members alliance
- 42212 reads
hi everyone
My wife and i have just sat through a very lengthy discussion about property investing and debt consolidation with members alliance on the gold coast
We are quite overwhelmed with all the imformation.
WE have been struggling with several loans and a overdraft but we have good equity in our home . They have talked to us about consolidating some loans and to purchase a rental property in orange NSW for around 366k which will return after being built around $400 to $450 per week
Has anyone dealt with this company .Is consolidating loans helpful and does anyone know about property in orange
thank you
mark and carolyn
website?
Derek
New Perth JV project now open - high profits & rent returns http://tiny.cc/sot0ww
derek@eosproperty.com.au | www.eosproperty.com.au | 1300 558 114
Hi Mark and Carloyn
Welcome to the forum.
I personally haven't heard of the company. Do you know how they are paid for their services?
Consolidating debt can be very useful - however, it's difficult to comment on your situation based on the info above (and I wouldn't expect you to splash that sort of info around on a public forum).
There have been a few posts on Orange - if you do a quick search you should find some interesting reading. It seems to have a lot going for it - ie. the Cadia mines and growing tourism (from memory).
All the best
Jamie
Jamie Moore - Pass Go Home Loans (Australia wide)
Mortgage Broker specialising in investment property financing
www.passgo.com.au | info@passgo.com.au | ph 1300 656 299
hi again yesterday i posted some imformation on our recent trip to members alliance ,i forgot to mention they are offering us a line of credit to consolidate our loans and purchase a rental property is this a common practice .
thank you mark and carolyn
Without being funny do you think if you have been struggling with your current loans borrowing more money to buy a rental property is an ideal way forward.
By all means consolidate your loans and save yourself some dollars but save for a while to get back on your feet first before you rush in an spend more.
Cheers
Yours in Finance
Richard Taylor - richard@tayloredfinancialsolutions.com.au I Ph: 07 3720 1888
Broker / Licensed Financial Planner Expert on buying property inside a SMSF.
100% Investment Finance now available on selected properties
Hi Mark,
I'm interested on how you went.
My husband and myself sat through the same information as you. We are seeing their office this week. I'm searching for more info on this company as well.
thanks Jack
Myself and my wife sat through a very lengthy, in-depth and eye opening meeting with them llast week. After having reservations about having someone do everything for us (because I have been buying property for some years now) I am happy I took the plunge and wish I had done this about 10 yrs ago. The debt reduction side has been a real eye opener for us and the guy from members alliance explained everything so that it made sense. At the end of the day I guess to answer everyones question, they have all the tools that would take me months, even a year to do myself. We have the option to say no at anytime which is great for me. I say check it out but make sure you are 100% happy before you say yes to anything.
Chris, I've been a member for about 2 hours now and am enjoying reading posts but....Sounds like you were fired from Members Alliance. <moderator: delete personal comment> Now I want to go and research them and see for myself. Thats why I am here...want to find out more.
Mark,
Orange looks very good - yes lots going for it MINING etc. Thanks for the heads up to research it further. QLD population is growing pretty darn fast....
Can anyone let me know more about Members Alliance - if you have met with them etc - was it worth your time? What do they do?
Thanks Gordy.
Plus any information on good areas in QLDs to invest in? - thats what I meant to say in last post.
Thanks Dale for the info. I am in Perth so will do my own research and go from there. I am finding that it takes a lot of time and effort to look into property across Australia. We have been in 'the game' for a few years but now I need some professtional advice etc. I was invloved with (no names) with a campany who provided advice etc but they really did give me and my wife a very bad experieice. My problem is that when I find a company that is designed to help with investing, I find that that company gets shot down. I had not even heard of Members Alliance until I joined this posting. I am going to contact them and another business today and see how I go. I will let this blog know results but don't really want to advertise for any of them if that makes sense. <moderator: delete personal comment>
Wow scary that its all happening to YOUR parents. HAve you both tried or are you investing yourselves?
Thanks for the 'light reading' Dale. Just read the article and it doesn't really paint that bad a picture. Sorry am I reading it wrong? I meet with a company on Monday night - gentleman coming to see me after work. Will let you know how it goes.
These forums are good but I need to find out more info on property areas like QLD VIC and WA - what are some areas within the States etc. that have good cap growth etc. Any advice out there?
As far as the option of using a company to help me - well that's up to me to figure out through research etc. I am fully aware there are some bad companies out there but also know there are some very good ones as well. A good friend of mine lost money on the stock market and hates his broker now yet when he was doing well, his broker was his best friend. Funny thing was, it was my friends fault that he lost his money. You just have to do you research, plan and keep on top of it.
I must say that there seems to be a lot of people joining up now who have similar type posts. Almost sounds like its all the same person. <moderator: delete personal comment>
I dont care whether you got paid super or not. THis is something that is a personal issue with a campony and should not be on this forum.
I just want good advice. Thats it people. If anything, the campny members allaince is getting advertised through this forum and will probally get lots of people enquiring about them!! Im in the advertising game and know for a fact that negitive advertising works very well at producing leads. WOW thats my rant for the day. I feel good now.
Hi All,
I just have to ask the question, why would you use a company's services to purchase a property? Why not just purchase a property yourself using an independant solicitor? At least that way you remove any risk of someone ripping you off. Are they offering property for very litlle or no upfront deposit? If so you would have to question whether you are in a financial position to purchase in the first place.
Thanks SAM for your info about out of State investing. I will take that on board. We have decided to seek more infomation from our accountant at this stage and do some more research on the matter. My meeting was not that productive at all so back to the drawing board. Thanks
The general manager for Members Alliance was the State Manager for West Point in WA.
If you don't know about West Point it was a property developer that went into receivership (some financial planners were charged as well) and the directors were charged/ jailed for various deeds.
That should say it all.
For anyone who is interested I just did my homework on Westpoint.
West point collapsed due to complications with mezzanine finance relating to the construction of high rise apartments. The business unit that the general manager of members alliance ran was completely unrelated and was involved with the selling of residential property. West point had approximately 120 companies within it's structure.
The genral manager of members alliance resigned when he became aware of what was happening within other areas of the westpoint business.
Hi Mark and Carolyn,
My husband and I have also sat through a lengthy consultation session with someone from members alliance. We have agreed to visit a consultant at the gold coast they have paid accomodation and a $100 travel voucher? We are extremely wary firstly because the questions we wanted answered on our inital meeting were not. Our main question was how does this company make their money, especially if their services are free? They gave us a vague answer about long term percentages, however, how do they manage short term?
We have decided to consult with an independant financial planner before making any commitments.
Reading the comments on here have increased our concern, especially the one about West Point in WA, and the article about the plummber who got ripped off.
Ann
Hi, Members Alliance is a genunine reputable company. They contact people via telemarketing offering free financial advice, when its really only about property investment. They encourage you to purchase an investment property and explain how you can pay off that investment property before you retire instead of relying on superanuation etc. They also encourage people too consolidate there debts by offering a loan which has lower interest rates than credit cards etc. They make there money though the loans that they offer to certain people and though the investment properties that they want you to purchase. It also involves Negative Gearing. It can be really beneficial to some people providing that the investment property they want you to purchase doubles in value. My advice is not to sign or rush into anyting untill you are 100% sure that the investment property that they want you to purchase will increase in high value before you retire.
Hi Jason, yes I have been using membersalliance mainly for debt reduction on current home and yes trying to now get into another property investment. They did not however just show us property they first showed us how to set up our fianances and then offered option of property. They sorted my insurance to which has been a big savings. So I kind of agree with some but not all your post. Basically they told us to do this and that and go away and come back and review after 4 months.
Free willy can you tell me more about westpoint. I would like to know more. I ? our advisor and he said that the general manager was a State manager of westpoint and not involved. Read an article that over 300 people lost their jobs over the actions of a few which I cant find on google for the life of me. Would like to find out more on this if you can please.
Pages