Sibo, Steve McKnight and Dave Bradley no longer run the accounting practice… their focus is purely on property investing (.com).

JLTarra – take a look through the forum specifically on wrapping as there’s heaps of info in there and you’re sure to learn a lot, inc. some potantial contacts for accountants etc.

Cheers,

John [biggrin]

(I…[Read more]

I’m originally from Tassie and my experience there was the doubling of prices based mostly on yields compared to Sydney/Melbourne. All the investors in Sydney etc were saying ‘I get 2-3% yield on my IP here, I can get 6% in Tassie’ (that’s after the prices went up, initially we were getting 11-15% and it was all +CF!)

At that stage everyone was…[Read more]

Buying in NZ! It was just way too hard in Sydney.

John [biggrin]

(I believe that later this year there will be no +CF deals left in NZ. If you’d like Steve’s MAP protege living in NZ to leverage your time and find the deals to build your portfolio quickly, just ask me!)

Hi Ceec, welcome to the forum.

I am investing in NZ, north island. To put it simply, its booming here right now. In fact I’ve just adjusted my investment criteria as I was missing out on some great deals by being too selective. Now its all going well and I am about to purchase another investors portfolio in one go.

The way I see it is that by…[Read more]

This is a great example to highlight Steve’s comments in his newsletter today (something that was discussed at the last MAP meeting, and which I fear may have been skimmed over by many reading the newsletter today!)

Action leads to RE-action leads to momentum.

Risky took action, entered the waiting place (and while in there posted his first…[Read more]

Great post Schardijn, well thought out.

If you are challenging your comfort zone (meaning you feel frustrated or uncomfortable) then you are growing and achieving.

I made the mistake last year of focussing on the dream, the goal, the passive income and financial freedom. Trying to achieve these things in order to become truly happy.

I realised…[Read more]

Gday Brett2. The group is going well, we are all doing different things and are at different stages on ‘the journey’.

We have a monthly meeting in Melbourne, and most of us chat regularly between meetings to help each other with ideas and issues that come up.

Look out for next months newsletter with some comments from the MAP group (I think…[Read more]

Steve, the wrap kit will confirm that wrapping is for you or not. Whilst I havent read it myself, I know Steve has carefully written it and it is as current as current can be.

At first I chuckled at your post, then realised that your attitude is spot on for success – so give it your best shot!

If you’re trying to justify the cost, ask yourself:…[Read more]

zbfairlane, you sound just like I was before MAP. I had some initial success with property and then couldnt find any, and was in the ‘waiting place’ for a year or more. Not only was I not getting anywhere, but i had no energy and was not happy with life in general. This may not be the same as you, but you sound a little ‘tired’ in your post and…[Read more]

I agree it is the net income that is passive ($1K). There are many ways to describe it, some refer to it as residual or recurring income because its not actually passive (you have to do something in order to get the $1K, especially in a wrap say) but at least its a better form of income than wages, as it will recur each year whilst you have the…[Read more]

I like Dan’s thinking and agree totally. I’ve been here a couple of months now and was getting a little frustrated that every second property wasnt 20% cash on cash return (just joking, but you know what i mean!). But think about it… there’s few +CF deals left in Oz, its reasonable to predict that by the end of this year there will be few…[Read more]

Steve said: “And there’s a sacrifice that must be paid, since to receive the benefits from investing you must first step out in faith (since the results will be unknown) and take action”

In my case, I was deep in a comfort zone (my job in Sydney) yet I was not comfortable! The MAP was the catalyst i needed to take action and resign and move to…[Read more]

and the reason they specifically say ‘no agents’ is that they dont want agents calling them up asking ‘have you had any offers yet? would you like me to give you a free appraisal and chat about our marketing strategy.. etc etc…’

without it (and probably even with it, sigh) probably half the agents in town would ring up to check.

Try this! Make the deposit payable at the time the contract goes unconditional (i.e. the deal is definitely going ahead).

That way you dont pay any deposit until as late as possible. Agents like it as they dont have to bank and possibly return deposit cheques all over the place.

Just include a clause to this effect in the contract.

Melbear is right… you only need all the PDS (Product Disclosure Statement) side of things if your marketing to (I think) more than 15 or 20 people.

You definitely dont want to be setting up PDS and waving red flags at ASIC for one deal. Its just not worth the headache. Although there are companies around that provide this service (I know of…[Read more]

spi, well done on learning what you can! You should keep reading good books like RDPD and Steve’s, and the forum to keep learning. You will also learn by taking action (even though this will mean stepping outside your comfort zone).

You may feel that you are not ready, but you can always check what you are doing on the forum, step by step.…[Read more]

singharoo, get your finances pre-approved (esp. if you are looking at auction sales). This means talking to a bank or mortgage broker as MH says and getting a letter from them saying that you can borrow (say) up to $200,000.

Normally this letter will also say what other conditions you need to meet, eg the finance offer will be subject to the…[Read more]

Del was the one with the champagne!

yep Melbear is right – your CoCR will be higher with low or no deposit, but your overall cashflow will be less due to the higher interest payments (than if you were just borrowing 80%).

Steve and Dave were able to quickly step up into new deals because they had a clear exit strategy for each property. In many cases, wraps.

First up, I am surprised that no one has come back asking for the deal!

I think Dan just wants to make a few $ from a deal he has seen. Right Dan?

A couple of ways I can suggest:

One is to sign up the deal in your name with a clause that allows (say) 7 days to find a buyer for the deal. A new contract would then be signed with the new…[Read more]