Anyone used "Providence"?

I tried using the search but searching for "providence" came up with threads like:
"Providing a dishwasher", "Insurance providers?", "Electricity and Gas providers?"
The search feature may need to be checked.


Anyway - has anyone used them or know someone who has? If so can you please let me know your experience.
Someone I have found trustworthy recommended them, so it was not from random advertising.
www.providenceproperty.com.au

Cheers for any info.

 

Bump

Weird that no one on here has heard of them.
Anyone have any idea where I could find some information about them that is not from themselves?

Cheers.

 

Thanks for the well thought out reply Simon.

Shortly before finding PC, I was trying to get ready for my second property purchase and started asking around for advice and advisors because I knew basically nothing about property (and knew that I knew nothing and did not believe I could learn enough to do it well within a reasonable time frame).

One of the people that I felt I could trust recommended them and said he has had good experience with them.

They were very very slow to get back to me from my first contact to them, and never even replied a second time at all, (possibly because I had a low budget?), and in the meantime I found PC through another friend, and with the incredible luck to find this knowledge base, I have not even bothered chasing them up.

After what I've learned to this point, I would tend to agree that a one-stop-shop is a concern and should be avoided due to possible conflict of interest - not saying they are dodgy in this case, and could easily just be trying to make investing as simple and easy as possible for their clients, but it is just something to be wary of in general.

Thanks again for the reply!

 

Simons comments are good. Yes the advice may be (surprise) a single strategy...Buy lots of property we recommend. Some of these property / wealth creation firms can be downright terrible and will sell you ten properties if you accept it and have equity. So you can burn all your home equity into deposits on other properties that may be duds. Their credit services may not be independent and some will "inhouse" the tax and credit services to avoid you seeking a impartial opinion. The one to really watch is property valuations....That where some scams occur. You can buy property that has a poor price v's valuation and dont realise it because you use equity in other property so the LVR 'passes'....Some will call it pre-approval.

So do your due diligence carefully. There are some one stop shops that are awesome too. I have one I recommend for people who are inexperienced who I have worked with for 15+ years. They even manage the construct, completion and the real estate agent services to eliminate problems. I willingly declare that if refer anyone I can get a fee. I rebate 100% of it back to the client.

Always question how they make their money. If you arent paying them $25K+ (or more) a property someone else is. If they dont tell you how much and who then its a concern.

 

I went to a Providence seminar on Tuesday night. I quite liked them as they put a lot of research into an area that you are looking for. So I guess, I tell them how much I want to spend in what area and they will go and find it. They are paid by the developers. I choose my own broker.
Is this a good idea? I'm not sure. It's the first seminar that I've been to where I wasn't pressured into buying anything.

Anthony, what did you end up deciding to do? Did you buy a property through Providence?

 

My reason for contacting them was because I knew that I was not equipped to do this. By the time they got back to me, I'd spend hundreds of hours reading PC, and feel confident enough to do what needs to be done. So the long answer is no I did not. That is not to say there are any problems with them - just that I no longer found it necessary for an advisor.

 

Great advice.

This is actually a form of legalised theft and banks and some brokers are in bed together on this. They cross collaterlise the property with your PPOR and the valuation shortfall is absorbed by equity in your PPOR. Most punters would not even realise this has happened, until they go to sell.

This sounds like a property spruikers tactic. Here is a great video in how to tell if a company is spruiking to you;

I love to hear that. I tell heaps of people to come on here and get schooled.

 

I love to hear that. I tell heaps of people to come on here and get schooled.[/QUOTE]


This forum is fantastic. Ive read and learnt so much. I want to buy a property in my 'own backyard' but that is frowned upon by lots of people.
Thats why I thought Providence was a good catch. Someone to hold my hand as I dont have the confidence to go it alone. I cant rely on hubby as he goes along with what ever I say.
Time is money

 

...and haste makes waste. Plenty of different markets moving at different paces. No need to rush anything.

 

Good discussion above I won't repeat it. @Anthony Brew good outcome if you felt confident in the end to proceed without a developer backed new sales option. Pretty sure you will outperform that by buying anything in the same area 2nd hand at fair price anyway. @Savy mum as per your other thread there are big differences between independent Buyers Agents such as those listed on the REBAA site etc and someone who "advises" you to buy new stock where they get paid by the developer. In these instances you are not the customer or client you are the stock on the shelf being sold to the client (the developer) whom the firm actually works for. Save time by all means but be cautious buying new stock from someone with a conflict of interest.

 

Hi just wondering if anyone has any updated information about Providence? I was also referred by someone but someone I don't know very well. Should I go out and find someone else in Rebaa?

I'm a first time buyer looking to buy a hopefully next positive geared place. Thanks!

 

whats the point of that?

 

Sorry new to PC was just trying to give a little bit of back ground >.<

 

Experience suggests fhbs looking for cf positive may not understand what they miss out on.

 

Unless the business model has changed all the original comments still remain valid, there are so many of these spruiking firms popping up all the time so it is hard to keep abrest of all of them. A one stop shop company that is suggesting new properties & paid commissions by builders/developers is a very different scenario to all the REBAA members.

If you want a real BA, that is where you should focus your research efforts. If not sure you should go back to goal setting so you know why you are proceeding down a certain path.