All Topics / General Property / Mappers on Today Tonight

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  • Profile photo of AdministratorAdministrator
    Participant
    @administrator
    Join Date: 2006
    Post Count: 131

    Hi,

    Just letting you know that the final Today Tonight story about the Mappers is due to go to air tomorrow (Friday) night.

    6:30pm on Channel 7!

    Regards,

    – Admin

    Profile photo of muppetmuppet
    Member
    @muppet
    Join Date: 2003
    Post Count: 900

    Hi Admin

    Any chance of a transcrip of the show or a link to one please?

    REgards

    Profile photo of Michael WhyteMichael Whyte
    Member
    @michael-whyte
    Join Date: 2004
    Post Count: 269

    Yep,

    Saw the add on tellie last night. Looks like champagne all round…

    A link to a transcript would be good. I won’t be home to catch the show tonight.

    Cheers,
    Michael.

    Profile photo of OldtimerOldtimer
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    Profile photo of DuritzDuritz
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    @duritz
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    I love journalism, especially the nightly current affairs type. So rich, so full in detail and analysis, so quick and ready with figures and costs and breakdowns….. NOT!!!

    I have a few queries, forgive me if some of them seem obvious, but I am new here:

    1 – Assuming that these people (in particular Mr $400K in debt man) did not borrow 110% of their purchase price, how did they come up with the initial finance for deposits? The guy with 750,000 worth of property for example, the softly spoken “quality of life” one, did he have 10% or even just 5% of that 750,000 before he began? Lending institutions don’t lend if you don’t have any “skin in the deal”, and this is often the biggest hurdle to acquiring multiple properties quickly, so if these people (again, especially Mr 400K in debt man) didn’t have these funds up front, how did they acquire them? And if Mr. 400K in debt man did have 100,000 or whatever in cash, then he’s not really 400k in debt is he?

    2 – Was their income (you know, the bit at the start of the story when they stood in front of the camera and said in their best dorky impersonation “My gross income was 142,000”) inclusive of whatever their wage was in their everyday life or was this their investment income alone?

    3 – Is Steve McKnight really that nerdy? :) (j/k)

    Profile photo of crjcrj
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    @crj
    Join Date: 2004
    Post Count: 618

    If you want some more detail on questions 1 & 2 read “$1,000,000 in property in one year”. Your local library may have it.

    The book might not dot every i and cross every t, but it answers a lot of your questions. How these people achieved what they did differs, but they’re certainly inspiring examples of people who set goals and aimed for them. Even if some did not reach the goal, I’m sure they got much closer to it than if they’d had no goal.

    Read the book – it can challenge you. It can get you to rethink your comfort zones.

    For almost 20 years I worked in a job where I considered my role was to find solutions. Someone would say we want to do “X”. My job would be to get to “X” legally, ethically, and cost-effectively. I won’t say you can always get to “X” or that “X” is necessarily the right place to go, but there are solutions. But unless you know where you want to go, even if you get there you won’t know you’ve arrived.

    Profile photo of JDOld07JDOld07
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    @jdold07
    Join Date: 2004
    Post Count: 1
    1 – Assuming that these people (in particular Mr $400K in debt man) did not borrow 110% of their purchase price, how did they come up with the initial finance for deposits? The guy with 750,000 worth of property for example, the softly spoken “quality of life” one, did he have 10% or even just 5% of that 750,000 before he began? Lending institutions don’t lend if you don’t have any “skin in the deal”, and this is often the biggest hurdle to acquiring multiple properties quickly, so if these people (again, especially Mr 400K in debt man) didn’t have these funds up front, how did they acquire them? And if Mr. 400K in debt man did have 100,000 or whatever in cash, then he’s not really 400k in debt is he?

    Can’t answer that one for you, but I too am interested in the answer.

    2 – Was their income (you know, the bit at the start of the story when they stood in front of the camera and said in their best dorky impersonation “My gross income was 142,000”) inclusive of whatever their wage was in their everyday life or was this their investment income alone?

    I’m pretty sure they said their “passive” income was $xxx. Implying that this income is exlusive of any wage or other such income.

    3 – Is Steve McKnight really that nerdy? :) (j/k)

    You saw him … you’ve obviously made your own mind up on that one. [biggrin]

    Profile photo of CastleDreamerCastleDreamer
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    @castledreamer
    Join Date: 2003
    Post Count: 288

    I know several of the mappers. when they started they were just like me. Average Joes who wanted to get ahead. and what Steve has shown many of them is exactly that – how to find it in yourself to be confident enough to go and learn and take a different path to the everyday nine to five working for you cash and living connected to your job for the rest of your life.
    CD

    CastleDreamer
    “+CF properties in NZ available now, email CastleDreamer or Minimogul”

    Profile photo of Hux001Hux001
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    Hey Duritz, read the books and many of your questions will be answered – particularly Steve’s second book with the mappers own stories in it.

    Profile photo of kalonikaloni
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    @kaloni
    Join Date: 2003
    Post Count: 124

    I watched the program
    Was NOT too impessed
    ALL 3 mappers said that their GROSS total
    was $XXX BUT what about NET???
    I could have $1000000 GROSS but $2000000
    expenses
    a funny thing that confussed me was
    they said
    Money was the reason that they initially got
    in BUT now money was not the reason they
    were doing it any more it was family values
    Is it that the NET amount is not there
    I could be

    Profile photo of MonopolyMonopoly
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    @monopoly
    Join Date: 2004
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    Without getting into a heated debate about the program, and I must agree shows such as TT really are not the most reliable source of information. They are more “overview” type of programs aimed at attracting your attention and boosting their ratings.

    The biggest criticism most people have of Steve’s second book (re the MAPPERS) is the omittance of “net” figures; specifically not outlining all the financial details, hence this oversight is interpreted by many as generalisation of gross estimates which are both inconclusive and of little worth in the greater scheme of things.

    The TT show was pretty much just a celebration of targets that were achieved, and if nothing else, Steve and his MAPPERS deserve that recognition.

    Jo

    Profile photo of Robbie BRobbie B
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    Regarding NET figures, it is not hard to work out the worst case scenario. Just take the gross figure and take away 48.5%. The sceptics should be happy that they have a NET figure then.

    I met the mappers and I think they did a great thing!!! They are doing an even better thing now by motivating many more people.

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of MonopolyMonopoly
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    Regarding NET figures, it is not hard to work out the worst case scenario. Just take the gross figure and take away 48.5%. The sceptics should be happy that they have a NET figure then.

    I’m no financial whiz, but even I know that the worst case scenario doesn’t necessarily equate to the above formula. There are people who have (and do) achieve huge gross earnings and who equally have run at an even larger loss!!!

    Nonetheless, I am not disputing the MAPPERS successes and I agree they have done well, whether they could repeat this is another thing in the current market.

    But all in all, they are deserving of the accolades, they rose to the challenge!!!

    Cheers,

    Jo

    Profile photo of Robbie BRobbie B
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    Sorry Monopoly,

    I was assuming the gross figures everyone was talking about was before tax. Why would they state a figure before expenses?

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of DuritzDuritz
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    @duritz
    Join Date: 2004
    Post Count: 6

    Wonderful to see that this is becoming discussed heatedly. As we all know, there’s nothing better than a good mass debate. However, the first question remains unaddressed – how did they get the skin in the deal, esp. Mr. 400K in debt man, virtually overnight?

    I’ve read Steve’s 0-130 book, and like all books on property investing (positive and negative gearing included) think it has it’s good and bad points and needs to be evaluated individually and added to your own personal knowledge, and from it extracted the parts best suited to the way you as an individual choose to invest, however none of it described how to conjure deposits and legals etc from thin air. In his own case he talked about how he lived frugally and developed other income streams. If these mappers did that then perhaps that is also quite the relevant success story rather than just concentrating on the property aspect.

    Not trying to pour cold water on the success stories so vaguely outlined by TT, but if this were a novel, there’d be some severe plot problems in need of the attention of a very good editor, or if I’m wrong can someone please tell me how to conjure deposits from thin air because I have a uni student brother who I am sure would get laid on campus more often if he were an overnight millionaire, and seeing as he is not starting off 400K in debt (not yet anyway, students in 20 years may be another matter), then he is well ahead of that particular mapper who was.

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
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    Post Count: 2,493

    You do not need big deposits to buy property. You need an imagination and some knowledge. You can buy properties for less than $50,000 where the deposit is minimal and you can buy properties worth $750,000 and the deposit can still be minimal or nothing. It is how you want to proceed that must be decided.

    Robert Bou-Hamdan
    Mortgage Adviser

    M: 0414 347 771
    E: [email protected]
    W: http://www.mortgagepackaging.com.au

    FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm

    Comments made are of a general nature and should not be construed as individual advice.

    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Hi,

    Mortgage Adviser – you are exactly right… A lot of his deals were “no money down” deals, where perhaps the vendor left cash in the deal.

    Some were subdivisions, with long settlement dates. etc..etc.. It’s not hard, “perhaps” all you need is a lot of GUTS and DETERMINATION and that Mapper had lots of both.

    Duritz, get some education, and even perhaps read the book…

    Regards,

    Del (ex Mapper)

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,750

    Hi,

    Just to quickly answer a couple of questions:

    1. John and Rondah sourced their first lot of finance to purchase real estate through a money partner… 20% through them and 80% through mainstream lending. The money partner was, in this case, a family member.

    2. In respect to gross vs. net figures, I accept the argument and potential weakness in the quality of the data reported. In my mind, I thought it better to re-produce figures based on what was known (i.e. current rents) rather than building in assumptions about budgeted net figures.

    For the sake of the argument, time permitting, I’ll go back and draft up some budgeted net figures and repost them in this thread next week. I’ll need to make some quite big assumptions, but it will be interesting to see how it works out.

    Note: ‘$1,000,000 in Property in One Year’ does clearly outline what all the map financials mean. See page 218.

    3. Yep, I probably am that nerdy… but I’m happily that way so. [8D]

    Regards,

    Steve McKnight

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

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of DuritzDuritz
    Member
    @duritz
    Join Date: 2004
    Post Count: 6

    Thanks Steve for clearing up that bit about question one. That was pretty much the crux of what I was getting at – how did they get their “skin in the deal” in the first place. In their case, they borrowed 20% from family members. Getting “educated” as wilandel suggested wouldn’t have helped me guess that unfortunately, and to re-iterate I was not attempting to pour cold water, more to just cut through fluff to discover solidity and substance. In property investing, though I am new to it, I would assume that relying on fluff would be costly, whereas betting on the basis of solidity and substance would not.

    What TT suggested and implied through their story was that Steve pretty much took a group of near bankrupts and those just treading water and transformed them into money printing machines. My queries are not levelled at Steve or the methods he uses but at the truth behind the vague headlines from TT, and when all is said and done had that particular mapper who was 400K in debt not borrowed from family he wouldn’t have his portfolio now. TT presented it as though these people were given free holy grails to drink deeply from, and it is not Steve’s fault that they present information this way, but it is perhaps the duty of the more diligent to search for the reality through the smoke.

    Thanks for the responses though all, a most pleasing first debate began for this new investor.

    Oh yeah and Wilandel don’t assume I’m not educated, whether generally or about this.

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Duritz,

    I don’t really know where you have come to the conclusion that TT implied and suggested that Steve took a bunch of “near Bankrupts” and those just “treading water” for the MAP program. I certainly didn’t get that from seeing the show.

    Actually everyone was from different and diverse walks of life, all with very different assets and liabilities and jobs, but I would only say that one couple was near bankrupt. Actually, one Mapper already had a portfolio of well over $1,000,000 perhaps over $2,000,000.

    As far as that Mapper who you claim “if he didn’t borrow from his family he would not have his portfolio now, well, I beg to differ again….

    They would have used different money partners, or else they would have tried more expensive short term loans from commercial lenders. He would have found a way to do it. That was the difference in having Steve as our mentor; he gave us no sympathy if we had no money to do deals with. It was up to all of us to find a way, and make it work… There was no hiding in self pity or “I don’t have any money at the moment” stuff…..

    That was what Steve gave us…

    Hardly a holy grail to drink freely from, actually it was quite confonting stuff for all of us to deal with at times…

    Buy the book and have a read, you will find it interesting.

    Del [biggrin]

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