I’ve read Margaret Lomas’ books and understand the ideas of +CF properties.
I was about to sign up with her group, Destiny, thinking I was going to pay about $3,000 to get education and guidance on where to source these properties.
However, the documents to sign are more akin to those of a mortgage broker. This leads me to believe that the business is really mortgage broking, even though the sales pitch came across to me as being educational in finding +CF properties.
No problem with that, I guess, except for my part, I don’t want to restructure my finances and just want to find good properties to invest in with a bit of guidance.
Has anyone on the site signed up with Destiny and is willing to share their experiences?
Thanks to anyone who reads this and responds.
I am a Destiny client of nearly 4 years (in Melb). Excellent and very happy. Not the cheapest around, but service is great.
Read this thread on the forum from a few days ago:
https://www.propertyinvesting.com/forum/topic/27535.html
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
Thanks for your reply Marc and the link![biggrin]
Cherryapple,
I am a Destiny client and paid the $3000 yet I am going nowhere with Destiny as I have not been proactive enough myself. No fault of Destiny i think i got carried away at the time and did not think far enough ahead.
From reading Margarets books though we found out about the depreciation stuff (amongst other heaps of great stuff) and after getting a quantity surveyors report on our investment properties and showing this to the accountant we got more of a tax refund than the accountants were getting us and it got backdated 3 years so we ended up getting back around $4500 extra.
I weigh this $4500 up against the $3000 we paid destiny and say i got my moneys worth even if i don’t use them again.
I will try again with them soon though as believe i have learnt a lot in last year and are now more ready to start investing again.
So yes I would reccommend them but make sure you are ready (i gathered they wanted me to swap finance companies aswell so they could structure loan correctly – i was not prepared to do this at this stage) and then make sure you are really proactive and i reckon you’ll be right.
Goodluck
Thanks for your feedback!
yes, I agree that we need to be proactive and no-one is going to hand things on a plate. At least you were prompted to do your homework on the depreciation of your property which easily covered your Destiny fee.
I think it depends which franchise you sign up with too, because I’ve found one which is more flexible on the finance broking side than the other.
Good luck with your IP! Thanks again for your feedback.
[biggrin]
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