I will send you an email with a lot more detail, but this is it.

2009.   The house was listed for $550,000 in a seaside suburb in Queensland.  It could have dual income.  It was independently valued at $475,000, I offered $405,000 – I got it for $420,000.    The place had termites, it was being advertised as separately metered, but this was not the case on inspection so we tried for money off but the sellers wouldn’t budge as they said we robbed them.  We wanted early access to commence a reno – they said NO.    The sellers ended up having settlement problems (delayed by 5 weeks) so we agreed to extensions on the basis that we had early access. We gutted the place and rebuilt – spent $30,000 to do that.Settled and completed reno the same week.One week later, a storm wiped out a good bit of the reno via roof damage.   Insurance would not pick up the tab for the roof repair (even though the building report was evidence nothing was wrong with the roof), or loss of rent as the tenants that were about to move in couldn’t because the building was now unsafe.  There were arguments over the floor replacement etc, and what I had to fix, I had completed in 2 weeks – all new floors and a roof repair.   What the insurance coughed up for – electrical and painting took 2 months.All up the storm cost us another $18,000 for loss of rent, roof and flooring. Place is tenanted for $670 a week.

Because of earlier financial mistakes, it took 3 years from when we decided to commence investing.  In that 3 years while we could not get funds, I starting my quest for knowledge (having ABSOLUTELY NONE prior to that and no people around me that were investors) and I paid down a bucket load of money on our PPOR, so that I could eventually re-set my PPOR mortgage at a lower limit and get an additional line of credit as a deposit on an investment.  Don't mix them up.

It is 6months on from our first IP purchase, and I have not got another property, because I cannot get finance.  While I have equity in my house and IP, and hubby and I have good salaries – it is just not possible at the moment because of our legacy mistake – APPARENTLY.  So again I commence the process, keep learning, keep paying down our PPOR, and this time, I will be truly market ready by having the structure in place that I need for my exit strategy.

AND my goals have very much changed this years as a result of the income I receive on our first IP.

Hello,<font color=”#cc0000″>

Is anyone using her (Dymphna Boholt) material and enjoying success, and could we perhaps get some details especially if in Victoria?</font><font color=”#000000″>

Yes I am one of DB "students" and I joined for a very specific reason – asset protection and structuring.  I had been on a quest for a couple of years of:

1.  To understand completely asset protection and structuring for MY "end result"

Her material is very easy to understand, has good examples and there is logic in what is said.   She does not sell property or products, and the best you will get as a recommendation is she will tell you who she uses for legals etc.  Just like this forum, I am wanting to find a good insurance broker, and I gues I may get a couple of tips, but I will not run off and use the first one suggested.  I have spoken to some of the businesses that Dymphna uses, but I have not used their services. 

I do not have rose coloured glasses on and believe everything that I am told, I question, and verify information.  If I respect the persons knowledge and there is a personable connection there, I would be more keen to use that professional.   I was impressed with her Asset Protection and Structuring, I did my research on her, and I knew that she was not going to be right for everybody, but as long as you are aware.

I am also the keeper of my families destiny, so if I don't do due diligence on information I am told, and it goes pear-shaped, then that is MY FAULT, and I am accountable.  So when Neil Jenman gave the example of the lady (who had cancer)  who bought 3 properties in the USA at inflated prices, why did she do that, what due diligience did she do and why is she not OWNING her decision to purchase those properties. Yes Jenman is a good alert, but follow through with due diligence.

So yes, I am a student, yes I am greatful for the information in her course material for the areas I wanted, is she going to get the accolades when I give up my day-job to be a full time property investor – NO, because she is one of many where I take bits and pieces from – and I use professionals  (that I have chosen) that I am comfortable with, who are like minded (ie property investors) and are smarter than me in their field.   

BTW, there is no reason why you cannot use your buddy's material, because that is what is promoted, and if you get through it all, you can go along to her 3 day boot camp as your buddy's partner at a fraction of the cost – if her material is RIGHT FOR YOU.   I have a few friends that I have lent the material to and they have benefitted no end, especially setting up a new business for one couple, they took the material to their own solicitor and accountant and used Dymphna's suggested structure because it was logical. 

In saying that, I have also lent friends Margaret Lomas, Jan Somers, Michael Yardney, Ed Chan, Steve McKnight, Reno Kings and a few others.  </font>

Hi!

Ditto on the above, what an awesome situation to be in.

I was on my high horse yesterday about those 2nd tier sellers and posted the below which may help you as well.

I am the skeptic from hell having been tought a valuable lesson early in my investing life.  As a consequence, I decided to get market ready.  Some may call it procastination, but I made a conscious decision to "hold my horses" until I was confident in my level of basic understanding including the different strategies ie growth, yield, buy and hold, flip, developing etc etc. How to buy, ie company & trusts vs own name pros and cons, asset protection, tax planning, why was I investing, for how long, what was my exit plan.   Then I looked at us, where was our comfort zone ie reno and hold in a trust strust for asset protection.  We do not want to be employees until 65, so that meant we were looking for properties to replace our income (+CF)  offset by some money earners every now and then (value add/sliders/ granny flats etc) Sorted!  We were no longer interested in negative geared to offset against salaries.

I do not trust the 2nd tier seller that are very much around in the market at the moment – they are the ones with all the answers, glossy broshures and have got a deal for you – with guaranteed income (guaranteed income equates to inflatuated purchase price – beware). Oh, and some smooth talkers!    Liken it to handing over the controls to your wealth – herd 'em in, sell 'em a one size fits all ….oh dear, sounds like a financial planner of the property world.   Ask clients of STORM and iPlan and alike how they feel about handing over the controls to their livelihood.

I would rather be control of all my decisions ie choose the property, verify or research the area myself and have independent professionals.    If you want to learn the strategies on how to be in control ie the property investors that aren't trying to sell you property, but TEACH you instead how to make informed decisions – then check out Margaret Lomas (Destiny) and Dymphna Boholt (realestate success) – both will teach you how to use cashflow positive property to earn income.  Personally I get more from Dymphna's teaching, but I am big on asset protection and becoming a full time investor.

I subscribe to Michael Yardney, but having just read his latest book, he made a comment in there that was a left-fielder in my eyes and when I asked him what he meant, I was quickly referred on to Metropole – and if I was a client I would get the answer.  For me, I didn't what to pay $1,000 to become a client, and I do not need a buyer's agent because I have a particular talent for picking property. Don't get me wrong, Michael is very knowledgeable and is "up there" with investors and a great motivator, and his newsletters cut out the "noise and fluff".

Jan Somers is aother good read for strategy.   I cannot comment on RESULTS or Steve – while I have his books, I haven't read them (SORRY), but look , the man has an accounting background and is +CF strategy – like Margaret and Dymphna (and me ) so all's good.

Had to have my 2 cents worth, and it may have covered a number of topics, and take it as just another opinion to add to the rest.

In a nutshell, sit tight on the money, educate yourself and be in DIRECT control, NOBODY will look after your money as well as you do, and then only you are accountable.  Take advice from only those that have PROVEN results and are NOT selling their success, because they are getting richer on you.

I would love to read your follow-up post in 2 years time ….. telling a tale of real estate riches !!!!!

Hi all,

I am the skeptic from hell having been tought a valuable lesson early in my investing life.  As a consequence, I decided to get market ready.  Some may call it procastination, but I made a conscious decision to "hold my horses" until I was confident in my level of basic understanding including the different strategies ie growth, yield, buy and hold, flip, developing etc etc. How to buy, ie company & trusts vs own name pros and cons, asset protection, tax planning, why was I investing, for how long, what was my exit plan.   Then I looked at us, where was our comfort zone ie reno and hold in a trust strust for asset protection.  We do not want to be employees until 65, so that meant we were looking for properties to replace our income (+CF)  offset by some money earners every now and then (value add/sliders/ granny flats etc) Sorted!  We were no longer interested in negative geared to offset against salaries.

I do not trust the 2nd tier seller that are very much around in the market at the moment – they are the ones with all the answers, glossy broshures and have got a deal for you – with guaranteed income (guaranteed income equates to inflatuated purchase price – beware). Oh, and some smooth talkers!    Liken it to handing over the controls to your wealth – herd 'em in, sell 'em a one size fits all ….oh dear, sounds like a financial planner of the property world.   Ask clients of STORM and iPlan and alike how they feel about handing over the controls to their livelihood.

I would rather be control of all my decisions ie choose the property, verify or research the area myself and have independent professionals.    If you want to learn the strategies on how to be in control ie the property investors that aren't trying to sell you property, but TEACH you instead how to make informed decisions – then check out Margaret Lomas (Destiny) and Dymphna Boholt (realestate success) – both will teach you how to use cashflow positive property to earn income.  Personally I get more from Dymphna's teaching, but I am big on asset protection and becoming a full time investor.

I subscribe to Michael Yardney, but having just read his latest book, he made a comment in there that was a left-fielder in my eyes and when I asked him what he meant, I was quickly referred on to Metropole – and if I was a client I would get the answer.  For me, I didn't what to pay $1,000 to become a client, and I do not need a buyer's agent because I have a particular talent for picking property. Don't get me wrong, Michael is very knowledgeable and is "up there" with investors and a great motivator, and his newsletters cut out the "noise and fluff".

Jan Somers is aother good read for strategy.   I cannot comment on RESULTS or Steve – while I have his books, I haven't read them (SORRY), but look , the man has an accounting background and is +CF strategy – like Margaret and Dymphna (and me ) so all's good.

Had to have my 2 cents worth, and it may have covered a number of topics, and take it as just another opinion to add to the rest.

Cheerio, and happy investing