well i'm new to this site so hello to all!
i am very new to real estate investing but am slowly getting my head around it all….i have one question for all has anyone done/know of someone who has suceeded using mcintyre's strategies? i have no intention of doing his seminar (jus read his free ebook/dvd) but was very interested in his ideas.
my strategy so far (yes it's vague but i'm workin on it! haha)
1. IO,no deposit loan finance
2. find desirable home and spend $4-$5000 on renovations (most work inc. landscaping i'm capable of) to increase land value/equity
3. move into said home with a friend (also my partner in this venture) and maybe a further housemate and pay a high amount of rent between us all to further increase value/equity *is this possible/wise?
4.wait 12 months and start drawing money in line of credit,perhaps 10%/annum depending on property value increases in the area.maybe further draw on initial gained equity from renovations and rent increases as well to speed things up on further properties (would prefer to keep this initial gain as a "buffer" in case of a worse case scenario).so guess i really don't have any further questions as such but would appreciate all advice thrown my way!
thanks allWelcome to the forum SKYFOX.
I'm sure you will learn an awful lot from the guys/gals here.
The strategies you mention are what most of us do and more.
The things you mention that you are planning to do which are probably a bit "muddy" are;
3. I haven't ever heard about a higher rent return increasing the value of a property. Any experienced investor who sees a property for sale with an abnormally high rent return will dig deeper, and will probably already know the values of other similar houses in the area. In commercial real estate there is a value placed on buildings based on the rent return to a degree.
4. Waiting 12 months before drawing on the equity only will work if 2 factors occur in that time;
a) you get sufficient capital growth in the property. This does not always occur. In some places in Aus over the last 2 years the growth has been negative.
b) you can normally only access around 80% of the AVAILABLE equity in your property. This means you need to work out what your loan balance is and subtract that from the 80% value of your house, then you can use what's left. After 1 year it is usually next to nothing unless the property market is experiencing a boom and/or you have bought the property way under the market value.Hi Skyfox,
No one has ever suceeded in investing using McIntire's strategies, and for that matter no one has ever suceeded using anyone's strategies. Investing is like riding a bike, there is no step by step formula on how to do it. You can't read it in a book or attend a seminar then expect to win a gold medal in a bike competition.
Seminars and books are great, but they are just a metaphore for your own plans, what you see and what you get out of them is a reflection of your own internal dialogue. My husband and I have attended the same seminar before and have taken away completely different strategies to implement in our own businesses. That was not a reflection of the seminar presenters but a reflection of what we were looking for as individuals.
Before spending any money on anyone's seminars or courses you need a PLAN. Only you can direct your own success no one else.
All the best
well i'm back again with the latest devolopments…..and thankyou for the replies so far.
so i've done some more reading (including mcnights book last nite-good stuff!) and searching and am slowly forming a more solid plan.
made the first move today by seeing a finance broker and came up these loan details:
bank is adelaide bank national
can borrow up to $361k
loan amount $330k (will not be buying a prop over 290k though)
100% finance
term of 30years
principle & interest (may switch to IO,have to consider options)
rate of 7.3%
monthly repayment of $2262
total opening costs $12,507 which equates to $5507 after the first home owners grant.
From here the search is on for the worse property in the best area close to brisbane lol.my plan for the 1st prop is to find a property that is selling under its value,renovate and either use the equity or sell after 12months for the next IP.
soo of i go to study some more and put the leg work in to find a terrible looking bargain![Edited due to advertising.]
Great post Trisha. Thats 6 posts now promoting Jamie McKIntyre.
Maybe soon you can provide some contribution without advertising a product or service.
If you honestly believe you can learn in 12 months how to effectively trade options you must be kidding yourself. I spent the first 8 years of my working life on the trading floor of the London Stock Exchange as a Currency Options trader so like think i now what i am talking about.
Richard Taylor | Australia's leading private lender
Dear Trisha Rich,
please share how you track record has been of late.
Are you still earning 3,000 p/wk and what strategies does that involve in this current market?
How much have you donated to the market and market makers in the last nine months or so?
I am with you Michael, let us wait and see the response to that one.
Richard Taylor | Australia's leading private lender
Trisha you're the first person i have blocked from advertising.
In most cases i delete a single post and leave a simple massage that acts as a reminder that advertising is not permitted in the forum. You have posted 6 times to market Jamie McKIntyre.
If advertising was allowed this forum would turn into a total mess. Building a reputation with genuine, valid and helpful posts is the go! If you would like to discuss the blocking please contact me or admin.
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