Re the discussion: Book review – I want a refund!
I would be interested to get a bit of a vote going here with a yes or no answer. The statement is:
I think that Steve McKnight’s book (1 – 130 Properties in 3.5 years) is out of touch with what is going on in the market place at the moment.
Yes means you agree with the above statement, no, obviously means you disagree.
What’s the point – well not much other than to support my assertions or otherwise since there are 2 distinct and opposing camps, and for a bit of fun.
Can’t say I can vote either way. I’m under the impression that cashflow positive properties can still be found, though with a lot more difficulty than 3.5 years ago! I’d say that Steve’s book is perfectly valid though, even if market conditions aren’t perfect at the moment.
Hi all
Personally I think the facts and figures still add up.
However to make to make it work in today’s market I believe is more difficult then it was 3 years ago.
It can still work but at a much slower rate if the properties can still be found. So far and I have GOOD contacts in Real Estate here in South Australia and I have been looking nearly 24/7 for about 3 weeks and as yet to find one.
I think Steve’s book is a fantastic and I say he has done a great job in many ways, so this is not a negative comment about the book or about Steve’s approach.
I say Good on ya Steve for what you have achieved.
Regards Bear.
PS I am not giving up will I will find a +ve if it kills me ……….LOL
martinw,
Was it really necessary to start a whole new post about the same topic?
There is enough traffic on this forum without doing this.
Even if it is a “bit of fun”.
My vote is NO. Steve’s book is not out of touch.
Del
Think of it like this:
famous stock market movies:
Wall St – late 1987
Boiler Room – early 2000famous property books:
From 0-130 properties in 3.5 yrs – mid 2003
see a pattern?
(course completed and ready to order)
Im all for saying I loved the book!. [
]I would have never thought about investing in property before i read it. It doesnt matter that in this time there are less bargains to be found, as the market goes up and down, it will come around again… But now we are actively looking at investments with knowledge learnt from Steves book. It was an inspiration to what we can do.
[]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)I have been looking at another post at this siteand apparently there are cashflow poitive opportunities in Cobar.
I am currently reading Steve’s book and have found it interesting reading. The only negative thing I have to say is that his formula – “11 second solution” (page 30) does not seem to work in the current housing boom market. It is very difficult especially when borrowing 105% (using the equity in principal residence to borrow 100% and an extra 5% for set up costs) to have the property returning a positive cashflow from day 1. Not many of us would have a 10% deposit saved up for every investment property to be purchased!
Steve’s book is very good.
Hey, not too many accountants would be writing a book on property investing in Australia. His book is VERY unique and valuable irrespective of where you think the market is at.
Maybe I would disagree on a couple of numbers like maintainance costs. Also he doesn’t factor things like building inspections & valuations into any of the costs. Not to mention admin. costs in running the business.
But then again, property investing for wealth/financial independence needs to be run like a business. Not a hobby. Otherwise you only get out of it what you put in…. OK?
BTW I live in Adelaide & have found about 10 +ve cashflow properties in one large country town here in SA using Steve’s 11 second formula, during my FIRST search for such IP’s online.
Unless the agents lied about the rent & price in their ads.
I just got to get my system together, and tell my missus what I’m doing, then I’m out there buying them, while the critics keep complaining fulltime in the online forums. (Psssst… A little secret – thank God they’re not out there buying them too….
)Cheers,
David Paxton
New Homes Consultant
Sterling Homes
0412 853 395[
]
Keep on thinking like that and it’s all the better for the rest of us!
Having attended one of Steve’s seminars and read his book, I’ve learnt that I have to think differently/creatively when presented with a problem that seems insurmountable.
Those properties do exist, they just require a little more searching.
[8D]I don’t think it is a straight forward as yes or no as it all depends on your own investing philosophy and intent to use the information in the book.
Personally I’m not interested in tiny regional areas and sub 50k properties, even if I make 10 or 20 bucks a week on them – it just isn’t worth my time, and doesn’t fit my profile.
However I still was able to take things from the book that I think were very informative and helpful.
There are quite a lot of people who have come to this forum looking for others to do the work for them, and be spoon fed a nice property portfolio – wake up and do some bloody work yourself! I’m sure most people here are happy to provide advice and guide where possible but if I give you everything what have you learnt?
Steve isn’t the messiah – but he provokes thought and hopefully action. Not bad for $30.
NO!! (sorry previously said yes thinking I was supporting steve – got it back to front!)
Let me think about all those great tips and philosophies a bit more … hmmm … still NO!! [
]Now enough of the whining martinw and let’s get on with it. [
] Under ying yang philosophy I’m expecting several Constructive comments from you in the very near future.[
]
Mel
[email protected]I agree with you PB. Having 100 properties at $20 a week each isn’t worth it and can bring more headaches than anything. I would rather chase the bigger fish. There are plenty more opportunities in Sydney to expand your wealth.
NO,
It is still relevant even in todays market. As I said previously in your last topic, if you are prepared to do the research you will find them. Seems like you are trying to drum up support in a new thread because the last one didn’t go your way.
Carl
Hi Agent
Im happy for you in finding 10 +ve’s!
But what may be +ve for you may not be for me.
I have to take a lo doc loan on my home for a deposit, I don’t have the cash for it. Basically I have to loan 100% of the purchase and fees.
Regards Bear
PS be careful what an agent tells u about rent I have noticed the vacancy rate advertised in the paper has doubled last couple of months. Agents may be working on rents 12 months ago and I believe they are on the way down. Do your sums on a rising interest market and a rising vacancy ratio and see what u come up with. If it’s still positive then go for it [
]……….Good luck mate.
Steve’s book is very good.Hey, not too many accountants would be writing a book on property investing in Australia. His book is VERY unique and valuable irrespective of where you think the market is at.
Maybe I would disagree on a couple of numbers like maintainance costs. Also he doesn’t factor things like building inspections & valuations into any of the costs. Not to mention admin. costs in running the business.
But then again, property investing for wealth/financial independence needs to be run like a business. Not a hobby. Otherwise you only get out of it what you put in…. OK?
BTW I live in Adelaide & have found about 10 +ve cashflow properties in one large country town here in SA using Steve’s 11 second formula, during my FIRST search for such IP’s online.
Unless the agents lied about the rent & price in their ads.
I just got to get my system together, and tell my missus what I’m doing, then I’m out there buying them, while the critics keep complaining fulltime in the online forums. (Psssst… A little secret – thank God they’re not out there buying them too….
)Cheers,
David Paxton
New Homes Consultant
Sterling Homes
0412 853 395Hi All,
Does this sound all a bit silly? [?]
You read a book to expand your knowledge, not to take verbatim everything that is said, and when it doesn’t work complain and blame someone else. I would agree that the material does not work – at the moment. But the property market will do a reversion and prices will drop slightly. When they start to move back up, dust of that book and see how you can use some of the techniques.
Cheers
Adam
[8D]Only you can hold yourself back!
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