Forum Replies Created
secret email to secret investors:
the code: reverse the order of the letters, and then reverse the order of the letters
*end of secret transmission*
just a late follow up to this post.
been chatting offline with a fellow investor who had the exact story about a (possibly bogus) offer coming in at the last minute with the exact same real estate agent, code name *rosie*
so if you ever deal with a real-estate agent called (code-name) *rosie* and she hits you with some supposed counter-offer, call the bluff, we reckon she’s bluffing.I will post the crack to this code in a secret email.
hi bb,
>zzzzzzzzzz there’s a few extra for you.
thanks. I need a sleep in.>Mini your post, I read with interest,you say that you’ve >invested in towns of three thousand populations >yourself.
thanks….actually one of them is only 1500 but i didn’t want to shock you. However it is in NZ and the difference there is that
the next town is not so remote as they can be here. i.e. broken hill.>Amazing!
thanks!!>When I was smashing the keys in my crap post last night,
it wasn’t that bad, I mean, we are having quite a good back and forth really, aren’t we?
Anyway, if you ever write something you want to change after (like the spelling of ‘muzzle’ for instance, hehe, just use the ‘edit’ button to the left of your post, which only the writer of that post gets.
>listening to Sydney radio station(2GB)
god love ’em
>they interviewed a taxi driver from Broken Hill. He mentioned >that houses
>are selling for $10k each.
just a sec be right back *books fare*
>They’re renting for $80 per week.41.6% return!
No way, i thought I was smart with getting in the high twenties and one in the thirties, man, now I feel like a real loser
and to think that it was under my nose the whole time. sheesh.
>Here’s your chance to
>really be a Minimogal.
oath.
>Buy,buy, buy.
I’ll do my best bb>Mini, if you play with property on the net,most country towns >property prices are going through the roof.Rent yields are >coming down fast.
Hmmm…..how much yield would you actually need for 10K to be cashflow positive? I reckon about 10 percent….makes about 20 bucks a week…..you reckon it’s rented for 80, this ten k place, well even if that’s only a hypothetical place, there’s a lot of discounting between 80 bucks and 20, and you are still not losing. meanwhile, you are making with the capital gain, you say….>So your little secret is out and about.Now every body knows
It’s never been a secret, from me anyway, – gee, I know so many people that although they couldn’t afford to buy where they live, they could probably scape the means together to buy a 10 k property. Then at least they would feel all proud they got started in the market. I mean even ‘rich dad’ Rk talks about in rich dad poor dad started out as a ‘slum lord’ (not that I’m saying BH is a slum. ) It’s just an entry level investment that isn’t too scary if it all goes wrong (how wrong can a 10k house go? only ten k wrong…and even then the land still has value….) I’m only just starting out at the bottom of the market and i feel a bit like if I can get into property (as in, a freelance musician) then anyone can.>from thebuy, buy buy, anywhere just buy.
I have always been like that anyway, hey, I’m a chick. it used to go on going out, or clothes, shoes, whatever. at least if I’m buy buy I am putting it into something that exists and has a use, helping someone out that needs to sell, and it will hopefully even go up in value over the long term. anyway, as the earner of my own money i reserve the right to do with it as i please without having to answer to anyone, other than voluntarily…like i am now….>But not for me,You and Ronulas are braver than me.
I’ve been trying to get a loved one into this….so far he’s sticking with a term deposit, which gets him 5 percent.
that’s fine, but I am not ‘brave’ enough to convert my hard earned cash into a ledger entry somewhere. what say more than 1.5 percent of people want to get their money out of the bank at once, like if some thing happens that causes a panic?
The banks operate on such a low fractional reserve that they literally wouldn’t have the money. So to me, a ledger entry in a bank operating on 1.5 percent fractional reserve that pays me 5 percent and then I get taxed on the profit is more of a risk than investing in bricks and sticks and people (AKA houses and tenants) in a country where there is no CGT….and that’s an option that I am not trying to keep a secret by any stretch of the imagination – and neither are Steve and Dave, without whose excellent tuition i would not be here!!!!
>I’ll be waiting for those interest to start climbing.Can’t stay >down for ever.
re that point, some guru of property investing told me at a seminar – or on a tape I have, I forget who – that if interest rates are anything below 6.5 percent, fix them as long as you can, preferably 10 or 15 years if you can get it. apparently that’s the 20 year average, so if they do go up, you’re OK.
And if they do go down maybe you can refinance elsewhere. (is that how it works???)
The trick to this is that it’s just a game, really, with different strategies you can use to ‘win’ or hopefully, ‘win-win’.
byee for now
MiniPS i like debates
hello all,
>My wife calls me an angry old man.Barks all the time.Should >buy her a mussel
just one? you need a dozen each, and make ’em smoked mussels….yum….or oysters….yummmmmmm> The only trouble with small towns is that if the number one >industry closes down the whole town is stuffed.
that is, if it has a number one industry. a lot of them used to have, but now they’ve settled into small to medium businesses and are quite stable. In fact some of them have really good rental demand and you can always find tenants at the bottom of the market – i.e. welfare even? Good tenants are found in all socio-economic levels, and at least welfare people have a guaranteed income.>Could you imagine doing a “Ronulas” and investing in so >called towns of three thousand!!
i fully could and have done, it is a great house rented within three weeks to long term tenants (sharemilkers) and has a stupendous return in the 20’s after costs.
>Never in my dreams would I >think about that type of >investing.I am extremely glad actually (and the fact that most of the world would agree with you. which includes a lot of my family.) Cause that means there were still baby deals available that i could afford, where most people *weren’t* looking. of course as there are not as many properties for sale in the small towns as there are in the cities of 5 million, if everyone was into buying in the little places there wouldn’t have been the cheap deals waiting for me that i found -.
As far as the risk goes say 250K buys you one city IP, the same amount buys you several regionals, and even taking the extra maintenance, insurance, vacancy rates, bla blah into consideration, your risk is spread more.>On a mission to acquire the ‘elusive’ regional town cash flow >positive property.
*guilty*!!!>There really has to be some thought of an exit strategy and a >contingency plan for the worst case scenario.
exit? as in, sell? But why? If it’s vacant? Just drop the rent….
the returns have more slack in them in regional towns.>I do believe in buying where-ever the numbers make sense >but this must also be counter-balanced by sensible economic >data.
>For example,does it make sense to buy in regional towns that >one has little or no knowledge about,*tut tut, didn’t do your due diligence* no not a good idea! Find out what you need to know and then some!
> that has downwards trending population growth,
Hmmm….Tasmania had that for 12 years. Dolf de roos has been warning people away from it (ditto Invercargill) for ever. However.,,,,it’s growing like mad these days (what was it, 1 percent in three months???) , prices are going nuts, and suddenly it’s turned. what changed? perhaps people suddenly thought ‘hell, i don’t care if people are leaving there, look at this fabulous property we can buy there for so little, let’s do it’ and enough people thought that and made it change.>high unemployment and not a major industry or employer in >sight?
Hmmm….most towns exist for some reason, either to service a farming region, or whatever. The towns that were built JUST for one reason i.e. Ohakea Air Force Base in NZ are not what i would call towns, however.>Having a growth strategy (which Bruce is alluding to) >working in conjunction with a cashflow strategy seems to me >to be the best of both worlds.
yes indeed, and this has been my insight of the month.
The words ‘balanced portfolio’ spring to mind.>You should all know the fate of lemmings…. Think about it
I did think about it…and i think that a lot of the lemmings would rather be in the same boat with their friends than do the opposite…’well if I’m wrong at least we’ll all be wrong’ –
as I’ve said before, it takes a lot more courage, knowledge, guts, self-belief etc etc etc etc etc to go out on a limb, even if that only means have a different opinion to the masses.I live with a 12 year old, and he loves to disagree with me, and i am trying to train him up so that it’s perfectly fine to disagree, if you are sure about why….’convince me’, I say to him….
cheers-
MiniThis legendary property-mogul is a doing just that, and in SA, to boot.
Run-down apartments in Glenelg last time I looked….she buys a block, does 20K worth of renovating on each and sells them for a LOT more on individual titles, often selling before they are even completed.take a look at some of her projects and so on and leverage off her obvious handle on the market – she knows what she’s doing and does it very, very well.
“Cathy Jayne Developments is a South Australian owned and operated company specialising in adding value to property in South Australia through renovation and redevelopment and providing property investment and asset management services and advice.
As a Property Development company we renovate tired old homes, maisonettes and groups of flats across Adelaide. We give these properties a new lease on life and added value before offering them to purchasers, through reputable real estate agents, as excellent property investment opportunities. We are dedicated to keeping the prices of the refurbished properties affordable, fair and real. “
she sounds way cool huh!
cheers-
MiniI was going to suggest wotif but wilandel beat me to it.
Yeah – you can’t believe the deals they have going.
Medina on Crown is nice if you want apartment rather than hotel room. Pleasant 10-15 minute walk along groovy crown st
across hyde park and you’re nearly there.
cheers-
Minii’m working on an album, (‘the mAmARiTaS”) – target market 0-5, as we speak….
congrats!
cheers-
MiniHi all,
gee, am overwhelmed, thanks for all props,
as usual your comments have got me thinking.About this abundance mind-set thing….
> openly revealing where she is buying property BEFORE
> she has set herself up financiallyactually,
it was not without being barraged behind the scenes with challenges from well-meaning but loved ones to the tune of
(fear/lack/more for meeeeee and less for you/there’s not enough to go round and I’m guarding what’s mine very carefully indeed)
‘why are you telling them the names of the towns where you are investing? you’re crazy! don’t tell them until after you’ve got all the properties you want. let them find their own deals. they’re leveraging off *you*.’
yeah. so what? we’re all leveraging off eachother’s knowledge, that’s what any decent forum is about. that’s what’s drawing the crowd here. If no-one gave, no one would be here! If someone asked a ‘advice in my situation please????’ question and got no replies, then it would be dead round here.. the contributions of everyone make this forum one of the few ‘online communities’ that actually feels like one. If this is a macrocosm of society, we’re in good shape.!
hey you know what -? I never dreamed my name-checking of towns would actually make anyone go and buy there …… but it turns out it did. I got quite a few emails and phone-calls for a good couple of weeks by people here on the forum that wanted to know where, how, and everything else. i told them anything they wanted to know. my lawyer’s doing well out of it, heehee
back to abundance….I test it by asking:
which is the best outcome for all? (not just me?)
what about Steve and Dave when they decided to teach the world (if anyone in the world wants to learn) how to be a property investor? Abundant to the max!!
Fear/lack would have been ‘the less people that know how to do it, the better – and all the more deals for us!!! why should we teach others? we’d be mad! The more people stuck in debt and ignorance, the more broke people, the better we’ll do!!!’Imagine! We wouldn’t have them as our teachers if that is how they thought.
Abundance thinking is that no matter how many investors there are that enter the market, there will still – and always – be enough deals to go round. Sure- the types of deals will change – there will always be a herd that goes in one direction (people like to do what other people are doing – much harder to go out on a limb!) – causing the sophisticated investor to always have to be ahead of the herd, or in some way, counter-cyclical. There won’t always be bargains where they are right now – one area suddenly becomes ‘hot’ and then the bargains are found somewhere else. Property in general is hot at the moment because the world situation is making the sharemarket jumpy. but that’ll change too, somehow, sometime. Maybe it’s changing right now.
> Unfortunately, I believe the ‘majority’ of forumites would never reveal where
> they are buying even if put before a firing squad.i think that is somewhat true (certainly my loved ones wouldn’t , just like they didn’t think I should –
they would say ‘why should you/we?’but i would say ‘why shouldn’t I?’, if i’m a fast typer and i can be bothered? and if it’s fun?
> I’ve been happy to help out with Rockhampton since I bought there recently,
> but I didn’t say too much about it until I had the deals stitched up.
Let’s say you caused a stampede by name-checking Rocky causing your property price to go up. Abundant because good outcome for all. Hey – is abundant a kind of synonym for win-win? hehe!> I am just wondering why you think it would be a great thing for people to be
> saying “I’m buying in (insert name) now”… as I’ve said in another post, I
> have found all this PI biz to be much more fulfilling and interesting when
> I’ve done the research myself and discovered regions on my own.Absolutely. the whole point of investing yourself instead of handing your bucks over to some fund manager to lose for you is that you are taking control. Of course you’d have to find your own deals, even if you had been pointed to some so-called sure-fire area.
>As you well
> know, there are a lot of people who seek easy answers and shortcuts, and they
> are worse off in the long run… at least that’s what I reckon!
Yeah – the ‘buy off the plan Cannes beach resort’ types who heard it’s the thing to do but don’t really know why, get sucked
in on someone else’s massaged calculations and then come here and hear what people have to say about what they thought were good deals and freak out!! heheh…Not that I am saying that buying off the plan is not good – provided you have done the numbers yourself and *know* it is!!!!> nor am I advocating that anyone should reveal this.
I only revealed it because people were asking where i got those deals cause they couldn’t find any. I felt a bit like – if I didn’t show them there were hundreds more deals just like them out there, they probably wouldn’t believe me! (and in abundance!!!) The first time I mentioned it is on a thread where someone was talking about returns being really good if you rented to a brothel. (!!!) I said ‘man you can get good clean returns better than that’ then they called me on it, so I felt I *had* to tell ’em!Don’t forget that the reason there were cheap bargains where I found them is cause nobody was buying there. if everyone starts buying there, there will be demand, houses won’t sit on the market for years like they have done, i.e. the market will change. and the bargains will be elsewhere (i.e. in the next place where everyone isn’t buying – yet!!!!)
hey; also, I noticed that in a lot of areas in NZ, the median price slumps down over winter and rises in summer. Almost like a mini-sharemarket peak, albeit a more predictable one.
there were a few areas that were exceptions. All this data was on realenz by the way.> What I am saying, however is that I DO believe in universal laws and one of
> them is abundance. I truly do believe that there is more than enough for us
> all to go around several times.
yes, yes, and yes. So can we all be property investors, everyone in the world? theoretically? hmmm…philosophy….
and maths….
OK, let’s say everyone in the world was given 100K tomorrow, and as many free seminars as they wanted on investing or growing the money in some way, to provide them an income forever. how many would do it? i think that it would still be only a tiny percent. the rest would just blow it on whatever. That’s why abundantly giving information (on property investing or wealth-creation) may – long-term – cause the wealth of the world to be more evenly distributed. Not like the 5 percent with 95 percent of the wealth thing we have right now. And that does not mean communist – i read that scandinavia and germany are the most evenly distributed economies in the world at the moment, interesting huh.> 2. I also worry that where I am investing is not the best place for other
> people to invest. Unfortunately inmy early investing days I had friends look
> where I go because I went there. Whether it is what they want or not. Whether
> they understand the dynamics of the place or not. So as a rule now I play my
> cards close to my chest. If someone came out and asked me I would tell them
> but as a general rule I keep it quiet so I can’t lead others astray. I figure
> my risk profile is something I am comfortable with but others may not be.Yeah i agree. I don’t know if I would have had to confidence to invest there if I hadn’t been there. (i had. I knew the towns.)
people who are asking me where these high yields were, were also are asking what capital gain they could expect there? – (!!!! you want it all, from the one property!!) The town is so small it doesn’t even have enough data to register on the monthly list in Kiwi Property Investor magazine! Also, a lot of people wouldn’t dream of investing in a town with only 3,500 people.
i would though….
seeing as I can’t afford Waiheke Island yet….(ooops…..DOH!! I inadvertently name-checked THE absolute HOT capital gain spot in NZ. now form an orderly queue and don’t push, OK?????????
….(go to realenz, type in ‘auckland’ then select ‘auckland city’ and then select ‘gulf islands’. waiheke is an hour in a ferry from Auckland and drop dead gorgeous/divine/cute/lovely/buzzing. Has electricity, schools, regular ferries, etc. Apartments and resorts are starting to go in there.
Great Barrier Island is also fa-a-a-abulous, but 4 hours in a ferry from downtown Auckland, popular to have a property with an airplane landing strip! and fly there for weekends. Super-unspoilt. it’s kind of the northern tip of the Coromandel Peninsula, if you can imagine, that the middle got sunk. And a lot more affordable than Waiheke. OoOh, I saw 50 acres on great barrier the other night (cheap!!!!) that I wish I had the $$$ to snap up and hold onto in a negative-gearing kinda way. So someone with an abundance of cash could grab it……
there’s actually a whole island for sale, forget where, but do a google search for ‘waiheke real estate’ – there are only four agents and it’s on one of the pages.
byeeeeee
minivery interesting, thanks, will look out for Mr. Navra
cheers-
Minii would say you buy for half the time between now and when you want to be retired (if ever!!!!) and then pay off for the second half. that’s how dave explained it to me. In the buying phase you are just channelling all the surplus cashflow into funding deposits and closing costs and borrowing to buy more properties. So you might see zero cashflow for half the time, if you want to go fast in the acquisition. In the second phase as you pay off each property your cashflow goes up and up as your debt reduces which would leave you with the entire rent per week as cahsflow. so if you had 10 renting for 100 per week after insurance, rates and management, there’s your 50K forever.
cheers-
miniyour sister could always do what i do, which is buy where I can afford (small town rural new zealand) for cashflow and then rent where she wants to live but can’t afford (in my case paddington, which is inner city Sydney- OH MAN! how much money would i be LOSING each week if I had to pay a mortgage on the house we live in???!!!) it gets better, because part of your rent is tax-deductible if you work from home doing your property investing (!!!!!) as is the interest on the loan on your IP because you are not living there….and then with the cashflow from the first IP, she can save up enough to get a second and a third.
eventually she will have enough equity and cashflow to buy a (even if negatively geared) house to live in, with repayments supported by her other IPs. THEn because of capital gain in cities, she will quickly build up more equity with which she can buy more cashflow generating IPs and so on…
cheers-
MiniHi Westan,
congratulations, I am very happy to hear that some Aussies are thinking of moving to NZ as you hardly hear of that happening – mostly the other way around! *insert twee smiley face*I’ve got three now, just about, all in regional towns in the North Island. I have to say that about two months ago i felt like I was the only person looking and there seemed to be a zillion deals, but there are a few less because a lot of people (several from this forum that I know of, and probably others i don’t ) have been buying up large, several at a time, because it’s just so d#$mn cheap! and like Westan found, the returns are there.
As a Kiwi I have an advantage in that I know the country, more or less, but I have to say that before i looked back home I looked here, and just couldn’t find the yields or the affordability, really. I mean you could get three for the price of one in say Goulburn, over there. Even if I did find some fairly good yields here it was a bigger risk because of more expensive property, and in the end for my first foray into the market I picked a house that cost me 27K and is rented for 110 per week, to some long-term tenants who signed on for a year. Where you ask? Half an hour out of Wanganui on the surf coast.
as far as capital gains go, that information is published i think every month in the KPI magazine (kiwi property investor magazine) and their website is
http://www.kpimagazine.co.nzthey do mail subscriptions out to Aus and i would highly recommend it. Only seen one issue but there is so much in there re lawyers, accountants, finance, and the usual info about where to buy etc.
Me personally- I’m trying to start with a few cashflow positive properties with as high yields as i can get, and work my way up with the bank’s help to some capital gain places later on.
the Auckland area is going really well if you can afford it, it’s not quite Sydney for cap gains, but it’s definitely going that way. In a lot of ways i think NZ is several years behind Aussie so whatever is happening here will drift across the Tasman eventually.
i get the feeling that houses will never be as cheap as they are now, in NZ. Even though i’m not buying in towns for capital growth (and people i know with properties rising like mad can’t quiteunderstand why i’m buying where I’m buying – *insert mad and tricky grin face* ) I still feel that this time next year, you won’t be able to get a property for 27K, it will be 35 K, and that’s a gain of 20 something percent. Let’s see if i am right! but if I am sooo wrong and everything goes down a bit, who cares, because the rent yield is still as good as it was when i bought it…maybe better cause you can put the rent up a bit each year in line with inflation.
i haven’t had any problem getting my first house rented. (second house is a saga all on it’s own, i will tell you if you’re interested- next time – and the third house hasn’t settled yet. but we think we have a tenant already!) Back to the first one. Even though it was in a town with only about 3500 people, and I was allowing 4 weeks to get a tenant, I advertised it for 120 and the first people who looked at it wanted it, the agent turned them down (didn’t like the look of them!) and then the second week, a couple bargained me down to 110 but signed on for a year, and said they may want it for up to three years. (Share-milkers! ) It seems to me that the small towns aren’t as depressed as they once were, you can’t even get a plumber for weeks or months these days, explained to me by the fact that farmers are having a really good time lately after 20 years of struggle and there is a backlog of 20 years worth of kitchens that are being put in, etc. it seems that little shops in the main streets are full. It does pay to do the due diligence on whether it will rent – but as Steve says, any place will rent at the right price – just drop it a bit and you’ll get a tenant. Also i like David U’s idea of asking a competing real estate property manager what they think the house will rent for, rather than the one you are buying it for. You can look at the market rents for the various towns in NZ here
http://www.minhousing.govt.nz/tenancy/Market-Rent/market%20rent%20region.asp
it’s as up to date as anything because it shows the bonds lodged.
the web site to look for the deals is….and I mean *the* website….is….
There are others such as open2view.com
who seem to have (in general) more upmarket homes, however the first house i bought which certainly wasn’t that upmarket was on there too complete with a virtual tour. so handy! however the same house was listed for 44 on open2view and only 33 on realenz. (i think it was on the market at least a few months while i was watching it, and the kept reducing the price on realenz but they still had the original price on open2view. i only discovered open2view and the vitrual tour after i’d put the offer in and asked the agent for more pics, so i was well pleased that i’d seemingly got even more of a bargain than i thought.)so yeah – capital growth, check the latest figures in KPI magazine, or check out where richmastery.co.nz are finding their deals. they have two types of deals (might suit the person to nervous to look themselves, use a property finder service, and this outfit is really good, as far as I know, i know someone who bought a property from them as he was too busy to look himself. ) Anyway richmastery have cashflow positive and capital gain deals, colour coded green and purple i think. Their criteria for capital gain is the area must have had higher than the national average growth for 10 years, for 5 years, and for 1 year. only then does it qualify. So you could maybe tell where some of those areas are just by looking where they are finding.
as far as tenants go just do all the diligence you can. One town where i thought it might be tricky to get tenants turned out to be the opposite, the agency had two people a day coming in to rent houses and they had no houses for rent, as in, zero!!! Same thing in another town a friend has bought in, the agent said ‘I had a house for rent last week, not as nice as the one you’re getting, and i could have rented it three times over in that time’. Not bad for towns with 1500, or 3500 people. there are more people in the world every day and I guess that even eventually affects small town NZ.end of rant!!
Cheers-
mini……get three quotes?….
Hi there,
according to the eleven second solution and my brain, the 100 per week from your mother should cover the repayments on a 50k loan with a bit to spare. I’m pretty sure that the 11-sec-solution is a shorthand way to calculate a 10.4 percent return. hence the ‘bit to spare’ for borrowing costs etc.
Dolf de Roos says ‘rarely or never sell – to access equity, revalue and refinance.’ Can you do what you need to do for 50K?
cheers-
Minicheers-
Minithis thread rocks
you guys all rock.
my thoughts on abundance…and what a brilliant concept…
my main thought is…If everyone lives in service to others instead of service to self, then the world would have no more problems, ever!
………..
another fave saying is…
two men look out a window. one sees mud, and one sees stars.
i think the giving people on this forum are showing the world how to be giving, by being living examples. you are appreciated. you make it nice here.
cheers-
Mini
*in a warm fuzzy moment ’round midnight on a monday*enjolady, that is so fabulous, congratulations!!!
I had a good feeling also the other day when I spent a day with a friend who after hearing about my deals wanted to get started in the market. I gave her a stack of books/CDs/materials from my vast library (not joking!!!!!) and the property and related web-sites. Within a week she’d found 12 deals which were cashflow positive, some of them more so than others, but some not just cashflow + but also in areas with pretty good capital growth. I helped her do the numbers on all of them, hooked her up with my lawyer who talked her through what she needed to know, and she weighed up the best ones. I then sat beside her as she made her first offers coaching as needed!
She had narrowed it down to six that she was going to call up about. We started with the deals of the six she cared least about (by way of practice!) so that by the time she got to the top three potentials she was feeling pretty comfortable asking the right questions and she sounded great and like she knew what she was doing! of course there was lots of squealing and giggling after she hung up – but guess what, at the end of the day she had three offers in on three properties.
It was so fun and rewarding helping a friend get into it, particularly one that was so quick to grasp the maths of it, etc.
Also, the more musos with IPs the better, the self-employed need retirement plans (early or otherwise) as much as anyone!
We even wrote a song in between making deals, so it was a great day.cheers-
MiniI went to this investing and property show at darling harbour and it was wall-to-wall investment companies. They were some that seemed legit, offering deals such as fixed 10.5 % returns for a minimum investment of $30K for 8 years. Secured etc, some medical centre leasing premises in Queensland. it’s like they wrap a deal to an investor, and they making some on top. using your money. Fair enough i suppose, if it’s better than a term deposit in the bank, and has little or no risk. it seemed like it was aimed at people who knew nothing about property, had money to invest, had full-time jobs and no time or inclination to educate themselves, and were satisfied with 10 percent. I mean, you could do worse – but I wouldn’t do it. I love learning about it and doing it myself as much or more as I like the profits themselves.
cheers-
MiniHi there,
well… I went to the richmastery one night seminar tonight in Sydney and i thought it was pretty good. Ten thumbs up, in fact. It filled in a lot of gaps for me, surprisingly for a one-nighter which are usually a bit superficial and simple, and was good value, because it started at 6.30 and apart from one short break went until 11pm. Yes, they were selling their 3 day seminar hard for at least the last half hour (which was optional) if not more, but so was Dolf De roos when I saw him, and so was Kiyosaki.
Truth is, there is too much information to cover in one night if you want any sort of detail, which is why they run a three day event, I guess. Their event is long 10-hour days, too.During the evening they mentioned – and only mentioned – the words ‘wraps and lease options’ as a passing thing – and when someone asked them to explain, they said ‘we’d need a couple of hours to run over that, and we do go into that over the weekend in detail’. I thought that was a valid comment – wraps and lease options are a big topic.
The particular things I liked about the seminar was the detail they went into about applying for finance. There was a lot of stuff I personally needed to know and hadn’t heard in that much detail at any of the seminars I have been to, or any books. Of course, part of it was looking professional by printing out the deals you want finance for on their gunny software. Yes, there are products available for less, and yes, it is only a glorified excel spreadsheet which you can make for free if you have the inclination. But there is no doubt it is perfectly good software which does what it says it does, is well customised for each state, and whether it’s worth the price to a person would depend on that person’s time/cash/ and skills!
I have wanted to buy software for ages now, but the one that works on a Mac i don’t like, and the two that I like – theirs being one, and REAP being the other, don’t work on a Mac. Bummer! I wouldn’t actually care about spending a few hundred bucks on some software if a) it saves me time b) it doesn’t make as many mistakes as I do with a calculator and c) it makes me look more professional with less mucking around. (the software is easy to use.) But then again maybe I’m easily sucked in, because I do tend to want to buy something every time I go to a seminar!
But then again, if I hadn’t, I wouldn’t be here talking about property now…..As someone who now has two IPs going on three, I can definitely see the use for software to manage everything just as I use software for everything else in my business – there’s no doubt that computers make things easier and more fun somehow. So I will stick up for them and their software, and even the price, on that point. They also have phone mentoring by the minute, 24/7 which I think is a pretty good service. probably expensive, but good for a person who needs to know they can call someone and pick their brain on an as-needed basis.
they are also selling their ‘deal-finding’ service, (they tie up properties they have analysed, and then pass them on for a finders fee of between 3-5K.) but again, i think that is legit. I mean, there are people asking all the time on this forum ‘are there any buyers’ agents out there?’ and here you have a legitimate business, now in Australia too, born from Phil’s friends saying ‘if there are any deals you find but can’t take, let me know’.
They have two types of deals, cashflow and capital gain, colour coded – their belief is that it is hard to get both in the one property. from what they explained, they have property-finders in most states looking for them, and the ones they pass up get on the net. But even then they are very stringent in selecting them, and sometimes a property-finder may only have one out of 97 deals accepted for the web.I liked their explanation of how to balance a portfolio – they buy three cashflow +ve properties to every one capital gain property. they say, depending on your goals, you could for example) keep on buying cashflow properties to begin with until you reached your target income per week, and then start to buy capital gain properties. I hope I am explaining it right, but it made perfect sense tonight.
They also email you 18 pages of notes after the event if you give them your email address. They gave out $1 scratchies to illustrate the point that lotto is a gamble, but a plan you make yourself will actually happen.
after their three day seminar, to encourage people to take action (like steve they say that so many people come to the course, but so few do anything about it) – they have a suitcase with $10K cash in it. They get the graduates to send in their news of what deals they’ve done, including copies of the titles. then after a month they give the money as a prize to the graduate who’s done the best! (don’t know how they measure it, but still, cool idea! and they reckon it’s one of the things that make their graduates go out there and do deals!)
That’s all for now
cheers-
Miniwhat is a ‘four corners transcript’? I would like to read it.
cheers-
MiniNZ has a maritime climate, much more changeable than that of a large land-mass or continent.
Anywhere north of Auckland has a fabulous climate – places such as Whangarei, the Bay of Islands (Kerikeri, Russell, Paihia) and also Mangonui, Warkworth, Kaitaia, the whole bit above Auckland, really. The west coast is generally wetter than the east coast because of where most of the rain comes in from. In the North Island this varies less than in the South Island.
The Coromandel Peninsula (Coromandel, Whitianga, Thames,
Pauanui, Waihi, Tairua) are lovely.wellington is windy, but apart from that perhaps similar to Melbourne without the super-highs in summer. Auckland feels like a few-degrees cooler Sydney (humidity similar.)
Another couple of warm sunny spots in the north Island are Tauranga and Mt Maunganui, (‘the mount’), right around the coast to Gisborne (Te Puke, “ta Pookie” that is…, Whakatane (pronounced F#$$$-a-tahnee) – this is fun, isn’t it –
and round the east cape – Opotiki, also Wairoa, Napier, Hastings are lovely. Also lots of wines, citrus, kiwi-fruit,
berries grow there which should tell you that it’s pretty warm.The south island is cooler, Dunedin is maybe like Scotland in climate, and Christchurch like England. The Canterbury plains get extremes of heat and cold.
Over on the west coast of the South Island, it’s wet as. Milford Sound wins the ‘most rain’ competition. However Nelson and Blenheim and Takaka have an amazing micro-climate that you wouldn’t believe considering the latitude, they are as warm and sunny as anything.
Queenstown and around there is beautiful in an alpine kind of way. The bottom of the south Island is colder but gets into the nice 20’s in summer.
Queenslanders and Darwin types would think the whole country is freezing even on the hottest days of summer, but Europeans would think it’s perfect. I guess it’s all relative.
cheers-
Mini
