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I attended one of their presentations.
They are basically property developers, mainly focused on southeast Qld and Perth. They were only incorporated in their current guise a few years ago. They charge at market rates, plus a 3% commission for doing it all for you.
They basically adopt a buy & hold strategy, interest-only loans, using the equity in your first investment property to acquire a second property, later, a third property…you get the picture. The houses they build seem very cheap & generic to me. They also rely on generous depreciation schedules & linear capital growth to make their strategy of replication work for you. I smelt a rat & walked.
This may work for those who dont have the time to do their own homework/research. Each to his own.
Regards
Wraps are ethically “ambiguous”, you face the risk of government regulation (as in SA) & wrappees are financially risky, generally. Each to his own but I wouldn’t touch it with a stick.
Jester
Pisces, are these units or townhouses that are for sale? How much was the developer asking for? Drummoyne & Five Dock are fairly expensive areas.
I would say most people are waiting to see if there is going to be another interest rate rise…
Regards,
For less than $12 week, it doesnt seem worth it. There will always be little expenses that you did not budget for. Any interest rate rise or unexpected maintenance cost will leave you in the red. Plus if you are not making any capital gains, where is the payoff?
Each to his own.
Regards, Dejan
I would be careful about selling the existing property, as this may have implications in terms of the age pension (if you are receiving it). You get an exemption for your place of residence, but if you acquire 2 cheaper properties you may breach the assets threshold & lose your pension. Check with Centrelink or your accountant.
QLD 007, when you refer to QLD regional towns, I take it that you are referring to Nth QLD (Cairns, Townsville, etc.)? As a local, what trends have you observed (particularly, affordability, capital gains, vacancy rates?)
Your feedback would be appreciated.
Cheers
Kiyosaki has basically written several books about……..nothing. His stuff is very light on detail, poorly written & repetitive.Even the interviews that he has given to the media seem to reinforce this. When asked for details, he tends to waffle on.
His products may have some limited use as motivational tools.
I would not be surprised if the vast majority of his wealth, much like his metwork marketing chums, stems from the peddling of his books and other “business building tools”.
There are a lot of “gurus” flogging their product in the marketplace. Some are just more successful at it than others.
Have a nice day.
Forget the shares/managed funds – you have a set a goal that you should stick to.
Check out the money tables in Money magazine (page 92) for the best deals.Citibank’s online cash mgt account is the best with a rate of 5.00%. Other options are AMP easySaver (4.80) or ING Direct (4.75).
Best of luck.
I noticed that Agent 007 posted a comment about agents disclosing opportunities involving “motivated vendors”. If I was selling, I would not use an agent that is so unethical as to disclose my personal circumstances. Is it any wonder that real estate agents have such bad reputations?
They sound a bit suss to me. I dont think there are “wholesale” prices for real estate. Beware.
At the risk of being shouted down, I think we should be prepared to tolerate differing opinions. Steve did ask people for feedback on the book – hence, we should not be surprised that some of the feedback has been skeptical in nature.
I think the title of the book and the “Millionaire in a year” promotion has raised unrealistic expectations. Clearly, Steve’s investment strategies cannot work for EVERYBODY – we all have different goals, different risk profiles, etc.
I have noticed that the book has been among the top 5 bestsellers for some time – there must be something worthwhile about it or else nobody would be buying it.
Best of luck
I think martinw has made some good points – its tough to make real money in property at this time. Rental yields for residential real estate are low, generally between 3 and 5 percent. I have yet to see any properties meeting the criteria for the “11 second rule”.
I think its dangerous to make assumptions about the future based on past historical data. What may have worked for Steve McKnight in 1999 may not work today.
It may be time to consider investing in other asset classes – shares perhaps?
I have been to a Jenman seminar and found it to be useful, insofar as it deals with exposing the shonky practices of the real estate industry. There is not much on property investment – he does expose some of the shonks and charlatans and what to look out for. He is VERY skeptical of property “gurus” and is contemptuous of wraps which he regards as an unethical form of investment.
His advice as to how to avoid the pitfalls of buying & selling your home was helpful. I dont agree with everything that he stands for, but it was interesting to hear another point of view. I hope that helps.
Best of luck.
