Steve McKnight buy's 30 properties in the US
- Thread starter Platnicka
- Start date
If he's so good why does he have to keep on buying????
Hi,
Steve McNight is supposed to be a guru. Surely he has such a large and impressive portfolio of property that he can sit back and live off the profits?
Gurus do a great job to get where they are but its annoying that they have to keep on going taking lots of good deals making it harder for other people.
Hi,
Steve McNight is supposed to be a guru. Surely he has such a large and impressive portfolio of property that he can sit back and live off the profits?
Gurus do a great job to get where they are but its annoying that they have to keep on going taking lots of good deals making it harder for other people.
tom1000000 said:
See Change
I guess I should be a bit more constructive.
a. Perhaps they enjoy it.
b. Me thinks there are more than enough good deals for all.
c. Others can follow what the gurus are doing NOW ... can learn and even mimic ... in todys environment.
d. I'm sure they are doing other things too, so it's not as though they only keep doing the same thing.
e. If they stopped ... some would say they are resting on their laurels. Or perhaps they couldn't do it again.
... though I'm sure they could care less
f. Who determines when you or they have "made it" ... we don't know their goals.
Their goals could be so far removed form ours that we couldn't imagine the motivation.
ahh ... that's enough for now.
a. Perhaps they enjoy it.
b. Me thinks there are more than enough good deals for all.
c. Others can follow what the gurus are doing NOW ... can learn and even mimic ... in todys environment.
d. I'm sure they are doing other things too, so it's not as though they only keep doing the same thing.
e. If they stopped ... some would say they are resting on their laurels. Or perhaps they couldn't do it again.
... though I'm sure they could care less
f. Who determines when you or they have "made it" ... we don't know their goals.
Their goals could be so far removed form ours that we couldn't imagine the motivation.
ahh ... that's enough for now.
McKnight buys 30 US homes for $1m
The Australian, 02-06-2005, Ed: 1 - All-round Country, Pg: 036, 363 words , FEATURES
Real estate PROPERTY investor and wealth creation author Steve McKnight has cashed in on America's rising house markets, buying 30 homes in the New York area. The acquisitions are on top of 12 homes purchased last week in New Zealand, where the former...
Sorry, I don't subscribe to Packer's papers, I'm a Fairfax gal myself!!! Although I should be able to get my hands on a copy at some point tomorrow, unless anyone else in the forum subscribes to the online version and would care to post the article up for all to read beforehand.
The Australian, 02-06-2005, Ed: 1 - All-round Country, Pg: 036, 363 words , FEATURES
Real estate PROPERTY investor and wealth creation author Steve McKnight has cashed in on America's rising house markets, buying 30 homes in the New York area. The acquisitions are on top of 12 homes purchased last week in New Zealand, where the former...
Sorry, I don't subscribe to Packer's papers, I'm a Fairfax gal myself!!!
Although I should be able to get my hands on a copy at some point tomorrow, unless anyone else in the forum subscribes to the online version and would care to post the article up for all to read beforehand. 
I actually can't believe what I'm reading from some of you. I posted regarding the opportunities back in October and you're upset that Steve McKnight takes advantage of it, just as you had the opportunity to do???
For those interested who missed the article (I had to dig it out of the recylcling) I've posted a JPEG here (hope this works - I'm still a newbie in this regard). I caution all readers that I have never trusted the media to get any fact correct.
Think about it - if you haven't bought, why not? You're letting opportunities slip away, but that's hardly McKnight's fault. If you have bought and he's pushing demand up and supply down, that's no bad thing. And to suggest that a guru shouldn't do as he preaches and get out there to buy good deals has to be the most idiotic thing I've heard in a long time. We always criticise those who do the opposite - preach to others, but don't do the same themselves!
And one last thing - sure, I'd be happier alone in "my" market, but when has that ever happened?
For those interested who missed the article (I had to dig it out of the recylcling) I've posted a JPEG here (hope this works - I'm still a newbie in this regard). I caution all readers that I have never trusted the media to get any fact correct.
Think about it - if you haven't bought, why not? You're letting opportunities slip away, but that's hardly McKnight's fault. If you have bought and he's pushing demand up and supply down, that's no bad thing. And to suggest that a guru shouldn't do as he preaches and get out there to buy good deals has to be the most idiotic thing I've heard in a long time. We always criticise those who do the opposite - preach to others, but don't do the same themselves!
And one last thing - sure, I'd be happier alone in "my" market, but when has that ever happened?
tom1000000 said:
steve buys 30 properties out of how many property deals occur each year in the Galaxy?
Yeah lifes a bitch...........but I guess steve says
Lifes a beach
It's a big wide world
I did some research into the New York area and the US in general, and came up with around 5 areas that were around the same figures in terms of bargain basement prices and healthy yields, not like there is a shortage of opportunity in the world.
If Steve McK considers himself smart money what would that make Quiggles money?
I did some research into the New York area and the US in general, and came up with around 5 areas that were around the same figures in terms of bargain basement prices and healthy yields, not like there is a shortage of opportunity in the world.
If Steve McK considers himself smart money what would that make Quiggles money?
tom1000000, isn't the best guru one who does as they suggest others should do?
Or do you prefer gurus who sit on a mountain peak and espouse knowledge without actually having any.
Steve McKnight is a property investor. Why should he stop?
Peter Spann and Dolf De Roos are also guru investors - both of them are still investing.
So are many of the richest self-made people in the world.
So tom1000000, perhaps you've missed the point.
Cheers,
Aceyducey
Or do you prefer gurus who sit on a mountain peak and espouse knowledge without actually having any.
Steve McKnight is a property investor. Why should he stop?
Peter Spann and Dolf De Roos are also guru investors - both of them are still investing.
So are many of the richest self-made people in the world.
So tom1000000, perhaps you've missed the point.
Cheers,
Aceyducey
quiggles said:
Correction ...
One of you ( I think...). I think every one else is a little bit gobsmacked at Tom's thinking.
I suppose I could have elaborated but Tom's comment was one of the few that has left me lost for words on this forum and my reply was meant to indicate that.
Apologies to Tom for every one dumping on you , but if someone has the drive to get to where Steve's got , they're unlikely to switch it off like that. Maybe he's eyeing off a Palm beach waterfront next to Kerry Packers , and for that you'd need over 10 mill. Then there's a ski lodge in the US, need a couple of mill for that ......
Me I'll be happy with one on the Pittwater side of Palm beach. You only need about 3-4 mill for one of those.
See Change
The Australian, 02-06-2005, Ed: 1 - All-round Country, Pg: 036, 363 words , FEATURES
McKnight buys 30 US homes for $1m
Maurice Dunlevy
Real Estate
PROPERTY investor and wealth creation author Steve McKnight has cashed in on America’s rising house markets, buying 30 homes in the New York area.
The acquisitions are on top of 12 homes purchased last week in New Zealand, where the former Deloitte auditor turned property investor and wealth creation author has bought more than 50 homes over the past three years in the North Island timber town of Tokoroa.
The New York buys are Mr McKnight’s first in the US and follow a decision to cash out of Australia’s sliding housing markets.
“Smart money has already moved out of the Australian market.” he said yesterday.
Mr McKnight said his Australian sell-off started around 18 months ago.
“We realised the writing was on the wall and started to sell properties we thought would underperform in a higher interest rate environment.” he said.
The property investor, who is also an author on the subject, targets high-yielding property with instant cash flows. He has bought and sold mainly residential property in regional Victoria, Tasmania and Brisbane.
Before the latest US and New Zealand acquisitions, Mr McKnight and business partner, fellow accountant Dave Bradley, controlled 110 properties in Australia and New Zealand, with a portfolio split of 80-20 residential-commercial.
Mr McKnight said the total purchase price of the 30 US houses was about $US800,000 ($1 million).
“Prices ranged from about 35 to 50 grand, and that’s why we have been able to buy them and not blow the bank.” he said.
Mr McKnight said some of the properties were two homes in one, with dual-income streams from vertical duplexes with separate families upstairs and downstairs.
Despite rising US house prices, he said, there were still areas where houses could be bought for $US7000 and rented for $US100 per week.
“Like Australia’s housing boom that started in Sydney and Melbourne, and then rippled out to Brisbane and Adelaide, the same thing is happening in the US, but there are still bargain buys.” he said.
McKnight buys 30 US homes for $1m
Maurice Dunlevy
Real Estate
PROPERTY investor and wealth creation author Steve McKnight has cashed in on America’s rising house markets, buying 30 homes in the New York area.
The acquisitions are on top of 12 homes purchased last week in New Zealand, where the former Deloitte auditor turned property investor and wealth creation author has bought more than 50 homes over the past three years in the North Island timber town of Tokoroa.
The New York buys are Mr McKnight’s first in the US and follow a decision to cash out of Australia’s sliding housing markets.
“Smart money has already moved out of the Australian market.” he said yesterday.
Mr McKnight said his Australian sell-off started around 18 months ago.
“We realised the writing was on the wall and started to sell properties we thought would underperform in a higher interest rate environment.” he said.
The property investor, who is also an author on the subject, targets high-yielding property with instant cash flows. He has bought and sold mainly residential property in regional Victoria, Tasmania and Brisbane.
Before the latest US and New Zealand acquisitions, Mr McKnight and business partner, fellow accountant Dave Bradley, controlled 110 properties in Australia and New Zealand, with a portfolio split of 80-20 residential-commercial.
Mr McKnight said the total purchase price of the 30 US houses was about $US800,000 ($1 million).
“Prices ranged from about 35 to 50 grand, and that’s why we have been able to buy them and not blow the bank.” he said.
Mr McKnight said some of the properties were two homes in one, with dual-income streams from vertical duplexes with separate families upstairs and downstairs.
Despite rising US house prices, he said, there were still areas where houses could be bought for $US7000 and rented for $US100 per week.
“Like Australia’s housing boom that started in Sydney and Melbourne, and then rippled out to Brisbane and Adelaide, the same thing is happening in the US, but there are still bargain buys.” he said.
Sorry quiggles,
I must have glanced over your link with the JPEG of the article, hence my reposting of same. Doh!! Oh well, for those (who like me) didn't click on the link or have trouble accessing it (see above).
tom1000000
I don't think anyone is trying to "dump on" you for your question please don't let comments (including my own) discourage you from posting; I think it is more that you surprised people by your statement.
Cheers,
Jo
I must have glanced over your link with the JPEG of the article, hence my reposting of same. Doh!!
Oh well, for those (who like me) didn't click on the link or have trouble accessing it (see above).tom1000000
I don't think anyone is trying to "dump on" you for your question please don't let comments (including my own) discourage you from posting; I think it is more that you surprised people by your statement.
Cheers,
Jo
Good luck to Steve ! Good on him for testing the edge, learning new skills, going to new markets ! There's a million deals out there ..plenty for everyone who wants to "have a go".
Cheer him on & learn from him.
LL
Cheer him on & learn from him.
LL
That's a good one.
And to think I passed up on the Quiggles approach a few months ago only to see another guru jump right in. Even Mrs Oscar was excited about the New York properties
Apparently now it was always her idea to gear into share market back in 2003 and to buy US properties in 2004. I can never be right
To Quiggles; I wouldn't at all be surpised that you enjoy some capital gain as well as cash flow.
see_change,
My apologies for the misinterpretation. I probably also owe one to Patosan as well. The medium still ain't perfect, i guess.
Oscar,
If you're ever feeling defensive, ask Mrs Oscar who's going to manage the midnight calls and email traffic to manage a manager half way around the world. It's profitable, but it isn't easy. And it's not too late, either.
And to all,
Quiggles and McKnight are by no means the only Aussies investing in the US or with immediate plans to do so, but I don't think the totality of us will limit opportunities. If that's the way you choose to go.
My apologies for the misinterpretation.
I probably also owe one to Patosan as well. The medium still ain't perfect, i guess.Oscar,
If you're ever feeling defensive, ask Mrs Oscar who's going to manage the midnight calls and email traffic to manage a manager half way around the world.
It's profitable, but it isn't easy. And it's not too late, either.And to all,
Quiggles and McKnight are by no means the only Aussies investing in the US or with immediate plans to do so, but I don't think the totality of us will limit opportunities. If that's the way you choose to go.
Monopoly said:
I respect Steve as a great author and a smart thinker. He has changed his investment tactics a few times in the 6 years he has been investing in property. In general he has got the trends right.
But I would disagree that the smart money is leaving Australian property.
He was "smart" selling secondary properties in secondary locations that were initially purchased for cash flow.
I would suggest that the smart money invested in capital growth property in Australia a number of years ago and is "sitting pretty" on capital gains.
I know some very wealthy people who are buying up big at present in Sydney and Melbourne - taking advantage of the slump in the market.
One friend in Sydney has bought $10,000,000 worth of properties in Sydney over the last 3 months ( but didn't shout about it in the newspapers.) These were bought using the capital gains from his other investments as deposits.
Another Melbourne friend bought 8 properties totalling almost $2.5 million over the last year.
Pam and I have added more even than that to our portfolio this year.
I think it would be easier to control one or 2 properties worth $1 million in Australia than spend the same amount of money controlling and managing 30 properties on the other side of the world.
There is nothing wrong with investing OS and I admire Quiggles and Steve for doing it.
Some investors chase the latest fads and if you get it right its fantastic. Others stick to tried and true techniques that have a strong track record.
The right way of investing is what suits your needs at the time.
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