the property professor

http://www.news.com.au/realestate/investing/ask-the-property-professor/story-fndbarft-1226525602248

The 'property professor' is giving advice for first time investors. He encourages
- staying at home to save (forget ever having a life)
- No holidays
- Going halves with friends or relatives. (Don't do it!!.. ever!)
- Getting a 95% loan.
- Making interest only repayments to help with cash flow.

What about costs of girlfriend, birthdays, christmas, Rego, Food, rent to parents (Possibly). The list goes on but it is different for everyone.

I could poke plenty of holes in this article.

Someone has to be handing him brown paper bags on the side.

Opinions from both sides welcome. Surely it wasn't like this bad 20 years ago? My parents were able to raise a family of 5 and pay off the house in 7 or so years (approx) with only my dads income. It wouldn't be possible to achieve that these days?