Destiny Financial Solutions

I have had no financial dealing with Destiny, but found the FinSoft software (a free download to buyers of the book) excellent and worth the price of the book. It was a nice ‘added value’ surprise and a good example of ‘exceeding customers expectations’.

I have looked at the cashflow positive property register a couple of times. I was expecting to see $80k houses returning $150pw rent in places like Launceston, Broken Hill or ‘back of Bourke’, but saw mainly newly built serviced apartments in the CBD.

Thus there is a large reliance on the taxman to make it positive cashflow (as mentioned in the book where it’s contrasted with positive gearing). If we took out the post 1985 building allowance, most would possibly be negative geared.

The properties featured are fairly expensive and above 1. what the banks will lend me and 2. what I think is prudent to borrow. Even if I could afford a $300k property, I’d prefer two $150k properties or (if I could get them) three $100k properties.

Also I wonder about the overheads for all that servicing, saunas, gyms, lifts, etc. Tax deductible, but still a cost. I might sound like a nervous neophyte, but I’m leaning towards a much more modest 2br brick unit in a large country town, a substantial deposit and a loan that wouldn’t keep me awake at night. And something that would still be OK if the tax laws changed.

The properties featured might be OK for some people, so I’m not going to knock them, but they’re not for me. However none of that detracts from the book and software that I found excellent.

Peter