Yep things are really bad – I just bought a DA approved site in Redcliffe for four houses at $440k + 4 x 4 bed houses turn key at $135k each that will resell each for $325 – $350k each.

Thats about a $100k profit each or $400k for the four if I decide to sell them all or keep two brand new ones that will be +ve geared.

Come on guys – look out side the box because one day you are going to spend the rest of your life in one.

I love bad times because the inexperienced panic, this is where you get the opportunities, resiwealth is about to be launched.

How’s life Mike ??? regards to all … Phil[weird]

In the next 12 mts I would bet on, Ipswich, Redbank, Goodna, Inala … Phil

Suggest you go to http://www.accc.gov.au and http://www.asic.gov.au and the department of fair trading. Ask for the names of the directors and punch them in as well, only if you want to find out who you are dealing with, other wise you are on your own.

Hi Toni,

I am doing a mixture of houses and duplexs plus whole sale land under put&call options direct to the public.

I’m what ever you want me to be … Phil

I am about to launch (sooooon) resiwealth.com 5 x cd’s 1 x dvd 30 modules, one folder, on line coaching, and chat room, full back up support over 1500 pages of info from Financial Planners/ Accountants/Goals Books etc etc etc

What about the price … stay tuned … regards Phil

Does the back block have any views???

I would like to see the rates up to 10%, bring it on tomorrow.

Phil

Una….. you r only looking at it from your experience, which is limited.

There r theories and there r realities and in practice there is a major difference. Poor people think of gearing in a different way to rich people (top 2%)

To get to the next level u need to think out side the square …

Phil

There are some good and bad points here on a great thread.

Lets look at the strategy of paying cash for the site from a developers point of view. With out writing another book on this subject it simply makes sence.

Investors get returns and developers get rich. You should always try to pay cash for the site to reduce exposure and over borrowings.

I don’t think these guys are dumb because this article says that their parents are strong investors as well. Because of this I fail to see how some of you, other than a lack of experience,assume that they could loose every thing.

Now is the time to start developing again, money is in land, just ask Harry from Meriton. The hottest area I believe is Queensland for developing, based on the research my property analayst department is producing.

As to doing deals with family and friends, I have noticed that wealthy people stick close to each other. There are more arguements between unsophisticated relationships, because of greed and mistrust, than the other way.

Phil

If these people are trying to entice you why not have some fun with them.

I would ask them around for an interview, then get them to sign a letter that they guarantee they have a genuine buyer.

If they say they don’t then tell them you are going to report them to the department of fair trading for “misleading and deceptive information”

solution; no more box drops!!