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Anyone Used Momentum Wealth?

Discussion in 'Property Experts' started by KJB, 9th Jul, 2016.

  1. KJB

    KJB Active Member

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    Hi everyone,

    I am going for a session with momentum wealth in a couple of weeks, concerning buyers agents fees/services and wealth planning.

    Any one used them? any thoughts?

    Again I am interested in getting help/advice on mapping out the next 5,10,15 + years (as my strategy so far has just been half a page of a Excel Document and a couple of PIA printouts of my current IP's !!) and maybe using a BA.

    Would be great to hear any and all thoughts/experiences.

    Thanks,

    KJB
    :)
     
  2. Newfast

    Newfast Well-Known Member

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    Hi, i am also looking for a fonancial advisor who can help me to map out at least 5 years plan and also help me or advise me for my super smaf set up and investment. I am also doing some search on p2p and p2b investment options.

    I prefer to meet with an Independent advisor , i am not sure if momentum is independent
     
  3. MTR

    MTR Well-Known Member Premium Member

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    homework, homework, homework...expensive, I am from Perth and I would not use them

    mtr
     
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  4. Aaron Sice

    Aaron Sice Well-Known Member

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    Plenty of forumites could help you in just the same way.

    And they don't charge a commission either.
     
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  5. KJB

    KJB Active Member

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    Your right this forum is the beez neez when it comes to property critique/feedback/support.

    As far as building your 'team' goes, what do you guys use? or find most people use?

    I have a good accountant (referred by a forumite) and a good mortgage broker.

    I'm thinking of using a BA (at lease for my next purchase) mainly because of living and working arrangements.

    The reason I ask is because in most of the books, podcasts etc. they always advise on having your Broker, accountant, fin advisor, proper advisor, lawyer etc. I know a lot of it is self serving as they usually have ties to or offer these services, but who are your main ' go to' people?

    Do you think ok, I'm ready to buy again -I've seen my mortgage broker I can borrow 'x' amount - is there a list of advisors you would see? or is the general consensus to do your own homework, punch in a lot of data into spread sheets and/or software and ask lots of question on PC along the way?

    appreciate the feedback

    KJB
     
  6. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

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    I think a good financial planner can make a huge difference in the long term. Many financial planners don't want to deal with property investors, unless you have a fair wack in super.

    Look for a planner with a fee for service model. I know paying $2-4,000 for a statement of advice may seem expensive but in the long term I believe it's worth it.
     
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  7. Liz Sterzel

    Liz Sterzel New Member

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    Yes, a good financial planner should help map out your 5 year plan and be unbiased about it - only looking after your interests. The trick is to find planners who are also open to direct property investment. Financial planners are not allowed to advise you on property investment so watch out for those who suggest particular off the plan units - they may be earning a big commission there. They can only say yes an investment property is right - go and buy one. You just have to make sure the property strategy is right for your goals and plans
    and then get the right property.
     
  8. roku2000

    roku2000 Member

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    HI KJB
    A property investment advisor offers you investment advice, puts together strategies that meet your investment criteria and looks for potential investments that meet those strategy(ies).
     
    Last edited by a moderator: 22nd Jul, 2016
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  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Hi new

    Independent as in ?

    ta
    rolf
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Of course they are!
     
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  11. bob shovel

    bob shovel Well-Known Member

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    They just don't get a commiss from it. Unless they have the mortgage broker ticket

    @KJB the property couch podcast interviewed him in the recent episode. You can get a feel for him and the work he does
     
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  12. Newfast

    Newfast Well-Known Member

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    Advisors who do not take commission or any other gifts to push customers towards specific name or share ...

    Non bias advise
     
  13. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    If that is your definition then all planners would be independant (except those selling property involving kickbacks).

    What about if the planning companies are owned by banks or the dealer group is owned by a bank.
     
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    K

    different people have a different notion of independent

    ta
    rolf
     
  15. Newfast

    Newfast Well-Known Member

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    Hi t

    Hi terry, then in my humble opinion they won't be Independent.

    I have checked there are 8 or 10 independent advisors in NSW.
     
  16. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I think you mean that there are 8 or 10 advisors who claim to be independent and a members of a specific group.

    There are many more that are independent that are not part of this group.
     
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  17. Newfast

    Newfast Well-Known Member

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    Wow....i didn't know that.

    Thanks Terry. I will search again.
     
  18. KJB

    KJB Active Member

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    Just a little follow up info,

    Went to see them, had a sit down with a broker and a BA. It was ok, to be honest I was expecting a hard sell with them trying to make me sign something or apply for something before I left.

    However it was just them going over some of the basics I suppose you would call them. e.g. cross collateralisation, capital growth - some charts and graphs, rentvesting. compounding growth and such...basically trying to sell the whole property thing (I was sold a couple of years ago :) )

    Good chance ill end up using the BA (though that's depending where I'm living in at the time) wasn't so interest in much else though to be honest, most of the questions I had were tax related and they told me to consult my accountant. Also I think I was expecting a bit too much from a free consultation. Too much to ask for a free blueprint to property success and fortune?? .. hehehe

    I could see how they could help out, but ill have to agree with @MTR ... better to do your own homework.

    I went in looking for a property/portfolio strategist and had a bit of a lightbulb moment during the meeting that Ill be a lot better off if I train myself to be that person and just outsource certain things e.g. BA.... I could just be talking like an enthusiastic (perhaps a little ignorant?) amateur .. but that's where I am right now.

    For anyone looking for a yay or nay answer as to use this group or not.. id say sorry.. no definitive answer here....go have a discussion with them and see if it works for you. You'll at least get free coffee :)

    Cheers,

    KJB
     
    Last edited: 23rd Jul, 2016
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  19. KJB

    KJB Active Member

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    Also just a random side note: They did a valuation of my property (in Perth) - I had assumed it wouldn't of increased as I got a good desktop valuation at the time (12 months ago) and Perth hasn't been doing so well lately - but they had it valued at $25,000 more then when I refinanced it. The sceptic in me thought it was some kind of sale lure. But sure enough I called my broker after the meeting it had gone up a bit.. I squeezed another $15,000 (my banks Val wasn't as generous as wherever they got their info) worth of equity out.

    Moral of my story? Don't assume....Enquire!

    :)
     
  20. bob shovel

    bob shovel Well-Known Member

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    It's good that you went in and got a feel for them to make your decision rather than writing them off as spruikers .

    Learning yourself is very important but also you need to use other people's skills and experience even if it costs you, agree with you on the BA. but as another way to look at it you can learn how to dig a hole for a pool and then do it but better use of your time is to pay an expert to do it. These guys may get you to step 3 quicker with you learning in the way, then you carry on yourself

    The binv ested team called me the other day to sell their wares and if you been here longer than 2 minutes you'll get the general consensus but i am partly curious to arrange a meeting to look at things from another angle and with someone else to see how it can be played out. The 2 head honchos have done it themselves prior to the business so I'm interested to hear what they would say
     
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