Infinite Wealth, house and land ?

Discussion in 'Property Experts' started by TheNewGuy, 4th Mar, 2019.

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  1. TheNewGuy

    TheNewGuy Member

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    Hi all, has anybody heard of the company called infinite wealth? Me and partner went to a seminar with Tim Guest which was very interesting. A couple of days later we had the free meeting with a client manager who we discussed our goals and our financial situation with. After a few meetings infinite wealth proposed to us a house and land package for our first IP. This would be built in alkimos if we go ahead with the plan.

    What are people’s thoughts on this ?
     
  2. Trainee

    Trainee Well-Known Member

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    After googling alkimos and seeing whats there...... Sometimes you feel like just letting a lemming go off the cliff.

    Discount stamp duty, you have a place so no deposit, lots of magical cashflow from depreciation, theyll hold your hand through out because they have all their experts in house?
     
    Last edited: 4th Mar, 2019
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  3. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Nope nope nope

    You're from Perth and you know where Alkimos is and you're still considering it?!?!?!?!

    TL;DR version of why
    1. massive amount of land out there to create over supply
    2. massive amounts of same same houses being built so when you are looking for tenants or selling you are competing against 100s of the same ****
    3. massive distance from the CBD

    Go take your deposit and buy something closer to the city where there is demand for product, constrained supply and less bogans.
     
  4. WellKnow

    WellKnow Well-Known Member

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    Don't do it, we were closed to signing on the dotted line 4 years ago for a first investment property. went to a free seminar then went to the paid seminar and was so sold on the message. Before signing we re-thought and decided against it.. Which was a good thing.

    We educated ourselves, read, listen to podcast, attend few other seminars and got more information and off we went on our investment journey(buying the 4th house in the next few months) with a proper team not just with a one stop shop, cookie cutter approach that infinite wealth sells.
     
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  5. TheNewGuy

    TheNewGuy Member

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    Yes that exactly their promise. I wasn’t to keen on the idea of buying so far from the CBD. But they saying it has all the fundamentals for a good IP i.e. new Train station getting built, new schools to be built and new alkimos centre. Shoukf pull away from this and look for a better area and market to invest in?
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Depending on your budget and deposit, yes you should pull away at least until you see what else your money could buy for you.

    How much is the H&L? $450k??

    Go buy something ****** in Greenwood, Warwick or Padbury which also have train station, schools and shops. Renovate, carve off a rear block and say hello to way more growth and equity than anything in Butler/Alkimos
     
  7. TheNewGuy

    TheNewGuy Member

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    The fixed price for the 4 by 2 was $419k on 300m2 land.

    We have a joint savings of $40,000. The plan was to buy house and land to take advantage of the FHOG then after 6 months convert into an IP then go to rentvesting while still saving.

    But my initial thoughts were the over supply of land and all porperties will have the same Appeal to tennants and home buyers if I look to sell in the future.
     
  8. Beano

    Beano Well-Known Member

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    Read their website.
    everyone should follow their advice
    "You should only listen to people who are where you want to be "

    I don't want to be where they are so I will not listen to them :)
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    I don't understand that product. I can't imagine a family large enough for a 4x2 house being content on 300sqm.

    I actually just wrote a report on this exact thing today! What are the odds! :) The link is below.
     
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  10. TheNewGuy

    TheNewGuy Member

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    Well I’m really glad I’ve asked the question on this on not signed on the dotted line. Thanks for the link for the report it’s helped a lot. Time
    to some more research and build my own
    team to help me find the right IP.
     
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  11. Shogun

    Shogun Well-Known Member

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    The suburb is well named after a shipwreck on the coast.
     
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  12. Trainee

    Trainee Well-Known Member

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    Understand how your team is compensated. You want to be paying your team yourself, or their pay is from you getting a good investment. Learn enough to tell the difference.
     
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  13. Propertunity

    Propertunity Well-Known Member

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    Noooooooooooooo!
    What's the bet that every single attendee of their 'meetings' gets the same proposal?

    YESssssssssssssssssss!
    You've been given good advice from the posters here.
     
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  14. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Great! :)
     
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  15. Depreciator

    Depreciator Well-Known Member

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    NewGuy, good on you for coming here and asking questions. That's your first step in getting this property investing thing right. The Perth people who know what they are talking about have given you good advice. Often it boils down to simple supply and demand. I'm from the east coast, but I sense there is no reason to rush into anything in Perth. Do lots of research and keep putting money away. Pick a few suburbs closer to the city with good transport and schools etc and become an expert on them. Go to open houses and all that stuff. When I bought my first house in Sydney a long time ago, I picked the suburb and a couple of dozen streets I liked and watched and waited.
     
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  16. investoradam

    investoradam Well-Known Member

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    I used infinite wealth for my first IP. A lot of overinflated prices built in to the house. There were also a few defects with the completion of the house, exhaust fan ducting twisted and mould was building up in bathroom, oven not connected and installation of wrong aircon systems to name a few that the tenant pointed out!

    infinate didn’t want to know about and the post construction team of the building company didn’t want to know either and they even aparently sent their own expert inspection team out and magically found noting wrong!

    Only having a 3rd party building tomorrow inspector around and a detailed report done up and forwarded on to the building company matters were fixed!
    In this time infinate were up dates about the happenings but did nothing

    Also had a large disagreement with the area they had picked out paira waters 24 months ago was aparently the best area in Perth to build in according to their recommendations!

    All up the team at infinate wealth i delt with nothing against them but I wouldn’t and haven’t used their service since! A couple of IPs later
     
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  17. TheNewGuy

    TheNewGuy Member

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    So how is the property you purchased through infinte wealth preforming now ?
     
  18. investoradam

    investoradam Well-Known Member

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    I ended up settling in treeby as opposed to piara waters! It was finished at the start of 2017 and haven’t run any valuables since!
    I have another house in Brisbane due to be finished in a few weeks time and plan to have valuations run through the treeby house then to see how it’s gone!
    I can let you know once it’s been done
     
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  19. TheNewGuy

    TheNewGuy Member

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    Yes please that would be good. I would greatly appreciate it thank you.
     
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  20. Shogun

    Shogun Well-Known Member

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    Westminster gives good advice.
    Better ways to spend money than the outer blurbs. The more time spent on here the more I understand this point of view.

    96 Vickers Street, Hamersley, WA 6022

    Not saying it is good. Do your own DD
    Noise from backing on to busy road? Modern window glass can cut a lot of noise.
    Inside looks ok to me. Maybe new kitchen tiles.
    Paint outside brick.
    Research is it possible to subdivide.
    Me i would be searching for properties similar to this in areas Westminster mentioned above
     
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