Forum Replies Created
Hi,
Just because I own this site doesn’t mean I should be immune from questioning and review.
To that extent, questioning intent is fine, but the inference that some sort of scam is/has taken place is my point of objection.
Defamatory comments, against me or anyone else, have no place on this forum.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Your point about making the post a sticky is well made and I have added that change.
FYI, the ability to make posts sticky only came into existence about a month ago.
Re: stars. Perhaps, to reduce any confusion, we’ll rename the ‘status’ to more directly reflect number of posts.
Personally, I like the starts etc. as I can check whether someone has flown in, or whether someone is actually part of the community and posts on a regular basis.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Originally posted by CastleDreamer:…Of course people will question Steve’s claims, but at the very least they should question the actual claim, not the perceived claims or the partially correct recollection of the claim. Then at least we’ll all be on a level playing field and looking at the same thing to judge it fairly
Here here. That’s all I’m asking!
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Kay,
No, I’m ALL for questioning things to make sure they are as they seem.
And to be fair, The MAP was broadcast to the public and as such the public have a right to know how it ends up.
So,let’s wait and see what happens prior to sending someone’s reputation to the gas chamber without all the facts.
Bye
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
In response to Kay’s comment:
I remember when the MAP stuff was first shown. The idea was to make “property millionaires” in 1 year. That was then changed some months later to “controlling 1 million of property”- a VERY different concept.Factually incorrect. From the Media Watch site which is a direct quote from the story:
Steve McKnight: The objective of the MAP is to control a million dollars worth of real estate within 12 months.
– Channel 7, Today Tonight, 8 September 2003This was, in fact, the first story about the MAP.
What usually happens after these media stories, is that the blame is attributed- false quotes (emphasis added by Steve), not what it seems etc etc.Hmmm – it seems you are guilty of the same sin.
The MAP is what it was at the beginning, what it is now, and how it will finish up. Nothing else, nothing more, and nothing sinister. Ordinary people working hard to achieve a goal with mentoring help from me as needs be.
When the story first came out, Steve surely would have asked TT to clarify about “controlling” wouldn;t he?Indeed he would… see the quote earlier where I stated the objective of The MAP.
We have also had discussions on here about what that means- it means “net 1 million of property”, NOT controlling one million.Er, incorrect again. This, I presume was your definition. Who’s we?
Who’s responsible for the “created impression” that “ordinary Australians”, in any circumstances of life, could become property milloinaires in 1 year?Well, with the exception of the ‘in any circumstances of life’, and on the basis that ‘property millionaire’ means someone who controls $1m in property, I don’t think that this is beyond the realms of possibility.
In fact, 4 people in the MAP have already achieved this goal (ie. acquired $1m in property in less than 12 months), it seems perfectly possible.
Still, a lesson I have learned from The MAP is that it is a possiblity open to all, but not all are open to the possibility.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Just before this gets too out of hand, there’s more to the story than the people at Media Watch would have you believe.
I urge you to wait for The MAP to be completed in September 2004 before casting your vote. Until then, guessing what might happen is like estimating tomorrow’s top tempreture – it’s mostly speculation and no one will know for sure until tomorrow has come and gone.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
A transcript of the interview can be found at: http://sixtyminutes.ninemsn.com.au/sixtyminutes/stories/2004_04_04/story_1076.asp
Investing is a matter of matching risk with return.
It is also a matter of acquiring knowledge via a process called due diligence. Ultimately, if you don’t understand the nature of the investment then there’s a good chance that you’ll lose money.
I don’t accept that it is the bank’s responsibility to advise clients about the mertis of an investment as to do so would constitute advice, which opens a huge can of worms.
Yet, having said that, a lender is under an obligation to outline where the loan funds are being provided against what security and in what proportion. I’m very surprised that this was not done, since in the nitty gritty of the paperwork surely this would have been disclosed?!?
In the end it’s the same advice… beware investing outside your area of expertise and remember that there’s no such thing as a free seminar… someone pays somewhere down the line.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
The idea behind the stars is to encourage people to particpate through discussion. It is not an indication (necessarily) of skill or property investing ability.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
I have seen Rick’s product, which is how I picked up that he had copied one of my templates and passed it off as his own. I was unaware that Jamie Mc. had anything that covered wraps.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Actually…. Myer is the ONLY store to discount the book.
They do this with the aim of having a loss leading product (a book) and making the profit on other purchases such as clothing etc.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Good point about the refund policy. I’ve asked Alister to look into it, but the 14 day part is hard coded onto all products in the shop area and we need to change this asap.
The ‘No Hard Feelings’ refund applies.
Re: the product, it is a lot more than just a wrap product as it explains the way we automate our entire property business. Having said that – I don’t want everyone to buy it as it is a niche product for a niche market.
For those that want to do it right, it’s worth the investment.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Welcome to the forums. It would be great if you could contribute your experience and knowledge as I’m sure you have plenty to share!
To answer your two questions:
Q1: Re: Socio-economic profile.
I doubt anyone can give you a definitive answer although I’m sure many people have an opinion.
It is true that some wrappers target those who desire the dream of home ownership but don’t necessarily have the financial ability to understand the nature or obligation of the agreement.
Yet, having said that, the target market for vendor finance are those that cannot access traditional finance. That is NOT to say that it is the financially desperate who are the bread and butter of wrappers. Far from it as someone who cannot afford to make repayments can provide no positive cashflow.
Further, you need to understand why it is that those from a low socio-economic profile that cannot secure finance. Usually it’s because they cannot save the 20%+ deposit in the first place, and as such, vendor financing is seen as a low cost way to get into a house on a form of bridging finance until they can cash out using cheaper finance.
The key to win-win vendor financing is finding people, from whatever sociio-economic profile, who can afford the repayments and understand the nature of the agreement.
Recent vendor finance deals we have done have not involved people from low socio-economic profiles.
Q2. Affordability
You are right. Prices have boomed and the wrap deals that I did at the start on the basis of repayment equal to or lower than rent are very difficult to find now.
As such, the equation has changed so that even more people are priced out of owing a home. This is the exact problem that the producivity commission into housing affordablity is looking at.
People and properties suitable for vendoring financing continue to exist today. Yet matching them together so that all parties benefit requires increasing skill – and plenty of hard work.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Indeed – the same could be said for vendor financing.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Like everything, wraps included, you need to weigh up the risk vs. benefit.
It seems this is a higher-risk strategy that will suit people, but not all. TT ran with one perspective, but the counter argument could probably have been presented with as much enthusiasm on a different night. Who knows?
Get educated and make your own informed opinion
Have a wonderful day.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Indeed – money cannot buy happiness.
But it can buy back time that you’d otherwise have to allocate to working in a job.
Comfort zones are detrimential to investing progress.
Several excellent points:
Although I understand that achieving big dreams involves making big afforts sometimes; I also understand that nothing should be achieved by force.The strength to decide and fight for big objectives in life is something that must come naturally.We don’t have to do anything but to be honest with ourselves and live according to what we really are and not to what anyone tells us we should do or be.Thanks for the contribution!
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
Thanks for the responses so far. I’m delighted you enjoy the newsletters and hope that they prompt thinking through some of the important questions that need to be considered to be a property investing success.
Yes, I agree that purpose should actually come before plan.
Yack – I don’t always agree with what you say, but I’m certainly appreciative of your contributions that make this forum balanced and informed.
Take it easy!
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
I pay 0% CGT as there is no CGT to pay!
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
…you’ll then be paying 100% CGT?No. You actually pay 0% CGT [wink]
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi,
When you understand the tax consequences it’s not so bad.
CGT should almost never have been relevant for wraps as the 50% discount only applies if you owned the property for more than 12 months.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Go Rachelle!
Next you’ll be doing seminars [wink]
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
