Has anybody had any experience with Custodian Wealth Builders?
I would appreciate any comments from real experience, especially in regards to results in terms of capital growth.
Thanks,
CarLover.
Hi CarLover
I have been to one of their courses and wasn’t overly impressed. They sell their own subdivision stock to clients, granted the stock is not bad for growth but it is still at market price and negatively geared.
Nothing fantastic really, suitable more for higher income earners not willing to do their own research to find property themselves.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]Thanks for the reply Geronimo.
Hi Carlover,
I haven’t had direct delaings with CWB but I have posted some pointers I expect people to have satisfactorily addressed by myself before establishing any relationship.
They may be of use to you and your research.
Some thoughts for you to consider.
1. How long have CWB been in business?
2. How many investment properties does your ‘consultant’ own?
3. How long has your consultant been investing?
4. How does your ‘consultant’ earn their money?
5. What will they get out of each and every purchase?
6. What service do they offer?
7. How much does it cost to use each aspect of their operations?
8. Can you use your own mortgage lender? property manager? valuer? If not – why not? (it is a free world)?
9. What sort of after sales support do you get?
10. Does their approach fit comfortably with you?
11. How much pressure is bought to bear?
12. Are all decisions made in CWB’s presence and without pressure?
13. Are there rent guarantees? (Run away fast if there are!)
14. How does the price compare to similar properties on the open market?
15. ASIC/ Ministry of Fair TRading Issues?
16. Where have CWB’s past sales been? What were they? How much is the open market paying for them now? What are they rented for now?
17. What are similar properties (to the one being considered) renting for? Check with a couple of REA in tthe area?
18. What is the vacancy rate in the area like?
19. What infrastructure is planned for the area?
20. Are brochures high on ‘gloss’ and ‘glitz’ and low on facts?You may also find doing a search of ASIC’s website by company name and, more importantly, by director (s) names to be a useful exercise.
Any issues the regulatory authorities may have can be obtained by you if you look hard enough.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Carlover..
Experience..Yes, lot’s when you get home in the early hours of the morning and it’s INFOMERCIAL hour, the same info repeated many different ways, i know all about Chuck Norris’s all in one gym, Danoz’s products, Victoria Principals make – up products… better than Valium [thumbsupanim]
Some good ideas in his book..have a look [biggrin]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI’ve had one of their sales staff trying to get me to buy one their houses in Queensland and was told how great this would be and how excited they where with the market around the area. I ask have do you have a property their? and the answer was no, old saying It’s a bad cook who doesn’t eat their own cooking
Originally posted by pete3980:I ask have do you have a property their? and the answer was no, old saying It’s a bad cook who doesn’t eat their own cooking
Hi Pete,
Failed test number one – what about test number two – have you bought any of CWB’s property?
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Originally posted by redwing:Carlover..
Experience..Yes, lot’s when you get home in the early hours of the morning and it’s INFOMERCIAL hour, the same info repeated many different ways, i know all about Chuck Norris’s all in one gym, Danoz’s products, Victoria Principals make – up products… better than Valium [thumbsupanim]
Some good ideas in his book..have a look [biggrin]
REDWING
That’s right, forgot about the corny infomercials on late night TV with testimonials from happy clients.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]My association with Custodian Wealth Builders goes back approx.five years. They were,possibly still are, based at Birkenpoint shopping complex,
Sydney.
They only seemed to be interested in my financials. In the end I walked away.
J.F’s. book was a good read.bbruham.
A one property millionaire.I attended one of their presentations.
They are basically property developers, mainly focused on southeast Qld and Perth. They were only incorporated in their current guise a few years ago. They charge at market rates, plus a 3% commission for doing it all for you.
They basically adopt a buy & hold strategy, interest-only loans, using the equity in your first investment property to acquire a second property, later, a third property…you get the picture. The houses they build seem very cheap & generic to me. They also rely on generous depreciation schedules & linear capital growth to make their strategy of replication work for you. I smelt a rat & walked.
This may work for those who dont have the time to do their own homework/research. Each to his own.
Regards
Thanks to all of you who have provided feedback.
I’ll be extra careful when I check them out.
CarLover.
how did you go with CWB?
I’ve got the book and enjoyed the read..
Suggest likewise first, then Dereks Checklist second.
Great post Derek[thumbsupanim]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorOriginally posted by Jester:I attended one of their presentations.
They are basically property developers, mainly focused on southeast Qld and Perth. They were only incorporated in their current guise a few years ago. They charge at market rates, plus a 3% commission for doing it all for you.
They basically adopt a buy & hold strategy, interest-only loans, using the equity in your first investment property to acquire a second property, later, a third property…you get the picture. The houses they build seem very cheap & generic to me. They also rely on generous depreciation schedules & linear capital growth to make their strategy of replication work for you. I smelt a rat & walked.
This may work for those who dont have the time to do their own homework/research. Each to his own.
Regards
***********************************
Dear Jester,1. What’s wrong exactly about CWB that you should “smelt a rat and walked away”?
2. You said, “They(CWB) charge at market rates, plus a 3% commission for doing it all for you.”
Do you seriously expect CWB to do the house construction and take all the building risks, for free for its clients?3. What do you seriously do, if you are in their position?
4. I am also wondering why you said that won’t it work for you and the other investors?
5. Looking forward to hearing and learning from your reply soon, please.
6. Thank you.
regards,
Kenneth KOHCarLover asks "Has anybody had any experience with Custodian Wealth Builders?"
I work in the investment property industry (not with CWB but in competition) but I do know some of their staff in Brisbane who specialise in mortgages and they are ethical top notch people. I have worked in the finacial planning / wealth creation industry since 1987.
I am intrigued by two things on this site (only joined today)
1 The number of people with adverse coments about the Investment Property Marketers / wealth creation advisors who mostly seem from their posts to have their own barrow to push; and
2 The number of people who recommend "doing it yourself" – well that is just silly – you can't actually 'do it yourself' unless you have a builders license (to build the house), real estate licence to buy or sell the land, legal accreditation to do the conveyance, finacial accreditation with lenders to set up a private mortgage.What the 'do it yourselfers' are about is ego – some peole will do their own research, some people will write their own loan, some will even develop their own land but NO ONE will or can do it all themselves, at some stage in the process we will all need the help from someone with skills we dont have or cant get, or dont want to do.
The questions we really need to ask ourselves are
How much is my time worth and how much of my time can I afford to spend on this?
How will I know that my own research (and other skills that I will 'do myself') are good enough to provide the results I desire?
Will I really make make a better long term investment decision without all the professional help available? and
Can using a professional wealth creation company save me time and (in the long term) money and give me the peace of mind I require?Different people will have different answers to all these questions. the fact that a web site like this exists is proof of that.
The fact that many wealth creation companies are highly successful for thier clients and for themselves is prrof that they provide a service that does suit many peole.
I too have a vested interest (the business that I work for) but that is another matter.
I too have accreditations and qualifications – Real Estate License, Financial services compliance, Honours Degree, 2 @ Diplomas in Financial Planning, Diploma in FInacial Services, Certificat IV in property, graduate studies in economics, graduate studies in Financial Securites.
Seek and use the services that you personally feel comfortable with!
PyroHarold
(yes I also ran a Fireworks business for 12 years)
The best time to plant a tree was 20 years ago – the second best time is now!
(Chinese Proverb)Pyroharold- I know this is an old post but I am totally with you. I think there are many strategies and it is what is right for YOU.
There are so many barrows here. Give me an objective view any day.
I love the information here but it is often confusing.
You have to do research and do what is comfortable for YOU but do something.Hi Guys – is there any more update or changes on custodian property and growth over last 6-7 years wiht the property market going crazy…
Custodian are claiming they have helped there clients to make property profile of 3 to 4 property in 7 years
thanks
Dave
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