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[Book] Create Wealth

This updated and revised edition of the bestselling The Complete Guide to Residential Property Investment in New Zealand is a crucial read for all property investors.

Thursday, September 18th 2008, 12:00AM

by The Landlord

Create WealthCreate Wealth – The Complete Guide to Residential Property Investment in New Zealand $29.95

Whether you are considering property investment for the first time, are a new investor or have been investing for a while, property investment is a business and needs to be treated a such. Create Wealth will help you learn the skills to become a more successful investor - after all, its about making money!

Reviewed by Jocelyn Watkin on behalf of Landlords Bookstore

The 2008 revised edition of Create Wealth – The Complete Guide to Residential Property Investment in New Zealand upgrades most of the useful and practical advice that was included in the first edition (2003).

The chapters on Taxation and Valuations to Maximise Depreciation have been revised to provide greater clarity on tax deductibility and to reflect recent statements from the IRD about depreciation of building fit-out items.

The goal setting chapter has also been substantially changed to confirm that there are 'different horses for different courses'.  That is, property investment strategies can differ and it’s good for people to choose one that is the best fit around their personal investment goals and time frames.

The chapter on “WRAP Mortgages” has been removed from the book.  WRAP mortgages (also known as rent-to-buy or a lease option, a licence to occupy or an instalment contract) were gaining in popularity around the first time this book was published.   Since then, interest has waned as bad examples of these schemes attracted the criticism and censure they deserved for unfair practices.  However, the property market tends to move in cycles and, since the book is targeted mainly at beginning investors it may have been helpful to retain some reference to WRAP mortgages, even as a warning to the unwary about these complex property investment methods.

All the helpful other chapters remain like finance, legal issues, the checklist for buying an investment property, property management procedures and tips, and what to do when 'things go wrong'.

The authors state in their introduction that they “often come across people who have jumped into property investment without really knowing they are doing”.  They hope to help these people and others with the information and practical advice in their book.

The one new chapter they have added, called “Why Property?” begins well by challenging readers to change their way of thinking to a “wealth mindset”.  Unfortunately, the authors then stray away from their winning mantra of the need to be well informed and do the homework, to stumble instead into creating positive self-image and self-belief.  While these can be useful tools for the procrastinator who, having done their research still remains cautious about starting, it could be lethal advice for the very people they have set out to help.  For example, they offer the following formula for success, which seems likely to encourage, rather than deter people to jump prematurely into property investment:

Success =
30% knowing what you want
35% positive self-image
30% believing you can do it
5% how to/technical knowledge

A more sophisticated approach to the psychology of money and investment, as well as in-depth insights into how a wealth mindset could be created, would have improved this chapter.

This book will provide good advice for the beginner seeking answers and guidance on a range of property investment questions. 

To order your own copy of this updated classic please click here: Create Wealth

« September issue – available now[DVD] Building Real Estate Wealth in Changing Property Markets »

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