Forum Replies Created
Hi Matt,
Happy New Year for Wednesday!
I’m very pleased you enjoyed the tape… for $15 it’s a no-brainer, right?
Anyway, I thought that since you wrote such a nice comment I’d write some detailed feedback for you (even though it’s late!) [
]You ask:
quote:
Do you all see merit in purchasing a property, doing the basics of rehabbing it, forcing capital growth and then drawing on the equity to fund the 20% down deposits for wraps?The short answer is yes, I do see merit… lots of merit. However I can also see one minor ‘fly in the ointment’.
And that’s lenders in my experience usually want to wait about 6 months before doing a revaluation and then you’ll probably only get 80% of the increase at best. Then there’ll be some application fees and other costs too.
quote:
Or, is it wiser to use the smallish money put aside to fund the wraps etc fisrt off and eat up most of the money after say 3-4 wraps?As you’d expect I also like option 2 as well [
]So what I’d be asking is: How can I do both? Why not do one of each? That way you can test the market with real life experience and then make up your own mind.
quote:
I tend to think more along the lines of the first. I guess what inspired me was an article in the latest Aust Property Investor Mag about student accomodation etc.Hmmm… how were you inspired? What did it say?
Well mate, my final comment is that whatever you do… do something! Don’t sit on the fence! Make it your New Year’s Resolution to have your first deal stiched up by 31 Jan 03.
I can see that you have already started looking for properties in line with what I said on the Fast Track tape. Excellent. Action creates momentum.
quote:
Anyway, any feedback, positive insights etc would be most appreciated.Matthew, you have done the research and have taken some tentative action. If it’s meant to be then it’s up to you. I believe you can do it. Do you?
Warm regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi George,
Welcome to the PropertyInvesting.com community and thank-you for your post.
While the investment you outlined in your post would not be something that I would buy (as it is likely to be negative cashflow…), I nevertheless feel that being in the game makes you well placed to go on to investing success.
Nobody scored the winning goal by sitting on the sub bench…
But don’t stop at one!!! Take what you have learned from this site and your existing investment and go on to acquire another 40 in 2003. [
]Remember to post your questions here and I look forward to seeing more from you on the forum.
Bye
Steve McKnight
P.S. Why not post what you have learned from your first investment?
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
]
]
