Hi everyone. I really enjoy looking through this forum – what a resource! I have a couple of questions…
First, my story:
I’m going o/s in Jan 04 with my fiancee. We’re getting married in May, and continuing our travels for about 2yrs. Lucky us! I know.[
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When we return, we want to start our property investing immediately (ie. in late 05/early 06), and we want to get amongst it quickly. We want to be financially free in 7yrs from now (5yrs from when we start investing). We currently have about $40K in savings (not including what we’ve saved for our travels) which we intend to use as deposits on our first couple of IPs.Now, my question:
How was Steve able to buy so many properties in such a short amount of time? How could he pay all those deposits, and how did he get so many loans from the banks? From my reading, the options he had were:wrapping, in order to get the “client” to assist with his deposits (and I know that wrapping is Steve’s “niche”),
creative financing – such as vendor assistance, etc, or
buying properties grossly under market value, then being able to borrow 100%+ of the purchase price.
Are these the only ways he could do it? Am I missing something? Any thoughts?Thanks,
Adam
I’ve just copied this over to the “Exclusively Property” section. If you would like to reply, please go there.
Thanks,
Adam
Don’t Let Life Get In The Way Of Living
Hey Adam,
I think you will find (correct me if i am wrong) but Steve did not buy and hold 130 properties. He would have purchased some, sold one that that made a great Capital Gain, and then financed some more properties. They also had the help of the income from their accounting business and their wives incomes.Again I hope this helps.
Matt“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
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