Hi, I saw a book catalog inlcuding Steve's new book - 0-260 properties in 7 years. Has anyone read it? How is it?
260 properties in 7 years by Steve
- Thread starter TheAnalyst
- Start date
How in the world is that even possible!?
Or even desirable!
I saw that as well, it said he's sold all holdings, but has bought two since then, apparently there is some reasoning in the new book?
Its "On Sale" here (24% off).
QBD ON-LINE
I went to the book launch in sydney and have got the book. About 1/2 way through reading it.
In regards to selling the 260 properties that is not the case. What happened is that steve and his business partner went seperate ways (quite amicabally) I believe and Dave Bradley kept ALL the properties and Steve kept the property investing business. He has since purchased 2 properties.
I'll let you know my thoughts after finishing the book. So far its a good read.
In regards to selling the 260 properties that is not the case. What happened is that steve and his business partner went seperate ways (quite amicabally) I believe and Dave Bradley kept ALL the properties and Steve kept the property investing business. He has since purchased 2 properties.
I'll let you know my thoughts after finishing the book. So far its a good read.
So you mean to say that Steve now makes all his money from selling seminars/books/tapes/CD's/etc?
I got the preview copy of his book, and it seems quite different to Jan Somers's work. Jan basically says that property will increase in value by 10% year after year, whereas Steve says that you should be careful about speculating on capital growth and focus on income instead.
Each to their own I suppose. You can make money doing anything, as long as you know what you're doing. And it's probably a good thing that different property "gurus" (ie. seminar/book sellers) recommend different strategies, because teaching everyone to do the same thing would be no good for anybody.
From 0-4 properties.
I had a quick leaf through the Steve M book at the book store, looked like one to get out from the library and not one for the personal bookshelf.
Most of the material looked familiar, there was a 'debt level matrix' at the back which I thought was an interesting idea, will have a closer look next time I'm at the shop to see the value in that chapter.
Personally I would be more interested in buying the book from 0-4 properties in 4 years by Tony Smith when it comes out.
1) 39-41 Hedges Avenue Gold Coast, Oct 2002, 6.35 M
2) 37 Hedges Avenue Gold Coast, Feb 2005, 7 M
3) 35 Hedges Avenue Gold Coast, Nov 2006, 7.201 M
Now he has the properties lined up Tony is knocking down the green houses to put up a red hotel.
I had a quick leaf through the Steve M book at the book store, looked like one to get out from the library and not one for the personal bookshelf.
Most of the material looked familiar, there was a 'debt level matrix' at the back which I thought was an interesting idea, will have a closer look next time I'm at the shop to see the value in that chapter.
Personally I would be more interested in buying the book from 0-4 properties in 4 years by Tony Smith when it comes out.
1) 39-41 Hedges Avenue Gold Coast, Oct 2002, 6.35 M
2) 37 Hedges Avenue Gold Coast, Feb 2005, 7 M
3) 35 Hedges Avenue Gold Coast, Nov 2006, 7.201 M
Now he has the properties lined up Tony is knocking down the green houses to put up a red hotel.
I agree.. I shudder at the thought of owning 260 houses
With only a fraction of that amount of houses I find my head gets quite full of unimportant fluff and my letterbox seems to have an endless flow of paperwork arriving in it.. Property can be a problematic thing to own.. phone calls from property managers about maintenance, problem tenants, hot-water services failing, termites, fire etc.. But its such a an effective way of generating wealth of course..
My new found property philosophy that many other forumites have often suggested is :- Gear into it, ride it up, build a large portfolio.. then flog it off and put your new found wealth into no brainer, set and forget investments that deliver a regular, staid cashflow, then buy again in rising markets and sell when its flat..
I'm quite over the whole "always buy, never sell" mantra I used to religiously repeat..I certainly never want to own 260 houses.
I have been put off the idea of owning more investment property directly with my last refinance. I plan to own my own dream PPOR debt free eventually and think land is almost as solid as gold as a robust wealth store... but... the hassle of having to refinance with and be dependant on a banks rules for the store of your wealth is a thought that is making me increasingly unhappy.
You can get pretty excellent exposure to all varieties of property indirectly these days without having to physically own the land and deal with PM's or tenants.
260 properties (however that is measured) is a massive achievement anyway by Steve M starting from scratch, well done.
You can get pretty excellent exposure to all varieties of property indirectly these days without having to physically own the land and deal with PM's or tenants.
260 properties (however that is measured) is a massive achievement anyway by Steve M starting from scratch, well done.
I agree.. I shudder at the thought of owning 260 houses
Property can be a problematic thing to own.. phone calls from property managers about maintenance, problem tenants, hot-water services failing, termites, fire etc.. But its such a an effective way of generating wealth of course..
My new found property philosophy that many other forumites have often suggested is :- Gear into it, ride it up, build a large portfolio.. then flog it off and put your new found wealth into no brainer, set and forget investments that deliver a regular, staid cashflow, then buy again in rising markets and sell when its flat..
I'm quite over the whole "always buy, never sell" mantra I used to religiously repeat..I certainly never want to own 260 houses.
Hi Duncan
This sounds like a good plan what set and forget investments would you mean.
Cheers
BC
Code:
Gear into it, ride it up, build a large portfolio.. then flog it off and put your new found wealth into no brainer, set and forget investments that deliver a regular, staid cashflow, then buy again in rising markets and sell when its flat..This sounds like a good plan what set and forget investments would you mean.
Cheers
BC
I agree.. I shudder at the thought of owning 260 houses
Property can be a problematic thing to own.. phone calls from property managers about maintenance, problem tenants, hot-water services failing, termites, fire etc.. But its such a an effective way of generating wealth of course..
My new found property philosophy that many other forumites have often suggested is :- Gear into it, ride it up, build a large portfolio.. then flog it off and put your new found wealth into no brainer, set and forget investments that deliver a regular, staid cashflow, then buy again in rising markets and sell when its flat..
I'm quite over the whole "always buy, never sell" mantra I used to religiously repeat..I certainly never want to own 260 houses.
Nice to see change ....
Maybe you need to be looking at a smaller number of more expensive properties Duncs as a retirement strategy .
My thoughts are , you buy the nice properties at the start of the cycle and as they go up you refinance to buy the cheaper ones which move later . These are the ones you sell off at , around or just after the peak and then pay down the debt on the nice ones .
In reality there's not much difference in the amount of work to manage one house at 200 K or 1 mill . One asssumes the 1 mill one is in a nicer condition , in a bettter area , so it may well have less work.
See Change
steve is quite open on why he had so many properties. Originally he needed that many to replace his income to get out of his job as an accountant. so his target was positively geared properties, even if it was only $10/wk. Therefore he needed lots of them. Most were originally bought cheaply, before the boom $40-60,000, they doubled in value so he sold them.
Re book
Went to check if it was available in Borders in Sydney ( Macquarie ) . Not available , down for release in Dec .
See Change
Went to check if it was available in Borders in Sydney ( Macquarie ) . Not available , down for release in Dec .
See Change
Thanks, scouse. I thought he had wrapped them. So, rather than he sold them 'cause they doubled in value, the people he on-sold them to bought them ('cause the values had increased and they could borrow against the equity). These buyers received the benefit of the capital growth, not Steve.
I guess there was a mix of these and ones not wrapped? It was certainly a serious commitment on Steve's part however he did it. Well done to him.
regards,
