Anyone had experience with Ben Everingham and Pumped on Property?

Looking to buy my first IP and have been following Ben Everingham and his content for a little while now.

Seems very knowledgable and like his data backed methodology on various strategies and reasons behind some of his beliefs. Also like the fact he is located in Qld/Brisbane/Sunshine Coast where I live and am looking to invest.

Anyone used him and his company Pumped on Property as a BA/property strategist?

They claim they look for three main things under market value, neutral to positive cashflow and potential for growth through cap growth/renovation/development

But recently now claim they are unable to buy under market value due to the "heating up of the suburbs they target" basically defeating one of the purposes I am employing and paying for their services/expertise..

Should I be cautious before handing over $9000??

 

I don't know anything about them or the area - but I have to say, at least they're honest about not being to deliver something upfront.

 

Those areas had a lot of heat in them until the last couple of months when the credit squeeze and royal commission knocked a lot out of buyers out of the market. Buying in Strathpine, Kallangur and Bray Park is much easier now and properties can be purchased at a (small) discount once again. Still good demand though and prices on their way up but just not the same feeding frenzy as before

 

What does he offer that other Buyers Agents in the area don't provide?
Eg: Independence, finance, OTP, legals, one-stop shop, massive discounts etc

 

Went to school with the bloke, his brother Simon was a few years below.

Kid had chutzpah even back then. Decent slips fielder. Nice family, looks like he's done well for himself. Good on him for having a crack.

He won't cheat you if that's what you're worried about. But $9k would go a long way towards paying for a small reno to manufacture equity.

 

He seems legit, a mate of mine comtemplating using him at the moment. I'll let you know if he goes ahead, but I think they are upfront and enthusiatic (Note: I have not personally used them). You just need to make sure Investment Grade properties being searched for with backed up research, not investment stock which I think these guys seem to be all about, just like Empower Wealth and Metropole (Paying them instead of people getting hidden kickbacks better way to deal in my opinion).

 

From what I've gathered Ben is approaching close to 10 (or was it 20?) properties himself. So he's walking the talk.
Property Investory did two podcasts with him, might be worth a listen.




Or check out all the Q&A videos he's done with another ex-shire bloke Ryan
On Property

 

I'll pm you my experiences... wouldn't recommend.

 

Hi @FireandWater can you pls share your experience here so all could benefit, thanks

 

Lets say FireandWater's experience wasn't great. @FireandWater could you share what you told me?? I think its good to hear a range of experiences.

 

Hi all,

We recently completed our 1st IP in QLD with Pumped. Overall, got to say, it’s been quite positive. A big plus for us was to find that they always have time to share and help us learn rather than feeling transactional.

As interstate investors, we were initially quite nervous, but with a positive result from our first IP and knowing that they are also investing in the same markets, this has built our confidence to go with them again for the second time.

 

Hi,

Ok this is my experience...

First and foremost, every person has different goals and needs etc and I think ultimately my strategy and requirements are different to what they target. I think that's prob the most fair summary. But I'll tell what why and you can make your own call...

I found they talked the talk with respect to targeting quality properties at under market value whereas in reality the properties they gave me were just a snapshot of the better properties available in their targeted suburbs...ie not all were quality or viable long term investments. I found it difficult to get recommendations from them out of what I should purchase / pursue out of their list of options and their provided options were not always aligned to my situation or strategy so ultimately just getting a shortlist of a list they were sending other clients (My assessment).

After inspecting myself and then getting all the way to finance sorted and building and pest done (multiple times - works out to be big money after a few failed attempts) - many times it required extensive work (ie not recommended to pursue further due to structural issues) or was not aligned to my goals.... so generic and not quality.

I also found their business model is about developing a list of referrals such as mortgage broker, property manager, renovation team, lawyer etc who might be good - but they were also all providing a kick back to their company for the referral fee. That inherently makes me nervous and I question the independence of any company providing a referral fee to someone else who is meant to be working for me. Yes upon signing you will get a generic list of people they are associated with, but that list lacks any true detail. On one occasion, they recommended a service and hadn't declared their referral fee. So if you do go with them, at a minimum at least get a good, independent building and pest inspector so you are assured to get independence and someone looking out for your best interests.

As per the contract I had arranged, I was entitled to 100% full refund. I ended up asking for my money back. I did get it back from them, but also copped a couple abuse emails for me having 'the nerve' the request a refund (noting I needed the money because my mum got sick and I'm her primary carer but also because when i signed up Ben was clear that if it didn't work out, I would receive a full refund). I would note that after the couple abusive emails, he did call me to personally apologise and I thought that was good.

I can say that the property overview through the checklist is very handy and goes to show how they think about a whole range of considerations before recommending a property, but i would also say that with the buyers agent I was assigned who did all the inspections, she didn't have a great appreciation as to systemic issues in a property that would end up costing big money (ie cosmetic appreciation only). I can say that the BA was always lovely to deal with, responded to my emails and calls in a timely manner and when we did go to contract, provided good advice for how the settlement was to proceed (noting I didn't end up settling on any property they recommended).

That's just my experience. I'm sure there are multiple others who had a great experience with them.... I'm keen to hear if my experiences were consistent with others or if I just missed the mark.

Hopefully this helps.

 

Yep sorry, just posted it below.

 

Were they 'kickbacks' or disclosed referral fees/payments? Kickback implies something illegal was going on "an illicit payment made to someone in return for facilitating a transaction or appointment"
Thanks for sharing your experience here so others can get a more rounded view of the services/experience they provide.

 

Nothing illegal, everything was declared. I thought i was clear by saying referral fee, but poor use of kickback. I guess my point is that it is disclosed through a form you sign at the start that there are relationships with x number of companies, but the nature of relationships were not clear. For example, it didn't specify that each company would provide POP with x % of the fee I was paying them. It was only when i asked the question to the referring company did I eventually find out. From memory it was only the legal advice which actually specified there was a referral fee going back to POP when i signed up with them. There is nothing illegal occurring, but I think people should be aware that if they use the companies that POP is recommending, then they are receiving a commission. Therefore my recommendation is to potentially protect yourself and receive independent advice when using things like building and pest / legal.

But of course, it's up to the individual and what they are comfortable with.

In answer to another question, I have bought / sold a total of 4 properties and currently own 2 x IPs.

 

Hi FireandWater. Please see our response in to your comment in the thread below.

 

Its illegal to provide undisclosed kick backs. The referrals FireandWater is referring to were disclosed in writing, in our Services Agreement, In the QLD Government Form 6 and bought up in our strategy session verbally. These referral fees were for an introduction to our Mortgage Broker, Building and Pest Inspector and Solicitor. We no longer receive referral fees from any Building and Pest Inspectors or Solicitors.

 

Its illegal to provide undisclosed kick backs. The referrals FireandWater is referring to were disclosed in writing, in our Services Agreement, In the QLD Government Form 6 and bought up in our strategy session verbally. These referral fees were for an introduction to our Mortgage Broker, Building and Pest Inspector and Solicitor. We no longer receive referral fees from any Building and Pest Inspectors or Solicitors. Both the nature of the fees and the amounts were completely disclosed as specified above. It was also disclosed that the referral partners that we work with are only the advisors we personally work with and you could choose who you work with at any time.

 

That's why my comment asked the question, as people often incorrectly use the word 'kickbacks' without knowing it implies illegal activity. Glad you joined the forum just to clear that up though

 

Also glad to see a presence on this forum. I'm still subbed to the On Property YouTube channel, although one of you need to swap out the RayBan sunnies. You look like you're couple-dressing, sometimes ;D