I'd recently come across
www.PropertyInvesting.com website that is run by the guy who wrote the book "0 to 260+ Properties in 7 Years" ,I'd actually learnt some interesting things off the website reading peoples various comments and thought I'd order the book
Within the first 20 or 30 pages there were a couple of things I just thought this is just plain wrong, but ok....the book is a few years old give it a chance as figures are changed and yes he wants to encourage positive gearing so fair enough ....but seriously no way are you buying a Sydney property for $400k that earns you $500 a week in rent (using averages from what I've seen you are closer to $320 pw depending on if you calculate management fees or not....) and that's not the worst example of "rubber figures" in the book.
But where I lost it is when I got to page 97 where it suggests Vanessa should sell her primary home at a current value of $1.3m with $350k mortgage and using the equity purchase more rental properties which will enable her to buy "an even better home later"........which make the authors calculations work out nicely.
Uhm
1/ Vanessa and her family will need to be paying rent for the next few years while she "makes the pot of gold at the end of the rainbow"
2/ Vanessa will need to pay stamp duty "again" on her primary residence when she "RE"purchases it.
3/ Vanessa's primary home is going to go up at about 8% per annum as well.....so unless she's making an extra $108,000 a year from the additional rental properties she's acquired........her primary home is costing her more later than she's made from selling it.
I challenge anyone to read this book without throwing it at the wall at least a few times.
Having said that I ploughed through the rest of it as the book is paid for (and I think I did pretty well reading 97 pages in one sitting) but seriously.....how did an editor let this go to press without critical review is beyond me.
If you are on the fence about investing you I encourage you to read this book as its good for you in the long run.......think of it like forced savings, but with the added advantage of leverage.
If you are an experienced investor you can afford to lose the $20 this costs you however if you think there is a secret in this book on how to get to 260 properties (and seeing the author talks about selling often....I think there should be an asterisk with how many he held at any one particular time.........eg its more of a property flip book than a property buy and hold and live off the rental returns book).
But in the end I'm glad I read it.........though I wish some of my money went to an editor rather than an amateurish first draft self publication style book.
