Forum Replies Created
I totally agree with the Tribunal. The WRAP is unjust — I have made this comment on another similar thread.
Investment is a fair play which is sustainable. The whole wrap setup was a trap for those taking the contract. As the promoter for this method (Steve McKnight in his book), he should be shamed for promoting such things.
A fair play is a MUST.
I have no idea those guys buying into this development (the sales agent might be here too). If genuine investors do a bit research, you will understand what you are going to buy. This estate is a joint venture on a long term plan. If you want to hold your block for 10 years, it might be ok. Otherwise, you might be getting a hot potato when the market cycle starts running. No infrastructure, No established facitlities. If you build there, I do not think you can get a tenant.
Asdf. You are kidding. I have all the stage release information. It has never been the case that the release was sold that quick. I got all the information in my bookcase.
Those buying there started making noise here to encourage others to buy there.
Dear formites, be very careful. If you are in Perth, I strongly recommend you drive there and talk to the shire. Then make your mind. Do listen to those buying early and want to flip it to you.
Best mentor is David Tweed. Reading BRW Sep 15 – Oct 19 Version. He is great mentor in making money
I do not agree those all fors for Steve. I belive as an accountant of integrity he should come out to answer all these valid questions. $9000 is a lot of after tax money. Not all ordinary people are as clever as you (like grossrealisation), they might need peer information NOT one side story. Steve might be just like to get into the market at the time. Can you ask him how many he bought in Sydney market in last 1-2 years? Might be 0000.
Please keep the different opinion open
Thanks everyone for your input,
I guess my ultimate goal is to be financially independent and I would like to start setting things up to have a serious go at becoming a full time investor. So my apprentice investor mind tells me to reduce a PPOR mortgage, when I have 1 IP with a net loss of 2,000 per year, but a 100K capital gain. An yes your right I definitely not an accountant !!
Snowball,
” Im not sure that my Unit is going to appreciate in leaps and bounds over the next year or so, and Im thinking I would take more risks investing, if I had a 100K mortgage. ” —- Make a lot of sense. A good deal is a good deal.Thanks AUSPORT and DON and LIZ for your kind advice. I believe there are many cases like this. They are plenty of people doing the subdivision, development so on.
Maybe I move in the house and wait for 3 months to sell for the sake of safety.
iLearner
Thanks for your kind response. I am still not sure what I should do… more experience / response is appreciated.
Thanks,
iLearner
Hi, Dr X
I talked to a person did wraps before. He said some banks allowed but some not. These are the bank’s asset until you paid off your loan. If there is a legal loophole in it, you could be well caught into it by the clever tenants.
Hi, Dr X and others
I am interested in this idea. Does your lender allow you to do it?
Thanks,
iLearner
Hi, All,
On an unusual occasion (on the way to airpot to pick up someone on 30 July 05), I listened to Craig’s talking. I am sure you what his talking I could do better than him.
My impression is he does not have his own opinion. All the questions people asked him, he said yes. He probably makes to appeal to everyone, the developers, the agents, the buyers ,the sellers. Maybe he wants to find them in his mentor program. He does not have his own view on the property. That was exactly as mentioned by Dazzling. Although I have not met Craig, but from his radio talking, I could see him.
Good luck!
Thank u all 4 response. Like the name says, “Real people” – UNreal profits. These real people are really tanentd in property investment.
I watched Martin current afair – I was shocked by the those lawers. You borrowed $68k – after one year – you got $600k loan. How people’s heart is so BLACK? We seems in a world having nothing but MONEY.
Everyone has their say. All are right I believe. That is why we are individual. I think too harsh is not very good to relationship. Maybe all you need is to adjust way of expressing your job.
By the way, how many full time investors here?
kay henry,
This is in Perth where property has beening performing very well. I was trying to tell people who on this forum are not got talked into by these “hand made” positive cash flow properties — Understand!
If they are selling 2 years ago it would be much worse.
Dear Cruzier and OZ
Thank you for sharing your PERSONAL experience with these gurus – they are stink and stink… They pick some tricks from each other and then blast each other on forums…
I have sent a number of anti-guru and anti-seminar ($$$) posts at these public forums to warn new investors.
Remember: there is no free food in the world. They are not doing for god. Maybe their god is $$$.
Another guru site – Investor Club is much worse that these gurus. https://www.propertyinvesting.com/forum/topic/16965/4.html?sortfield=&sortorder=
New investors: reading, reading, researching, researching, networking networking… Do not waste your $$$$ to become these guru’s source of income.
I have checked some those positive cash flow properties the developer/others sold to investors in last 5 years. People spent about $180k on a two/one bed unit with ocean views in 1999. Guess what how much they sold for in Dec 2004? $189k — this is the reality. All these were popped up by these gurus …. Do not use your little trick to cheat naive investors … like Investor Club does — they got the $10-15k commission then sold you a hot potato…
As Steve McKnight said in his book – cash flow positve was made …Because it was made — it is not neutual — therefore can be easily broken up.
My suggestion is research, research and research; do some reading; not be talked into by gurus. Attend some free seminars … Quite often paid seminars/courses do not give you more you want…
Thanks TMA and Surrey.
It is in a new development area. Duplex – you can put two on it (even it is a small block 550m2). A cottage block is 300-400m2 with lane way access. Traditional – you have another house oppoiste your backyard.
They do have some differences – that is why I seek some advice – which way to get better return (profit?).
Thank you for more advice. I really want to buy one on the new release.
It seems too many gurus are fighting on this forum…
Hi, All,
I am the northern surburb fan. I have compared surburbs across the metro area. West of Mitchell freeway is much better potential than any other areas. Currently undervalued surburbs such as Craigie, Beldon, Heathridge and Padbury will have great potential. Just compared with their neibouring surburbs, you will find what I am saying. For example, Craigie, west of Freeway, between Woodvale and Kalaroo, it is so cheap – probably cheaper that the land price. East of freeway-woodvalue – $350k midian price, west of Marmion Ave, Kalaroo – $390k – but Craigie – $220k …You can find the potential. You can argue Kalaroo should be more expensive but how can you argue Woodvale…
For investment, either CF+ or -, these 4 surburbs are definitely the winner over next 10 years!!!
Hi, Sailesh, how long did it take you to get through the council (subdivision ) or planning authority to get strat tyled?
I decided to spend 2 more years to get to $1m – then I will run a GURU seminar to lure these non-gurus…
