Hi everyone
Its great to hear everyones point of veiw. We also have 3kids, one income. I plan never to go back to formal work next year when our youngest starts school we plan to increase my investing time so that my husband can stop formal work in about 3 yrs.
Mel my point about a plan was not just setting your goals but writing down how you are going to acheive them. Property investing is like owning a small( and hopefully large) business the first five years are the toughest.
We are about 3 years into our 10 yr business plan and each year we reveiw how we have performed and whether we are still heading in the right direction.
ErikaI started reading this thread … Some posts were way too long … I skipped others etc…
However I think I got the general feel for things.
One thing that people don’t realise is that if you want to be a “Steve” you will have to do the things he does and that means giving up your full time job and doing property investing FULL time.
For people who still haven’t clicked, let me repeat, investing in positive cashflow properties IS A FULL TIME JOB! (That is if you want to get rich quick.)
Sure you can buy a property here and there and take it easy over a few years…
Anyway, the most intersting thing about Steve is NOT his property investing, BUT his “business thinking”. Property is JUST a tool. It is his business mind that makes the tool so effective. You must understand this if you are going to get anywhere! It is the way you think, the way you approach things that counts.
(I am definitely NOT a “believe it will happen and it will happen” type person. Rather, make heap of mistakes and learn from them. If there is a will there is a way…. )
********************
NEW TOPICI would genuinly like to help people and answer ALL their questions, however I am frustrated that whenever I answer someone the post is quickly lost because of the “traffic” on this forum.
So this is what I suggest….
Steve, could you please start a new forum topic called “Valuable Info for newbies”, and make me the moderator.
What I will then do is go through all the posts and put the most valuable ones there.
Newbies ALWAYS ask the same questions … so having those questions in one spot would make it easier for them.
I will also contribute, and tell people everything I know about property investing (well… nearly everything.) Why, would I do this? because I have noticed that even when people give REALLY good info only 2% of people really take it in….
Believe me, I can tell you that there are some really good deals around Cairns, Rocky, Morayfield, (mainly major cities in Qld) etc… I can also tell you how to find +ve geared places in NOT *rural* towns (actually I already have in another post). But guess what? perhaps only 2% of people who read this will take note!!! (if that)
So my philosophy is: give the BEST info to people for free … At least for those people that really want to do something about their situation have the knowledge they need, and those that don’t have no excuse!
I will explain to people everything I know about types of loans, structures, (trusts, companies…), tax minimisation, property etc…
I have heard a few property “Gurus” say. “Well I want to charge people to come to my seminar to get rid of the “tyre kickers””. I use to think this was fair… However my thoughts have changed. I say “give the BEST info to everybody … and let people decide what they want to do with it. It is their call.”
So, how does this sound to others? Have a new topic forum for newbies? with HEAPS of great info?
Pin
P.S: Still_in_school, I think you want to double check whether you can claim your uni books as a tax deduction. Are you a professional going to uni or a “student” going to uni? (No, and a “professional student” doesn’t count [
])Great suggestion Pin… [
]Cheers,
Paul…“The only thing you get from looking backwards is a sore neck…”
Dino and Jaffasoft,
I can’t resist and I make no apologies.
Dino, I reiterate that you gave a balanced argument in your first post. You are having a go at finding answers, saying it how it is and seeking advice. Fair enough; and if I wore a hat I would take it off to you for having the courage to present your argument to the open forum. We all are learning from one another.
Jaffasoft .. you have me totally confused. On the dole with a boat valued at $10K, and internet access? Mini, Mel and Paul had already responded to you and are giving you their time and energy in an attempt to help you. Just look at the duration of their replies to and for you. Yet you posted again, now saying that Steve’s book has value. Yet .. the only thing you mention from the book is that you relate to Tom’s attempts at losing properties. Are you saying that failure attracts you? I do not understand which point you are attempting to make.
As for your repetition of the $30, it’s your choice to purchase, no one else’s. Again, some seem to miss the point. “The Book” is not about telling people where they are wrong. It is simply Steve’s story of what he has achieved and it provides another concatonating income stream. Good for him.
And no, I am certain that Steve will not be “humiliated” by any of your comments. Why do you think he has not responded thus far?
Listen to Arty and Erika, they too are trying to help you .. for Christ’s sake, look at the sunny side will ya? Shirley suggested the library. Why didn’t I think of that. It might not be on the shelves yet, but as you don’t appear to be ready to learn, this should not present a problem. As for your “brick wall”, you should only hit one when you don’t have enough equity or cash to get you into another property.
Sometimes we build our own brick walls.
With genuine concern for a fellow human being,
Phil
ps I’m learning from you also
Hi Jaffasoft,
Thank you for your reply. It took a while to sink in didn’t it? Please re-read my post to you. But smile as you do. You may then understand the benefit of what people have to offer you.
If only you would realise that people are doing their very best to help you achieve your best also.
Enjoy the dole bludging. I trust that you may put our taxes to good use by way of improving your grammar and spelling.
Kind regards, Phil
Luckyphil i think your a bit of a jerk. I going to deliberately try and loose you. heheJaffasoft: Were your parents related by any chance ??
When someone offers advice, it would be nice for you to accept it graciously and take it on board – regardless of whether you agree with it or not. It sounds to me as though you could use all the help you can get though…
Good luck with the Titanic, perhaps you should look for a boating forum and go insult the members there… []Phil: It’s true that you can’t help those who don’t want to help themselves mate… [
]Cheers,
Paul…“The only thing you get from looking backwards is a sore neck…”
Pinit2000 wrote:
I will also contribute, and tell people everything I know about property investing (well… nearly everything.) Why, would I do this? because I have noticed that even when people give REALLY good info only 2% of people really take it in….
Dear Pinit2000,
Be happy to hear what you’ve got to say. For a bunch of reasons – not the least of which is I’m always striving to be one of the 2%.
Regards,Mike
Adelaide, Australia
[email protected]LuckyPhil LOL[
]Paul ROTFLMAO[
][]Couldn’t have said it better myself.
Cheers
MelI didnt get the book from the library, because the lady at the desk estimated it would take several months before a copy became available, and I dont want to wait that long to start my journey towards financial freedom!
I did like the book – Steve is very open and honest in his experiences. It was beneficial to me as it kickstarted my brain to start thinking things like “How can I afford it” rather than “I can’t afford it”. I thought however that he could have put a bit more detail into the five main ways to profit from property (buy and hold, wraps, renos, lease options and flips). It was very good as an overview, but more detail was needed. The only thing that actually disappointed me was the chapter “Finding the Money to begin Investing”, as I can find good deals readily enough, but how to raise the capital is another matter. Assuming I get an 80% loan, how do I find a private lender to lend most of the money for the deposit? I have $2000 in the bank right now, and I’m saving about $500 per month, but I dont want to wait a year to save up a deposit on a property (has to be positive cashflow). I cant use the First Home Owners Grant (FHOG) as I dont want to live in the property, only rent it out.
Ive done the numbers, and a property that obeys the 11 second rule will still be positive cash flow even if I borrow 80% of the price from the bank at 6.5%and 20% of the price from a private lender at, say 8-9% per annum. I have found several of these 11 second rule properties routinely, every week. My question is, how do I find private lenders who lend $5K to $20K at these sorts of rates? Another question I would like answered is where do I find investors who pay for bird dogs to bring them deals? I heard a recommendation somewhere for http://www.richmastery.com.au, and went there, but could not find anything like bird dogging opportunities.
I suppose I shouldn’t have expected Steve’s book to have all the answers for $30, but he did give me some much needed motivation. I just need to know how to find the needed finance, and I hope the people on the forum can point me in the right direction.
Regards,
Daniel.
Do you see what I mean!!!!
More than 150 people have read this thread since I first put up my post. Only TWO people have aknowledged it and said they would be interested …
Goes to show…
Pin,
Pin
Might I suggest that you post your very good suggestion as it’s own post? I did read your new topic, but I was more interested in this particular post.
Captain Picard, I am more than interested to have you be a bird dog for me. If you want to drop me a line at melbear7attpg.com.au and explain the sorts of deals you have found, we can talk.
Cheers
MelPinit,
you said
“Do you see what I mean!!!!
More than 150 people have read this thread since I first put up my post. Only TWO people have aknowledged it and said they would be interested …
Goes to show…”perhaps that’s because nobody reads your posts any more.
I mean, why should they? You said“I started reading this thread … Some posts were way too long … I skipped others etc…”
well – It’s fairly hard to have a discussion with someone who only wants to talk not listen.
cheers-
miniI’ve been lurking in the background, reading all the posts here, and, I guess it’s time to add my useless 2 cents worth….
I think we have to look at Steve’s book for what it is…. It’s a book recalling what Steve did to get to where he is… IT IS NOT a HOW TO GET RICH book….
Yes, we can follow some of the examples and hopefully we get there too, but we have to understand the book for what it is…. more like a diary.
Personally I could not put the book down, and read it over a 3 day period… It reminds me of a kiyosaki book, but without the sales gloss. Steve was also quite open and honest about quite a few issues, and I applaud him for it…
NO book is ever going to map out everything you need to do, and how to do it…..
OK, so what does all my drivel mean ??? [?]
Take the time, read, learn, educate yourself.. as we always hear many times, a doctor spends years of learning before he can be a doctor…. what makes you think you can be a property investor, without doing something similar ??
If anyone is complaining about spending $30 on a book, then I suggest you aren’t ready to become a property investor. [xx(]
Pelican Investments
http://www.pelican-invest.comHi Pelican,
Well said, I reckon it’s time you did less lurking and more posting..[
]DinoWeb,
I believe Steve’s book is more of an introduction to a different way of investing. A chance for people to “open their mind” to a new concept of positive cashflow investing. If they choose to go down this investing path, then they should probably seek further education via seminars, or places like this forum.Nobody can expect to “know it all” simply from reading the book. It was not intended to do that.
It doesn’t suit everyone, which is fine.
I thought the book was great, but I can’t wait for the end of this housing boom to take full advantage of it, although I am very satisfied with our success so far this year, following Steve’s concepts.
Regards,
Del
Hi Pelican investments
NO book is ever going to map out everything you need to do, and how to do it…..
Very well said.If anyone TRUELY beleived they would become a property investor by just reading a $30 book they are seriously deluded. It seems to me that too many people visiting the forum of late want to have the answers, the deals and the effort handed to them on a platter with a nice glass of Chardy to boot. (Sorry I am just thinking about having a Chardy that has nothing to do with this[
]).The point being that property investing does take time, it does take effort it does cost money and it is rewarding. But nothing is more rewarding than doing it on your own merits. If you need to learn more then go and learn it, if you need to go for a 4 hour drive to find a good deal then go, if you need help ask here for it but don’t expect to have a freeby.
Investing is for everyone, some will be better than other and some will learn the hard way but carve you own path and lead the way!
Pin
(I am definitely NOT a “believe it will happen and it will happen” type person. Rather, make heap of mistakes and learn from them. If there is a will there is a way…. )
I think where there is a will, demonstrates an attitude to win and when you have the right attitude, it will happen.Cheers
Leigh K[]Carve your own path and lead the way …
Pelican,
Concur, concur .. a valid summary.
Regards, Phil
Hi Mini,
I knew someone would compose the same thoughts as I. You saved me the trouble.
Regards, Phil
Phil / Leigh K,
Thanks for the comments…
I guess I’d also agree that nowadays I see too many people here, who expect to have everything handed to them on a plate, without having to do any work….
With a partner I got out there and started wrapping… ( and I’m based in Singapore )[^]
Yes, we have done it tough, and learned a few valuable lessons along the way, but more importantly, we take time to learn, and learn from our mistakes…and never repeat them [
]We also read what other people have to say, with an open mind…… which does not always seem to happen here….
To all the negative people / detractors out there, sorry, but you have to get off your butt and do some work yourself…. I dont recall seeing the words “HOW TO” in the title of Steve’s book…. [:0)]
Peace all…..
Scott
Pelican Investments
http://www.pelican-invest.comHi All
Just thought I would add a bit more
I personally dont think you get all the answers from a book, seminar or other people they just give you Ideas and it is up to you whether you do anything with them, But Steves says quote” It,s my sincerest wish that this book will help you to acheive your life goals. In order for this to happen you must accept responsibilty for turning theory into practice. It will be easy to read this book, but the challenge will be to move out of your comfort zone and take action” end Quote page xi.
From this one could assume that you will receive enough theory from the book to be able to start practising.
I personally beleive that this book does deliver enough information to be able to get started it just requires the reader to put it into practise.
Most people are too rivited in fear to take in the info and then apply it instead of blaming the book look at yourselves and ask why you cant use the info.
ErikaI agree! I bought my first property in Queanbeyan 4 years ago. it was pos geared but i didnt know it! books will only teach you enough to know what to do next, not “how to”. Stop bleating about books not teaching you everything. I’ve found after each deal either sucessfully or not (more often not) i write down what went right or wrong and amend my strategy as i go along. This way i’m not making the same mistake twice (i hope).
remember Fortune favours the bold.
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