also very difficult to obtain finance against and resale, if at all possible, tends to be at a heavy loss.
Especially in QLD, the odds against this sort of investment are staked 100% against you. I am sure there are thousands of investors caught up and loosing heavily.
Remember that body corp fees and insurance premiums are escalating and will probably wipe any sort of profit.
Avoid like the plaque anything to do with tourism, overheads and low returns make this a guarantee for constant losses, and you cannot even sell, as you would with a bad share, you are stuck with it.
we are now trying to reinvent our resort into a ret. village, with a remote chance of rescuing some capital.
My learning curve with any sort of investing have been very steep and lots of losses along the way, in the last 7 years, it’s only now, we both feel, we have turned the financial corner, we have learnt and losses are part of the learning curve of investing. The main thing is to learn and not give up. There is no way around doing your own research, learning and talking to like minded people and find your own good legal advisers, accountants or property managers etc.
No one will ultimately hand you anything for free, you have to do your own homework. Try and stick to something that you have direct control over, this would usually exclude “managed” things, since the “managed” bit usually first up goes into the managers pocket.
There you are, some of my experiences.
best wishes
Regina

Well, she and her son were told that there would be something there but very unobtrusive and misleading sales spiel, certainly not the huge and ugly structure that did go up and obstructed their view, which they had paid lots of money for.
As I understand and under lots of pressure on air, their deposit was to be returned. Just one more example how we get placed under considerable sales pressure and how dishonest sales people can be, if only to secure their commission.
regina

I did buy property manager pro and found in very disappointing with very limited functions. I have now downloaded Jan summers for trial and it looks more promising.
fortunately, of
fice works took back the property manager software, cost about $89.
Regina

I agree with Steve. We are facing difficult financial times and could well be nearing the top of the market. My focus would certainly be on something cash flow positive.
My other properties have subdivision back yards, hopefully a buffer, when the property market starts to flatten out.
I have just taken a profit on a block of 3 units and some reduction in debt.
Also of note and possibly related to the building boom and first home owners grant, the rental market is very slow.
New units, especially douoble storey are very slow to sell and rent out, I have heard from outer east R/E agents.
Just some ideas.
Regina

Debt reduction is always a good thing, however some people might struggle to pay off your average property in three years, even with rental income.
I find that with a 20% deposit, as per bank requirement, and with principal and int. payment, the loan does gradually reduce.
If the property is reasonably well selected or you add value to it, it will increase in value.

you may also be depriving yourself of other investment opportunities.