Hi All
Having Just recently visited one of Margaret Lomas’s E-destiny’s branches and spoken with one of her financial advisers, i’m still ummmming and arghhing about proceeding. I’m happy they promote cash flow positive properties, although they seem to promote post 1985 properties and the deppreciation angle with a tax variation schedule done.
They also promote LOC to draw down your loan and pay off faster, and they assist you in structuring your budget, they do not provide with properties but have a property register and will also evaluate any deals you require them too…
My Question then is who has had dealings with this group and how did you find them ?
was it worth the fee ?
Any positive or even negative comments re: your dealings ?I don’t work with or for them, just posting this to hopefully learn a bit more about the group as, at this stage i think for the fee i’m better off with my CoCR calculator and sourcing my own deals, i’ve read her book ” Protecting your property portfolio’ and will probally purchase the other.. to justify the fee i’d want the return to be ‘well’ worth the outlay
Any thought’s opinions out there ???[
]REDWING
You’re a smart bloke redwing, you shouldn’t have any probs finding your own deals… unless you’re stretched for time that is, in which case it might be worthwhile leveraging off someone else… I’m not so sure the depreciation angle is the way to go, because you’re still going to eventually limit yourself borrowings wise…
cheers
rHi Redwing,
I havent purchased any of her properties, but her books i will admit they are great teaching tool. To be honest, best to use her books and her finsoft caculator to work out CoCR and IRR, but to be honest i feel the same as Richmond that you can find the deals and probably better deals. What you do on the CoCR caculator is the same thing she will do for you, in person.
Cheers,
sisI just found out one of the retirement village that e-destiny saling is the same one as the investors club is saling.
Warm Regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]I have been to see Margaret and her franchise seminar, some time ago. I was interested in opening a franchise myself, but I pulled out.
The fee they charge, at that time, was quite large and I rather not get into this. I am led to beleive that fees they charge (unless revamped) are available as an ongoing service and not one off and not to be recharged when you change things. However this may have changed.
Anyway, the property register is a way of finding properties when you dont have time to look. Like everything, you decide.
We can all start a business, earn money and spend or invest.We probably might be able to right a book, advertise, get tv rights,lets say you try this search.
Go to either ACA/nine or Today tonight/7 do a search on a guru, or a book, and I will tell you, timing is part of the deal to selling, and promoting and then what we used to call companion selling. Sell a book, sell a concept, sell another…whatever.
I found in reading some books, they are basic, they say basic and simple common sense things, and I can tell you, revealing trade secrets is not one of them- well not from what I have read anyway.
I dont think people get where they do by spreading the word…..there always has to be that secret ingredient, like a good chef and a good recipe, they never tell you that secret that makes the deal a good one.
I think I better call myself skeptical!
Elves
I like her books (read 2) as another point of view, also like her calculators, but the deals on their website are hard to finance, like the retirement villages. You will need a LOC (which she recommends I think) or probably find a commmercial loan to finance them.
ALso, as has been said, they depend on heavily depreciating, and depending on your income, how much can you keep depreciating?I rang them in the past before I thought of starting to invest, but found them a little pushy over the phone, they even sent me out application forms for a LOC and I hadn’t even asked for that yet.
So I didn’t go ahead.Also these units she offers are not hard to find yourself through advertisements in API magazine etc. “2 for 1” etc!
You don’t really need her website for this, and pay her a fee.
Does she charge finder’s fees, by the way? Can’t remember.Hmmm had a quick look at one of her property list’s sent to me by a forumite and a lot of ‘retirement’ places also a note at the bottom saying “some difficulties with financing may be experienced… for more information contact the property register”
Not exactly a confidence booster
And disclaimers on the registry i’e ” all figures are supplied in good faith, no responsibility can be taken for the accuricy of these figures”
Another negative tick
On the positive , like i said i enjoyed the book and will probally read more, there is information contained within that is helpfull..
Would still like to hear from anyone having had dealings with them.. you can always PM me
sup2uREDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
There are more issues than meets the eye.
As for financing problems, they must tell you that really, because banks generally do not provide finance for the likes of retirement places, call it age discrimination….whatever, but I was told there would be problems. (I mentioned this in another post somewhere)
cheersps how to i use the faces?
Hi Redwing,
Like many of us, I’ve read the richdads, lomas, burleys, good old mcknight , Fitzgerald etc. I’d place Lomas’ advice after McKnight, Burley & Richdad. Her advice seems more appropriate for less aggressive investors than ourselves, probably better for people who are a bit chicken to find their own profitable investments and take the leap. As for using depreciation to get +ve cashflow, I’d place it at 2nd preference to getting +ve cashflow from rental alone. Depreciation just isn’t the same (or as good) as cashflow.
elves, just put your cursor where you want it to go – and click on the smilie you want to insert [
]Cheers
Mel
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