Hi all and welcome to a new year of investing and growth.
The first meeting for the year of the Coffs Investors Group(CIG) is next Tuesday night(Valentines, sob sob) at 6pm for a 6.30 start.
As usual this meeting is to discuss property investing in a casual and pleasant setting. Annuka Beach Resort is on Firman Drive, Diggers Beach, Coffs Harbour.
Please email me at [email protected] and confirm if you can come along, just so we have a rough idea of numbers.
Look forward to seeing you there.
DD(Dave)
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!With 8 people there on Valentines day we had our montly meeting. 3 new members and some regulars attended and we discussed “The Investors Club” meeting some had attended the previous evening, which had been advertised in the local paper under “who wants to be a millionaire”.
Most comments were in the negative category due to the highly managed process of limiting access to all properties if your financials dont meet the criteria for larger or different property types via limited access codes for their website. The fact membership is free to join is good, but on the same token, the club getting up to 6.6% from each $300k sale being $20k would suggest that by buying their “vetted” properties you are actually paying them quite a substancial fee above the true buying price, in a very round about manner.
Out of the $20k, $10k goes to the “Club” management, with the balance split down the line with some for the broker, some for your assigned “partner” etc.
Of such a system which never once truly covered affordability and concentrated on LOE(living off equity) in later years, did nothing to really excite or encourage the basic wage earners predominant in the meeting.
Some of their existing “club” members complained that in Coffs they only had minimal phone support from the club and no one locally to chat too.
The presenter and the guest speaker, a mortgage broker, were both from Newcastle. The broker who was approachable, intelligent and informative, but even through his presentation was good on cross collateralisation, bank assesment criteria for loans and new lodoc options up to 95% and including commercial for the first time, they seemed to not want to touch on cheaper properties than the $300k in their examples. One reason could be their limited commision on smaller deals??
A basic caution is always warranted when you get something for “free” and this case is no different.
Our meeting went off to discuss local developements and issues and wound up reminding everyone that our accountant from Sydney is coming to talk at our next meeting.
So here we are planning for the 14th March meeting already. Hope you can all make it. It is always good to talk to like minded people.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!
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