It's damned humourous seeing Riding High constantly riding your @$$, Nathan, even if it does peeve you little a bit now and then. But you're a legendary investor and you've got my vote of confidence, so keep the wisdom coming and just ignore the silly insinuations.
One of the things I've learned from this forum (was a lurker for many years, to my disgrace) is that there are many paths to serious wealth in property. Nathan's the exemplar of one: What I'd call "the buy the crappiest thing you can find and make a bucket through incredibly-smart renovating" strategy.
What's your incredibly smart strategy, Riding High? Because you'd damned well want to have one, I'd think, with all the bucketing you've been doing.
Hi Belbo,
Just wanted to give you my thoughts into why i "Ride nathans ***" as you put it.
Firstly i see holes in the numbers that nathan posts (i'll post an example below)... now i couldn't really care if he was posting his achievements (using figures which stretch the truth)... but when he uses these results as a precursor to generate business for his buyers agency thats when i feel i should post some rebuttal so other less experienced forum members can have another opinion rather then getting lost in the excitement.
Now for the example i promised.
http://www.somersoft.com/forums/showthread.php?t=61749
i did post in this thread but will revisit and add info.
Facts:
- He purchased a 2bed 1 bath @ 54-66 Hutton rd for $212,100
- He says the closest things are 1 bedders selling for $220-240k (
"Closest things are 1 bedders in he block selling for $220-240k.")
- 2 bedders selling for $300k (
"Outside the block 2 beds are selling for $300+)
- "I am always conservative when quoting the numbers"
- He implies that his place is worth $300k again (
"however there are comparables right now for $300k")
- He made the thread title "Waterfront unit 4 years old $212,100 renting $320pw"
In this video about the property goto 4min 55sec
http://www.youtube.com/watch?v=ayrkWRVMBkw
He says:
- Compariables 300-350-400k, making out that 300k is the absolute minimum
- the property lends it self to capital growth.
- rent $320 pw
Now ill address some comments
- purchase price is correct via info obtained from onthehouse.com.au
- he says the cloest thing to his is one bedders selling for $220-240k... well lets see
* Unit 11 (1 bedder) - $180k (sold on 21/02/2010)
* Unit 110 (1 bedder) - $180k (sold on 22/03/2010)
* Unit 104 (1 bedder) - $160k (sold on 24/03/2010)
So in the best case the price over stated by 23% and in the worst case 50%
see he tells people they are selling for 220-240k but in reality they are selling for 160-180k.
- He says multiple times his place is worth minimum 300k based on comparable sales.
Ohhh really?
- Unit 16 (3 bedder, 2 Bath) - $262k (03/03/2010)
- Unit 29 (3 bedder, 2 Bath) - $285k (16/03/2010
- Unit 5 (3 bedder, 2 Bath) - $255.5k (28/03/2010)
NOTE these have 1 extra bedroom AND bathroom and are still selling below Nathans valuation on his 2 bedder 1 bath
Seems like someone is stretching the valuations
+ anyone else can have a look for themselfs type 54-66 hutton rd north entrance into onthehouse.com.au (heaps of other sales suggesting the same)
- "Lends itself to cap growth" More like lends it self to crap growth with 3.6% long term average *quoted from
http://apm.domain.com.au*
- "I am always conservative when quoting the numbers" Do i need to say more?
- He says its water front... its water view buddy a difference
So if he keeps the cream of the crop (wow if this is the cream) and flogs the rest to his customers i wonder what sort of awesome deals they are getting.
Remember to get this Awesomeeeee deal he had to get 14 other suckers to sign up, unless he was getting sucked in by someone else. (not saying its a bad deal, but im not getting wet like some of the followers)
Now if the figures here have been overstretched it gets you wondering his most recent interview in the paper which i saw where it says he has 3.5million in equity i just wonder if thats over stretched as well.
http://binvested.com.au/
"How you can realistically retire from the workforce, within 7 years."
I've seen nothing realistic yet
Peace out
RH
Ps. Belbo stop nut huggin