‘Invisible Millionaire’ Landlord Slams Reserve Bank

‘Invisible Millionaire’ Landlord Slams Reserve Bank Tinkering

JONATHAN Bidmead’s quantum leap from $17-an-hour storeman to self-made multimillionaire happened when he realised the smart money was in real estate.

Sharing his success story in The Invisible Millionaire - A Guide to Real Estate, he lashes out at NZ’s Reserve Bank for presiding over the biggest transfer of wealth from the working class to the rich – favouring property speculators over first-time buyers and landlords.

Bidmead’s book is a clear and humble account of how he managed to join ranks of the wealthy marked by a genuine desire to make this accessible to others.

The 53-year-old family man only ever invested $4K of his own money, now he has built up a portfolio of over 20 property units and enjoys a net worth in excess of $7 million.

But he has no time for the ‘nanny state mantra’ which sees the Reserve Bank insisting on ‘prohibitive’ deposits from first time buyers and landlords, in a low-wage economy like New Zealand.

Bidmead argues this imbalance is posing a threat to social welfare and the economy.

“I make a clear differentiation between property speculators/traders– the ones who are driving up real estate prices – and mum and dad landlords, who are in it for the same reasons as first time home buyers.”

He says the Reserve Bank’s move to increase the LVR ratio to 40% ‘misses the mark completely’.

“There are very few property investor/landlords in the market currently. The speculator traders contributing will not be affected by the increase.

“To protect the few at the expense of the many is folly indeed. The Reserve Bank will only hurt more people and distort the property market by interfering.”

Bidmead is a great believer that there are still bargains to be had in Auckland. He’s still buying property in the City of Sails with positive cash-flow rental yields.

If you belong to the 95% of people in society who, no matter how hard you work can’t build an adequate financial nest egg; if you are worried about retirement; if you want financial freedom in ten years or less - this book and the property investment secrets within are written for you.

According to Bidmead, financing property investments with zero money is limited only by your imagination.

A how-to guide to real estate investment in NZ, The Invisible Millionaire is filled with nuts and bolts advice, from making an offer to financing and weasel clauses and even extracting himself from a p-house debacle.

And the cherry on top of this two-hour read is one of its first pieces of advice, ‘work less to become more wealthy’.

No smarmy-salesman speak, The Invisible Millionaire is a distilled book of wisdom stocked with motivational advice and practical steps to approaching the real estate market and revolutionizing your financial well-being.

ENDS

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