Hi trisha

i source my information from everywhere, newspapers, internet, talking to people and agents. With agents i often find they have no idea what is going on in their own cities, they are often focussed on selling houses and thats it. But sometimes they are very switched on and worth there weight in Gold.. I’ve got leads for investing from parties sitting around having a beer with friends i suppose i’m always keeping a ear for whats happening. the info about Beaufort was on the Local news as i was writting up the response earlier tonight.
westan

let me elaborate about economic develpments.
Today a town in Victoria announced the creation of 50 to 80 new jobs. this town has a population of about 1,500. so it is a major boast for the area. My guess is properties will rise as new people move to the area for work and as locals become more confident of the future?
it amybe worth looking into?
the town is Beaufort (between Ballarat and Ararat)
westan

hi trisha

i think stuart point about demand for that type of house is very important. evenif it’s currenly let doesn’t mean it will easily let again and maybe not even for the same price.
i spend a lot of time looking at future economic developments in the community. Sometimes i will buy in an area because of the developments eg Hamilton Vic because of the mineral sands project, Millicent SA for the many developments. Prices in these areas have now factored in the developments (prices doubled in 12 months for some homes) so its time to find the next one.
westan

But Tony

if someone says do it this way, this is the way to do it, his is how i’ve done it.
But they never did it at all i would think twice about following there advice, why do people have to lie if the message is good let the message stand by itself.
his books are full of stories all now lies, his successful investments are lies, his great stories taht encourage are lies.
He is a super salesman, his books are a sales broture on Cashflow etc.
i hear what you are saying and as i’ve said he’s increased my thinking and wealth incredibly, and he still has a lot to offer, but when he says i’ve bought this property and business why does he need to lie?
westan

Hi aussie

is this a confession

“or would you just be happy that i got you of your bums to do something??”

personaly i’m always honest with people and assume they are the same with me. I get disappointed if people lie to me, in future they lack credibility. There is another book that i hold in very high regard and it’s principles work fantastically for me, but if it was all a fraud i’d be disappointed (understatement)

westan

well done steve,
i’m with you on selling your appreciated stock and rebuying at a lower entry point.

is it possible to get the transcript available or an audio we can download off this forum.

love to compare where you are buying but understand fully what you are saying, i’ve purchased 4 (yes only 4, but then i only own 20) properties in the past 5 weeks. i believe the deals are out there but its not like the good old days when the ministry of housing were selling Elizabeth in SA for 21k and Morwell and Moe for 20K, But i decided to be a bit more imaginative, and there are still buys out there, I think my criteria is even more strict than the 11 second rule. Anyway better get off this forum your book arrived yesterday better get into it.
westan (i’ve got 2 copies i to lend out to friends)

Hi sooshie

spoke to recovery earlier today he ment to write “purchase” price.
Must of had one of those cheap keyboards or has been talking to so many Kiwi’s now he’s starting to spell like the way they pronounce words

westan

Hi all
agree can’t kick her out
But
how about offering the lady free rent if she will let you share the property. It may not be the best solution, but if you want the 7k and don’t want to be remove the lady, and cannot get and extension this is another posibile way of fulfilling your FHOG committments.
westan

Hi Guys

Deauzie
it might work? Worst case senario, you get caught and go to the slammer. And then you have all this free time to look for property (on the net), but insections would have to wait for day release.

Fullout
The past 3 years have seen cash positive properties appreciation far faster than the Hot markets of Sydney and Melbourne. So it has been easy to quickly generate equity to buy more properties. When i started in 1997 i virtually had nothing. One strategy i used was to borrow short term money from my mother which i would buy properties under market value then refinance and pay back mum, i did ten in one year on an income of only $30,000 (was working 4 days). How steve did so many so quick is fantastic i’m about to find out as his book arrived today. i’d better go and get into it.
westan

if the figures stacked up i’d look into it. find out those other things
Property 20k loan interest 24pw @5.65%
insurance 4pw
rates 8pw
water 7pw
Agent @8% of 75 6pw
Total 59pw costs
Profit 16pw (not much in it)
Unless you can change the figures i’d say no thanks
(i’d like to put at least $25pw on a deal this small, you need it to cover repairs/vacancy etc).
But if you found out that the mine was going to expand, and put on 50 people etc, then maybe its a goer.
westan