Anyone Used Momentum Wealth?

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

Join Australia's most dynamic and respected property investment community
  1. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    12,913
    Location:
    Perth, Melbourne, Atlanta, Boston
    Problem Chomp is that you may have the wrong person/company holding your hand, because you don't know what you don't know. BA are sort of mentors really because they are preaching a certain strategy, which may be good or may be bad.

    If you are time poor and must use BA at least begin with educating yourself first.

    Momentum operating as a BA, a developer doing feasos, a project manager, and advice on finance, from what I saw they failed at the last 3 items, but a nice money spinner to add value.

    MTR:)
     
  2. Chomp

    Chomp Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    85
    Location:
    Perth
    Yeah i agree, BUT ha ha, then I look at some of my mates who will only ever own one place or worse haven't even bought a house yet and they are 45yrs old.

    Doing nothing is worse for them, I went to a MW seminar, they take a nice fee but i don't think they would put you into a forestry tax scheme etc.., although i might be wrong on that.
     
    MTR likes this.
  3. DoubleD

    DoubleD Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    152
    Location:
    Perth
    Happy to flick you my Property Wealth Plan if you want to see what $6500 will get you from momentum wealth.

    You will easily be able to convince yourself one way or the other.
     
  4. theperthurbanist

    theperthurbanist Well-Known Member

    Joined:
    5th Aug, 2016
    Posts:
    382
    Location:
    Perth
    Thanks for the offer @DoubleD! Have PM'd you.
     
  5. PhilWA

    PhilWA Member

    Joined:
    11th Mar, 2017
    Posts:
    10
    Location:
    Perth
    Hey @DoubleD im actually booked in the MW next month for the free consult. I was hoping to get a better understanding of what they can do and if my financial planner is a double up. Any chance I can have a look at the plan they provided?

    Cheers
     
  6. Tony66

    Tony66 Well-Known Member

    Joined:
    3rd Dec, 2015
    Posts:
    80
    Location:
    NSW
    Hi KJB,
    I was speaking to an advisor from Momnetum Wealth recently regarding their BA service. It appears costly to me and wonder how was your experience using them?
    Thanks
     
  7. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    12,913
    Location:
    Perth, Melbourne, Atlanta, Boston
    May sound like a silly question, but why would anyone need a BA in a flat/falling market?
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    2,220
    Location:
    Gold Coast
    Im not a BA................. but do a fair bitof value related 'sales" work in a few industries

    The "costly" or expensive thing is a common response.

    if I may ask a clarifying question pls

    Costly relative to?

    ta

    rolf
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    2,220
    Location:
    Gold Coast
    coz they may have no clue of the market they are buying into, and not all buying decisions are investment based perhaps ?

    ta

    rolf
     
  10. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    12,913
    Location:
    Perth, Melbourne, Atlanta, Boston
    Perhaps?
    Nothing against BA, but I have seen some investors get burnt by BA for the reason you mention above, clients have no clue? If you don't know what you don't know its very easy to get burnt.

    Its just so easy to buy in Perth at the moment, stick to 10 km from CBD, and don't buy apartments. So much information on the net today, if you don't have competition you can take your sweet time and even post location/suburb and product on PC plenty of free feedback. Why pay $15K? Fly over for $1000

    Also go to the thread I started.... Perth Post a bargain, plenty of info from Perth crew.



    Just my thoughts
     
    Last edited: 19th Jul, 2017
    Renorookie, Jess Peletier and Tony66 like this.
  11. Tony66

    Tony66 Well-Known Member

    Joined:
    3rd Dec, 2015
    Posts:
    80
    Location:
    NSW
    Thanks. I totally agree but my issue is lack of time and the travel costs to fly out there. I think I would be better off doing that anyway.
     
    Last edited: 20th Jul, 2017
  12. Tony66

    Tony66 Well-Known Member

    Joined:
    3rd Dec, 2015
    Posts:
    80
    Location:
    NSW
    Hi Rolf,
    Their BA fees costs more than other States. I am not sure whether it is usual for Perth based businesses to charge more than other States.
    Thanks
     
  13. Tony66

    Tony66 Well-Known Member

    Joined:
    3rd Dec, 2015
    Posts:
    80
    Location:
    NSW
    Sometimes, it could be partly due to lack of good negotiation skills.
    Recently, i unsuccessfully did few offers to couple of places for a PPOR around where I work but either I was priced out by like 1000 dollars or Estate agent didn't want to take my offer even I was happy to give a higher offer.
    Few years ago a Newcastle agent returned my deposit saying the owner sold the property through another agent.
     
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    2,220
    Location:
    Gold Coast

    there you go, there are some good points as to why there is vakue there for you personally.

    if that BA service is too exxy fo you, perhaps look at others ?

    ta

    rolf
     
    Tony66 likes this.
  15. Hodgo

    Hodgo Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    139
    Location:
    Baldivis, WA
    Hi KJB,

    I used Momentum Wealth for development of a triplex site. It was a disaster. All up I lost $25K dealing with them and 12 months worth of time, and about 1,000,000 hair folicals and many sleepless nights, all due to their bad recomendations. I wouldn't touch them again with a barge pole. This people forum put me back on the right track!

    Their feas was incorrect, they were adding very large margins onto builders quotes (+25%), their management of the build was very expensive ($15K), their expecations of what the council would agree too were completely and utterly wrong (9 months to get DA then the DA requirements meant we couldn't go through with the build), they advised me to sell the land after holding for 18 months based on their (incorrect) feas and DA requirements, the list goes on and on.

    When working with Momentum they told me of other clients who were going through the same thing, I laughed since this was all their doing.

    I would recomend you stay clear of Momentum "Wealth".

    Now I do believe it's not fair to bag the entire business due to one bad department, their broking arm is very good and managed to get me loans that other brokers couldn't get. However I've now found a better broker through this forum.

    I can put you in touch with a very good BA if your interested, however he charges around $13K all up. Expensive but he was very good both for myself and a friend I reffered him too. Let me know if your interested and I'll PM his details to you.

    If not you can always engage a local builder, sometimes they'll help you source a good block to develop and they won't charge you a penny. You can run their suggestions through this forum where you'll get good honest feedback. The builder I used for my triplex offered this service free of charge.

    PS another firm I would stay clear of is Property Wizards, they also put massive margins on what they do, very greedy.

    Hodgo
     
    Nattl3s and S.T like this.
  16. DoubleD

    DoubleD Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    152
    Location:
    Perth
    PM sent
     
  17. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    12,913
    Location:
    Perth, Melbourne, Atlanta, Boston
    Cos they can, they are one of the larger BA, probably have more overheads????and people are silly enough to pay for it.

    If you must use a BA you may want to look at Herron Todd, they are also valuers, not sure on fees, but I have heard some positive reports on this group. Whoever you use make sure they provide you with the evidence that backs up the claims, only way to keep people honest.
     
    Tony66 likes this.
  18. sanj

    sanj Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,703
    Location:
    Perth
    I was under impression herron Todd did advisory and valuations, have they recently opened up a buyer's agency? Seems at odds with being valuers from a bias pov
     
    Ross Forrester likes this.
  19. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    12,913
    Location:
    Perth, Melbourne, Atlanta, Boston
    Comes down to doing your own homework and what evidence they provide to back up claims. My guess most investors who use BA believe they are using people who have far superior knowledge, experience and will not be too interested in getting into the nitty gritty.

    BA will all be biased regardless.

    For example if you use Wakelin in Melbourne, this group will claim blue chip are the only properties you must buy and these will outperform. Of course this is BS.

    BA in a way is like having a mentor IMO because they guide the buyer on what and where they should buy and they will promote their own strategy/their spin on it, but they may not necessarily get it right.

    As I said not bagging all BA but if anyone is going to use them go in with eyes wide open.
     
    Last edited: 24th Jul, 2017
  20. Tony66

    Tony66 Well-Known Member

    Joined:
    3rd Dec, 2015
    Posts:
    80
    Location:
    NSW
    Thanks @MTR and I will contact HTW people.
     
    MTR likes this.