Pinky,

This a perfect opportunity for me to react to your aggressive attitude with cheap point scoring so instead I’m going to do something different… I’m going to try and help you.

Based on this and other posts you seem to have some serious limiting beliefs, including making the conclusion that the strategy I use only worked 3 years ago. I have trouble reconciling this as I continue to buy properties on the same basis, and I know many others are too.

What you seem to be indicating is that you can’t replicate it. I have addressed this exact issue in a recent post (I can’t do it therefore…).

Indeed, I’ve purchased about 60 properties in the last four months that are all consistent with the approach put forward in the book.

You see, investing in the way that I put forward isn’t easy and I can understand that people would give up when finding deals is becoming harder and harder.

Still, I’d urge you to remember the opportunity comes by solving problems, not buying solutions.

Furthermore, if I couldn’t make money using my strategy in property then I’d look elsewhere.

Pinky, if only you could turn your passion into property rather than making a campaign against a resource and people that exist to help you – not shout you down. I have no doubt you’d be an outstanding success.

Now, as for the $990 price tag. I’m certain that the people attending will receive far more value for money as I share exactly what I’m doing right now to maximise my cashflow while also minimising my liability.

Attendees have the option of judging the value of the information for themselves as they can stay until morning tea, then, if they want to leave, enjoy a 100% refund.

Sounds fair to me – and I’d only offer what I thought was fair.

In fact, I’m pretty resolved on this. I’ve spent tens of thousands of dollars on my education – in seminars and financial mistakes. I wish I could have attended my seminar back in 1999… I would have paid much, much more.

Still, there is an element of risk in paying $990 for a seminar. I can’t eliminate this, all I can do is reassure you that the feedback from prior events has been outstandingly positive.

However, you seem to struggle with it again because of some (limiting) belief where you want or need justification.

Now, as for changing your details. The software will not allow this and for you to continue as a member. To that extent, I can remove you from the database, but your posts, stars etc. remain. It’s your call, what do you want me to do?

As for people staying or leaving… that’s up to the individual. If they want help then this forum, website, products and seminars are a resource to draw upon.

If not, then so be it.

If this was your last post then I wish you every success with your investing future.

Upwards and onwards for us all.

Bye,

Steve McKnight

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Hi Muppet,

Thanks for your comments.

Yes – it’s been high time that the forums were tightened up.

I had been holding off until the new forums went live, but sadly this has been quite a saga that might still be a month + away.

While I don’t always have the time to post, I’m here many times a day reading and moderating behind the scenes.

Cheers,

Steve McKnight

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Hi,

Well said.

Cheers,

Steve McKnight

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Hi Arty,

It’s important to remember that this is a moderated forum.

To keep order and respect in these forums I’ve asked several senior and respected community members to join with me to moderate the posts and where necessary edit, lock or delete any contribution that is not in line with our rules, or, where it is deemed not to be helpful to the spirit of the community.

This is certainly not to say that we are seeking to control what is said… diverse opinions are fine and indeed welcome, but just not to the extent that they become irrelevant or degrade others.

‘The Soap Box’ has been created for people to voice general opinions. Yet again, all posts will be read and where needed moderated to ensure they comply with our rules.

We do this to protect the integrity of the site and to ensure it is used for the purposes intended in its creation – to serve as a source of useful pro-active information.

Regards,

Steve McKnight

P.S. Re: the post you mentioned, it has been unlocked since being transferred from the General Area.

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Hi,

When I made the offer it was my intention to end the offer first thing Friday morning.

To this extent the wording was clear… the earlybird offer was available for those ordering up until midnight on the 2nd, but we would have held this open until start of work Friday.

Unfortunately, with time pressures and a hard disk failure, we only got around to changing it on late on Friday afternoon, so some gained an extra bonus.

Sorry if you were caught up in any confusion.

Regards,

Steve McKnight

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Remember that success comes from doing things differently.
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Hi,

Thanks for your post – it would be good if more people could post the numbers on potential deals so we can analyse them and learn.

I’d add the following comments:

1. Just because the property is currently rnted does npot mean that it is rented to a good tenant. It’s important that you seek independent confirmation that the tenant is indeed a future (rather than a historical) long-term tenant by looking at how much of the lease is left to go, rather than how much of the lease has expired.

Simply ask to see the lease and also ask the tenant how long they intend to stay in the property.

2. It’s not what you can see that will hurt you the most. You have done a good job of checking out the numbers, but the gaps are that you need to be more specific rather than just have a $4k budget.

The two points raised re: vacancy and also mngt fees are well made and will decrease your cocr.

However, what I’d also like to see you do is ensure that the $200 p/week is a fair market rent (ie. not inflated). You can do this by seeing what the other apartments rent for or by calling local agents and asking them.

3. Finance… it might be wise to make your offer ‘subject to finance’ just in case the bank will lend you <80%.

4. Think about your exit strategy too. At what point (c/flow and cap. gains) will you sell? Furthermore, also have a plan for how you’ll use the weekly cashflow.

OK – that should keep you going for a while.

Generally, the deal looks interesting and deserves more attention.

Cheers,

Steve McKnight

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Hi,

I recommend you do bi-annual property inspections to ensure your property is functioning as expected.

Here’s a thought… even if you self manage, perhaps you could pay a local rental manager a once off fee to complete a condition report for you or to report back with any problems.

Remember that time is precious – and if you pat $150 to save 3 hrs of travel + the time on the ground doing the inspection… it sounds like value to me.

On that note, it would pay to actually go to the area at least once a year to get a feel for any changes to the community/area in terms of price, infrastructure etc.

Regards,

Steve McKnight

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Hi Doug,

Thanks for your post.

quote:

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1) Is the Deposit that is used to purchase an Investment Property tax deductible?

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No – it forms part of the cost of your property.

quote:

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2) Is the amount of cahflow received that goes into paying off the loan on an IP also tax-deductible, or is it purely the amount that is used to pay off the interest rate component?

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Your cashflow will have a portion of capital (ie. loan repayment, capital repairs) and a portion of income (profit). Only the income portion is taxable – the capital portion is adjusted in terms of any capital gains tax when you sell.

This is a little complicated… perhaps a 1/2 hr chat with any properly qualified tax adviser would be very helpful and worth the $100 or so dollars.

Cheers,

Steve McKnight

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Steve to the rescue!

Still, here… just about to upload a free bonus chapter from the book re: mitigating investment risk.

I come to the forums many times a day… it’s just that I’m also trying to get the Wrap Library completed too!

Thanks for caring!

Steve McKnight

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