Can someone make this work for real? I have looked and looked and can NOT find 1 property that would be worth buying according to this rule.?? Info and suggestions mostly welcomed.[blink]
The 11 second rule (although still around in some places) is pretty much outdated now, due to the rise in housing prices. That however, does not mean that +ve cashflow properties do not exist- because they most certainly do!
Ahhh thank you, i only brought the book yesterday .. and the info is out dated allready .. Not impressed about that.
Thanks for the info however.
Also one more question:
Buy & Hold Most common property investment strategy where you buy a property and rent it out with the aim of making capital gains and / or income returns.
Renovations The idea is to make money by adding value to the property through improvements
Creative ‘Low / No Cash Down’ Techniques
Flips Short-term fast-cash property investment strategy where you buy a property and then sell it again before title transfers into your name.
Lease-Options A property investment strategy that takes a residential lease and provides the tenant with an option to buy too.
Wraps (Vendor Financing) Buy a property and then sell it on ‘vendor’s terms’. Receive regular payments rather than a lump sum settlement payout.
I cut and pasted this from this website ok what is better for a first time invester with a good deposit? I mean me ! lol! I pay rent, should i buy a home for me first or go into investing and if i invest whats reccomended in all your oppinions?? [king]
No worries. I also bought 0 to 130 Properties in 3.5 years not long ago. I also bought $1M in Property in 1 Year. That book was written this year and is much more ‘up to date’ with the current market trends. There is also quite a few resources available on this website that will help you gain knowledge.
As for the best way to start out- there is no right or wrong answer. It has to be what is best for YOU! It all depends on what you want to achieve, when you want to achieve it, and how hard you are willing to work to reach that goal.
Good Luck!!
Matt.
Thanks Matt, i will just need to use my own brain a little more. Its been thinking overtime since i brought that book! Its so full of info that i cant stop reading . Im on page 101@! Cant wait to learn more about wrapping ! ALso i founf the perfect property to flip!
You sound a lot like myself. Have read both books, and did it in record time. I can honestly say the only time I read a book right to the end was throughout school- but I never enjoyed. Quite the opposite with Steve’s books!
I am also similar to you in the fact that it seems we are both still trying to find out the best way to go about investing that will best suit are own aspirations!
Best of luck.Make sure you also read Peter Spann and Jan Somers to get a well rounded view on property investing.
Where would one find their materials Yack??
All good bookshops and
Spann http://www.freemanfox.com.au – go read the peter spann thread in the gurus section
and
Somers http://www.somersoft.com.au
they have both been around longer than Steve Mcknight and both have experienced property market downturns.
ahhh … clever you. Thank you for that tip. I will check out! I work at a book store and get 30% off books
he he he So naughty. I reside in Williamstown, if any people out there are interested in forming an investors meeting etc we could toss ides around together!>?BTW have any of you brought the wrap pack?
I havnt, at this point in time i find it a little $$, even though greatly reduced. Maybe if i had an investing partner, we could share the cost.
“I love 100’s & 1000’s”
Originally posted by yack:Make sure you also read Peter Spann and Jan Somers to get a well rounded view on property investing.
Hi Immortality
As you’re obviously DEVOURING [bike2] and LOVING stacks of books, my tip is to spend approx $2,000 to set up your legal and tax structure asap (ie., don’t make the mistake many of us on the forum made when we started out of skipping the 2 most crucial steps: 1. Goal writing and 2. Getting your structure right, namely set up your Family Trust).
Note in the beginning of 130 properties, Steve and Dave wrote out their goals and set up their structure, and only then did they “go for it”.
The absolute “must reads” are Steve McKnight, Rick Otten, Peter Spann, Jan Somers and Dale Gatherum-Goss’s “Trust Magic”. There are a few books out there on trusts, ALL of them totally mind boggling EXCEPT Dale’s books. I paid a discounted $168 for both his books (Trust Magic and Tax Battles), and they both have pride of place on my PI bookshelves, alongside Steve’s Wrap Pack and Rick Otten’s Wrap Pack.
I currently have 16 +CF properties (still growing), and am just Joint Venturing into our first 32 block land subdivision.
If I had my chance to start from scratch again, my wife and I would JOINTLY:
1. Stop pinching pennies and set aside around $5000 – $10,000 for our self education RIGHT AT THE OUTSET (ie., where you both are now).2. I strongly encourage you to go to Rick Otten’s http://www.webuyhouses.com. Click on EVERY link, download all his raves, read them exhaustively and get yourself off to one of his “Boot Camps” asap (Rick’s an aussie, despite the Boot Camp jargon). He’s awesome (and in case you were wondering, I have no connection with either Steve or Rick except as one of their many highly satisfied clients).
3. AFTER attending the Boot Camp, value your relationship further by jointly WRITING DOWN your Goal Statement (see Steve’s book, and pay $695 to buy Steve’s Wrap Pack: 3 months ago it cost $2,195: BARGAIN!). My JV partner and I are going through this Goal Setting exercise right now. Not many do it, yet ALL the guru’s urge you to do it. If you’re REALLY serious about amassing an awesome portfolio, DO IT!
4. Do not pass Go, do not collect $200 until you have completely fulfilled Steps 1 – 3 above
5. Carefully check out the distinction between a Hybrid and Discretionary trusts re which one allows you to offset -CF income as well as +CF income
6. Check that your accountant (and Mortgage Broker, by the way) is what forumites call “+CF savvy”. Not many are, and it is CRUCIAL you get an accountant + mortgage broker who GENUINELY fits this description. The mortgage broker should also be able to source “full disclosure wrap finance” at the drop of a hat. If your broker can’t do this, or asks dumbly “What do you mean?”, get the hell outta there fast.
If you’re married or in a strong relationship, the “togetherness” aspect of both of you going along this exciting journey together is important. It really helps if you are of one mind, united in your determination. My wife and I, plus our 20 year old son, set aside 3 nights a week to JOINTLY study Steve’s Wrap Pack, listen to the CD’s, and take personal notes. We started with 1/2 an hours private reading time for each chapter, then switch on the CD, and take personal notes.
Hope this helps
Greg
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