Forum Replies Created
I think we’ve all gone off the track a bit here. It’s not about getting off your arse and stop being negative; it’s about paying $30 for yesterday’s news. And if you concede that finding deposits for multiple properties is beyond the reach of the average mum and dad investor, and finding a property that nets in the region of 10.4% CoCR is nigh on impossible, then you’d have to agree Steve’s book is not that helpful as that is the basis of the whole concept – a concept that is almost impractical because the book is out of date and not relevant today.
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Hi all–there’s always going to be a sceptic out there and it looks like we’ve found one of many. There’s always going to be deals out there–as Dolf de Roos says “The deal of a lifetime comes along once a week!” I believe this because I’ve done my research and have seen them for myself both in Australia and New Zealand.Realize that they’re never going to be handed to you on a plate–you have to do your own due diligence. Noone is going to tell you exactly where they’re buying now because they’ve done the work themselves–there’s no easy ride in life but lots of great advice if you’re prepared to accept it.ONE OF MY FAVOURITE QUOTES IS:- WHETHER YOU THINK YOU CAN, OR YOU CAN’T YOU’RE RIGHT!!!!!
Freedom’s one is good too—Think outside the Square!–when it comes to investing that’s what we have to do now.
Lastly my other favourite thought is instead of ‘I can’t!!” think “How can I?”!!!!
All the best to those of you out there doing it rather than criticizing it. Thats just alot of wasted energy which could have made a sceptic some money!
Hannah
[/quote]Hey Hannah, who’s Noone. Can you introduce me?!!
quote:
Hi all–there’s always going to be a sceptic out there and it looks like we’ve found one of many. There’s always going to be deals out there–as Dolf de Roos says “The deal of a lifetime comes along once a week!” I believe this because I’ve done my research and have seen them for myself both in Australia and New Zealand.Realize that they’re never going to be handed to you on a plate–you have to do your own due diligence. Noone is going to tell you exactly where they’re buying now because they’ve done the work themselves–there’s no easy ride in life but lots of great advice if you’re prepared to accept it.ONE OF MY FAVOURITE QUOTES IS:- WHETHER YOU THINK YOU CAN, OR YOU CAN’T YOU’RE RIGHT!!!!!
Freedom’s one is good too—Think outside the Square!–when it comes to investing that’s what we have to do now.
Lastly my other favourite thought is instead of ‘I can’t!!” think “How can I?”!!!!
All the best to those of you out there doing it rather than criticizing it. Thats just alot of wasted energy which could have made a sceptic some money!
HannahCarl, the point of my posting was a critique of Steve’s book, nothing more. The whole point is that Steve is promoting his book and aiming at ordinary folk who will take his advice literally. Where’s the value in giving advice if it is out of date and unrealistic in today’s marketplace. I believe Steve’s book is not much use if readers are unable to make his recommendations work.
Perhaps the title should have read:
“From 0 to 130 properties in 3.5 years based upon a rule of thumb that worked in 1999 but is not that workable now, and you might have real difficulty finding properties that meet the criteria I set out in this book.”
Because that’s what you’re defending.
Martinw
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martinw,You are right in saying that there are alot of people on this site that say they cannot buy properties according to the 11ss. Just remember that Steve only uses this as a guide and not the be all and end all of investing (that has also been repeated many times on this forum).
The fact is, Steve worked this solution out and where to buy properties many years ago and not in the last 3 months that everyone seems to think. It really pisses me off when some people post “where can I find an 11ss property” and then get cranky because no one replies to them. Where is the thrill of finding a place that does suit it when it has been handed to you.
I agree it is hard to find these places but if you are prepared to do some of your own work instead of expecting people to tell you where they are you will find them. I recently purchased a property (1 month ago) that didn’t fit the 11ss but came pretty darn close. It didn’t mean that I gave up on it because it didn’t fit Steve’s formula. I knew that the town it was in was going to get some capital growth as well as a high rent demand. How, the same as Steve and, I dare say, alot of people on this forum – RESEARCH.
If you want to be as wealthy as Steve but don’t want to do any of the work involved then perhaps you should look at buying lotto tickets every week. Steves book has great information in it that people can use, so I suggest you use it to your advantage and to start and get serious about investing instead of being like all the other masses and whinging that it’s not laid at your feet.
Carl
Lozza, if you use the equity in your home to fund your deposit, unless you sell it and realise any capital you may have, you still have to repay any further borrowings against the equity in your home. Wherever you source your deposit from, unless it’s cash in the bank or you have a generous benefactor, you have to fund it. And since the margins in Steve’s book are so low, it would not take much to turn a positive into a negative.
Whilst individuals that are more knowledgeable wait to feast on the carrion, spare a thought for those that will fall victim to a hyped-up market. Mugs perhaps, but they needed guidance from responsible people. I take issue with those that encourage and fund such inexperienced investors.
The whole property investment pitch is nothing short of a pyramid selling scheme. Get in early, keep on flogging the idea to boost your investment and bugger those that follow in your wake!
