Hi Steve

Accepting what muppet says as good way to verify that the 11 second rule is in the ball park for any given property.

You are absolutely correct in your reply.

You need to have a quick formula that you can apply without a calculator as you are scanning through the “for sale” listings to quickly compile a short list of properties to consider.

As soon as I finished reading your book I jumped on the net and checked out W.A. listings and found 6 properties in 15 minutes that fitted the 11 second rule.

Granted I was a bit lucky that day and for the most part, you usually have to ferret for properties and… it takes time and patience…but if this were not the case…every man and his dog would be investors.

Investing in property would therfore no longer be an option. The idea if investing is to be financially better off than the rest…not equal to them.

Regards

Rob [8D]

RT_from_Syd

Hi

Many people get paid money in a property transaction…For the most part I think the Govt is the greediest.

I agree with Mortgage Hunters comments.

That said …If you really feel that you can’t trust anyone who gets commissions from the lending institutions then IP’s might not be for you. I dont mean that in a nasty way []

Agents get commissions, Govts get stamp duty and taxes and GST and fees, brokers get fees etc etc

Also never pay a broker a fee…they get paid by the lending institution and make nothing if the loan is not successfull.

Good luck

Regards

Rob [8D]
[email protected]

Redlilia

Insider is correct. Buying undervalued is one way however…Many Banks consider the selling price as the “market value” and won’t finance at the “lower than market price” valuation amount. .

If you are an established customer or use a broker however, its much easier.

The other problem is that when you buy undervalued you need to be careful of what you say to the vendor prior to signing contracts as you may spook them into not exchanging contacts.

Also make sure that the contracts dont have any loopholes that allow them to rescind for some obscure reason when you know its really greed kicking in when they find out that their selling price is too low.

Regards

Rob [8D]
[email protected]

Hi alan_jay
I know these guys and would not hesitate to use them for your finance.

I’m surprised you havent heard of them, they advertise on morning TV and Ive heard their adds on the radio. (In Sydney but can’t remember what station)

Sapphire are mortgage originators not brokers.
They are the next level up from a broker without being a bank.

Their funds come from a wholly owned subsiduary of the Bendigo Bank.

Their packages are excellent as they offer low rates and unlimited free redraws, no monthly fees, 100% offset etc etc.

Often you get low rates or a good flexible package. These guys will give you both.

Good luck.

Rob [8D]

Apollonia

You only pay tax on on money you earn…therefore if your paying tax… your making money.

A wise man (my dad) once said never stop making money to avoid paying tax.

I agree with him

regards

Rob [8D]

Good on you Kimmy,

Youve got it made…A good saver with 3 IPs. []

I love hearing those stories. It gives the rest of us hope.

Kind regards

Rob []

Hi Melanie,

How do you keep up with this forum?![]

I pretty much became a broker for the same reasons as you I guess, however I am not full time as I love my other job and would do it (my other job) rich or poor. Preferably as a hobby in the future because I have a funny feeling for the first time in a long time that I am going to be financially free thanks to Steves book.

Best of luck and remember…Every man to his own trade (LOL)

Iv’e got to get out of here…these forums are seriously addictive![]
Regards

Rob[8D]

Hi Simon…

No… “I” wouldnt go through the expense and time to be my own broker, just to save a few bucks…However that wasn’t the question being asked that started the forum.

The question was.. “How does one become ones own Mortgage Broker.”

You analogy about being a Mechanic to work on your own car is drawing a very long bow. Becoming a Broker is infinately quicker and easier than becomming a Mechanic.

My point was… that as a part of Michael’s education in the property business he could(not that he neccessarily would) become registered and claim the commissions and trailers for himself.

I didnt say it was easy…In fact I pointed out that its NOT just a box ticking exercise.

Finally…I’m a half full kind of guy.

I don’t resent commissions to anyone. In fact if you check my replies to other Forums, I usually end with “Every man to his own trade“

I agree that Melanie does sound like a good broker and FYI I’m a Mortgage Broker too.

I just posted a quick reply without disclosing my background or contact numbers because forums are not the appropriate place for spruking for clients.

Much of your posting was pretty defensive..Forums are a place for friendly discussion. Comments are not meant to be offensive… they are just comments.

Regards

Rob [8D]

Michael,

A Mortgage Broker’s job is to source the best loan for you not manage your portfolio.
Every man to his trade.
If you want help to manage a portfolio I would suggest that you use an Accountant with experience in that particular field.
Also…If a broker charges you a fee, dont use him/her.
Mortgage Brokers get paid by the Lender and although its not illegal, they shouldnt be allowed to double dip. [8D] Rob