DESTINY FINANCIAL SOLUTIONS

Hi,

Are there any Destiny Financial Solutions clients out there?  I would really like to get your feedback as to whether or not you think the cost of becoming a client of theirs is worth it.  I have read most of her books and I am wondering how much more I would get out of becoming a client.

By the way - I own 1 PPOR and looking at buying my first IP within a couple of months.

Thanks

Hi NonnieE,

Just out of interest how much does it cost to become one of their clients and what service do they provide? 

Cheers Matt

Matt Centrone
Property Investor and Financial Strategist
mcentrone@investorfinance.com.au
Ph: (08) 8212 0788, Mob: 0402278019

Hi Matt

It is a cost of $2970 upfront.  This gives you ongoing one on one mentoring and advice, 8 week focus group sessions, updated financial analysis report each year, fianancial software, establishment of a finance structure if required, annual property performance reviews and assessment of propertys that you have sourced yourself.

Cheers
NonnieE

Sounds like an absolute bargain. I dont even charge that for a 100 page financial plan.

Cheers

Yours in Finance
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
www.tayloredfinancialsolutions.com.au
richard@tayloredfinancialsolutions.com.au.
Lodoc loans from 7.83%

Hi Nonnie
 Have you compared the price and benefits to you from the Destiny Program with that of the Results Program?
Would like to hear what your view is.
Jules

Jules1

Hi Jules

I haven't really compared the Destiny Program with the Results Program in detail.  However the Results Program is nearly twice the price (discounted).  You also need to consider the different investment stratergies they use and what is best for you I guess.

Nonnie

Nonnie
Yes I agree about the Results program, although I understand it is a great program, but if you are comparing prices
and what benefits/services you will receive, then I guess the Destiny one may stack up for you.

I have checked the software tool used for financial analysis that Destiny sell and it looks quite good. 
Do they also source properties for you?   Sounds like they do from what you said. 
If they do then that may be a great help to you when your trying to get started in the investment market.  

If you are happy with the services that they are selling for that amount, then I think you may get your money's worth.
Just think that some of the courses around can cost $2000-$3000 for a couple of days, so it sounds like good value to me

Best of Luck with it
Jules

Jules1

Jules
Thanks, it does sound like good value.  However they don't source properties for you, but do guide you with the process of selecting propertes and then assess a property for you before you make an offer.

Nonnie

There is a thread about this from a month or so ago on this site. You can do a search on "Destiny Financial Services" and they should appear.

Cheers,
Marc.
erardent@hotmail.com

"we get sent lemons; it's up to us to make lemonade"
www.whydoislice.com - for all the golfers out there!

Marc

Thanks Marc, I will check it out.

Nonnie

Nonnie
if they actually help you with assessing the property that you are selecting then I think that is a great help.  Although you do have to be mindful that you and not the consultant, is making the final decision of to buy or not to buy.  
Having someone to help you assess your selection sounds great to me.
I think I would be seriously considering the Destinty package.
cheers
Jules

Jules1

Hey Nonnie,

Before you spend $3000, I would shop around. Speak to financial advisers, accountants speak to specialised finance brokers.  Do your own research on property investment.   
For example:

1) The financial software they provide, there are a number of different softwares available on the internet to assess the financials of property investments and they usually only cost around $200. 
2) Setting up a financial structure which is basically getting you into a suitable loan facility for future investing, I do this for my clients for free, because as a broker I get paid by the lender.  I can use over 25 lenders and banks so I doesn't bother me where I go to for my clients
3) Annual Property portfolio reviews, again I do this for my clients for free.
4) Most financial planners would not charge you anywhere near that much for a detailed financial plan just as Richard Taylor alluded to in his post.

Have a think about it. 

Cheers
Matt Centrone
Property Investor and Financial Strategist
mcentrone@investorfinance.com.au
Ph: (08) 82120788  Mob: 0402278019

  

Thanks Matt for your advise.  I will look around a bit more before I make a decision.Do you or anyone else recommend property investment software that includes home budgeting as well?Also, can you recommend a financial planner in the outer Southern Suburbs of Melbourne?ThanksNonnie

My wife and I have been with Destiny for just over a year. The guy who leads our section is very knowledgeable (to us) in property, always willing to help and guide.
The real benefit comes from the Focus sessions, where as the name implies, other would be property investors gather together to learn and share stories under the guidance of our mentor.
Along with lots of reading and going on to forums etc, these Focus groups got us started with our first IP and now we are on to a second one.
No, they don't find properties for you and I guess the financial resturucture is common sense (which we did not have), and we found it helpful.
Was it worth $3K for us? I would say so.....It got us moving in the right direction and helped us change our mindset. I think it is the mindset change which is the most valuable thing in all of it as it turns you from a non-investor in to an investor, albeit a novice investor.
2c worth,

JB

Thanks JB.  I am considering it seriously and appreciate your comments.  We have already used them for brokering to refinance, so thats a start.  Did you get them to do a financial plan for you and if so do you find it useful?

Yes, the Financial plan came with it. It was OK. We were shown how we could re-structure loans, which for complete novices was good. Not much more value than that. But they got us on our feet, which was invaluable.We are going ahead now mostly on our own steam, but always reading and chatting to other investors....

If u can't seem to get started, or need a hand to hold, then I would recommend them. The $3k is not a lot to get the juices flowing and hopefully get started in investing wisely.

JB

Hi there,

I too was considering going with Destiny at the beginning of this year.  Had a one on one meeting in Melbourne, but the one thing that put me off, and eventually dissuaded me from going with Destiny, is that they absolutely push cross-collaterisation.  Part of the service (& I gather a huge part) is offering a broking service, and if you read any of Margaret Lomas' books, she is all for cross-collaterisation (or cross-securitising).  After doing a lot of reading on this site (search back a while) I realised this is definitely not a good way to go.  Once you hit your max with that lender, you are really stuck.   Margaret apparently goes with St. George Bank, has all her properties there.  I approached them earlier this year, and the most I could borrow was $34 k.  Yet I've since bought 2 IP's, worth combined $720k.   I think initially I liked the idea of paying a fee, and someone holding my hand & helping me with my decisions, but if you do enough research yourself (lots & lots of reading - library is great), you will get the confidance to do it yourself.   
This is only my opinion - Destiny turned out not to be for me.  But I'm sure they have helped others.

Corhig makes a fair comment here.  Crossing is Ok for a couple of properties if you are lazy, and don't want to buy a third property or sell one if you have a high LVR - other than that it is not the end of the world.
You mention FInancial Planners - you will find that by far the majority (even 'fee for service types' - whom I have much more time for) will steer you away from direct property investment - it will all be 'buy shares and hold forever' (yet to work out how you enjoy the fruits of your investment if you 'hold foreever' but maybe I have problems)  or buy managed funds......
It is good to diversify, but, I think most of us would not be looking at this forum if we did not feel property had the edge......
One of the long time forum members above (QLDS007 who gave you the tongue in cheek reply :-)   ) is one of the few qualified financial advisors I have ever heard of that obviously has a 'handle' on property as a major part of an investment portfolio - and clearly has runs on the board /walks the walk to support this. You could do worse than consult there if you want a true financial plan - rmember lots of people have great ideas, and have done very well with property (and other investments) but to give true financial advice legally requires qualifications, and a detailed client profile/risk analysis etc first.
All the best   

Hi NonnieE

In regards to someone saying the Focus group meetings were good you like might like to consider there are plenty of free groups that meet monthly to help each other. Often with presentations from industry professionals.

I think you mentioned you are in Melbourne? I know of two.. one of which I go to in Prahran. Private message me if you want the details.

Cheers
Craig

Thanks to those in the last few days that have given their comments.  They have certainly given me food for thought.

Nonnie

Hi Nonnie,

Why not go and have a free consultation with your local Destiny Branch and then you can decide.