Man with 8000 properties slams Australia

PHOTO: Robert Kiyosaki (LEFT), author of best-selling personal finance book ‘Rich Dad Poor Dad

A man who owns more than 8000 properties has made a surprising demand ahead of the looming election.

Robert Kiyosaki, author of best-selling personal finance book ‘Rich Dad Poor Dad’, wants negative gearing to be scrapped despite it directly benefiting people like him.

Negative gearing allows investors like himself to still turn a profit or at least break even if their investment, in this case property, is running at a loss because of substantial tax breaks.

But he says it’s enabling stupid people to keep investing.

‘Rich Dad, Poor Dad’ author Robert Kiyosaki fears a Australian property crash

“My questions is this to you. If I’m losing $200 a month how many properties can I afford? None. And if I’m making $200 a month, how much can I afford? As much as I can get,” Mr Kiyosaki said in a video provided to news.com.au.

When he and his wife went to Australia from the US, he said he “only looked for properties that put money in our pocket.

“And the estate agent said ‘don’t worry, you’re only losing $200 a month.’ I said ‘no, I don’t lose money.’

“You’ve got to be smarter.”