gday all, my name is jamie &i am wanting to invest in my first property (with many more to come) i have read both of steve’s books but i just cant seem to grasp the 11 second solution. I am from Hobart & all properties i have looked at i have applied the 11 second solution but still come up way short of the price they are asking. Is this simply because rents need to go up to keep in line with price rises or i dont know, please help! thanks for your time[confused2]
I have also just finished both books. The 11 second solution I suspect was applicable a few years ago when ready to pick deals were available for the pickings. However, having said that, the 11 second rule should be used in conjunction with “problem + solution = profit”. I believe we just need to see the potential by solving problems. Steve is so right when he says that the area per se is not relevant, its the problem solving ability. That’s when we can apply the 11 second rule. If I understand this right, once we can solve a problem, we can then apply the 11 second rule, taking into account any additional costs.
I am also new at this so I hope I have this right. I am now attending to business structure and will be furiously looking for such problems to solve.
I hope this helps.
Regards
Tiger
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