![From 0 to 260+ Properties in 7 Years by [McKnight, Steve]](https://images-fe.ssl-images-amazon.com/images/I/51egh%2BaG0VL._SY346_.jpg)
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 7% per annum as well.....so unless she's making an extra $91,000 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 then 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 to buy 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.
Product Description
How This Book Will Benefit You…
1. Profit From Expert Advice
It makes sense to learn from a trusted and qualified source. Steve McKnight is a qualified chartered accountant with extensive property investing experience. Steve’s techniques have been successfully used and applied by tens of thousands of investors.
2. Gain The Investing Edge
The content is completely new! Each chapter contains never-before seen information and insights presented in an entertaining and easy-to-read style.
3. Avoid Making Huge Losses!
Chapter 10 reveals exactly what to do in the event of a property market meltdown. Be prepared by taking action while there’s still time.
4. Maximise Your Property Profits
Discover specific and practical strategies, together with relevant examples that reveal how other successful investors are making stacks of money from real estate right now.
5. 100% Satisfaction Guarantee!
If you don't think reading this will increase your property profits by at least 10 times the cost, then send it back for a full refund!* It's simple -- you either profit or don't pay. You can't lose!
About the Author
Steve McKnight is Australia's #1 best-selling property author, and premier expert on positive cashflow real estate investing.