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Anyone Used Momentum Wealth?

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

  1. mcored

    mcored Active Member

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    @KJB, There are great brokers out there who can bring you the best interest rate but they are not necessarily investment savvy. I have found that MW brokers (Sarcha Sagisaka) who I dealt with is very investment savvy and that helps structure your loans for the best possible scenario to suit buying more and more IPs (as long as they are affordable of course).
     
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  2. Kuna_Learner

    Kuna_Learner Member

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    HI KJB,

    I also had a session with them 2 months ago-a BA and a Finance Broker. They basically did the same as what you have mentioned but I really thought may be not for me. Better to educate urself so you can benefit in the long run. Cheers!!!
     
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  3. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Sydney
    Hi @KJB who you end up using depends on a no. of factors which you ideally need to take into consideration, to decide who is the right fit for you and your impending investment. Much of a BA's work involves a trusted relationship and so you need to have confidence in their service, systems and knowledge base.

    Look for credentials (licence check online via state Dept Fair Trading and association memberships eg: state REI, REBAA) experience (how long have they been doing this and in your specific areas/fields of interest?) references (ask for phone references and written testimonials) areas of expertise (ensure they're locally based and ideally have an office in the city/area you're searching) and other reputation-based parameters (awards, peer referrals, media profiles etc).

    Good luck with it all!
     
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  4. theperthurbanist

    theperthurbanist Well-Known Member

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    Hi MTR, can I ask why not (asside from the fact you may have less of a need to pay for 'advisors' than some of us newbs?), is your comment based on their high price alone or do you think their service is below par?
     
  5. theperthurbanist

    theperthurbanist Well-Known Member

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    I've been 'aware' of momentum wealth for a few years now and looked into them a bunch of times for a range of services (BA, broker, property manager) but each time someone else pipped them at the post (not on price, funnily enough).

    Over that time I've kept an eye on their emails (the usual 'advice-lite articles'), been to a few seminars (again education-lite but good information to my mind, mixed with the usual 'really tho there is a lot more to know and professional help will go a long way) and monitored their awards (a good many, though I try not to 'believe' that too much). And as mentioned, had the occasional meeting to discuss their services (including a couple these last few weeks, but more on that later).

    My impression from all that I've seen (none of which involves actuall first hand experience in engaging them): I'm impressed, my gut feeling is they would offer an excellent service and seem at the top end of most of the services they cover in Perth. Maybe I've been suckered in, but I'm the type to do a lot of research and I have to say they inspire quite a bit of confidence in me... BUT, I am struggling a bit to swallow their prices.

    After doing some recent research of Perth's 'top' resi finance brokers I once again found myself in their offices last week and met with Sarcha Sagisaka who seems to get a good wrap. I liked her approach (very strategic, 'big picture' not just focused on the next loan) and she seemed to have a good knowledge and some intelligent points to make. I was shocked to find out though that to receive a 'finance plan'/use her services I had to pay a fee of $495! That's the first time I've heard of paying to use a broker! Even though I think the difference between good advice and average advice is worth a lot more than that (which is probably the point MW are leveraging off) I have to say I was still pretty offended by the though of having to pay for a service that others would provide for free! That all being said I think I am going to engage her/MW, so I guess you could say they have me convinced (at least on the finance broking side of things).
     
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  6. theperthurbanist

    theperthurbanist Well-Known Member

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    In terms of their other services (and at risk of rambling on too much), I also met with another chap separately to discuss their Property Wealth Plan/strategy/planning services. Again, I thought they seemed thorough and like they would be of good use (and even greater 'interest'), but again I am torn as to whether I would get $4,500 odd value out of it. Yes I could, with a bit of effort, produce some sort of an exell projection myself and yes I know a bit about investment strategy, but I really feel like this would take things to the next level. I understand the VIC outfit Empower Wealth offers a pretty similar planning service for a similar fee. The question I am asking myself now is basically whether that money would be better spent investing. Really it boils down to the same argument one has when wondering whether to see a financial planner, stock broker, etc. Yes you could get by without them, but I can imagine that this amount of money spent on 'good' advice and a solid strategy would pay back far more than its cost in the long term. As you can tell, I'm yet to convince myself one way or the other.


    For what it's worth I will probably have a chat with one of their Buyers Agents also. I'll let you know what I think.
     
  7. MTR

    MTR Well-Known Member Premium Member

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    Based on 2 investors who have used this group, where I was told the feaso was wrong in one instance.
    Also personally know an investor who used their project management services and once again gave this person poor advice I believe because it made their numbers look good at the time because deve sites were not making sense in Perth market


    MTR:)
     
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  8. theperthurbanist

    theperthurbanist Well-Known Member

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    Ok, interesting. Thanks for the feedback MTR.
     
  9. DoubleD

    DoubleD Well-Known Member

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    Perth
    Had the Property Wealth Plan/strategy/planning services 2 years ago. Was disappointed with the lack of specific advice for my circumstances, felt like a recorded pitch which they preach to every client.
    Have a nice shiny A4 information pack with my name copy and pasted into different sections and headings. One positive that I did take away from the meeting was the knowledge that I had gained from somersoft/property pages were more valuable.

    DoubleD
     
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  10. DaveyB

    DaveyB Active Member

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    Agree, these mobs look good in the good times, not so much in markets like Perth atm. Colleague acquired crappy run down 3*1 villa in maylands 20
    Months ago, 480k's.....lucky to be worth 430 present and rent lucky to be 350pw, probably need to
    Spend 20k to make it attractive to rent.

    At the whim of the market, do
    It yourself.

     
  11. theperthurbanist

    theperthurbanist Well-Known Member

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    Really interesting to hear that @DoubleD . I considered getting the Wealth Plan for awhile (eventually put off by price) and was keen because having read so much generic stuff I wanted to have a plan 'uniquely' tailored to my situation. Sounds like that might not be the case though.

    Can I ask: I have a close friend who is very new to property investing and was thinking of using their service. Do you think someone like that who may not be as well read/experienced as you would benefit from the wealth plan?
     
  12. ellejay

    ellejay Well-Known Member

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    They're a big firm with big overheads. Customer pays a premium for this reason.
     
  13. DoubleD

    DoubleD Well-Known Member

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    My advice for someone new to investing is get educated by reading and doing :

    Surround yourself with other investors.
    Read some/all of Jan somers books.
    Purchase PIA software easy to use and puts your mind to rest about costs, and if you can afford the property.
    Get individual expert advice from specialist in their field: broker, property accountant, finance structure, settlement agent.
    Use a property manager once purchased, and get a 6month contract with them in case you need to change !!
    Purchase something you can add value to.
    Don't be afraid to sell.
    Get Landlord Insurance
    All "wealth plans" in property starts with purchasing a property. Research an area close to your home attending every home open for 6months after this time you will become your own area specialist.
    Once you start spotting the deals don't be afraid to put in low offers you will soon find your unique offering style.
    You're buying the Land for the investment, not the house.

    And finally Propertychat just keep reading reading reading.
     
  14. Pamela Palmqvist

    Pamela Palmqvist Active Member

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    Fremantle
    Momentum Wealth aggregate under Connective (same as me) and although I can't speak for the quality of work they do specifically but they are definitely not spruikers...

    So these guys would earn their money as BA and mortgage brokers (so the service they provide) and not by flogging property, which I think is the main difference between anyone genuine and a spruiker...
     
  15. theperthurbanist

    theperthurbanist Well-Known Member

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    What exactly do you mean by that @Pamela Palmqvist ? Is Connective a parent company (or have I completely misunderstood you?
     
  16. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    All brokers generally belong to 'aggregators'. Banks don't want to deal with 1000s of individual brokers, so companies have developed which are intermediaries between the brokers and the banks (for a hefty fee!). My company aggregates under connective too - one of the best aggregators out there I think
     
  17. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Dont assume, ask. Some openly declare they dont earn $ and others tip-toe around the issue. Some are blatantly secretive about it and rely on backhanded deals with developers to third party entities that aren't direct fees too.

    There are many substantial property firms that you wouldn't classify as spruikers that are built on income streams from a variety of sources. And not all BA's are independent and representing only a buyer. Caveat emptor.
     
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  18. Redwing

    Redwing Well-Known Member

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    No one's ever Independent ;)
     
  19. ellejay

    ellejay Well-Known Member

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    Agree. I actually did rate the guy from Momentum that I spoke to. I also spoke to another guy though who had the same professional experience...rated him equally but he cost around $5k less (low overheads). Bottom line for me is this, when I've got no mortgage and paid all my bills for the year $5k is a very nice holiday. One guy = nice house, other guy = same nice house plus nice family holiday.
     
  20. Chomp

    Chomp Well-Known Member

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    If you need your hand held, doing something is better than doing nothing. It's all on here for free though.
     
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