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A Million-Dollar Thankyou Card

Jamie & Stella Regan O’Rourkes Pub, Blackrock Dublin, Ireland (June 2004)
Hello Rory,

I wanted to send a thank you card for teaching me how to create wealth.  Rather then buying some soppy Hallmark card, I decided to make a card that you could use to show your clients.  It’s amazing to think it was 6 years ago since I came to work with you and got my first VTD1 where I was only paying 2% tax, and now we have 5 properties.
If they only go up 10% over the next four years !!!
  Property Value
  2/50 Scarborough Beach Road, Scarborough
  (2 Bed Villa - rented,  refinance to 80% on Interest Only to buy East Perth)
  24/138 Adelaide Trce, East Perth
  (2 Bed Unit - ented, purchased after plucking out equity from Scarborough)
  29 Larch Hill Court, Santry, Dublin, Ireland
  (2 Bed Unit - rented, refinanced to 80% on Interest only to buy Clogherhead)
  5 Seantobar Close, Clogherhead, Co Louth, Ireland
  (3 Bed Residence – purchased after plucking out equity from Santry)
  1 Killenroy, Bawnboy, County Cavan, Ireland
  (3 Bed House – rented, purchased on Interest Only Loan – at 2.54% !!!!)
  Total Value $1,404,000
If they only go up 10% over the next four years, $1,404,000 x 10% will be $140,000.

Before I came to work with you, I would never have dreamed of saving $140,000 out of my wages.  Of course, I was also paying the tax department the same money I am now saving in tax and reinvesting into additional property.

Thank you for sending me recent tax updates.  Besides the capital growth, we are enjoying some other tax benefits:
  • Whilst working in Ireland, our tax losses on the Perth properties are being carried forward to be offset against future income.
  • A percentage of our travel costs can be claimed simply by arranging property inspections during our visit.
You used to talk about Scarborough would be developed similar to the Gold Coast, and you were right.  If you had never got me into my first Scarborough property, we would probably be still aiming to pay one property outright, where as we are literally purchasing property around the world using your philosophy.

Congratulations on the books, Stella and I enjoy reading them.  It’s a great guide for anyone playing Monopoly in real life.

Finally,  you used to tell me as an Accountant, all I was doing was counting other people’s mistakes, you were right! I have a much more rewarding job of raising funds for a school with Visually Impaired Children.

If any of your clients would like to ring me I would be more then happy to chat with them.