Great thanks Paul. Really appreciate you posting this.I can't seem to find any costs involved. Do you know what they will be? I only have one wrap, so I certainly hope there won't be a high cost for the ASIC licensing.Cheers,Matt

Try a building society for a personal loan instead. They have interest rates as low as 9%.

I am looking into this in Queensland at the moment. Talking with the council, the cost for an extra dwelling was 15-20k and the cost to do a full subdivision was only an extra 5k approx.

I am looking into this in Queensland at the moment. Talking with the council, the cost for an extra dwelling was 15-20k and the cost to do a full subdivision was only an extra 5k approx.

I just have one issue with the millars list site. The colour scheme is appalling!! I bet the creator is colour blind.

I’m actually trying to be helpful with this comment.Call the Gosford CC and ask them.

If there is no growth potential, there is no point having it negatively geared, (also known as making a loss).

Sounds like you have already decided it is time to sell.

Hi, I have bought at Wyndham Harbour. Stage 1 was 70 lots and sold in pre-sales. The whole development is only around 240 lots.

It has all the key drivers of high growth, infrastructure, water and above all scarcity.

Like other waterfront property, you would be looking for growth, rather than positive cashflow.

I have spoken to 3 others who…[Read more]

Depends which legal firm you use and the resources they allocate for it. The top end of town wouldn’t lift a pen for less than $5k. Don’t go for big name firms.

You stated you would have stamp duty when you sell, but that is incorrect. Stamp duty is charged on purchase not on sale.

If all your properties are highly cashflow positive with 20% deposits, does that give you unlimited funding?

I have spoken with my bank manager regarding my borrowing limits and each cashflow positive property appears to increase my borrowing capacity due to the income being higher than the associated costs.

So where can you get these for free?

I have been advised previously that you require a 30% deposit to use super to get a mortgage.

Hi Richard.

Was wondering about the processing time,

My situation is that I am doing a wrap on a new build. Will get the deposit back from the wrappee when the house is completed, can’t get it before then.

I would love to hear any also. I plan for my next purchase to be there.

Also be aware that the conditions that existed in Australia when the book was written don’t reflect the property market today. Parts of the US and Canada do reflect those conditions though. You may want to look at them as alternative markets if you want to use the strategies in the book.

The best thing about doing it in NZ is that you don’t have stamp duty. Stamp duty is a huge cost in Australia that has to be added to the purchase price of the person buying the property off you. The deal should be much more attractive in NZ. The other benefit for you is that you wont have to pay a real estate agent to sell your property.

I would…[Read more]

Hi Richard,

I tried with Westpac, first was told yes, they would allow me to do a wrap and then later told me no. I tried St George next and they had no issue with it, so I used them instead. This was around middle of 09.

I was really impressed with a deal he did on a tv show. Bought a run down property and onsold it to a couple that put in sweat equity to buy it with no money down. It was amazing what the couple managed to do with the house with very little money and a very short time frame (from memory they did the full reno on about $5k in less than a month…[Read more]

Yes but it is made up for with better FHOG. At the peak you could get grants of up to $32k in Victoria to compensate for the stamp duty.