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richmastery.com
are deal spotters. They charge 3-5 k. Mainly in NZ. though fully legit. They run seminars, as well as publish (or are somehow involved with) the excellent Kiwi Property Investor magazine.
I know someone (my buddy from last year’s property masters) that purchased a property from them.
I think they tie up the house and flip it.cheers-
MiniHi, I would like to speak up in Dolf’s defence.
I have some of his products and i think they are excellent.I started with Rich Dad poor Dad, then I went to see Robert Kiyosaki in person for one night, as well as Dolf de Roos, again for one night. i was really interested in going to the seminar but it cost an absolute fortune (thousands) and in the end I bought a recording of the dolf de roos 3-day seminar (available on his website) for about $500. It’s the next best thing to being there and I got a LOT out of it, as much if not more than the book. It has different information than the book,and is really really good and really really interesting, in particular for me as a chick and a Kiwi, as dolf’s seminar tape features one of his best students, Margaret, talking about her deals.
I wouldn’t say Dolf advocates negative gearing over positive gearing, in fact I would say the opposite. In fact during the ne night seminar i went to of Dolf’s, he demonstrated his software REAP (real estate acquisition programme, or something) which is a nice, easy to use, intuitive, nice looking, simple-yet-powerful way of doing your deal analysis.
Yes- an excel spreadsheet can do the same, however if you’re not an excel spreadsheet kinda person I would think it’s a great alternative. I’ve had a look at PIA and it’s functional but design-wise only a couple of steps up from an excel spreadsheet. REAP at least is a little more slick, a little more like the microsoft word of property software. Expensive….but I think I would get it if they made it for Mac. (only for PC AFAIK.)
So with the $3000 bundle, you probably got the CD set, the software, all the books, some videos, right?
I think in some way it is worth it. What I did learn from Dolf is to look for a ‘property wuth a twust’. (property with a twist, but that’s how he pronounces it.!) I.e. let’s say you have a property that is not cashflow positive, but if you bought it and subdivided, selling off half the land, you would still get the same rent but have recouped some purchase price, making it cashflow positive – well that is one kind of twist dolf talks about.
I relate this to what Steve teaches, when he says you need to
know all property investing strategies in order to know which one is going to fit a particular property.
I’ll stop raving but I don’t think there is anything sinister about Dolf selling his info, other than that because he has this whole advertising marketing rich dad thing behind him, he’s probably always going to be more expensive than a local equivalent such as Steve or the others – which is how I found the seminar. I thought, surely there’s got to be some local equivalent? Did a google search for property investing seminar australia and found this lot. Went to a seminar and never looked back. I know it’s no help to tell you I think you could just skip the Dolf and go straight to the steve, but Steve’s seminar is not going to be on for another year. You could do worse than Dolf in the meantime, though.cheers-
MiniAh, a subject close to my heart.
I agree with Jars. CDs are the go. Tapes sound terrible. Hissy.
I have a tape player but really it is just gathering dust on my rack.troyhorse.com.au are really good for duplication or replication runs from 1 to 1000 Cds.
cheers-
MiniHey AD, Hey Sooshie,
just wanted to let you know that I am going to NZ for four days tomorrow to do a light cosmetic reno on my cheapie IP with my boyfriend – should be fun!
And then on to Bali for a week.
!!!!!!!!!!
AD – you said in your email ‘you hope I had a day full of surprises’,
well i did: and it wasn’t just that telstra cable was down !!!
in the morning, i found out my tenant (my cheapie IP house was bought with existing tenant) had handed her keys in and gone) –
……but by the afternoon, my boyfriend and i were booked on airpoints flights leaving tomorrow for four days to do a light cosmetic reno!!! (total virgins at it, so it should be a real hoot!!!)And minutes later my boyfriend got a job sound-engineering INXS in Bali for a charity gig that doesn’t pay any money, but all expenses paid, 5 star hotels + airfares and he can bring me and his son all for free!!!!!!
So we are also having an impromptu free holiday for a week.
Lucky i work for myself and could cancel my life.
So if they have internet over there I will be checking in, but if not, see you in a week and a half!!
cheers-
MiniHi everyone,
I just want to echo the sentiments of everyone and say that I had the best time. Last year I was probably the greenest person in the room – I hardly know anyone that owns their own home let alone investment properties. Last year everything was so full on that my brain used to hurt every night after the course. It probably took me 6 months to get my head around everything, then I started looking and have since purchased two IPs and intend to make an offer on a third this week.My Dad is here too and I’ve just bought him a new computer – an E-Mac! Yay! So I am looking forward to showing him how to join up on the forums too.
oh yeah…so on to this year;’s event, I was amazed at myself that I could actually follow everything….having to do calculations at speed during the game was a bit challenging but I really got a lot out of it – basically validation that the deals i’ve found are as good as any if not better.
I also thought there was a little more encouragement towards capital gain deals, with the Reno’s and Stuart really bringing this home, but also Steve as well.
Anyway – my Dad is here and he wants to say hi too…
so here he is…Dear Steve and everyone,
What an amazing amount of energy you put into the two days, and how much motivation and enthusiasm you’ve given me to get cracking in the property investment market.
I came to the seminar as a chartered accountant looking at such matters through chartered accountant eyes, but now you have given me the tools to see things quite differently.
My sincere thanks for a really excellent two days.
emmgee
…and bye from Minimogul, see you all on the boards lots I hope.
and me! and my dad who’s coming over from NZ!
cheers-
MiniCarparks in the CBD are 18 bucks an hour!!! I reckon it would be amazing to one day own a carparking building.
Wanna hear my prediction? I reckon it’s going to go the way that Japan is (eventually) which is automated car-stacking – it’s all about (of course) getting many more cars in to a space than in the traditional way. i reckon it’s a license to print money for the first person to start an automated car-stacking parking lot in the CBD of Sydney. I mean – the novelty value would mean everyone would try it, at least once! Even for 20 bucks an hour!cheers-
Minihi Sooshie
OK the block of flats? i saw it when I was searching under 50k on realenz.co.nz. it was in taumaranui. I asked the real estate agent about it and he said ‘it’s aleady gone, it sold straight away.’
!!!
How i found the flats? i just searched for minimum 2 bdr, 1 bath and type of property ‘any’ and it came up. the deals are out there.
Re finance I have absolutely no clue as to what an Aussie investor should do. i am planning to try for finance against mine in about 6 months in NZ, as i am a citizen.
cheers-
Miniyeah, i would be interested to at least to hear what you had in the ‘before’ version?
(because you obviously can’t quote the Wrap Secrets Revealed here)cheers-
Minihi peter,
>I see the main drawback being that the tenant may be >currently paying less rent than what you might charge if you >were offering the place to a new tenant.
Possibly true however there is the risk that the tenant will move if you put the rent up. Also I figure that if I have found a good deal that has already got a high yield why be greedy!
Basically, a local tenant and local landlord have set the price, and I don’t feel I need to argue with that for the time being. I will put the rent up in line with inflation though.>then it might mean the buyer-investor might be able to get a >better deal, which is good for both the investor and the >tenant.
yeah – one of the properties I was looking at, the owner only wanted to sell to an investor for the sake of the long-term tenant. I didn’t go for it in the end because it was almost double the price of the one I ended up getting, but wasn’t pulling in twice the rent,,,,cheers-
MiniI have found houses with existing tenants work well for me (that tells me the house is liveable, and at what price. also then if the tenant is OK then i don’t have to find a tenant.) Or else I look for just a great buy. I may or may not wrap to a tenant at some point but I haven’t ‘gone there’ yet.
I don’t really look for renovations as such.Ex-state houses work well….they are becoming desirable, believe it or not. They are usually very solidly built.
I make an offer with my figures based on the fair market price based on what similar houses in the area in this price range have sold for in relation to CV. (i work out a ratio i.e, 20 percent over CV or whatever it averages out at.)
Although I am as much for a bargain as anyone i don’t want to lowball. I also ask the agent what the ‘real’ price is first before i make the offer. Often the answer is ‘I know the vendor wants at least X’ which will be a lot lower than the list price.
At this time of year sales can be quite slow so there is a chance to do better than say in January when there are more buyers around.
Beg, borrow or buy the data (i got it from estate agents for free – just ask them for a printout) as to what places in an area sell for in relation to CV/GV . I also find out the rates of course. and the property manager’s fee, and if the property manager will take the property on (sometimes they say no – that’s enough of a reason for me to not buy. They might say they wouldn’t touch it because they’ve had trouble there before in which case i don’t want to either.)
Then I put in the offer…So after my offer is accepted (with conditions subject to LIM report, which is all the council documents about that property- quite important) solicitor’s approval as to all terms and titles, and builder’s report. I put in ten days to get that done then proceed with the reports and if all good then it goes ahead.
I teed up a local lawyer before I put the offer in which i highly recommend especially if you are a first time investor as i was, also just to get the scoop on what you need to know for NZ if you are from Aus.I’ve only done this process three times, one property has closed, one I pulled out because the builder’s report was bad (and it was soooo worth the money to find that out) and one is pending the report.
Interestingly the thing that gave me confidence to buy sight unseen subject to report was the fact that when I looked at a house in person, thought it was brilliant, i was completely wrong. So i figure, there’s no point in me looking really!
Also it takes the temptation to fall in love with a place away if you are doing it more based on the numbers. As a chick I find this helps. actually.What else…oh yeah this site has market rent info for NZ
http://www.minhousing.govt.nz/tenancy/Market-Rent/market%20rent%20region.asp
and this is the site I mainly look on
http://www.realestate.co.nz/cheers-
Minihiya susie and leigh,
no I don’t have finance, ….well maybe i sort of do…my lump sum which I am playing with is an advance on future royalties, so I guess that’s a form of interested-free finance!
Anyway i intend to hold them for 6 months, maybe do some minor minor renovations (paint? lights? door handles? taps?)
if i get time to go over there….or by remote control…Then go for finance on all three as a package. Maybe a revolving line of credit.
I will try a NZ mortage broker first. If I did it here I would try Just Super first – they are supposedly offer one of the best mortgage deals around…and they’re my fund.or failing that a low docs as I am self employed.
I haven’t bought in Australia for several reasons….1) can’t find rates of return as good as in NZ 2) I know Australia pretty well having toured a bunch of times but I know NZ even better 3) closing costs are less 4) no CGT 5) prices are way lower in NZ so can get more houses for your money and 6) I like the web-site better! ( seems silly and trivial but try searching for properties on realenz.co.nz and then try searching on the Aussie sites and you’ll see what I mean. Once you put the hours in you want the interface to be pleasant…)
part two coming soon
just to clarify with the four flats for 35 k i mentioned that was the price for all four…….!!!!!!!!!!!!
Ok you asked me to name a ‘suburb’ except it’s not a suburb, it’s a small regional town. so I will, but before i do that I have to tell you that there are zillions all over the place.
I have bought in waverley (wanganui disctrict) for 23 percent (and I might add, lovely house on huge corner section of 1300 Squm which I can subdivide if i so choose)….taumaranui (king country – ruapehu area) for 29 percent (plain ex state house complete with good tenant and agreements)…there are so many good deals in NZ you will freak out….for example in taumaranui there were four flats for 35k, two rented for $60 and $80, two empty needing renovation (missed out, was too slow, also reno’s are a bit harder from a distance! though still do-able of course….)…Foxton there was one I saw, (manawatu district) 29k, rented for 90 to longterm tenant, 1000 sq m of land and subdividable section) –Go to
http://www.realenz.co.nzpick an area such as taranaki, manawatu, wanganui, etc and type in ‘minimum 2 bdr/1 bathroom/max price 50k and you will get over 100 hits.
go for it!
the south island is full of +cashflow properties too, probably even more so,
just have a look!Oh yeah….milton in the south island….otago area…I heard that there are some industries going in there which will create a demand, and as is it’s a +ve cashflow suburb, you might even get cap gain there as well.
This site will give you the market rent info for each area.
Really they couldn’t make it any easier!http://www.minhousing.govt.nz/tenancy/Market-Rent/market%20rent%20region.asp
And can I add that I’ve never had such good service from real estate agencies as in NZ. Less population means they have all the time in the world for you.
I have one agent making an appoinment with the tenant to photograph the interior of a rented property listed at 30K who is going to email me the pics.!!
cheers- good luck…may we all win/win and help give renters more beautiful places to live
Mini
thank you sooshie oh guru of post-moving!
mini
Hi spocky
regional areas.
cheers-
MiniWhoops! I meant to post this as a reply to the insurance thread. Can someone move me please? How embarassing…
5 bedroom house in CBD of Sydney? That would cost 5 million plus. Don’t believe me? look on http://www.realestate.com.au
, I did a search to see what was available, starting with $750,000 and working my way up as i found nothing. There was nothing in the CBD or near with 5 bedrooms for less than that. I think this place would probably be in Pyrmont or Wooloomooloo. There was one in Wooloomooloo listed for 5-6millions.
Anyway, do the maths, and they’d have to be getting 10,000 bucks a week to be not losing money. Hmmm. Imagine being that rich that you could afford to negative gear something to that extent.
Hey, I’d rather stick with my cheap rural NZ rentals returning 29 percent gross and stay right out of their way. Not so much the sexworkers but the pimps/mafia/drug types that tend to bankroll those kind of operations.
*shudder*
Moral of the story is you can find good clean deals better than this!The real estate agents in NZ will give you a print out of a couple of pages (depends how big the area is!) of the last houses they sold in the area, with the GV/CV and the price they actually sold for. Then you can figure out what a realistic price should be. In a lot of the areas I am looking in property is sold at 10 percent or 20 percent under GV.
I have also noticed that prices drop in winter and rise in summer…seems kinda obvious really but I have never heard anyone mention it
cheers-
Minihttp://www.reinz.org.nz/nzinfo.cfm?view=24
all the legal guts of whether you are allowed to invest in NZ as a non-resident or non-citizenhttp://www.lapointe.co.nz/americans.htm
why americans should invest in NZ propertyhttp://www.real-estate-nz.com/properties-in-new-zealand.cfm
you wanna move there? Check Maggie’s site
also
http://www.real-estate-nz.com/buying-from-overseas.cfmcheers-
Mini
