Acey said:

“And one of the symptoms of cult membership is a refusal to acknowledge that what you are involved with may be considered a cult.”

hehe. So if I say I am not in a cult, that merans I am in a cult? So all I have to say is that I am in a cult, and then I would not be in a cult, right? Sorry, that kind of logic is like witch burnings. If you drown, you are not a witch (but you’re drowned) and if you survive, then you must be a witch (so they’ll burn ya). It’s unwinnable either way.

An assessment on any kind of cult-like thing, or fascist state is whether the system/institution allows criticism. Anything that is democratic and allows criticism is not a cult (I reckon) and anything that constantly silences criticism is, if not a cult, well, it certainly has fascistic tendencies.

As far as cults go… well, some people are looking for heroes. If it is not a real estate guru, it will be a sports star, a god, or something else external. People will be safe from cults if they think they themselves are as good as anyone else. We all have different skills, but really, if people think money, or some other such tangible, makes someone a god or a guru, well, it’s kind of sad. The hero is self- that’s all there is, so why look outside self? you’d only get disappointed.

kay henry

Good on you Mr Gatsby Long may you reign [party]

kay henry

WildOne,

Whilst I see where you’re coming from, I also think one is better off taking a little time and learning all one can about, for example, real estate, before jumping in and making too many mistakes. So, let’s look at it this way… your averasge person may be better off buying two properties over two years- but purchasing really well, than buying ten properties over two years, and then losing money because they rushed in.

I know the above anecdote is all about motivating- as in, the one you quoted… but there is also a different side to things. The “just do it” “act now” “sign here” “write your deposit” mentality might be good for some, but how many people act before they think?

As for me, I would prefer to think before I act, ensure I have the knowledge that what I am doing will have some reward, and undertake due diligence. Shortcuts and haste might work for some, but remember the old syaing, “fools rush in…” Remember all those first home buyers who bought a place in the RE boom- who needed to “GET IN NOW- BEFORE IT’S TOO LATE!!” I wonder how many of them now wish they have have waited a while, now what prices have bottomed.

I absolutely believe in making mistakes and learning from them- we all make mistakes. But real estate is about lots of money. To me, if you take time, you don’t waste money- my motto for the day

kay henry

Mitzu,

It sounds like there were many holes in this purchase. The first thing you could have done was checkc who was tenanting the place and what date they would be vacating. It seems as if your lawyer was not communicating with their lawyer. Your lawyer sounds pretty slack. Thing is though, your lawyer is there to advise you, but you signed the contract. So the buck may stop with you. How could you both have missed such a clause? Caveat emptor. for next time.

It seems to me that targeting distressed sellers is probably causing hassles everywhere.

kay henry

Property Passion,

I usually run ideas by my family, my ex- who is also involved in property, and a couple of close friends. I like hearing the ideas of people who know me well. Those people are not merely interested in the numbers- they are also interested in *me*. If I ewanted mere affirmations, I would be able to find plenty of them- sure, why not go for 105% loan- together with LMI… but really, that isn’t my risk profile. So I ask others about their thoughts. I think if we don’t want to hear the responses, we may as well not ask the question. I also think that the only way that some people- non-investors- perhaps family members, will feel comfortable with our plans, is to see something work out.

I think about my mother, for example- she’s 78, and doesn’t want me to be in strife. Investing involves a lot of money, and the numbers do her head in. So I have a choice- either not tell her what I’m planning, or tell her, and then listen to her misgivings. I’m ok with the latter- she’s entitled to her view, and she cares about me. There are other people I speak to who are more financially savvy than mum, and they might critique the numbers- that’s ok too. I don’t think all people who have a cautious approach are “jealous”. Some just care.

If you need affirmation, there will be plenty of people around who can give it to you, or give you their own opinion. Real estate is a numbers game. It would be a pity if we think someone is making a mistake- particularly those we care about, and not be able to express our caution. Also, people who know others well might express their worry about their strategies because they may have seen them make mistakes in the past and lose their money- perhaps their family’s money too. What about those people who spent 50k on Henry Kaye’s seminars? It would worry me sick if I saw someone I care about spend all their money on the latest get rich quick scheme.

Not all criticism is bad. Sometimes we need it to get grounded again. You can take other’s opinions or dismiss them- but surely it depends on who is giving it, and their motivations for their opinion?

kay henry

HA! [lmao]

kay henry

Jenny,

Things sound a bit tough, but not having a tenant is something we *always* risk when buying a vanilla residential property. Presumably, as others have said, just keep putting the rent down, and you’ll get a tenant- meanwhile, it’s wise to have reserves. Can you pay it off if you don’t get a tenant for a year?? It could happen.

A couple of things… I think Hervey Bay was a place to purchase at 2 years ago. You only bought your property recently- probably at the peak of the boom. Probably it is never a great idea to read about a place being a boom town and then buying into it- buy into it when noone is talking about it- not when everyone is talking about it.

Another thing… you talk about “cheap” properties now flooding the market. I would say that the market has more likely bottomed- rather than just a flood of crap properties onto the market. As someone else mentioned, oversupply is now an issue, and it will affect the value of your own property.

LifeX reckons you could wrap it… well, if other properties are so cheap, I think you’d be flat out offloading this property as a wrap.

You asked have others made mistakes- yes, absolutely- I made heaps. Thing is, I don;t expect my properties to make money *yet*, particularly if I have just bought them. Property is a long-term investment. I reckon try and sit with this place you bought and just try and pay it down- tenant or no tenant. I think it would be a mistake to flog it off now, particularly given that other properties are so cheap now in HB- try and hold it and be patient. [confused2] And pay EXTRA onto your mortgage if you can, in case it becomes overwhelming later.

kay henry

Simon,

So far as I can see, the upsell is to become an NLP practitioner/instructor etc. It’s a free weekend thing. I have tickets- dunno if I’ll go yet, but I quite like culty stuff Lots of people get hooked on NLP just as they get hooked on religion, etc. Anyone would be mad to go for the bigger upsell unless they intend to become one of those “life coaches”. Anyhoo- free stuff is fun stuff- I’ll probably go along

kay henry

hehe celivia- hilarious reply

How do these companies “approach” people? How come I am not approached by wealth coaches as I walk along the streets? Is it because I look like this? [mad]or is it because when I see them coming, I do this? [curtain]

ahh well, at leat the company got some free advertising from this thread [gossip]

kay henry

X,

I think the thing to do would be to find out if anyone has ever done one. Gurus can market them and say how great they are, but in my reading, they are really not actualised. One can market anything, and people can even get tenants to buy into them, but how many actually come off, with the tenant actually buying the place?

Check out rick otton’s forum- you can read all about lease options- but as I said, theory is great, but who has ever done one and had it work?

kay henry