Forum Replies Created
- parknine wrote:Hi,
I have just attended a Phil Anderson event in Melbourne. I wanted to hear from anyone who has any experience with him. I can see the last post was very positive. I would love to know how 'volitans' feels after another 14 months.
Thanks
Well it's not quite 14 months but as I don't get on to this forum as much as I should I can tell you that the only change in my attitude towards Phil & Lifecorp is greater satisfaction.
I have had 1 L/C originated property for about 2 years and a second for just over a year. Neither has broken any growth records but both HAVE appreciated in value. Both have met every criteria that Phil said it would. I continue to attend L/C meetings (though these have changed direction from 'recruiting' members to education and increasing wealth of existing members) and recently went to one discussing 'hot spots'.
I did have some small builders problems with the 2nd property but by speaking to L/C they intervened and had immediate rectification work done, something which the builder/developer (who incidentally is independent of L/C) had evaded for a while when my property manager attempted to have the faults fixed.
Sorry to rain on the doubters parade but again I promise you apart from being a satisfied L/C client I have no affiliation with Phil or L/C and I would (will) use them again as soon as soon as I am more 'liquid'.
Sorry 'Rebuilding' for taking so long but after the attacks I don't visit here too much (I don't need crap or to justify myself to know it all cynics & hypocrits).
Anyway, 'where I'm at' – I now have 1 'Lifecorp' provided property which is cashflow +'ve and is everything promised. I have gone halves with my daughter in another (both in regional NSW and both appreciating and cashflow +'ve), I am awaiting the call for my deposit on a 3rd (an 'off the plan' development) and my son has just put a holding deposit on another (different to mine) 'off the plan' development in Sydney.
Yep, I'd say we're happy with Lifecorp. They've delivered on everything they said they would and THE DECISION TO BUY WAS MINE. There was never any coercion to buy. It has been exactly what I called it – a lazy man's (or womans) buying group where all you need do is your due dilligence on what's offered.
BTW – about 24 Lifecorp members just had a social get-together on Hamilton Island. Not 1 unhappy investor amongst us.Hi all,
Back again after a fair time away so apologies if anyone was awaiting an update.
Yossarian must have been reading my mind. 2 days did give me some time to consider what I'd bought but to extend a bit….I have now had this property 2 months. The only things more time will show is the quality of the construction (not a lifecorp function) and capital growth.
I have received my rates account from the council, my operating costs from the property managers, repayment sched from the bank and all is good. This buy stands on its own as Lifecorp promised. IT IS CASHFLOW POSITIVE. The rent covers everything so I'm happy so dare I say without being accused of being a plant again…. I'm happy with Lifecorp.
In fact my daughter has also now bought a property with their help and her IP is even better. She had tenants in the place before it even settled (rent to the developer/owner) paying $20pw over market. It's a 'NGO/Gov't backed' organisation who want an ongoing lease with rent paid even if vacant. Having just settled she hasn't yet got her cashback but I'm sure it's in the system.
Yes there may be better deals around (no, there IS better deals around) but I had to do nothing for this except due diligence on what they showed me. Likewise with my daughter. Lifecorp put it all together. It was a "No money down' deals. I literally put zero dollars into this deal. I got $7500 cashback within 2 weeks and a deprec sched is on it's way all supplied by the developer as per the deal. The property is comprehensively finished with blinds, s/s kitchen goods (oven, dishwasher), fenced, landscaped, letterbox, TV aerial, a/c, heater even a watertank out back.
AGAIN I STRESS THIS IS NOT A RECOMMENDATION FOR OR AGAINST LIFECORP – JUST A REPORT ON MY EXPERIENCE AND MY OPINION.
So decide for yourself but I'm not finished using lifecorp. And if they do get big fat commissions then good on them because I got a ripper deal and that's what matters to me.
OK, its been a while but here is an update on MY dealings with Lifecorp – THIS NOT A RECOMMENDATION JUST MY OPINIONS AND A FACTUAL ACCOUNT OF WHAT HAS HAPPENED.
2 days ago I settled on a property shown to me by Lifecorp. EVERYTHING they have spoken of has rung true though I am yet to receive the cashback (that many devlopers offer the public) that Lifecorp negotiated. It's only been 2 days now.
The figures that Lifecorp provided me more than stack up. They were conservative and I now have a cashflow positive property with repays of $315pw and rental income of $340pw before any deductions.
I don't kow if the solicitor that Lifecorp recommended was any cheaper than any other but they knew the deal and the exchange and settlement went smoothly.
I did NOT take up the Property Managers that Lifecorp recommended as I believe I personally got a better deal with another.
I did NOT take up the finance options shown to me by the mortgage broker that they recommended.
These decisions were all mine and Lifecorp is happy with them. (in fact they are already showing me more deals!)
I believe that the deal I got was sweeter than if I had approached the developer/sales team individually (as proven by a friend I sent out to check) and the inclusions provided are comprehensive.If I have any misgivings it is that this process seemed too easy. Being used to doing all the legwork myself I felt a bit 'left out' of the process.
Finally, did Lifecorp get a commisssion? I believe so however I have 2 things to say about this.
1. If they did the work of lining all this up why shouldn't they get something?
2 Frankly I don't care if they got a gazillion dollars out of it. I have an investment deal that I am happy with and that I would/could have found myself if I did enough legwork.I know this is too late for the original poster of this thread but I have a similar story with a twist worth keeping in mind for anyone with a fixed loan.
I too had a 5 year fixed (investment) home loan for $420k . Due to a change in circumstances I needed to offload the property & break the fixed term. The break fee was going to be around $70k. Phew!
I, thankfully, have a great bank manager (Yes Virginia, they do exist) who helped me greatly.
I sold the IP for $485k. Rather than use the proceeds to pay out the loan (and fee which would absorb ALL the $ profit/growth) the security for the investment loan was transferred to another property thereby keeping the loan ongoing. He also was able to reduce the amount of the loan from $420k to $220k (using $200k of the sale $) putting the remaining $ from the sale into my bank account.
By holding this sale cash in a term deposit the income goes a long way to making the repayments until the original 5 year term expires. At that time I payout the remaining loan with no break fee. Of course we all know how putting your money in the bank is a waste of time…….Hi Philip,
Sorry for delay. Have spent weekend in Sydney at Rich Dad, Poor Dad 'Seminar' and just returned. (Will review pathetic seminar in another thread)
Anyway Philip I don't disagree with you comments on Nelson Bay. I used to fish there 30 years ago and that's all I know about it so won't comment on 'that' deal. The events as you tell them are a great reason for the regulations/licensing rules but Lifecorp to date have proven to me to date to be nothing more than just a 'Lazy Man's' researcher. The proposal shown to me is exactly what I would do myself in seeking deals only they've identified the area/property etc and one the work for me. However, again I'll repeat I am only so far into the process and still investigating. They might yet hold required licenses. I don't know that and won't till I get to ask or call TDFT. Even so it's a learning event to go along and find out what they have to say and to date everything they have claimed has been shown to be true. This is NOT a recomendation or a statement that everything they say in future will be true.
To directly answer your 2 questions;
1.how certain are you that the properties he is presenting "stack" up – Well when presented the property I started my due diligence. I have researched RP Data, Cencus data, compared with like properties on the web, have a personal friend (a Real Estate Licensee for 35 years) look using his resources and spoke with my brother who grew up in the town about the area etc (I didn't due to a family split) . So far the property compares well. There are some cheaper deals available but these are not brand new houses. There are some dearer ones as well. This goes for rents and prices.
2.what process does this company do to match the property investment cash flows with the individual client. – Lifecorp do nothing in this regard. They sent me to an independant mortgage broker to have the finances looked at. The Broker (who has been here in NQ for many years) came up with several 'plans' and some recommended instutions to borrow from (in exactly the same way as all brokers do). With my permission this broker told lifecorp that I would qualify for 'X' amount with 'Y' down and 'Z' repays with several banks and CU's. I should add here that while I thanked the broker I advised them that I would stick with my own bank as the manager there has stood by me many times in the past. (Please no attacks on my bank this time – they have NOTHING to do with this arrangement) This allowed Lifecorp to present a few brand new houses in a range that is in the bracket I can afford and also in the prime 'investment category' (ie 4bed, 1 car, 2 bath $300k – $400K). The property was presented as a 9 page Excel printout not that different to Jan Sommers PIA spreadsheet and others I have seen. I have similar software and tested the figures and they stack up. The extraneous data (vacancy rates, median prices, forecasts etc) also gel with my researched RP data etc.
So far no-one has asked me for any money other than my initial $275. If I had done the work to find, research plan to this level it would have cost me far more than the $275 in money, time and effort.
Regarding wealth4life.com's comments I agree that this has nothing to do with the NB deal but while Philip has correctly raised a legitimate issue about licenses for me this is about informing others what I know about Lifecorp and how they operate not about "sales people greedy on getting commission".I just remembered something else that Phil Anderson of Lifecorp spoke of in his public meeting last week. If I had mentioned this a few days back when I found out it might have saved some debating.
I should have remembered this earlier but in his new presentation Phil has accepted that most people are sceptics who will ask "what's in it for him (ie Phil)". In this presentation Phil admits he gets his cut (besides the bonus of bulk purchase discount) direct from the developer himself for bringing a large number of buyers to the table.
The question is as long as buyers get a good deal does it matter if Phil gets a cut? If he's travelling over Oz gathering likeminded buyers shouldn't he get something for his efforts? Does this denegrate the deal and make it a con?
Oh yeah, if you are wondering just how 'pally' I am with this guy because of my habit of addressing him as Phil It's just that if you met him you'd realise that he prefers to be addressed that way (Don't most people who want your business ask you to be informal) and besides he is that easy going.Thank you Philip for some good advice (or is that 'advise' – lol). This is the sort of thing I expect from a forum.
All night I have been wrestling with my own replies to this thread and I retract none of what I have said but sincerely hope that in the drawn out response that my true message wasn't lost.
My message is that a first time enquirer (or any contributor) shouldn't be attacked/accused on suspicion only due to previous (proven or unproven) interlopers.
Also and probably more importantly people (and yes in this instance I am targetting Richard not on personal grounds but because he is the guilty person here) who make claims should be made to back their claims or clearly identify that this is their opinion only and not necessarily fact.To go back to the original reason/topic of this thread a person (SHales) asked for info on a group (Lifecorp). Another made claims (hypocritical claims at that) about commissions BUT FAILED TO PROVE/EXPLAIN OR BACK THAT CLAIM. A 3rd person (myself) who also wanted to check the bona fides of this group asked for evidence of the previous claims and instead was groundlessly accused of being a plant.
On the other hand your contribution attacked no-one but gave me some valuable information. Personally I am not sure FROM MY DEALINGS WITH LIFECORP that all of your contribution is relevant to them but your 2nd point (re; buyers agents/groups) certainly does. I will raise this point with Phil Anderson when I meet with him again in a few weeks time. I intend to report on this meeting (as I reported in earlier posts) fairly, honestly and unbiasedly so that others may judge without predjudice.
I repeat my earlier claim that so far IN MY DEALINGS WITH LIFECORP I have no grounds for negative comment. That is neither support for or criticism against Lifecorp. People still need to do their own due diligence.
Thank you for your input. I hope others got the same value from your post as I did. I also hope this is the end of this matter except that others may contirbute verifiable fact to assist investors.
Kind regards
GarrySee Richard again you miss the point!
How about I call you a fake (because I can), fail to substantiate my claim, then twist your statements to suit my ego?
Do you always throw accusations at people you are "slightly suspicious" of first time they contribute? Good way to make newcomers feel welcome to keep coming back!
Do you always criticise other peoples efforts without knowledge of what they do? Just what research have you done on Lifecorp? You still haven't substantiated your claims against them!
I now notice you avoid that proof by changing from the original topic to attacking my bank manager when the only mention I made of him was that he has been wonderful for/to me. (Another fact.)
As for supporting Lifecorp though you neatly avoided having to justify yourself. If you read MY posts please tell me where I recommend or push Lifecorp.What I have done my friend is recount all that has happened to me in my dealings with Lifecorp. Again I'll apologise if I disappoint you by not having anything negative to say but that's how it's turned out so far. Actually to satisfy your perverse need to find a negative the one problem I found was the venue for the meetings was a bit small and the seats too hard. How's that? Something to whinge about.
I appreciate you have a 'boutique business' to protect and apparently you feel threatened by Lifecorp but why can't you either prove your point (that they get 'FAT commissions' – your words remember) or admit that you haven't done any research on them and you don't know either way if they may or may not have a useful plan? I care less about what you think than I do about giving other readers unbiased comment to truely help them decide for themselves whether an organisation is for them or not. This is the true meaning of forums (and I am an administrator of just such a private forum). That is to exchange experiences and KNOWLEDGE as was requested by the original poster of this thread not to spread rumour and unsubstantiated claims.
As an outstanding contributor to this forum (as you no doubt are) you do yourself no favours by attacking others without grounds.
Less educated readers would count on your experience and knowledge for accurate honest advice not rumour and fearmongering against your competition. Not that I can see in anyway how Lifecorp should be seen as competition for you if they are bringing buyers into the market that need financing.OK Guys,
Sorry to take so long to reply but I musn't have my prefs set right as I didn't get notification of any further additions to the thread so I hadn't checked it. I apologise for the length of this post too but with an open mind you'll read why it's so long.Also I'll add that the major flaw in e-discussions is that voice tonation is not available so often emotion is quite often misread (or read where there is none). Having said that I'll try to explain my position and hopefully we'll all learn something about comprehension, jumping to conclusions and using the head not the heart.
Firstly. Dan 42 – I have no need to calm down as I'm not excited (or angered, frustrated etc). This is a perfect example of my 2nd line in this comment. And your cynicism does show here as well (comment not an attack). Why is it that Aussies are not only quick to chop down the tall poppies but prepared to accuse someone of being guilty without the facts.
Second – Airstrike 2001 – I understand why you, Richard and yes, even I hate timewasters. I had a read of the thread you recommended and see the same pattern as I saw here. People are so negative, attacking and aggressive right from the start on suspicion only (yes in the end it might be justified but accusations are libel until proven). Just because I stated that I was investigating Lifecorp and because I wasn't negative about it (I have not yet got a reason to be but will scream if I feel I've been conned) it is immediately assumed that I am guilty (a plant) and I have to defend MY honesty. If you re-read my initial comments (and comprehend it) I was neither positive or negative towards Lifecorp. I simply said "what's wrong with maiking big fat commissions" and noted that this is how Richard (hypocritically) makes his earnings. I also asked how he made these conclusions – a challenge he hasn't yet answered. (ie guilty by suspicion or is it jealousy?)
Third – Wealth4life.com – I think I understood your 'contribution' . While I agree a professional organisation should have a professional website do you really open & close your investigations made on a website alone? Many good businesses have poor websites and more importantly many shonky dealers have very slick presentations. I find your statement astounding but not surprising as you obviously don't grasp what they are trying to do – ie basically a buyers co-op.
Now following that last sentence I'll no doubt be accused AGAIN of being a plant. Well I'm not. I have now attended the Lifecorp seminar twice and had 2 meetings with Phil Anderson who is leading the group. He seems a nice guy but I am still doing my due diligence.
Now try to keep up here. Nothing in these statements is supportive or destructive of Lifecorp and as I am still investigating I have NOT drawn any conclusions to base an opinion on so nothing I say from here will be either way. This is called evaluating evidence without emotion. As a trained scientist I am familiar with the pitfalls of assuming POV's without the facts.
The facts AS I KNOW THEM are;
About me ; I am a 55 yo ex-vet on a disability pension. I have no ties to Lifecorp except my actions as explained below.
I did a university degree 10 years ago to beat the boredom of being a pensioner and this lead me to a job I really didn't want that gave me a severe nervous breakdown trying to do community work for the disadvantaged. I have a street named after me for my community work. To supplement my miserable gov't pension I invest in real estate. As the administrator and secretary to my military recruits intake I am a community minded person with plenty of (other) forum experience. I tell you this to hopefully explain who I am.
About my experience with Lifecorp;
Lifecorp claims to be a buyers group using the leverage of numbers to obtain beneficial deals. – I have not seen evidence to refute this.
Lifecorp is NOT advising people to buy or sell property they (Phil) has stated a case that is available in any public forum espousing the value of investment.
Lifecorp sent me to a 'broker' (like Richard) to assist planning by establishing what finance is available to me. I probably won't use their broker as I have a great relationship with my current bank manager and wouldn't swap him for quids.
Lifecorp know this and agreed with my decision without any hesitation.
Now the broker (or Lifecorp?) has prepared an '8 page plan' for me (to say yes or no to – no commitment) that entails a positive cashflow investment property, projections, funding time lines etc.
While the plans were good I needed a few tweaks to it. This is being done as I type and will be ready in a couple of weeks.
NOTHING that has happened so far has been untoward, illegal or suspicious. So far Lifecorp has honoured it's word. Yes, I have a natural suspicion and am being cautious (Note I'm not making accusations here but it is always smart to check every step – it's called due diligence)
This is as far as I'm up to. It has cost me an initial few hundred bucks. There has been no surprises yet. Presumably the next step will be if the proposed plan is satisfactory (after I do more checking or 'due diligence') I will travel to see the real estate, check the figures and say 'yes' or 'no'.
All up as I see it Lifecorp has done all the work for me and I just need to satisfy myself that I am happy with the case they put forward.
Now back to my original defensive claim – I am NOT a plant. If any reader of this has half a brain you'll read it, assess it and decide if you want to try it. Frankly I DON"T CARE. This is an honest report of what has happened to me so far. I'm so sorry to the knockers that I can't provide any negatives yet (hence they make it up and attack anyway) but I have not found anything wrong with Lifecorp. Not everything in this world is as defective as peoples seedy little brains would like to believe is the norm.
If you go in looking for negatives I'm sure you'll find them (again like Richard's unsupported hypocritical claims) but if you don't have BOTH eyes open to see the good and the bad you'll miss a lot and have a sad life being suspicious of everyone and everything. Use your head and evaluate things not your (black in many cases) heart and attack.
Believe me if I get crapped on (by anyone – Lifecorp included) you'll hear!
Garry
No Richard I am NOT a Lifecorp plant and you seem to reaffirm what was SHales was saying. You are a cynic.
I have nothing whatsoever to do with Lifecorp except that I too am investigating (due diligence) what they are about. I earn a living just buying,renovating then selling hence my interest in lifecorp.Again I issue my question to you – On what basis do you make your claim on "big fat commissions"? (and what's wrong with that? Isn't that how you earn?)
It's not only easy for people like you who are threatened by others to make claims but can you back up your statement? I believe all readers of this thread should discount your (or anyone's) claims if the claimant won't/can't back it up.
Here's your chance Richard.
GarryP.S. Just to be totally transparent – As part of my due diligence I am meeting with Phil Anderson next Wednesday. It will be my second meeting with him and so far he has satisfied my queries (more than you have so far Richard).
GI'm with you SHales. I notice Richard went quiet after your observation.
I too have just started to look into Lifecorp and am naturally curious as well but if they deliver what they promise I don't care how much they make.
Richard (if you are reading this) on what basis did you form your opinion? Knowledge or suspicion? Please elaborate on your claim.
