What Do You Do When You Get There?

[Damap]

These young'uns are fun to watch, then you get to laugh as you ride past their hospital beds on your custom trikes.......

[Wayne]

Hi Keys, your rule was the investor of yesterday, today there is new breed of investor, the one with the motto.

DONT BREAK THE LAW,BREAK THE RULES,

and i am on of them thanks

And then you keep saying "trust me"
I wouldn't!

[AMR]

Property Trader, which rules do you think can be safely broken?

[Keys]

Do *not* ask him how long he's been in property.

[Damap]

He had a most amusing FB page about abandoned Auckland houses. It seems to have gone now. Definitely a troll.

[Propertytrader]

AMR the rules that can safely be broken are

1. Don’t use credit cards. (Use them wisely to finance property deals and dont tell the bank)
2.Dont buy leaky properties ( Buy them at discount prices and rent it out)

Plenty of rules can be broken,as long as they are RULES not law.

Every bank has polices not laws and they tell you, no we cant lend because this is the law, but certainly is just a policy created by a bean counter, not by parliament.

“The art of reading, as of learning, is this: … to retain the essential, to forget the nonessential.”

[Perry]

2. Don't buy leaky properties
(Buy them at discount prices and rent it[sic] out)

Don't let MichaelNZ see you saying that, now, will you?

[Bob Kane]

Hi Keys, your rule was the investor of yesterday, today there is new breed of investor, the one with the motto.

DONT BREAK THE LAW,BREAK THE RULES,

and i am on of them thanks

How much did you pay to attend your 'property education' course?
Brad Sugars, Phil Jones and a few others used to run them about 10 years ago - sucking in young lads and building their egos while taking their money.
I remember seeing a book titled "How to be a Billionaire (because a million is just not enough)" - have you read it?

[Propertytrader]

How much did you pay to attend your 'property education' course?
Brad Sugars, Phil Jones and a few others used to run them about 10 years ago - sucking in young lads and building their egos while taking their money.
I remember seeing a book titled "How to be a Billionaire (because a million is just not enough)" - have you read it?

lolz Kane.i havent read that book,who is the author?

[Wayne]

AMR the rules that can safely be broken are

1. Don’t use credit cards. (Use them wisely to finance property deals and dont tell the bank)
2.Dont buy leaky properties ( Buy them at discount prices and rent it out)

Whose rules are those?
The bank already takes a % of the credit card limit into consideration whether you use it or not and the leaky property one is ?

[Perry]

Perhaps one needs to see past the bravado?

There is a lot of conventional wisdom about to inform a budding PI.
Some people push that wisdom to its elastic limits and succeed.
Others do the same - then crash and burn spectacularly.

I look back at my first IP and cringe. I did almost nothing right. As
in, I could be said to have "broken the rules." Through ignorance,
rather than arrogance. I got away with it. Would I advise others to
do the same? Hell, no!

Rules are for the guidance of the wise
and the obeisance of fools.

Or so tis said. If one grasps the principle embodied in the rule, it
may well be possible to break it with impunity. Or find another
rule that trumps the first one.

Isn't it a matter of how little or greatly the PI is risk averse?

[Damap]

The rules referred to are to keep people relatively safe. It is simply stupid to break them. There are however plenty of poverty mentality "rules" that keep a lot of people poor.
THEY should be broken.

[iwik]

IMHO - paying off debt at the start of your PI will only hamstring your progress, go interest only
as soon as you can so you will have the cash-flow for more loans and greater tax benefits.

Safe guarding comes into play when you buy property at the bottom of the cycle or as I
did buy buying wholesale by ringing landlords and offering them the dollars.


To the blogging traveller - nice action - as the saying goes you are a long time dead !

Glen the way I see it you increased your risk the moment you entered into a partnership (property syndicate).

[Propertytrader]

IMHO - paying off debt at the start of your PI will only hamstring your progress, go interest only
as soon as you can so you will have the cash-flow for more loans and greater tax benefits.

Safe guarding comes into play when you buy property at the bottom of the cycle or as I
did buy buying wholesale by ringing landlords and offering them the dollars.

Well said Iwik,

can you please advise of any banks that are offering interest only loans.

I will be getting a few 100k this year to make my 2015 goal a reality.

And if i can go intest only, that would be great, I have rung Kiwi bank,but they said they are a conservative bank and dont like my ideas,so your help is really appreciated

thanks

[Damap]

Hahahahahahahahahahahahahahahahahahahahahahahahaha ha