Forum Replies Created
Aussiexj, I think you miss the point, these people simply do not put importance on money matters or investing that you do, when you mentioned amway this was a great example, I mean who would want a freind who only wanted to talk business and money all the time?, or even at all.
Interesting topic, someone said that to be all doom and gloom is a bad thing then went on to say that is a sad and bad world we live in.
Balance is probably the key, striving to be totally positive all the time is not only unwise but is also impossible, as these posts have shown.The crux of this argument is will I be a high acheiver if I pay thousands and continue to attend seminars, maybe I will run my own seminars, write books get the money streams happening, this is the road we travel on the seminar curcuit.
Can we all be make a significant amount out of developments?, out of running seminars?, out of writing books?, ie the big question is can we all have financial freedom? etc etc, the answer is a big fat NO…..why, simply because imo it all runs on the law of averages or the natural process of supply and demand, like the pyramid schemes it runs out of puff, sometimes for no reason we can understand it just does, the trick to it all is find your own idea, get in early and work hard, and forget the big dollar seminar curcuit, unless you absolutely positively want to follow through on this concept with complete disregard for all other things important or not.
Just an opinion.[buz2]Problem with forums is there are so many opinions and members with thier own agenda, they can actually cloud your judgement.
What may start as opening your mind to strategies/outcomes etc, (even to members who have experience and “millions”) could end in bad judgement, since noone but you know your own situation and strengths and many don`t keep this in mind when they hand out advise, and many who do hand out advise are merely putting forward what they have been told, not what there actual experience is.
I will agree with Robert with regard to newspapers they are so out of touch is never ceases to amaze me, they are very misleading and always way behind the eight ball, I pay no attention to them whatsoever.Michael I have to say this advise and strategy of drawing on equity is dubious to say the least, and is just another form of highly leveraging property which is another strategy I don`t go along with.
Do you draw this equity AFTER youve made the 10%/$200,000, this would be a more reasonable plan, but then again if they DON`T go up at all and in fact go down, you better have a high paying day job no matter how many properties you own.
You say you hope your properties will go up 10% but at least they would have gone up $200,000????, this sounds to me like something a novice would say and to spend money before you earn it is breaking what I believe to be a golden rule in R/E.Michael Whyte you are spot on imo.
Michael Yardley you asked why I would question the price of your seminar?…..because simply imo it is a bit steep!.
I get your newsletter and while R/E is all speculation I agree with some things you say and never even hinted you did not know what your on about or that you might be a “scammer”, I simply question the cost of these two/three day seminars.
I personally could easily pay but would not pay that kind of money for some piece of info I MIGHT use in an industry where the goal posts are often moved.
I don`t stand in judgement out of spite, if I have a question I simply ask it, no offence meant.
A true money back guarantee is credability in one hit.The high cost of many R/E seminars just seems to smack of opportunism and unreal expectations, created by the boom in property values.
If I were to paint someones house and tell them I COULD add $50,000-$100,000 to the value of your property so I will charge accordingly whether it does or not, this would not be acceptable.It doesn`t seem to work this way for anything but R/E seminars, see my point?.
Michael I am wondering what is the difference between the free seminar and the paid for one?.
Also you say development is very risky yet if someone pays thousands to attend seminars to gain info which is freely available they will make millions?, or mitigate thier risk in development to the point of getting over 10% return, and then draw on your equity depending on this factor, you sound like you believe there is no risk at all using this type of strategy, that is not advise I would follow.It would depend on your job status, equity position etc.
To be highly leveraged in this type of property in the current market can be hazardous.
Remember Murphys law if anything can go wrong it probably will and all at once.
If you feel financially comfortable with this I would say go ahead but you need to factor in interest rate hikes, vacancies, worse case scenario options.Also if there is a problem with mortgage insurance or building insurance you run the risk of not getting a cent.
If it was an IP and you did not disclose it, it would be taxation evasion/fraud also.I am wondering why someone who lived in Buffalo would rent a place when they are so cheap?.
Up to 25% return is by far the best I ever heard, what are the body corp fees/rates/other costs etc, no wonder they say America is the land of opportunity!, I am sceptical but very interested.[baaa]While I don`t think all seminars are scams I can`t see how they justify what they charge for one, two or three days posturing/lecturing.
They would have to PAY ME $3000 to sit there for this period of time and listen to so called experts.
I have been studying R/E for 20 yrs and while not investing heavily till the last few years much of the stuff when thought through is smoke and mirrors, or less than ethical for many and virtually unattainable for most imo.
If these guys make so much money in R/E why do they run seminars and sell books?, or why charge so much if you are trying to help people, I don`t buy that one.
You can be rich you can be successful, whether seminars will help you is debatable but one thing is for sure if you think it`s easy to start from nil in R/E and become financially free you are dreaming or being mislead.[buz2]I had the same thoughts John, I have heard this drawing equity plan before and it could work….providing homes do go up every year remembering they did not move in Brisbane and many other places for around 13 years previously.
Developing is being made to look so easy.
Should they go down and you are highly leveraged you are sunk, should they level off you will quickly run out of equity, depending on your equity this could be a good way to draw part of your income but imo as Michael and many others do it pays to have income streams, he does that by selling the idea and presenting seminars, some do it by selling books and presenting information at the end of the day I feel there may be a conflict of interest on closer inspection, I may be wrong but it sounds too easy I would be hesitant to follow this strategy as a form of income over a long period of time.More speculation and now Rivkin is a modern day Al Capone.
I think it is disgraceful what the media said.
I cannot say I`m totally familiar with the case but heard Rivkin was convicted for an amount of $300, don`t tell me the amount makes no difference, see it for what it is the man died because someone decided to throw the book at him through jealousy or maybe to make an example of him, with the fortune he amassed and all the deals he did if this is all they could find they have a lot to live with.
The man accomplished all he did with bipolar disorder.
What a pathetic society we are becoming.
Makes nme gutwrenchingly sick how the knives come out when a tall poppy is bought down a peg or two.At least you can see where you made mistakes, property investing is full of people in the same boat.
You would think it is dead easy to make millions in property the way some people talk, problem is reality is very different and especially in the current market.
Many people also disregard taxs, fees and interest rates etc etc not to mention blowing way out of proportion what they are worth in reality.
You have learned a great lesson, if I thought as you do about what might have been there is several million I could have made if I had trusted my judgement which was spot on when I bought in Kingston and Rockhampton etc etc.
I stood in Rocky 18 months ago with my mouth dropping to the floor and an incredible excitement at the house prices yet I actually only bought one house when my gut instinct wanted to buy ten, prices doubled soon afterwards and even though I “knew” I did not act.
There are many stories like this I`m sure.Realised/unrealised capitol gains and figures of 20%?.
All I can say is R/E is a game where appearances can be decieving.
I am not negative just realistic, I have done four of my own renos own 2 CF+ properties and done countless others with my brothers all being in the building game for 20 yrs or more, we are all tradesman, we have the game covered so to speak, it is very hard to acheive anything viable without someone else losing in the equation.
Did these guys go around seeking desparate sellers and making ridiculous low ball offers?, what is the catch, we are not being told all the info and now I am told to buy the books.[biggrin]
You cannot tell me this is not high riskWell guys what do you think being positive and believing all you are told is WISE.
I hate to sound negative but I have a questioning mind, especially since I have read all the books I can read invested and made money but still don`t get why anyone would want to own 1mill in property for the sake of it….WHY?.
You see the problem I do have is that inexperienced investors believe this stuff, when in the main it is not achievable for the vast majority, if someone wants to prove a point present the facts, I mean it is seriously dangerous to get involved with partners in property, in the vaste majority of cases it ends in disaster, and not many have access to someone with money who is interested in your million dollar scheme, I have never known anyone to lend money this way, people talk as if there are money partners everywhere people very willing to throw money at you, anyone who tells you any different must have a hidden agenda imo.[buz2]If they have gone that far with it, you have to wonder why they are “giving” it away.
I would not invest in Tassie myself.
Maybe it did grow strongly by say 30%, so that makes your property worth, what $50,000, not worth the trouble imo.
I would be very surprised if this was not caused primarily by inexperienced investors after it was on TV.
Tassie is perfect for a holiday cabin in the bush somewhere though, it has some of the best country I`ve ever seen!.
