Hi AD,

Thanks for your post! Happy New Year to you too – and indeed to all the forum posters and readers.

I’ll be in contact when I get back from Mackay re: the Brisbane investors group and I’ll look to come up in say late March / early April.

As for my goals… $20m more property by 1/1/2004!

As my primary school’s motto said… “Aim…[Read more]

Hi Matt,

Happy New Year for Wednesday!

I’m very pleased you enjoyed the tape… for $15 it’s a no-brainer, right?

Anyway, I thought that since you wrote such a nice comment I’d write some detailed feedback for you (even though it’s late!) []

You ask:

quote:
Do you all see merit in purchasing a property, doing the basics of rehabbing it,…

[Read more]

Hi George,

Welcome to the PropertyInvesting.com community and thank-you for your post.

While the investment you outlined in your post would not be something that I would buy (as it is likely to be negative cashflow…), I nevertheless feel that being in the game makes you well placed to go on to investing success.

Nobody scored the winning goal…[Read more]

Hi Jason,

Great to hear from you. How are things going?

You raise a good point and something that is already ‘in the pipeline’, so to speak.

Hopefully I will have some good news in the later half of 2003.

Have a wonderful day.

Regards

Steve McKnight

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

Hi,

A solicitor would normally draw them up on your behalf.

I’d imagine that it is just a standard Word document on their system that is tailored for your particulars… but nevertheless, it would be smart in the first instance to have a solicitor advise you as it will need to comply with the relevant Consumer Credit Code and other financing…[Read more]

Hi Nick,

The three most popular US forums seem to be:

1. Robert Kiyosaki’s site: http://www.richdad.com
2. Creative Real Estate: http://www.creonline.com/
3. John Burley’s site: http://mastermindforum.com/phorum/list.php3?f=2

I must admit that I am not a fan of John Burley’s site since the policy adopted is one of heavy censorship.

Still, if…[Read more]

Many people may read this post… but I wonder how many truly understand the importance of the subject matter.

Who is doing who the favour?

The landlord for providing the house? Or the tenant for paying the rent?

Your answer will reveal how far your property investing will go.

Regards,

Yoda [^]

a.k.a Steve McKnight

**********
Remember that…[Read more]

David,

There will be two legal documents in a 2nd mortgage.

The first will be the normal sale of land agreement.

The second will be the 2nd mortgage agreement.

Re: the issue of being left high and dry… I would either include a clause in the sale of land agreement saying that if the seller pulls out then s/he must pay all legal costs for both…[Read more]

Hi,

When rate shopping , a good link to check out re: interest rates is:

http://www.infochoice.com.au/banking/rates.asp?CategoryID=90

This and other useful links can be found in the Web Links area.

Regards,

Steve McKnight

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

Hi,

I don’t know if such a link exists… but if you find one then I’m sure that Sooshie would be happy to add it to her links area.

Otherwise I can recommend the Buyer Beware e-book that I created for PropertyInvesting.com

It contains the five due-diligence templates that I use when buying property… including my offer template.

It’s just…[Read more]

Hi,

I think that it is important to read widely on the topic of real estate.

In respect to OS forums, there are often hints of strategies being used that may (or may not!) be applicable to the Aussie market.

For example, it was at a direct marketing conference in Vancouver that one of the fellow participants pulled me aside to discuss property…[Read more]

Hi,

Yes, Mixrex is correct.

The following text is taken from:

Edmund & Wheeler – 1031 Exchange Strategies

“Section 1031 is a provision of the Federal Income Tax Code that allows companies and individuals to exchange property of a like-kind without payment of the capital gains taxes due. The provision has been in the law since March, 1921, and is well settled.…[Read more]

Hi,

You ask a difficult question because not all homes are alike.

For example, a 10 y/o weatherboard house will need more exterior maintenance than a 10 y/o brick house.

Perhaps look at it this way…

Big Items

A new Hot Water Service $700
Painting exterior $2,500

Small Items

Misc. plumbing $200
Misc. electrical $200
Misc. general $200

In…[Read more]

Hi,

I think that Paul makes a good point about r/e agents.

Most r/e agents business bread and butter is their rent-roll. However, it generally seems that they take their clients (landlords) for granted.

Personally I would not leave my assets in the hands of just anyone. I would certainly do my due diligence about quality of staff, cost…[Read more]

Hi,

I know for certain that assumable mortgages exist in Alberta, Canada… although the standard way that real estate is transacted remains as it is here.

Still, for creative investors there is a great opportunity.

Take an assumable mortgage and apply it with the wrap technique and you have a very, very potent invetsing tool that provides for…[Read more]

Hi Adam,

I agree that the shipping component is expensive compared to the price of the product, but the reality is that it costs that much to send out the tape given out original production run.

I will investigate the possibility of an mp3 format in the new year.

Regards,

Steve McKnight

P.S. Even with the extra charge for P & H – $30 for a…[Read more]

Dan,

I’ve not looked at this type of property before in a lot of detail.

However, the points you raise suggest that for the right investor it could be a fantastic niche.

It is certainly a growth market too.

Personally, I’d not aim at the expensive end of the market, which is where I see most of the retirement property in my area.

Instead I’d…[Read more]

Hi Dan,

I agree, things look grim.

But this is where the chase gets fun. I doubt that what was said to you is hard and fast policy… you just need to look for an angle to negotiate on.

Keep asking questions looking for the right angle that will get the answer you desire.

Otherwise, what I would do is redraw some equity from your other deals,…[Read more]

Yep.

He needs $8,000 to invest in this deal from his own pocket.

Regards,

Steve McKnight

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

Hi Theo45 & Anthony J,

I just want to bring to your attention a few interesting co-incidences with your post.

1. Theo45 and Anthony J signed up as members sequentially, one after the other right before posting.

2. The IP address (which is recorded on each post) is the same, leading to the conclusion that both posts were made from the same…[Read more]