All Topics / The Treasure Chest / Anyone heard of these guru’s?

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  • Profile photo of RonulasRonulas
    Member
    @ronulas
    Join Date: 2003
    Post Count: 96

    Hi fellow forumites,
    Just a quick question. I attended a small seminar run by a mob called RICHMASTERY. Here is the link to web site.
    www.richmastery.com.au

    Found the guy’s pretty sincere and info flowed pretty well along the lines of what I already know.

    But…… they were selling their software and books pretty hard, not to mention the 3 day acadamie worth $$$$ that of course you must absolutly have to make it in IP’s.
    Software was just a fancy excel spreadsheet that does everything for you and looks quite handy but once again costs big $$$.

    The wife was pretty caught up in it all and wanted to buy the software straight away, but I’m a little more cautious, especially with all the scams going around lately.

    Anyone dealt with these guy’s befor? or have any knowledge of them.

    Thanks in advance.[8D]

    Profile photo of DavidUDavidU
    Member
    @davidu
    Join Date: 2001
    Post Count: 101

    Hi

    Forget the software; save your money and put it towards your next deposit.

    The software will only make Richmastery wealthy, not you…

    However, the next property, then the next property etc will…

    Cheers

    David U

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233

    i bought their software,.. i think its a bit overpriced…

    Profile photo of ksheatherksheather
    Member
    @ksheather
    Join Date: 2002
    Post Count: 33

    I’m thinking about writing my own software, PS I was at the richmastery seminar last night in Canberra.

    Profile photo of scratchmescratchme
    Member
    @scratchme
    Join Date: 2002
    Post Count: 56

    You can download my free copy.
    I don’t know how it compares with theirs, but it is free and you can modify it as much as you like…

    It will do all the calculations you will need.

    Just click on the link next to APDM.

    Cheers

    *************
    Australian Property Software

    APIM: http://www.apim.com.au

    APDM: http://www.apim.com.au/apdm.htm

    *************

    Profile photo of ksheatherksheather
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    @ksheather
    Join Date: 2002
    Post Count: 33

    Thanks very much for that!

    Profile photo of RonulasRonulas
    Member
    @ronulas
    Join Date: 2003
    Post Count: 96

    Yes, thank you for that.[;)]

    Profile photo of RonulasRonulas
    Member
    @ronulas
    Join Date: 2003
    Post Count: 96

    quote:


    I’m thinking about writing my own software, PS I was at the richmastery seminar last night in Canberra.


    What did you think?

    Profile photo of hwd007hwd007
    Member
    @hwd007
    Join Date: 2002
    Post Count: 247

    man if you can use a calculator an pen and a pad you don’t essentially need software. But these heaps of free property investment calculators on various web sites. it aint that difficult. look at some of the free examples on the net or how the investment balance sheet works. If its viable in year 1 if probably will be viable in year 2 if its brand new.

    income less cash expenses = net cash flow usually negative for new property 100% geared. then just add depreciation for building and fixtures and fittings to get deductible expenses for your operating loss ( cash and non cash ) calculation. deduct that loss against your income and recalculate your income tax. the difference in what you would have paid in tax to your recalculated tax is your tax refund. subtract the refund back from your operating loss, to get the net operating loss for the year. then divide by 52 to get your weekly holding cost.

    In any event its always a good idea to work through the calculations manually as a cross checking mechanism and helps you get a better handle on the finance side.

    Profile photo of MiniMogulMiniMogul
    Participant
    @minimogul
    Join Date: 2002
    Post Count: 1,414

    Hi there,

    well… I went to the richmastery one night seminar tonight in Sydney and i thought it was pretty good. Ten thumbs up, in fact. It filled in a lot of gaps for me, surprisingly for a one-nighter which are usually a bit superficial and simple, and was good value, because it started at 6.30 and apart from one short break went until 11pm. Yes, they were selling their 3 day seminar hard for at least the last half hour (which was optional) if not more, but so was Dolf De roos when I saw him, and so was Kiyosaki.
    Truth is, there is too much information to cover in one night if you want any sort of detail, which is why they run a three day event, I guess. Their event is long 10-hour days, too.

    During the evening they mentioned – and only mentioned – the words ‘wraps and lease options’ as a passing thing – and when someone asked them to explain, they said ‘we’d need a couple of hours to run over that, and we do go into that over the weekend in detail’. I thought that was a valid comment – wraps and lease options are a big topic.

    The particular things I liked about the seminar was the detail they went into about applying for finance. There was a lot of stuff I personally needed to know and hadn’t heard in that much detail at any of the seminars I have been to, or any books. Of course, part of it was looking professional by printing out the deals you want finance for on their gunny software. Yes, there are products available for less, and yes, it is only a glorified excel spreadsheet which you can make for free if you have the inclination. But there is no doubt it is perfectly good software which does what it says it does, is well customised for each state, and whether it’s worth the price to a person would depend on that person’s time/cash/ and skills!

    I have wanted to buy software for ages now, but the one that works on a Mac i don’t like, and the two that I like – theirs being one, and REAP being the other, don’t work on a Mac. Bummer! I wouldn’t actually care about spending a few hundred bucks on some software if a) it saves me time b) it doesn’t make as many mistakes as I do with a calculator and c) it makes me look more professional with less mucking around. (the software is easy to use.) But then again maybe I’m easily sucked in, because I do tend to want to buy something every time I go to a seminar!
    But then again, if I hadn’t, I wouldn’t be here talking about property now…..

    As someone who now has two IPs going on three, I can definitely see the use for software to manage everything just as I use software for everything else in my business – there’s no doubt that computers make things easier and more fun somehow. So I will stick up for them and their software, and even the price, on that point. They also have phone mentoring by the minute, 24/7 which I think is a pretty good service. probably expensive, but good for a person who needs to know they can call someone and pick their brain on an as-needed basis.

    they are also selling their ‘deal-finding’ service, (they tie up properties they have analysed, and then pass them on for a finders fee of between 3-5K.) but again, i think that is legit. I mean, there are people asking all the time on this forum ‘are there any buyers’ agents out there?’ and here you have a legitimate business, now in Australia too, born from Phil’s friends saying ‘if there are any deals you find but can’t take, let me know’.
    They have two types of deals, cashflow and capital gain, colour coded – their belief is that it is hard to get both in the one property. from what they explained, they have property-finders in most states looking for them, and the ones they pass up get on the net. But even then they are very stringent in selecting them, and sometimes a property-finder may only have one out of 97 deals accepted for the web.

    I liked their explanation of how to balance a portfolio – they buy three cashflow +ve properties to every one capital gain property. they say, depending on your goals, you could for example) keep on buying cashflow properties to begin with until you reached your target income per week, and then start to buy capital gain properties. I hope I am explaining it right, but it made perfect sense tonight.

    They also email you 18 pages of notes after the event if you give them your email address. They gave out $1 scratchies to illustrate the point that lotto is a gamble, but a plan you make yourself will actually happen.

    after their three day seminar, to encourage people to take action (like steve they say that so many people come to the course, but so few do anything about it) – they have a suitcase with $10K cash in it. They get the graduates to send in their news of what deals they’ve done, including copies of the titles. then after a month they give the money as a prize to the graduate who’s done the best! (don’t know how they measure it, but still, cool idea! and they reckon it’s one of the things that make their graduates go out there and do deals!)

    That’s all for now
    cheers-
    Mini

    Profile photo of jars11jars11
    Member
    @jars11
    Join Date: 2003
    Post Count: 92

    Hi All,

    Ok. I agree with Mini, and fullout, I waited for you but I got hungry so I headed home! I bought the software, and as Mini said, I dont want to go hunting around web sites for calculators, and it wasnt just about that, it was about being 150% organised, being able to assess your position and keep track of everything in one place, presentation to the bank, etc. Being someone that values their time highly, I thought it was good value. I attended Kiyosaki and there is no way Id pay his $7k for a weekend. However, I think the rich,astery weekend is reasonable value, and Im inclined to go. I never buy anything on an evening like that, so this was a first. Their detail was good and far more hands on. Not hype, an actual service. Im also interested in the deals they may have.

    The $10000 question is, who do you believe. Your due diligence may assist but at the end of the day its all risk assessment. I met a buyers advocate in the morning who’s opinion was so low on Henry Kay I couldnt repeat it then had dinner with a seriously successful investor, talking syndicates and other stuff and is actually one of the key people behind Henry Kay and also his good mate. Talk about a day of it.
    Jars

    Profile photo of LeighLeigh
    Member
    @leigh
    Join Date: 2003
    Post Count: 130

    hi guys,

    There’s a previous post over the last week about Richmastery’s seminars. I attended the intro seminar and the 3 day one last year.

    quote:


    Their event is long 10-hour days, too.



    24 hours – 4 hours sleep between days = 20 hours in my calculations! Well it’s actually about 40 hours of learning contact (not including lunch/dinner/breaks) for the three days because you start 8am the first day and finish 6pm on the last day. It’s pretty full on and you get a lot of unexpected things happening. One of the really good aspects of the seminar is that they try and mix in a bit of light entertainment into the seminar so it’s enjoyable (and so that you stay awake!).

    Everyone that attended last years was wrapped with the seminar, some of the guys I spent a lot of time with commented that it was the best seminar they had been to, and they listed about 20 other seminars they’d attended. One even thought he got more out of it than the $50,000 Henry Kaye seminar he’d just come from!

    Phil and David know their stuff, and they’ve got a very good business going for them. They also own and run the NZ Property Investor Magazine. You’ll hear one of Davids stories about his positive cashflow nursing home he purchased and renovated. Does $100,000 a year positive cashflow after expenses sound like a good purchase?!! The seminar isn’t about commercial property just residential, but they open up your context a lot during the seminar.

    Their software is great, takes 2 mins to get a 95% accurate calculation of the properties financials including 10 year projections (estimated of course), tax rebates etc etc. They also include their own bank application form (which apparently all banks currently accept) which all of the financials are generated from their aquisition software complete with your personal financials, current portfolio details etc which have all been previously entered and saved into the software. All you need to do is print it off, add the date and a signature and your done! Good for applying to multiple banks. They also have a portfolio manager and contract clauses you can put straight into purchase contracts.

    I also bought the seminar video recording of last years event which if anyone would like you can email me at [email protected]

    Overall, the seminar was great and so is the software (but I haven’t seen other products to compare). I know for $700 I certaintly couldn’t be bothered making my own or hunting around for 6 or 7 other products to do the same job (but you wont get the linked benifit of information being shared between the different software programs).

    They’ve also just written a book with Brad Sugars which I’ve just started reading, this could be a cheap preview of what sort of stuff they’ll cover. It’s called Real Money Real Estate.

    Leigh [:)]


    “If you can count your money, you don’t have a billion dollars” J. Paul Getty


    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233

    I think these guys are great!

    altho i think their software is a bit ex$,, i am still going to their 3 day seminar. What the heck, for $3000, you get a truck load of info from property experts. Save you lots of costly mistakes$$$, and can let you earn many times back the money u invested for the seminar.

    Their property startegies are certainly very different from the mainstream investors who only go for Neg gear or people who urge you to pay off your loans quuickly before you buy another IP – eg authors like Anita Bell (who teaches how to repay your loan in 3 years).

    I also love their book written with Brad Sugars. Book’s a bit thin
    But i learned more from their seminar tho.

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