My book is finally here!!

[agent 86]

Michael,

Rec'd copy yesterday thanks. Havn't read yet but it was sitting on my outdoor table. A friend has just visited and started reading it for last hour, and has become grossly involved in reading it, so I'm back on somersoft finding this thread again to order her 2 copies. Shes even given me $70.00 up front... and I thought she knew me.

 

[see_change]

Hi Michael,
Yes I am referring to my own non tax dedcutible debt. The suggestion was from a non-investor but a close friend .

What you are suggesting there sounds good and yes I would am going to read further of your book. I am going to order it once I finish this post.

Has anyone else got any suggestions? Any finance experts?

Much appreciated.

I was given the same advice by a financial advisor. Took me a while to realise that by the time I got around to paying that off, I wouldn't have much time for investing. In reality , I think it was the worse piece of financial advice I've been given.

See Change

 

[MichaelW]

Has anyone else got any suggestions? Any finance experts?

Yep, new thread!

In all seriousness, a lot of people are probably skipping past this thread now given its topic. You might find more answers to your specific question about your situation if you post it as a new thread in the General Property forum.

BTW, welcome to the forum mate! Good to have you on board. I'm sure you'll get all the answers you're looking for if you hang around and keep posting.

Cheers,
Michael

 

[dreamworld]

Thanks Michael,
yeah sorry about that - but my initial post was sort of for Michael Yardney about his book. Will post a new thread. Thanks and I am happy to be on board.

 

[redwing]

Up to the section on Banks and Borrowing at the moment..Chapter 21 and enjoying the read so far Michael..

 

[Chilli]

I have enjoyed reading the book. I agree it is amongst the best books in property investing.
I feel that it is an "honest dump of knowledge & experience from an experienced investor/developer". As someone has mentioned before , I also like the chapter about dealing with realestate agents.

I am waiting for Michael's next book on property development "tricks of the trade" .........

 

[ram_vemula]

Hi All,
I have read the first 9 chapters as soon as I have received it and I must admit it, I'm having trouble trying to find time to put it down. Can't wait to finish it. So far so brilliant! Thanks Michael.

Ram.

 

[alwayscurious]

reading it at the moment

Enjoying it. Thanks Michael. Got some tips so far.

One question I thought was glossed over in the "this is how you can build 7M worth of properties in 14 years" graph was:

Serviceability. DSR. Lending Criteria.

I didn't see that addressed yet, mind you I am only 1/2 way through.

It is something that I am seriously bumping into and am interested in tips and tricks.

Yes I have a good mortgage broker It helps enormously, I just like to be as educated as possible.

So, Read on! My questions hopefully will be answered!

 

[Michael Yardney]

Enjoying it. Thanks Michael. Got some tips so far.

One question I thought was glossed over in the "this is how you can build 7M worth of properties in 14 years" graph was:

Serviceability. DSR. Lending Criteria.

I didn't see that addressed yet, mind you I am only 1/2 way through.

It is something that I am seriously bumping into and am interested in tips and tricks.

Yes I have a good mortgage broker It helps enormously, I just like to be as educated as possible.

So, Read on! My questions hopefully will be answered!

Thanks for the feedback. I'm sure some of your questions will be answered.

 

[sparky23]

Hi Michael

Wow I can't wait to read your book with all the positive comments people have made! I have placed my order and requested that you sign it for me if thats ok. We are about halfway through a small project in Port Kembla NSW just sub-dividing a block of land and building 2 houses but should be around $200,000 ahead in equity once it is complete. However we were flying blind when it all began - before I discovered the Property Forums and people such as yourself so hopefully next time around after absorbing your book we can avoid some of the problems we came across this time. All part of the learning curve though!

Good Luck with the book hope you sell heaps!

Sparky

 

[alwayscurious]

Some questions were answered, thanks.

Thanks for the feedback. I'm sure some of your questions will be answered.

Hi Michael - just finished it. Some good tips on Property management, adding value which I liked. It did address some questions and I did learn from hot.

I feel still that the DSR section was light on though. Its the bit that concerns me most, so I was looking pretty hard!

The book seems to be aimed at buying Capital growth type properties - or adding that growth through renovation / development.

So how does one fund it?? Through borrowed money. The question I have is how does one service the shortfall between rent income & outgoings.. (interest, maint, management,rates, insurance etc)

I am using my job(s) to do so at present - but even this is risky.

Especially while 2 kids (before school), house, wife who is not in paid work, car, cat, etc etc This is the part that uses up most of my income.

Thanks for writing this Michael. What I am seeing is, it is not a fast road! It is fun during booms but can be quite boring when not.

Cheers
a/c

 

[Michael Yardney]

Hi Michael - just finished it. Some good tips on Property management, adding value which I liked. It did address some questions and I did learn from hot.......

Thanks for writing this Michael. What I am seeing is, it is not a fast road! It is fun during booms but can be quite boring when not.

Cheers
a/c

No it's not a fast road and can at time be a littleboring.

But you should look for your excitement elsewhere, not in your property investment portfolio.

Slow times are more fun for me than booms. The are periods when you can create your own capital growth by buying below market price and adding value

 

[MichaelW]

Slow times are more fun for me than booms. The are periods when you can create your own capital growth by buying below market price and adding value

Michael.

Spot on! That's exactly what I'm trying to do right now. I'm still buying in a blue chip suburb, where an unrenovated fibro 2-bed cottage on 400m2 will cost me $550-600K, but after spending $50K to weathertex clad it, paint it and add a kitchen/bathroom makeover, they're valuing at around $700K. When the market picks up again these pull $800K. So, there's definately money to be made at the moment if you work hard at it. And it will position you very well for the next boom when it comes around.

I'd like my $800K PPOR and two of these in place for the next Sydney boom. I'll then ride the wave out by extracting equity with LOCs as it plays out. That's the strategy so we'll see how we go. Even if I just hold my PPOR and $1M worth of IPs then I stand to make $2M in equity growth through the next boom if they double. And that's by NOT riding the wave out...

I'm still just at section 2 of your book as I'm studying my MBA and have assignments due. Very boring...

Cheers,
Michael (The other one)

 

[ram_vemula]

Finished the book

Hi All,
Just wanted to say that I have finished the book and it's a very very good read. Personally it will go into the top shelf with classics like Somer's books. Comprehensive insight presented in an easy to understand way. Thanks for sharing some much knowledge Michael Y.

Ram.

 

[Michael Yardney]

Michael.

I'm still just at section 2 of your book as I'm studying my MBA and have assignments due. Very boring...

Cheers,
Michael (The other one)

Michael I hope its your MBA that's boring and not my book

 

[MichaelW]

Michael I hope its your MBA that's boring and not my book

LOL!

I actually read my post after I'd posted it and realised that last line could be interpreted both ways, but figured you'd all KNOW which way it was meant.

Great book Michael, just looking forward to finishing my MBA subject so I can back to it. I'm doing Corporate Finance this semester so its Time Value of Money/NPVs and Capital Structure (debt/equity) and Diversification/Arbitrage etc... Its all good stuff which is applicable in my personal investing, but the math is pretty heavy and I'm getting burnout...

Cheers,
Michael.

 

[NotFamiliar]

Annual Property Briefings

You can bring a friend to go to "Annual Property Briefings" event. I don't have friend interested. Is there any one there want to share the cost of "Annual Property Briefings" event on 8/April sydney event?

Thank you

 

[BigHef]

I'm halfway through, being from Hobart tho this comment worried me:

"You should invest in your own state - unless you live in Tasmania where there is likely to be poor long term capital gain" (or words to that effect).

I'm guessing the population growth is reasons for this - am I going to have to look interstate to invest and how much tougher is this to do?

 

[Sultan of Swing]

I'm halfway through, being from Hobart tho this comment worried me:

"You should invest in your own state - unless you live in Tasmania where there is likely to be poor long term capital gain" (or words to that effect).

I'm guessing the population growth is reasons for this - am I going to have to look interstate to invest and how much tougher is this to do?

Hi BigHef

It just means you have to look a little harder. There are opportunities everywhere.

I do agree with Michael that the prospects of BETTER CG will be in the major centres though.

Cheers

Cheers

 

[paisneil]

Hi

Hi Michael

I just ordered a copy of the book. Would be nice if I could have an autographed one.

Thanks

Sunshine