Lifeexp yes in a perfect world, but the big intangable is “time”, you can control money but you can`t control time.
There is risk in all things, and to keep it to a minimum of course is EVERYONES aim, but what one investor calls risk, another may call opportunity.[buz2]sis,
I’m gonna ask some questions, given that the post hads become about YOU! hehe. It will help to educate myself as to your situation, because I have never thought it possible for a 21 year old who wasn’t born with a spoon in his mouth, to become a multimillionaire (well, you do “control” $2.1 million of property).
sis, we’ve all workedin our lives- some of us from when we were really young, and many of us have worked full-time since we were very young too. How come brenda irwin and other property investors with lots of IP’s have difficulty in continued borrowing, even though their props pay off themselves with rents? How can you continue to borrow with barely an income (now you have reduced your hours), but other people still have to maintain a full-time job (or 2 f/t jobs) to be able to borrow?
I guess other investors would be interested to know how you do it so they might be able to replicate it.
kay henry
Hi SIS,
As I understand it, all your loans are with CBA, and you have total loan amounts of around $1.4 million. How did you overcome the banks reticence to allow loan amounts over 1 million to those not on extremely high incomes? Arent you deemed to be too “rent reliant”?
Im also intrigued as to how youve managed to get around the banks policy of revaluations. As I understand, you purchased your first property and have bought the other 11 with the increased equity from previous purchases. This seems at odds with the CBA’s policy of not allowing revals within 6 months from purchase, and only then allowing revals after extensive proof of the properties rise in value. If you couldnt reval the first property for 6 months, how did you buy 11 properties in 6 months after the original reval?
Best wishes,
Jay.
Hi Kay,
theres no real secret, but some creative finance and the use of “domino effect” help you get that bit further…
…but are you going to expo tomorrow kay? if you are, i will see now and organising coming there and will share some creative finace ideas…
Cheers,
sisKay, LO DOC loans are an easy way, if you have the equity they`ll throw money at you at a slightly higher rate!.
Hi Jay,
its all through “domino effect”
Cheers,
sisHi SIS,
Thats great, but if youre not going to answer the question, wouldnt it be better to say so?
Im pretty sure the CBA doesnt allow revals inside of their parameters to people who whisper “Domino Effect” to their loans officer.
I was under the impression that this was a forum for sharing information, and using the good fortune and management youve obviously acquired to benefit others who use the board. Why post about your success but then claim its a secret whenever pressed for information?
If you have the time, Id still appreciate a mature answer to the questions I posed. If not, then thats your prerogative, and I wish you all the best.
After reading your multitude of posts, I was under the impression that, while Still in School was your moniker, you posted with the enthusiasm, interest, and aptitude of someone years older than you are.
The responses in this thread, however, have given me cause to review that opinion.
Best wishes,
Jay.
Hi Jay,
theres alot of things that i dont talk on the forum board, since an episode long ago, but anyone who does know me, i do share most the information openly in person…
… you can ask Kay, we have met before and even then i showed her a few ways to buy property with no money down…
Cheers,
sisps… not all secrets are told, just like dolf do roos and margaret lomas, they might only tell 85% but the other 15% they keep secret too…
sis
you know I’m not much of a money person, and it’s all too theoretical for me- i’m a simple person. I can hear all the theory in the world, but at the end of the day, i have to have money to pay for properties (wages) and I have lending limits.I am interested sis, in your responses to Jay’s questions re C’Wealth bank policy, and the other stuff he asked, re revals etc.
As I have asked before, to do all your revals, to get house insurance, landlord protection insurance etc- this must cost you absolutely thousands sis. A reval is about $250. That’s $2,500 you would have had to find. LPI is 300 bucks per place- at least $3000 per annum. Insurance- about the same- another 3k. How do you find that extra 9k a year, sis? Surely your rents don’t cover all these additional expenses.
sis, as I said, i’m simple in what I know about property. I look at my own life, and the lives of those around me, and I wouldn;t have thought what you’ve done is possible.
Please explain
kay henry
Guys, put aside whether or not SIS has achieved as he’s claimed for a moment.
Think instead about how you feel about the concept of a 21 year old having achieved at the level SIS claims to have achieved. Possibly having achieved much more than you have in a much shorter time.
If you feel disbelief or jealousy or any other ‘negative’ emotion – doesn’t this say more about your feelings about your own abilities and achievements than about theirs?
Also with this kind of reaction to someone else’s success, what does your attitude say about your belief in your own ability to achieve?
And you don’t need to be ‘gullible’ to congratulate others on their success. If in the wash it turned out that someone made it all up – big deal. It’s worth celebrating success – it uplifts everyone involved and it’s only the person who lied to themselves about their success who is pushed down.
Success should be celebrated – it doesn’t mean that the people celebrating are gullible, stupid or anthing similar if the object of the celebration was lying – success should STILL be celebrated!
Good on you SIS – I hope you not only continue to do well, but you begin to look at ways you can help and inspire other young people to aspire to their own ambitions.
There’s a push on at the moment to provide greater financial education for young people – you’re an example of the result of seeking out this kind of education. Why not see how you can offer your services, speaking at schools, moderating events – whatever.
Because at the end of the road you get out of life what you put in
Cheers,
Aceyducey
“touch typing and i mean typing really fast and being able to talk on the phone or have a convesation at the same time yet abe able to type away… is the number one skill of all…”
If that were all it took, Secretaries would have the power…
many more things interesting to respond to in this thread, I’ll be back, have some ‘property deals’ to do, hehe
I don’t think its should be a matter of putting aside what SIS has or hasn’t done. SIS racks up multiple posts on the forum offering advice, chuckling in the forum fun areas with colleagues, and such.
For one who has such a “presence” (read number of posts and physical time spent on the forum) its only fair that he back up his claims with some facts that support his credibility. SIS??
I to bought my first house at 20yo, so that of itself is not unbelievable, but your answering some of our questions goes to your credibility amongst the forum members SIS. Your response?
CDCastleDreamer
Originally posted by Aceyducey:If you feel disbelief or jealousy or any other ‘negative’ emotion – doesn’t this say more about your feelings about your own abilities and achievements than about theirs?
Also with this kind of reaction to someone else’s success, what does your attitude say about your belief in your own ability to achieve?
Cheers,
Aceyducey
Hi Acey,
Im a little surprised.. youre always the first to warn people to check their assumptions at the door, and avoid making sweeping generalisations.
I, for one, appreciate the quasi-psychological foray into my subconscious shortcomings… after an hour on your couch, I feel better already [biggrin]
So anybody who asks probing questions is being jealous and negative?
I was simply asking how SIS circumvented CBA lending policies. A simple question was answered with a flippant “its a secret” response. In the spirit of sharing I asked for further clarification and was given the same reponse.
As far as Im concerned, thats the end of my involvement in the thread. I, too, wished SIS all the best in my previous posts and hope he continues to be as successful as he has been previously.
Simply asking for clarification makes you neither a jealous competitor nor a malevolent doomsayer.
Regards,
Jay.
Acey,
Perhaps you might want to find out a little about the forum members before you lump us in as a bunch of jealous losers. Therew might be a number of newer younger investors who see sis’s story, and think that it can be easily replicated, when in fact, I don’t think it’s that easy. I notice that on somersoft, people are often questioned about their statements. If I made a statement that I had bought a $1m property for say, 100k, I imagine people would firstly be skeptical, and then I hope they would question the hell out of my claim. I hardly think their cynicism might derive from “jealousy”, although some people might feel it. Most people would just be trying to work out if in fact what I did was possible.
kay henry
Hi All,
Frankly I’m rather surprised at the number of people who have replied & defended their questions, attitudes or positions.
Frankly the only person you have to satisfy or impress is yourselves.
Ditto for SIS.
If someone comes onto a forum and lie about their success, gives advice to others which isn’t backed by experience & generally act in a deceptive & fraudulent manner – well that just shows that THEY have major issues.
Sooner or later these people get caught out & disappear in disgrace.
IF SIS is one of these people he will as well.
Frankly, I don’t know anyone sensible who will reveal everything about themselves in a forum. I’ll agree that the approach SIS is taking is an unusual one, there are holes in his stories you could drive a truck through, but that doesn’t make them untrue.
In fact if he’s only 21, it’s entirely understandable he’s not very good at communicating yet!
KayHenry: I don’t think anyone on this forum is a jealous loser – but in many situations in life it’s easy to play the role of the fox in Aesop’s Fox & the Grapes…sometimes you need to consciously question your own reactions to see where they are coming from.
If you put down a 5% deposit you can secure a $1M property for under $100K (inc costs)…if you buy an option over the property for $10K you control the property for the length of the option. If you wrap the property to someone else, you also control it (for the wrap duration) for under this amount as well. I wouldn’t necessarily disbelieve you if you said you controlled a $1M property and it only cost you $100K…In fact I wouldn’t even think it unusual.
Cheers,
Aceyducey
Hey Guys,
i will further respond back in about 1 – 2 hours just watching a jamie mcintrye video…
Cheers,
sisAcey,
I meant if the property *in its entirety* cost me 100k instead of $1m.
Strange that people might feel a little defensive when accused of jealousy, when in fact, that isn’t the case at all. Guess some of us just feel that this was a conversation. Being told we’re just jealous is very silencing.
Acey, the first two posts you made on this forum were to “warn” PI.com members off another forum member. Noone called you “jealous” then. Presumably you might have become a little “defensive” yourself, had someone done so.
kay henry
I don`t give any credability to the jealousy rap, this is nonsense, you got a question, you ask it.
I DO NOT want to know SIS secrets, and don`t believe he should feel the least bit compelled to give them either, all I wanted to clarify was the fact that he did not start from 0 and make this money in 12 months, he explained that he saved for a long while and used a guarantor to an extent, that explains enough for me.
Why do I ask?, simply because making money in R/E is no picnic to the majority and to tell beginning investors these kinds of stories would be misleading in the extreme.
You can`t buy experience which only time can bring but good luck SIS sounds like you deserve it.
Well done, not many your age could do the same.Hi Guys,
I am not as good as you all are in properties but if some one saying that he used guarantor to start with then why you guys are asking questions?
I am not sure about SIS case and never asked him much in details even though I meet him very often.
Cheers
[]
PropertyGuRu
[sultan]PG,
I am genuine about asking these questions, as I believe are others who’ve asked. I just didn’t know that having a guarantor initially (which is of course what would be needed) could then lead to so many IP’s in one year- independent of the guarantor. Banks are all about “risk”. I just don’t know how they’d lend so much to a person on a part-time income. It puzzles me. I don’t care about “secrets”- it’s all words to me anyway. I just think it’s healthy to be skeptical about the mechanics and possibilities of things.
I mean, if I understand that it *is* possible, then I guess we all can do it, right? sis isn’t wrapping- he’s just buy and hold- the old-fashioned way- i guess we can at least replicate half of those successes- given that the market has flattened.
sis keeps mentioning opportunities coming up that means he can retire. An independently wealthy retiree at 21? Well, that would be extraordinary! It’s little wonder people have questions, PG :o)
kay henry
you know I’m not much of a money person, and it’s all too theoretical for me- i’m a simple person. I can hear all the theory in the world, but at the end of the day, i have to have money to pay for properties (wages) and I have lending limits.
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