Joseph Chou - 20m man, fact or fiction

[on the move]

The story of this man often appears in the media saying he wanted 1m a year income and how he bought several otp apartments every year to build the portfolio to 20m. He has an investment advisory company called Ironfish.
1. The sense of wanting $1m a year, why not $100K or $10m ?
2. I doubt buying otp apartments is a good strategy.
Anyone knows exactly his real story and it's not just a myth he uses to solicit business for his company.

 

[Perp]

The sense of wanting $1m a year, why not $100K or $10m ?

I don't know this man but I find your question quite bizarre. If he'd said $10M per year, couldn't you equally ask "why not $1M or $100M?"

What number could he have given that wouldn't have provoked this response in you?

 

[BayView]

The story of this man often appears in the media saying he wanted 1m a year income and how he bought several otp apartments every year to build the portfolio to 20m. He has an investment advisory company called Ironfish.
1. The sense of wanting $1m a year, why not $100K or $10m ?
2. I doubt buying otp apartments is a good strategy.
Anyone knows exactly his real story and it's not just a myth he uses to solicit business for his company.

Buying OTP is a good strategy if you can find developers who are in really big strife and need to offload their stock in a hurry. It's the old "make your profit when you buy" scenario.

This is not that easy to do, as most of the time, they don't get in strife until well after the construction has started and most of their pre-sales are signed and sealed to get the Bank to finance.

Or, if you can go the developer and buy up a large chunk of the development and secure a big discount.

I've never heard of your man Joseph, but that's nothing; there are loads of very rich people out there we don't know about, and they will never let us know about them either.

 

[Property Meister]

are you sure Jospeh Chou is also known as Henry Kaye

And for people who are going to make fun of me.....Ill give you some more ammunition... I attended one of his courses in 2001!!!

 

[marg4000]

OTP can work extremely well in a rising market. Once things stagnate or decline it is a very different story.

It is highly feasible that serious money was made from OTP during the property boom before the GFC.
Marg

 

[firstmillion]

Joseph Chou has made his money from OTP investing and that is what he aches / professes other investor's to do. His style is to buy under the market rate and with minimum out of pocket.

I had met Joseph 2 years back and he was quite impressive. He has made money using this strategy so there should be a merit in his strategy.

 

[Cherry Pro]

Hi ...strange this thread. Had a call only last evening from someone calling from Ironfish wanting to talk to me. Was attending a Property Women webinar and asked if they could call back next week.

First Million, reckon there will be merit in talking to the group ?

 

[Rob Williams]

I believe Chou has made more money out of SELLING OTP properties than investing in them.
I have serious concerns regarding the ethics of this company, but would rather not comment on a public forum.

 

[on the move]

I don't know this man but I find your question quite bizarre. If he'd said $10M per year, couldn't you equally ask "why not $1M or $100M?"

What number could he have given that wouldn't have provoked this response in you?

His story was in the June issue of YIP.
I think most people when they land in this country with no money and no job will be happy with $50K or $100K in passive income. If really ambitious/outrageous don't stop at $1m a year, why not $5m or $10m ?! Even if the $20m portfolio is fully paid, it still will not give an income of $1m when most rental gross around 4%ish.
I just feel there are inconsistencies in the story.

 

[firstmillion]

There is always merit in talking

Hi ...strange this thread. Had a call only last evening from someone calling from Ironfish wanting to talk to me. Was attending a Property Women webinar and asked if they could call back next week.

First Million, reckon there will be merit in talking to the group ?

Hi Cherry Pro,

My meeting with him was to learn his strategy for creating wealth through property investing. It was in fact a very starnge one..I did not know who he was and went to one of their seminars here in Adelaide. I was 30 mins early and started chatting to two gentle man setting up the stage. Later I realized I was chatting with Joseph and Damien (owners of the business). I had met Joseph and Damien couple of time since then.

I thinks there is no harm in talking to the group, and ask difficult questions You might pick up a few interesting things. However, I do not subscribe to his investing strategy. Better to do your own due diligence.

 

[redwing]

The story of this man often appears in the media saying he wanted 1m a year income and how he bought several otp apartments every year to build the portfolio to 20m. He has an investment advisory company called Ironfish.
1. The sense of wanting $1m a year, why not $100K or $10m ?
2. I doubt buying otp apartments is a good strategy.
Anyone knows exactly his real story and it's not just a myth he uses to solicit business for his company.

http://www.ironfish.com.au/our-founder.html

Joseph Chou was born in Beijing, China, and after graduating from prestigious Peking University he went on to study in the US. Upon returning to China he became a diplomat and eventually migrated to Australia in 1991.

Like most migrants, with sheer determination and the belief that Australia is a land of opportunities, he worked hard to establish himself. Joseph quickly became one of most sought after mandarin interpreters and translators in Australia. His clients included Qantas, Telstra, Boral, BHP and the Australian China Business Council.

In 1998, Joseph discovered the power of creating wealth through investing in Australian property and since then has built up a large property portfolio. He became the General Manager of a Sydney property company for 3 years and by 2002, had founded the Sydney arm of a Melbourne based property group. Working closely with his two partners and with the dedication of some very talented colleagues, the group achieved property sales turnover of about $1.5 billion within 4 years.

In early 2006, Joseph set up Ironfish and has grown it into one of the largest and most successful property investment brands in Australia and New Zealand. In 2011 Ironfish plans to open more local offices as well as other overseas markets including China.

Cont.....

 

[dan c]

I believe Chou has made more money out of SELLING OTP properties than investing in them.

Correct.

Ironfish run seminars selling predominantly off the plan properties. Their money is predominantly made through commissions from the builders.

 

[redwing]

Correct.

Ironfish run seminars selling predominantly off the plan properties. Their money is predominantly made through commissions from the builders.

Geez, how many of these type of companies are there out there

And who's buying...anyone on SS?

 

[Mick C]

Buying from BA company? or buying in general...

 

[burty85]

I will be looking for No 4 soon as soon as I get the the green light from the banks, will be getting revals done soon on exisiting properties. Tho will def not be buying any OTP, more buy to add val / yield....