Hi Everyone,
Just wondering if anyone in Perth is/was a client of Destiny? My partner and I looking to buy our first investment property towards the end of this year and we think this might be a good way of going about finding affordable positive cashflow property across Australia. I have read their client success stories and they sound really good. I also know one person here in Perth that is a client of theirs and they have built up a portfolio of 8 positive cashflow property and this number is still growing.
Anyway I would like to hear from other real people on this forum regarding this buying agency and if you think Destiny is a reputable company who actually deliver what they promise their clients?
Thanks in advance all!
Dkb87Hi dkb87
I've never used them but I do think Margaret Lomas is a fantastic investor. I enjoyed her books when I first started out investing and if I have the time I like to watch her tv show on foxtel.
What's the main motivation behind using a company like Destiny? With a bit of self education, time and effort you'll be able to do the numbers on potential deals and work out represents a good deal yourself.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
Thanks for your comments, we thought of using them as they can show us how to recognise a good deal plus they have the knowledge of the Australian market nation wide where we don’t know too much about investing in other states where a lot of these good deals exist.
Perhaps you are right though, with a bit more research and investigatation maybe we can get good at finding positive cash flow deals ourself, otherwise we may have to buy negative and try and turn it into positive
Dkb87
Whilst certainly they may be good in finding you a suitable property their recommend loan structures are totally wrong.
They normally recommend a single umbrella style loan with St George with all of the loans and properties cross collateralised.
This can severally limit a clients ability to move forward.
I have dozens of forum clients who have been caught like this and asked us to untangle the mess Destiny have made of their loan structures.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yep, must admit – I've had a fair share of Destiny STG portfolio holders come to us asking for advice on their current structure. That's one area where Lomas could improve.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Ahh yes, those umbrella style loans you mentioned Richard is exactly the structure that guy has with Destiny, he explained it to me when I spoke with him about the company. Sounds like I should stay away from buyers agencies then, at least until I know exactly what I'm doing. Thanks Richard, thanks Jamie.
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Dkb87Hi Dkb,
Have you identifed the type of property you are seeking and your state of preference?
The reason I ask is that there are buyers agents (some of mixed quality I might add) who have a particular focus on particular properties in particular states.
If part of the attraction of Destiny was they have an office in Perth you will find business can be done remotely and there really isn't a great need to go face to face. In saying that I am aware some people (and you may be one of them) do like to eyeball their 'advisor' at least once so they can get a feel for them.
DKB the other reason they recommend an umbrella structure is that it is very difficult for you to get out when you are so they receive a trail commission on your loans even if they are not working correctly for you.
Nice little stich up if you can get away with it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Derek,
To tell you the truth we dont really know what kind of investment property we are seeking yet, just trying to gather info at the moment still as we have only just bought our first house but I am keen on getting into property investment asap. I dont mind dealing with people or advisors who are not in my state, if I know they are reputable in what they do.
Hi Richard,
Thanks for the information, I never realised any of this before so it is much appreciated to hear from people that have experience with these buying agencies.
Cheers,
Dkb87Tee up a meeting with momentum wealth. I liked what i saw.
dkb87 wrote:Hi Derek,To tell you the truth we dont really know what kind of investment property we are seeking yet, just trying to gather info at the moment still as we have only just bought our first house but I am keen on getting into property investment asap. I dont mind dealing with people or advisors who are not in my state, if I know they are reputable in what they do.
Hi Dk,
Given you have recently bought your first home it is highly possible you have limited investment options at this point in time – limited equity in your own home for starters. Now clearly this may not necessarily be the case so a chat with a broker may be a good place to start so you can find out what your financial position is in terms of borrowing money.
If you get a favourable response then you can start getting the wheels seriously moving. If the answer is not yet then you have time to do, as Jamie said earlier, some more reading, research and knowledge acquisition so when the time is right you are in a position to move.
Just my thoughts.
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