Free Dymphna Boholt:: anyone going?

[shocked]

A bit suspicious so I did a Google search

I read through her presentation from "Millionaire PHENOMENA", which was available online for free. I was a bit suspicious about all the CF+ properties she talked about and Googled her online. Here're two articles that I found

http://www.jenman.com.au/news_item.php?id=397

http://www.cbp.com.au/Portals/0/080303MacNew - CDR Newsletter March.pdf

I'm wondering if she made all her money from the seminars or property investments.

There's no doubts that there are some good points in her presentation in terms of asset protection or trying to find or create CF+ properties. They are not easy though. In most cases, CF+ are in regional areas, the vacancy rate can be very high and captial growth is not steady.

 

[chilliaa]

Thanks for your post shocked.
Hopefully it will serve as a useful heads up for any newbies.

 

[BV]

the mother of all offers ends today at 5PM

(Their words not mine)
They are offering (43 x DVDs) for $397 instead of $4K.

The offer ends today.

http://knowledgesource.com.au/wealth-stimulus/package.html

 

[Propertunity]

They are offering the Complete Library of Dymphna's DVD's (43 x DVDs) for $397 instead of $4K.

Actually Bill I think it is only 4 x of her DVDs and a 1 day seminar
The rest is from others.

I'm not sure of the association between Dymphna and this outfit (maybe some associated marketing company)

 

[BV]

Allan

Thanks, I've now corrected my post.
I should have looked into it closely

cheers

 

[Perp]

I'm not sure of the association between Dymphna and this outfit (maybe some associated marketing company)

Knowledge Source is run by Jon Giaan, who has a non-exclusive right to market Dymphna's materials and seminars. He also promotes a bunch of other speakers/authors/gurus.

 

[BayView]

I still can't get over the chick's name!

It's gotta be a joke; right?

At least "Henry Kaye" sounds plausible.

Her name totally puts me off.

 

[Token Funder]

I still can't get over the chick's name!

It's gotta be a joke; right?

At least "Henry Kaye" sounds plausible.

Her name totally puts me off.

When I made an observation about her name and the cinematic genre that immediately popped into my mind, SIM edited me!

 

[BayView]

When I made an observation about her name and the cinematic genre that immediately popped into my mind, SIM edited me!

It's all in the delivery, TF!

Plus, you've just gotta change that avatar.

 

[Perp]

I still can't get over the chick's name!

It's gotta be a joke; right?

At least "Henry Kaye" sounds plausible.

Her name totally puts me off.

She jokes about it, too. Dymphna's a Catholic saint's name. She's the youngest of 7 or 8 (I presume Catholic ) and reckons all her older siblings have "normal" names, but her parents must have run out of the normal names - and vowels - by the time they got to her. It's pronounced "Dimp-nah", like rhyming with "pimp ya"

I assume Boholt comes from her Finnish (? I think) husband.

 

[Player]

Went along to the Melbourne event yesterday. Whilst somewhat basic, I wouldn't class it as strictly newbies territory.

Nothing more that I can add to the information already posted earlier by others, however I'm happy to share my own take home "' aha".

In the current (slower) market there is more likelihood to cut deals involving vendor finance amongst other creative strategies. Also some scope to buy at discount and lock in one's profit. She also spoke about her take on the economy and that's been discussed earlier in this thread also.

Specifically and to the point, Dymphna mentioned that there is no law that declares that the purchaser must pay the stamp duty. As long as it's paid by someone it might as well be the seller....as long as it's paid. As a creative strategy this provides some discount to purhase, however that got me thinking........

It is far more opportune to pay their asking price (assuming your DD and all other reasearch OK's this) and ask for the discount by way of them paying the stamp duty at settlement for you. This gives a higher contract price for valuation purposes, whereas a discount (even for the same amount as the stamp duty or thereabouts) would reflect a lower purchase and hence affect your $$$$ amount secured on the LVR of the loan. Worth a try. Maybe even as a cash back (although not sure of implications of this with banks and source of funds issues to close at settlement)

My day was well spent there by way of time invested and that one trinkett that she facilitated to give me my "aha" was well worthwhile. The rest of the day also reinforced most of what I knew albeit with some new takes and perspectives and that it pays to be an enduring student.

 

[battler]

It is far more opportune to pay their asking price (assuming your DD and all other reasearch OK's this) and ask for the discount by way of them paying the stamp duty at settlement for you. This gives a higher contract price for valuation purposes, whereas a discount (even for the same amount as the stamp duty or thereabouts) would reflect a lower purchase and hence affect your $$$$ amount secured on the LVR of the loan. Worth a try. Maybe even as a cash back (although not sure of implications of this with banks and source of funds issues to close at settlement)

Wouldn't this mean that you would be paying stampduty on the stampduty, and how do you write this into a contract without the lender seeing the "real" value?

 

[Player]

You could have a separate agreement. It doesn't necessarily have to be a clause in the actual contract.

I don't consider it stamp duty on stamp duty. The stamp duty would obviously be (slightly) less if that amount were deducted from the final sale price i.e: getting it at a discount and then paying stamp duty on the discounted price, however if it is at the expense of missing out on a sale all together, the vendor might just agree. If we never ask, the answer will always be NO!

I've never done it, however I can't wait to try it on. It would work best IMO on stale listings and motivated vendors who need to get out, rather than just any old normal sale.

Best to look for properties that people no longer want as distinct to a traditional normal property that is for sale. Very important therefore to establish the vendor's needs by establishing rapport with the listing agent and identifying the needs of the seller.

Worth a try.

 

[Jacque]

You could have a separate agreement. It doesn't necessarily have to be a clause in the actual contract.

I don't consider it stamp duty on stamp duty. The stamp duty would obviously be (slightly) less if that amount were deducted from the final sale price i.e: getting it at a discount and then paying stamp duty on the discounted price, however if it is at the expense of missing out on a sale all together, the vendor might just agree. If we never ask, the answer will always be NO!

I've never done it, however I can't wait to try it on. It would work best IMO on stale listings and motivated vendors who need to get out, rather than just any old normal sale.

Best to look for properties that people no longer want as distinct to a traditional normal property that is for sale. Very important therefore to establish the vendor's needs by establishing rapport with the listing agent and identifying the needs of the seller.

Worth a try.

Hey anything's worth a try if you can convince the vendor

But have you thought of the following:

What benefit is there to the seller? Sure the sell price may be more than they wanted but they are up for more cap gains tax due to this. Not the most attractive option.

Mortgage fraud: You are committing this if you don't disclose on the contract to the lender that you're receiving a rebate on settlement (doesn't matter what it's for) - after all, it practically qualifies as "brown paper bag" material as you're getting a valuation done on contract purchase price (minus rebates, which they're unaware of). Having separate agreements drawn up, unbeknownst to the lender, is asking for trouble, in MHO.

Valuation coming in lower due to disclosure (which puts you back to square one in the cash position)

Stamp duty costs increase naturally, due to higher p/price. OSR wins here

All these creative techniques, including VF, sound fine in the books and reading material by all the "gurus" out there but, in reality, it's a far harder issue to get vendors (and vendors agents) to agree to or even understand some of them, let alone agree. VF, Options, rebates etc are all pretty common strategies employed by developers of new or OTP stock to move listings but when it comes to established properties the large majority of vendors simply want a standard sale with standard terms. It's sheer hard work in most cases to get them to consider otherwise. I'm not saying it can't be done - of course it can- but just be aware that those of you who read this stuff and think it's going to be a piece of cake are often in for a surprise when they start negotiating in the real world of real estate.

 

[Player]

Anything's worth a try

Hi Jacque,

all valid points raised and part of the thrill of trying new things. I may be mistaken, however I was under the impression that not all lenders need to know the source of funds (to close and settle). I'm not insisting and, I stand to be corrected by MB's and those more in the know.

As I indicated this is not suited to any old standard "for sale" property and also needs some "layman's terms communication" with the vendors to explain what you're doing, however........if their problem is solved with a slow mover or you can settle with haste, terms become more flexible.

As I 've mentioned, I've never really done the creative stuff. It becomes more exciting to try left field techniques as compared to the traditional route.

And I agree that these are not easy to pull off.......simple, yes; easy, no. Easy IMHO implies lazy. May need to try on multiple properties, but that's OK, I don't fall in love with IP's. I fall in love with the deal.......bottom line, not interior design. Of course it must also tick all my buying crieria boxes as far as location, land content and so forth. IP's are a commodity to me, like an appliance that serve me. Different rules would apply to my PPOR.

As you've mentioned, anything's worth a try if you convince the vendor.

Thanks for your input.

 

[Rolf Latham]

Hiya

Any rebate, not disclosed as a special condition is deliberate ommission of data material to the financiers decision...................

Rebates and the like are fine, as long as they are disclosed. Often lenders and valuers dont pick them up.

The primary reasons why VF et al is frowned upon for resi lends is there isnt any hurt money in the deal, and in the current times, lenders dont like that much

ta
rolf

 

[enricofermi]

dymphna Encouraged Aussies (and Americans) To Buy Us Property In 2006. Cf+ You See.

Since 2006q2, Us Property Has Fallen 26% On Average. (case-shiller Index)

What I Don't Get Is If Dymphna Thought Cf+ Property In 2006-7 Was A Good Deal, Then With Property Now 26% Cheaper, Cf+ Deals There Must Be A Hell Of A Lot Better.

So Why Isn't Dymphna Still Pushing Us Property?

Very Very Valid Post. Always Ask Questions, Cynicism May Save You Money Later On

 

[enricofermi]

I read through her presentation from "Millionaire PHENOMENA", which was available online for free. I was a bit suspicious about all the CF+ properties she talked about and Googled her online. Here're two articles that I found

http://www.jenman.com.au/news_item.php?id=397

http://www.cbp.com.au/Portals/0/080303MacNew - CDR Newsletter March.pdf

I'm wondering if she made all her money from the seminars or property investments.

There's no doubts that there are some good points in her presentation in terms of asset protection or trying to find or create CF+ properties. They are not easy though. In most cases, CF+ are in regional areas, the vacancy rate can be very high and captial growth is not steady.

Yes, it pays to be wary. Don't look at the carrot dangling in front of the stick....look at the motives of the person holding the stick. This person's past history leaves a lot to be desired.

 

[Aaron Sice]

i nearly went, cleared my schedule, then asked, why is someone talking for free?

then i realised it'd be more of a "look how good iam - look how many deals i've constructed - look at how rich i am - and for $4995.90 you can be too..." seminars.

so over the "make money" seminars. same formula. same dream. same reality.

 

[Rob Williams]

i nearly went, cleared my schedule, then asked, why is someone talking for free?

then i realised it'd be more of a "look how good iam - look how many deals i've constructed - look at how rich i am - and for $4995.90 you can be too..." seminars.

so over the "make money" seminars. same formula. same dream. same reality.

And still, the same people keep going to these things and keep breaking out the credit card .. over and over again.
You left out the "offer only valid for a limited number of people and for today only" part.