What an interesting topic – maybe if the book was called 0 to financial freedom in 3.5 years it would take the focus away from the number of properties and look at the outcome achieved (but may not have sold as many copies!). I too believe that it's not the number of properties you own or trade but about achieving your end goal, whatever that might be.
For me a 15-20 year blue-print is not one that I'd like to use. Once I got serious about property my goal was to be financially free within 5 years and at the moment it's looking more like 3. Do I have proof? Yep….
We are Mum and Dad investors, under 100K p.a household income, he works full-time, I work part-time, have two young kids and don't come from a family of builders or accountants or anything related to property. (In fact my parents lost their home to the bank during the high interest rates of the late 1980s.)
In the past 18 months we have purchased a property and built 2 units and sold them, bought two properties in Australia, in regional areas but not remote, both way under market value and both returning way over 10%. Currently in negotiations on a third and expect to finalise negotiations on Monday. After these deals I'll just need to find another one or two and we'll be there..so..my answer is YES it can be done in today's market, in Australia.
I think Dianna put it really well when considering the 'average' Australian – that there's not one size fits all and we all need to do it in a way that works for us….BUT……once you put you mind to it, you can achieve anything. It's just up to you whether you choose to do it over 3, 5, 10, 15 or 20 years!
Congratulations Tracey!
I am a realist, and what you have described is real and describes something that Mum and Dad Australia can do…. This is entirely my point. A real guide, a real family and real income can achieve financial success. Wait for the 15 year mark, and your family will not be working….. Congratulations again!
number 8 wrote:I see that Steve has accomplished great things, the philosophy is great, the thought processes are impecable, nice guy and the negotiating skills are great. But what I cannot see is that this can ever be repeated. There is no strategy for Mum and Dad Australia. I hear that you can do 5 in 6 years or sub-divide several blocks or vendor finance (that is all good and I do not wish to down-play this) ….but again 0-130 (although arbitrary numbers) are they really possible in 2011 or do we play lotto given our chances of ever accomplishing this ……
http://www.birchcorp.com.auI think the philosophy in Stev's book is sound, and the philosophy can still be utilised today. However lending criteria and the availability of cash flow positive rentals make it harder. I also wouldn't get too caught up on the book's title. The aim isn't to buy 130 properties, the aim is to buy cashflow positive properties and generate passive income.
The cover is just to get people to pick up the book in bookstores (or nowadays, online). The underlying philosophy is what is important, and it still can be done today, albeit not as easily done as 7 – 10 years ago.
Thanks Number 8. I'm too impatient to wait for 15 years – I've been serious about this for 18 months or so and with the deals that are around at the moment 3 years is looking achievable, certainly 5 years at the most. Not only is it financially rewarding I am having lots of fun along the way!
Hi, just wanted to this thread and say that anything is possible. I can vouch for Tracey and in their attempt to be come from average family to finanaclly independent (decent passive income) in 3.5 years is well and truly achievable at the rate they are going.
They are on track to get there in 2.5 years or less from what i heard yesterday. The amount of time and money leverage and skill they have in this short time is almost unbelievable, and wouldn't think it was possible if i hadn't seen and heard it for my self.
The best part is they are really nice and down to earth people, and deserve everything they have achieved and are working towards.
Hope that helps and gives the average person/Mum & Dad family hope that they can do it in a short time.IS it safe to purchase investment property out of State?? What are the pitfalls/negitive and what are the positives. We are considering buying in QLD or NSW but live in WA. QLD/NSW seems to have greater cap growth. Also is it worth using a company (prop investment type) to help with this type of thing if you are buying out of State or can you do it yourself. Please offer some advice.
It can always be done. But you really need to be patient. Remember that "Patience is a Virtue". So with patience, and a little bit of luck we could pull things out. DO NOT QUIT. That would be the appropriate term to use I think.
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