mark proutMember@mark-proutPost count: 2
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
mark and carolynJamie MooreParticipant@Jamie-MPost count: 4,624
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
Jamiemark proutMember@mark-proutPost count: 2
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 carolynRichard TaylorParticipant@Qlds007Post count: 11,215
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.
Yours in FinanceJack RMember@Jack-RPost count: 1
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.
This is one of those companies that we have all heard about however dont be fooled…. From someone who knows the company well…. All i can say is buyer beware… The line of credit so to speak is actually monies that you have been forced to borrow they say that this is for a rainny day however purchasing through this company will only bring you a lot of rain. The other side of the coin. They use "independant valuers" do yourself a favour and have a bank check the value closely they always over value to ensure that the banks look favourably however they never measure up to market value, not to mention the rental return does not come up to the line… Has anyone else commented on the fact that one of the main directors has previously gone belly up through his previous company and now has a multitude of company trading names…Not what i would call a reputable company
Members Alliance offer financial freedom however forget to tell you that they have 2 sides to their business.. Members Alliance: their marketing arm…. who telemarket suggesting they can offer financial freedom however this is just marketing for the other side of the business SS Residential who are the develoment side of the business. SS Residential dont own the land until you make payment to which they make roughly $70 – $90K per deal.. They started in WA over 7 years ago have now moved into Queensland and want to try and move into Sydney and Melbourne. My associated who are developers from Melbourne are currently trying to block them… Smart move if you ask me.
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.
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?
Plus any information on good areas in QLDs to invest in? – thats what I meant to say in last post.Dale StokesMember@Dale-StokesPost count: 4
Well I have to say that my parents have dealt with Members Alliance before in Perth… I have to agree with Chris it has not been a pleasant excerise. The banks dont value the property at what Members did and the 20k line of credit is needed to meet the shortfall in rental return… I leave people to make their own choices though…..
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>Dale StokesMember@Dale-StokesPost count: 4
Well here is some light reading…. This artical unfortunately does not show Members Alliance in a good light
This sounds similar to what happened to my parents. As much as i dont agree with Chris's slam fest i must admit that even i would not consider dealing with them by way of investment. Once again i feel these forums are great but people need to make their own opinions…..
Well guy's you might think i have a chip on my shoulder,,,,, However if a company forced your retired parents to return to work as their investment strategy had backfired due to the way it was structured you may have a bit of a chip as well. I have done a lot of research on this company as i needed to find out for myself what kind of company could operate like this. If you think that my comments are extreme, let me ask you how you would feel if it was your family???Steve DaviesMember@Steve-DaviesPost count: 2
Well i thought i would check into this forum as i have recently been contacted by Members Alliance. Quite funny as i have Gold Coast based friends who have worked for the company and also do not give it a good wrap. I guess the question i would ask would be the same as i threw at their telemarketers……. Why would you look after me when you cant even look after your employee's. The way in which a business operates is directly related to how you treat your staff. Based on what i know this is not a company i will be advising my friends to use.groloconstructionMember@groloconstructionPost count: 2
Hi Steve, it would seem your not the only one with this view as Im in the construction game i know of this company. From what i have been told by contractors this is not a company to which you want to get caught with….. I have an associate on the Gold Coast who had to wait 9 months to get paid for a $2500 job. If you cant look after your staff and you find it hard to pay your bills, i would comfortably say that i would not be investing with them…… As for Gordies post…. I would say that you work for the Perth office and would like your business practices not to be brought into question…. Unfortunately the spot light is shinning brightly…Sam Single MumMember@Sam-Single-MumPost count: 2
Take it from a single mum who has worked for the company…. Members Alliance employee over 40 people to work in their call centre on part time arrangements… When i would recieve my payslips they stated that they were paying my stat super…. Once they fired me i rang to change my super details only to find that they had not paid a cent of it….. They are not a company to work for nor do business with. I am a single mum who can not afford to seek legal help to recover this money….
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.
You must be logged in to reply to this topic.