W
WebBoard
Guest
From: Funky Whuff
Hi all,
Haven't been on for a few days, working too hard as always, can't wait to retire from the rat race! TW, I noticed a few pages down you were asking about HK's theory... I haven't done the full three day (plus two single days) course, but I signed up for it, went to the introductory lecture and first full day, but pulled out. I figured I could get most of the info myself without paying 16k... basically, his strategy boils down to one theme - maximisation - maximise every aspect of your property (gearing, adding value, rental etc).
This is to be done via the following steps:
1. Research, research, research (research your area thorougly, buy properties you know you could sell for more the next week - i.e. similar properties selling for more)
2. Buy off the plan in some cases - otherwise, get a long settlement, before settlement, revalue the property to obtain 100% finance (after securing with deposit bond).... ie if you buy at 200k, 12 month settlement, at settlement worth 300k obtain finance for 80% of 300k (240k - covers settlement at 200k plus costs...) - of course, you have to service larger loan!! Other ways to get 100% finance, ie rent to buy, vendor finance... To get finance, HK recommends and teaches a very detailed business plan... act like a professional to get lent the money professionals get lent...
3. Why will property go from 200-300k in one year?? because you have Maximised (he has a series of points to choose a maximised property)... ie. unique feature/location/etc.
very detailed. and you know how to revalue
3. Buy wholesale... offer lower than you need to... much lower.. offer on several different properties, ask for a lower price if you pay the vendors interest etc etc etc... really do your research to knock prices down...
4. Add value... we all know about this one
5. Maximise rental and market the property yourself (rent fully furnished to get max returns and max tax deductions... use quantity surveyors etc)...
6. Obtain long leases....
7. Insure insure insure everything (i.e fix interest rates, landlords insurance...etc).
8. Pay dollars for self-education and quality professionals (ie. lawyers, accountants etc - and only get professionals who know the RE IP game and have properties/expertise....
9. Revalue the properties periodically, refinance and the difference is yours tax-free...... (as long as you can service the higher loan...)...
So that's the strategy in a nutshell (literally) - he stresses proper wealth psychology and a 'can do' attitude, because as someone mentioned earlier - it's not the info that makes you do it - it's getting off your butt and doing it... hence why i pulled out... a unique strategy... HK is very clever, just not for me at the start of my IP career - i never knew how the bank would settle all the loans for all my potential off the plan properties... still, i guess i didn't do the course...!!
Hope this was helpful... and this btw, wasn't the info from the mastery course, where he went into it in more detail...
Funky...
Q. Why aren't physios good in bed?
A. Because they normally get the swelling to go down...
Hi all,
Haven't been on for a few days, working too hard as always, can't wait to retire from the rat race! TW, I noticed a few pages down you were asking about HK's theory... I haven't done the full three day (plus two single days) course, but I signed up for it, went to the introductory lecture and first full day, but pulled out. I figured I could get most of the info myself without paying 16k... basically, his strategy boils down to one theme - maximisation - maximise every aspect of your property (gearing, adding value, rental etc).
This is to be done via the following steps:
1. Research, research, research (research your area thorougly, buy properties you know you could sell for more the next week - i.e. similar properties selling for more)
2. Buy off the plan in some cases - otherwise, get a long settlement, before settlement, revalue the property to obtain 100% finance (after securing with deposit bond).... ie if you buy at 200k, 12 month settlement, at settlement worth 300k obtain finance for 80% of 300k (240k - covers settlement at 200k plus costs...) - of course, you have to service larger loan!! Other ways to get 100% finance, ie rent to buy, vendor finance... To get finance, HK recommends and teaches a very detailed business plan... act like a professional to get lent the money professionals get lent...
3. Why will property go from 200-300k in one year?? because you have Maximised (he has a series of points to choose a maximised property)... ie. unique feature/location/etc.
very detailed. and you know how to revalue
3. Buy wholesale... offer lower than you need to... much lower.. offer on several different properties, ask for a lower price if you pay the vendors interest etc etc etc... really do your research to knock prices down...
4. Add value... we all know about this one
5. Maximise rental and market the property yourself (rent fully furnished to get max returns and max tax deductions... use quantity surveyors etc)...
6. Obtain long leases....
7. Insure insure insure everything (i.e fix interest rates, landlords insurance...etc).
8. Pay dollars for self-education and quality professionals (ie. lawyers, accountants etc - and only get professionals who know the RE IP game and have properties/expertise....
9. Revalue the properties periodically, refinance and the difference is yours tax-free...... (as long as you can service the higher loan...)...
So that's the strategy in a nutshell (literally) - he stresses proper wealth psychology and a 'can do' attitude, because as someone mentioned earlier - it's not the info that makes you do it - it's getting off your butt and doing it... hence why i pulled out... a unique strategy... HK is very clever, just not for me at the start of my IP career - i never knew how the bank would settle all the loans for all my potential off the plan properties... still, i guess i didn't do the course...!!
Hope this was helpful... and this btw, wasn't the info from the mastery course, where he went into it in more detail...
Funky...
Q. Why aren't physios good in bed?
A. Because they normally get the swelling to go down...
Last edited by a moderator: