need advice (please help if you can Steve!)

When I told my parents I was going to buy a property every three months for 5 years and then pay them down for five years, they laughed…but I’m doing it anyway.

There will be always people who say ‘you’re dreaming!’ and ‘it can’t be done’ who outnumber the ones actually doing it by 999 to 1, or more!

Only 0.5 percent of Australian investors own 3 or more properties, so even if you get that far you’ll likely be using a different approach to the ‘average’ investor who only gets ‘average’ results.

you have to be strong and know what you’re doing in the face of so much nay-saying, too. But that’s good training.

1-135 properties in 3.5 years is just SOOO way beyond most people’s paradigms that there are still many many people that believe it isn’t possible, that if you did it, you were either rich to begin with, lucky, a crook, or – whatever.

the key to being able to carry on and purchase more quickly is to only buy CF+ve properties.
the ones ‘the average investor’ will tell you to avoid.

NZ still has lots which are not only CF+ve but will go up in value. If you don’t believe me then good for you! Because you shouldn’t believe anything you read until you have checked it out, but hey – go check it out.

the thing about +ve CF properties is they not only pay for themselves but give a surplus. May only be 50 bucks a week, but that’s 50 bucks you didn’t have to SAVE from earned income, it’s automatic. And that can get you into the next property faster plus add to your income so your serviceability goes UP not DOWN with every property you buy.

well, that’s the theory anyway.
Just read the book one more time and this time make notes as to what YOU”RE going to do and in which order.

then start working through the list until you have your first property. Once you get the first one out of the way you will have got over the hardest bit – getting started. the second will be a piece of cake, the third you’ll hardly notice, and the fourth one you’ll become almost blase, calculator in hand, working out whether it suits your big picture. At least that’s how it happened for me.

cheers-
Mini

NZ Bird Dogs. SOLD OUT! More deals coming…

kay,

“was enabled by a differing property market”

totally, which is why I’m buying in NZ now for the time being not Australia. You can get the exact same kind of properties Steve and Dave started with – i.e. a similar looking 3 bdr house on freehold land like S and D were buying, 60K, rents for 130 per week, regional towns, and will go up in value kinda property. You can even get better than this, but this kind of property is still relatively *easy* to find.

and, four people? huh? it was only Steve and Dave, yes obviously two people can go faster, but there’s nothing stopping anyone from teaming up with someone – I’ve teamed up with two different people this year already. But even if teaming up is not for you, a single person can still do it. The guy who started this thread only has to do a seventh of what steve and dave achieved in 3.5 years, in 5 years. I think it’s totally do-able, however it depends on how much time he sits on his arse and thinks about it, ya dig.

Adam, I think the idea about Interest only at least in the beginning was to maximise your cashflow in the first couple of years when you need it most. After that rents should rise and things get easier. There was a product I was looking at recently (st George lo docs loan to be precise) where the difference between interest only and P and I on 77k was about 50-60 bucks a month from memory. And there was flexibility to repay lump sums at any time as well as redraw any time for a $25 fee. it was almost like a LOC but wasn’t called one. Anyway, i was going to go for it because it would have provided the lowest repayments NOW and the most flexibility down the track.

Probably the product I will use next time I buy in Aus. cheers-
Mini

oh! found something else that I have a burning desire to comment on, “manual which teach them how to copy a millionaire .”

um, yeah, so wouldn’t that be a good sort of person to copy if you want a bit of what they’ve got? rather than for example copying someone in the dole queue?

“Do you think the world is so simple?”

The principals are really simple – spend less than you earn and invest the rest in income producing assets. It’s simple but not necessarily easy. I mean for me to purchase three properties last year and reno two of them wasn’t just me sitting in a chair and whistling while watching the footy, put it that way. BUT, I had no prior particular experience, I just learned how the numbers worked, got over the fear factor, and went out buying houses. it really does become more and more simple, like a no-brainer, the more times you do it.!

“may be to somebody lucy man, “

I think you mean lucky….yeah well there you are, this kind of person I was telling you guys about, the one that pops up and says ‘if you did well it’s just lucky’ (or you’re a crook, yadda yadda). I TOLD you it wasn’t just sitting on my ass that got me where I am now (which is: I’m started, and well on the way) – it was reading, learning, using a calculator, looking at a lot of properties, getting my finances in order, doing a budget, research research research, and so on. It wasn’t luck. Luck is what the people that are too chicken or lazy to do anything say to justify why a million dollars didn’t just ‘happen’ to them while they sat on their arses watching the sport.

>just as lotto, 1%of million?
If you see Lotto as an investment of (say) $1 with a 99.99 percent chance you’ll lose the lot and a 0.01 percent chance you’ll make several times your money, then fine. I guess that does count as an ‘investment’ and if you only have a dollar to spend, then keep on dreaming. it is a get rich quick scheme though. No don’t move, stay on that couch and keep watching for the Lotto results. – it’s out of your control.

property is a more certain investment, within your control, and it’s almost impossible to lose the lot. It’s almost certain that you will make money, as residential real estate is one of the most ‘forgiving’ of mistakes investment form there is, over the long term – no matter whether recession or boom people still need a place to live.

end of rant!

ah, ok then
So two of them might have only got to 65 properties in 3.5 years, still pretty Ok though
I’d be happy with 20 in 5 years

NZ Bird Dogs. SOLD OUT! More deals coming…