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This might sound odd, especially on a website like this, but I find property investing boring. It conjures up the memories of studying hard for an exam in a subject I have no passion for. I have purchased 2 IP’s over the past 4 years and it was only done to ‘compensate’ begrudgingly for a disability in my life (+ or – CF never even came into it). Then as I continued to ‘stumble’ along and hate my life, I also began to hate my job even more. I’m fairly new to this site and so I attended Steve’s seminar, once again in the vein hope that by doing so, the ‘pain’ of paying $1000 will magically ‘force’ me to ‘love’ IP! Prior to this, no matter how many PI books/seminars I went to, the more I did this, the more ‘elusive’ the love for PI became and that’s where the word ‘PLAN’ changed things for me. Not only do I now realize that I never started with one, but I completely misunderstood what the definition of ‘plan’ really meant for me. I was so brain washed by some seminars that ‘plan = becoming rich’ that my formula in property investing just meant more hard work and therefore had no personal meaning for me to identify with. The harder I ‘studied’ PI, the more my interest in PI waned. Once I understood what it was that I really wanted to do with my life then I discovered my purpose. My purpose (which incidentally is so far removed from real estate) now asks for a ‘strategy’ to fulfil this purpose (or ‘superobjective’ as I like to call it). As a result my interest in IP has improved greatly because I now view IP as just a side effect of my strategy that links me back to my superobjective in a continuous loop. The hard work feels easier when I refocus on this superobjective (and we all have one) Therefore the less I stop ‘trying’ to ‘study property’, the more the sting or ‘boredom’ in PI diminishes and I can begin to experience IP in a completely different context. I find PI is no longer something that I ‘have’ to do. It happens regardless and the closer I cling to my superobjective, then PI has no alternative but to improve. It now feels far less of a chore.
Rakky,
Your quote reminds me of what someone once said to me that has always stuck in my head;
“The harder you argue for your limitations,
the more you’ll earn them.”Redwing,
You’re correct re: your father’s comment. An IQ does improve the more time you sit for one due to the fact of repitition. The more you practis, the better you get. Also the results from an IQ test can vary markedly due to anxiety performance, mood, ability to focus on the day etc. Also IQ tests really just show what you what they want to measure. Also their are many forms of IQ, eg. spacial, verbal, social, emotional,etc.Hi Dave,
I felt the same way and have thought in the past about going through one. However it depends on your strategy. Mine is the Steve McKnight principle. I went through the investors club once and after that I realized that it was a great learning curve. There’s no such thing as a free lunch and when you lose out, you’ve only got yourself to blame. As Steve said, ‘the buck stops with you’. However, if they are charging a fee to buy below market value (which you will only know if you put it on the market and see what someone is willing to pay) and it makes money from day one (assuming that’s your strategy) or if it makes good capital gains in time to come then why not? Just make sure you do your own due diligence and don’t rely on others opinions (including mine!) because as we all know, opinions are like arseholes, everybody’s got one!
Good luck.Hi Melbear,
I’ve just purchased ‘Buyer Beware (lol!!) When I get around to playing it I’ll let you know if you like.
Cheers,
GatsbyHi Starscreamer,
I think I read a few issues back in the Australian Property Investor mag of someone purchasing or discusing the merits of retirement village units. I work in disability and we have an ever expanding aged population and a far from ‘expanding’ increase of births. If it’s cachflow + and with ABS stats showing that the niche market of retirement homes will be needed then it could be a good wicket. In fact, why didn’t I think of this????
Good luck!Hi all, just finished watching the show. I thought the point you made Kaye was quite insightful re: lack of sleep, etc. I liked the way of challenging peoples core values but I’ve seen and experieced that before with umpteen freebie seminars. I wasn’t impressed with what I thought (just my opinion) exploiting one girls public confession of feeling ugly and thoughts of suicide only for him to reply ‘you’ve got a nice arse’. I just felt that that was not only tacky but the ‘cult’ peer pressure took advantage of her to not only win a round of applause from the audience for her ‘courage’ but just served to entrench the ‘cult’ mentality and hype and put more coffers into his pocket. I would have preferred to have seen the $100k donated to a volley ball team go towards mental health which our government is sadly lacking in that department. But I digress. The hype can be the catalyst to ‘catapault’ oneself to change personal habits and re:evaluate that it is possible to attain financial independence. After all, that’s what Steve’s conference did for me. For that reason, the $1000 was the best $1000 I think I’ve spent in a long while. Next week should be interesting as it looks at wraps.
Cheers!Terry, Simon and Steve. Many thanks for you input and thoughts. I will definetely break with Adelaide bank to see what the best strategy is to follow the + cash flow model. Also I only have $10k in savings so best interest rates unfortunately will be affected as I will have to most likely borrow %100. Cheers.
[cap] Dear Gramyre and mysa,
Thanks for going to the trouble of posting some positive news!!!!
Regards Gatsby.Many thanks MobilMortgage,
Yes, it is a fixed IO rate of 8.15%
Also, one question I forgot to post. With the equity I have, is it possible to borrow the full amount for a loan for an investment property? Any ideas as to what rate of interest this may attract? (both for a IO fixed or variable or either a P+I). Many thanks for the advice.
Any other suggestions by others would be most welcome!
Cheers,
Gatsby.Dear Enlad,
Thanks for the reply. I’ve been stuck for nearly 4 years on 2 IO loans (after which they convert to P+I). One property (the first one I purchased secures both properties and the second property secures itself (these terms used are where I get lost!!). I want to break to the lowest rates possible and I’m currently with Adelaide bank. If I break now my pay out costs are $2,500 per property plus another admin penalty to the bank of around $550. The broker (United Homeloans) also wants to charge me $150 to them! It’s not a lot but is that usual practice??
My strategy is to basically follow Steve’s +cashflow model in buying property although I’m on nearly $60k and pay quite a bit in tax.
Also, I don’t want to get stuck with one particular bank to the point where I hit their ceiling limit of comfortability and I can’t borrow anymore (if this problem exists).
Property 1 is worth $280k and I owe $120k.
Property 2 is worth $160k and I owe $128k.
I have no outstanding personal loans and live rent free. I hope I’ve given you enough data to go by to give you an outline of where I sit financially. Again, I wish to drop to the cheapest rates and keep expanding my property portfolio, preferably cash flow +.
Yours and the thoughts of others out there would be most welcome.
CheersDear MortgageHunter, many thanks for your reply and advice! Cheers! Dear Jaffasoft, don’t be so JaffaHARD! I think a touch of humour in something that is as serious as investing should not be seen as mutually exclusive. It may even prove to be beneficial to some? If you read this thread “out of boredom” then my only wish would have been to cheer you up? Anyway I appreciate your suggestions. Cheers!
[biggrin]I won’t call myself ‘MASTER’ so I obviously won’t call everyone ‘LITTLE GRASSHOPPER’! My point? As to ‘was the seminar worth the $1000?’ Stupid comments like that only reflect on how ‘stupid’ I was spending ‘THOUSANDS’ on my Uni education! All of that money only served to deny me the best education, ‘FINANCIAL EDUCATION’!!!! For all those who read the proverb at the start of Steve’s book and then went on to read the rest of the book makes me wonder why you quibble over the cost? Cheers Steve, it was an excellent day!
