Dominique Grubisa? Heard her speak?

Hi PropertyGuts,

We have seen her speak and purchased her product – she is very knowlegable and her product is one of a kind. Definately worth at least seeing what she has to offer.

Kate

While she is know for debt reduction, the product is more so about asset protection and that is why we signed up. She has a trust system that you can still buy property in your own name, but the property will still be protected. It can also be used for any possessions you own.

i’d agree with what Kate said above, tho she had a history of debt reduction her spiel will be on asset protection. She’ll scare you with some tales of nasty banks and introduce you to the all money clause and will explain how she has developed a system for asset protection. Her presentation was informative and well delivered, I enjoyed listening to her. I could see merit in her product but did not purchase as did not see it as a requirement for me at this time right now.

in a very rough summary it involved putting a caveat on the title under the bank’s mortgage one, directing all equity as owned by the trust. thereby giving the individual owner no “net worth” or equity ownership in the property. it obviously entails a lot more than that but that was a very oversimplified gist of it.

theory being in the event an individual is sued and their asset (property or other) is challenged, the bank gets first right to take away their stake and in theory a court could then take away leftover equity from an individual. But she claims she can protect it with this caveat + trust structure.

I went to the Dominique’s event on the 29th May. Very interesting, more informative than hype.

Kate – what did you get in the asset protection package and how much was it?

As for what she charges to help people get out of bad debt situations into a more comfortable position seems to be money well spent – a DIY package with her advice on what to do in your specific situation.

Terry – in reference to the above links in your post, briefly what is the plain English interpretation? We won’t hold you liable, just help us to understand it better

This thread relates to another thread (possibly SS) where you made a comment on buying distressed sales and the dangers of bankruptcy – which I guess comes down to critical dates. Other than asset protection, Dominique Grubisa also sells a package/course on buying from distressed sellers, where to get the details of potential targets and all the relevant documents and contract wording etc to take control of the property (various strategies) deeds of release etc. She is a barrister so it is assumed/hoped she knows what she is doing. She has also been drawn through the mud and nearly made bankrupt as a result of lending someone money who ended up going down the gurgler, but she managed to get the money back …..only to have administrators? want the money back and then tied up all her assets in the legal struggle. Once again I am guessing a critical date is the key.

Any key tips to watch out for if buying distressed sales? What protection if buying a mortgagee sale – or taking control prior and coming to arrangements with the bank. Can a bank trying to recover its money in a mortgagee sale get tangled up in bankruptcy – is there is a sequence of events which protects such complications.

Thanks

Thanks Terry

Very interesting topic, but very complex. Considering this is Dominique’s forte It would be interesting to to see what she has come up with, and then have others with good knowledge try to tear it to pieces to confirm its “water tightness” …….if such a thing can exist. As her reputation is at risk I would expect it to be better than what others promote and put together by third parties.

In one of her videos I found on the internet where she is trying to grow/ franchise her business (http://aussiedebtrescue.com) she describes Fox Symes as amateurs compared to what she does.

By uncommercial do you mean a transaction with the apparent intention to transfer possession of something for a nominal and unrealistic price so that it can’t be seized. (I was not aware leasing to another person achieves similar outcome to selling)

Thanks

Hi Reno,

The one we signed up for was $4k – we get the trust that goes as a caveat on our titles and also a testamentary trust. We also got the legal templates (which was a bonus we didn’t know they were coming!) and we can contact Dominique about most legal questions. We are also setting up another trust with her at no extra cost. The trust that goes on the caveat is completely separate from ourselves and cannot be tied back to us (eg by transferring money to family), she has based her system on the Vestey Trust which as I believe has not been able to be broken and family are still receiving benefits now. We thought this was pretty cheap for what we were getting, to set up a trust at our accountant was quite expensive plus tax returns and if we were to transfer the properties into our name we would have to pay stamp duty.

Thanks,

Kate

Hi Terry,

Sorry that wasn’t clear – the trust adds a caveat to the title of the property so it has an interest in the property. Therefore if someone was to see what assets you have they would see the bank would have a part and then there is another party who also has an interest. If you were to sell your house the bank would get what they are owed and the rest would have to go to the trust.

Kate

Thanks Terry,

I do not believe there is a set amount that the trust has an interest in, from my understanding it has an interest in the remainder of the equity no matter if it goes up. So if you have a loan of 80% then the trust has an interest in the remainding 20%, if the price was to go up so does the % the trust is interested in also goes up. I do not know the technicalities yet as we have not put this into place, but from what I understand this is the way it works.

The trust also does not need to put in any money to be a caveat on the title, if the owner gives the trust permission to put a caveat on the title it cam. Creditors can do the same if they can prove that you owe them money.

Kate