Hi,

I’ve moved your post to the property forum as it is more appropriate there.

Another ad? How about a comment from a happy customer? *sigh* It’s not too hard to spot the cynics.

Anyway, DRB – thanks for your post and I’m delighted you enjoyed the book and other resources.

What I suggest you do is look for properties that have problems…[Read more]

Hi Melbear is right…

Unless the rate is fixed, any increase or decrease is passed on to the client so that my margin is always +2%.

I’m not sure I understand the second part, but the flow of money from the eg on page 315 would be:

1. We pay initial deposit (which was 10% in those days) at time of signing: $4,950

2. We pay difference bewteen…[Read more]

Hi,

(post moved)

Because you don’t know what you don’t know… and what you don’t know more than likely will cost you money!

If you can’t do it, then you need to pay someone to do the due diligence on your behalf.

I wouldn’t recommend buying sight-unseen until you have a system developed and a reputation of success based on previous actual…[Read more]

Ah Rebecca,

While not try and articulate a productive answer rather hint at something fishy going on…???…

Still, to give you some idea of the progress, at last count the group had bought $6m+ of real estate in four months. That figure is rising all the time…

From memory, the 12 months started at the beginning of August 2003.

As I have…[Read more]

Hi,

Thanks for the feedback. I’m thrilled and delighted I’ve been a guide on your financial journey.

Bye,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi Peterhen,

(post moved to the property forum)

You make a good and valid point. Yet, for the professional investor, if s/he had to be forced into saving then there would be little chance of long-term success.

I have met plently of people who have had major money problems… and almost all have had a spending problem rather than an earning…[Read more]

Hi,

(post moved to PropertyPlus)

Welcome to the community and thanks for posting.

Despite what many people think, I’m not against the idea of negative gearing… I just think that it’s a strategy that only works when the market is rising.

Karen, in your case the lesson to learn here is that you went into the property without your investing…[Read more]

Hi,

Moved your post to the property forum…

No it’s still called land tax. Council rates cover garbage collection, local roads, parks etc.

Bye,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

Moved your post to the property forum…

No it’s still called land tax. Council rates cover garbage collection, local roads, parks etc.

Bye,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Rebecca,

You can debate the morals, but what you don’t seem to see is that the majority of the forum here don’t agree with your take on things, and when they do try to engage you in making their point known, you start hurling abuse which needs to be moderated.

So, as I see it, you have added little to the discussion of late other than name…[Read more]

Hi,

Inventive title… but I’ve moved your post to this forum as it is better situated here.

Back to Yr 12 Legal Studies… I thought the constitution failed to grant power to make laws pertaining to property to the federal government.

<<steve does some research>>

ooooh, look what I found,…[Read more]

Hi Hissho,

quote:just a further question: wouldn’t a vendor get upset if you went back to him and said “sorry mate, i just couldn’t get the finance.”?

Nope – happens all the time.

Cheers,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Karen,

The MAP is a private mentoring group that I’m running. It is not open to new people and I’m not replacing those that opt out. I doubt that I’ll run it again as it was a pilot program.

I’ll write more about this in the upcoming months.

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

quote:

My problem is that I am looking for a lender that will provide a lvr of 80% and not the usual 70% for a commercial loan.

Any ideas as to where I might locate lenders or brokers that are specialists or flexible in this area regarding an 80%LVR for a commercial loan.

Hmmm – hard, but not entirely impossible. FYI all my commercial…[Read more]

Hi,

What brand and model did you buy?

Perhaps come to terms with the PMT function on Microsoft Excel as a step to becoming familiar with the ‘time value of money’ variables.

A good site I found quickly was: http://www.rosilyn.com/page4.html

It’s bound to be tricky… but you should be able to give it a go via trial and error.

A good idea is…[Read more]

Hi mate,

Glad your enjoying the book. []

The reason why I put getting finance after signing a contract is, in my experience, the practice of almost all lenders.

They require a physical property, or more accurately a signed contract to purchase, before they can issue (final) approval for finance.

Pre-approvals are always subject to conditions,…[Read more]

Hi,

Just moved this to a more appropriate forum.

Cheers,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Julian,

Nice to hear from you all the way from NZ!

Very perceptive insights… my relationships with Dave and Julie are cornerstones to my success. Rencently I wrote somewhere that your spouse needs to be your #1 fan, not your #1 critic.

Yeah, more business relationships fail than succeed, I believe having common goals and being accountable…[Read more]

Hi Andrew,

Thanks for your comments about the book and welcome to the community.

Some general figures I allow for are:

5% of purchase price for closing costs
4 weeks vacancy p/annum
8% mngt fees (unless otherwise known)
3 to 4 weeks rent for maintenance

Other costs vary too much to have general guidelines. You don’t want to make your…[Read more]

Hi Jimmy,

P&I loans are calculated based on the annuity formula where PAYMENT is a variable of PRESENT VALUE (principal or loan balance), INTEREST (per compunding period) and TIME.

Excel does this with the PMT function.

Hope this helps.

Bye,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********