Hi Steve and forum members,
After 18 months of research into wealth creation, I find myself here at Steve’s website, wondering why I haven’t found the likes of Steve and Rick Otton sooner.
I have pretty much decided that Real Estate will be my investment vehicle. Other than a head full of theory from the likes of Kiyosaki, Burley, DeRoos, etc. I have little idea of how to start.
I have just ordered Steve’s “FastTrack” tape (Tuesday) and am ready to ambush the postie for the rest of the week (I hope for the postie’s sake it arrives by Friday!).
I am now at the stage of scraping together $2K for one of the wrap packs, But which one?
After finding little here by the way of comparison, I am currently tending towards Rick’s pack for 2 reasons: 1) Rick operates in NSW, as I will be; and 2) Steve’s pack is out of stock. Any comments/advice on this would be appreciated.
My next problem: no investment capital
I have just refinanced my home loan from a low deposit (2.5%) loan to a LOC with 20% equity
(but no surplus credit )As no cash didn’t stop me from buying my home, I am hopeful that I can overcome the same problem with my first investment property. My goal is to acquire positive cashflow property to pay down my LOC, which would then be used to fund further investments.
Does my situation and intentions soud realistic to you guys and should I proceed with paying for Wrap education (with the expectation of getting straight into it), or would you sugest what all the other conventional advisers tell me ie. sit tight for now, live frugally and concentrate on reducing debt using wage income?
Finally: Thanks for any advice and sorry for the long intro. …so many questions, so little typing skill!
Regards,
DaveTHi Dave
Welcome! I’m surprised you couldn’t find any comparisons on this forum, it has come up a number of times.
Anyway, either product is worth the money! Rick’s is probably a bit more hands on, step by step guide, Steve’s goes a lot more into the details of legals and finance etc, so they actually tie in well together.
Their strategies have some differences – Steve wraps in regional areas where the repayments are equal to or lower than rent, and usually wraps for the long term cashflow (ie 25 years). Rick wraps anywhere, and wraps for the shorter term because he wants the backend profit, not so much the ongoing cashflow.
But with both packs there’s one thing that makes it worth the money – the mentoring. I’ve had a lot of contact with both Rick and Steve for a while now in various forums and in person, and the amount I’ve learnt from both of them is priceless. They’re both extremely knowlegeable about wraps.
Hope that helps!Keep smiling
FelicityHi,
Looks like you are either going to hold off, or alternatively buy Rick’s product.
My Wrap Library has been so popular that it has sold out.
I plan to do a major edit and then release a 2003 edition. Hopefully it will be ready by the end of March.
I respect Rick as a fellow investor. We both see the benefit itn wraps but approach the issue of making money differently.
Rick looks to be cashed out and as such as to re-create his business every few years.
I take a longer investing timeframe and seek to keep the income stream for 25 years if possible.
Both work, both seem to achieve the results we are looking for. You need to decide which style best suits your needs and then act accordingly.
Regards,
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
Thanks for the feedback Steve … and to others who have emailed with support and advice.
Felicity, I did find one topic that did a basic copmarison, similar to what Steve and yourself have said here. I just thought there would have been more discussion than what I found. Perhaps I didn’t look hard enough. I’ve only just noticed the time filter in the search function.
Regards,
DaveTEdited by – [email protected] on 31/01/2003 09:43:44 AM
Hi,
It’s great to see the comparison of the two products written here. My “Wrap pack” from Rick arrived yesterday, complete with long video from his recent boot camp (a fabulous extra !!!) and I can’t wait to get started. We have 2 “buy and holds” and our own home we are now ready to ramp up to something new. We have been given approval for a 4th house but can’t find anything that is not overvalued at the moment (selllers expectations are still too high for the realities of the market)
I was most interested to see that Steve buys in regional areas as this will probably be us too (as we are in Canberra so there are many good centres close by). From something Rick said on his tape he seems to concentrate on the city areas.From what I have seen of the wrap pack, it looks really good. I also bought “Buyer Beware” 2 days ago and it looks like a useful addition too.
Dolf DeRoos is worht a read, as is Kiyosaki.
We have also used ideas from Peter Spann, eg, must have cap growth of 8% per annum or don’t buy it.
We even use the Investors Club idea of only looking at properties that yield at least 6.5%…all these strategies have worked well for us.
I would love to hear from people who have wrapped in regional NSW (I’m sure it has been a very successful experience).
Good luck to everyone wrapping…….I feel like I’m about to join a really special group of people !!!
Savanna100
(but no surplus credit 
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