All Topics / Help Needed! / “Success from Scratch” Has anyone used this? Opinions welcome

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  • Profile photo of AimHigherAimHigher
    Participant
    @aimhigher
    Join Date: 2008
    Post Count: 26

    Hi all

    My husband and I have a residential property and an IP.  I am looking to make more IP purchases to build up a significant protfoli for ours and our childrens future and so am doing a lot of research.  I've seen a lot on John Fitzgerald and am curious about his book "Success from Scratch"  I understand he runs a property investment/development co and that these are invariably pushed at his seminars – no surprises there.  But I'm wondering if anyone's used / read the package/book that he sells.  It goes for about $300.00.  Is it worth looking into purchasing it?  I can't find a review on it or anything really on him – except the website stuff. I'm not looking fur us to get rich quick, I don't expect big returns for no outlay – I think I'm realistic hence my research.

    Anything you could offer up would be much appreciated.

    J

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi AH

    Firstly welcome to the forum and i hope you enjoy your time with us.

    You have taken the first step by buying your own home and an intial IP so congratulations.

    To enable you to go forward with undue problems in financing the deals make sure that your loans are structured correctly from day 1. To often most lenders require the loans to be cross collateralised and bundled together and whilst that may be all well and good initially it will only lead to heartache down the track.

    Whilst you still have a non deductible loan on your principal place you want to ensure that your loans are set up so they are acting in your best interest and not the Banks. A little bit of tweaking can save you 000$ in dollars over the life of the loan.

    A few initial weeks getting things done correctly will set you up for the rest of your life.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of mel_d01mel_d01
    Member
    @mel_d01
    Join Date: 2008
    Post Count: 26

    Hi AimHigher,
    I have been to one of john fitzgerald seminars, which I found was ok if your plan is to buy and then use the equity and hope that property prices go up, all while using negtive equity. I find this strategy is good for tax breaks but not used as a full investment plan as there's only so many propertities you can afford if they are all neg geared.
    If your going to spend $300 look at the rich dad series of books and steve mcknight and margaret lomas they all use different investing techniques which are all good to know and learn. then you really need to think about 'the end' your main goal, where u want to be? do you want to have 50 propertities and owe 15mil-that might be worth 25mil on paper. or 13 good cashflow propertities that pay you $50k a year.
    If your new to learning about property investing -I would def read books first then if u want to know more about their techniques go to their seminar, then if they offer a program consider it a few months after the seminar….-yep been burnt b4
    cheers mel:)

Viewing 3 posts - 1 through 3 (of 3 total)

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