ESC (Richmastery) ?

Hi Russell

I did the ESC seminar in Sydney. If this is your first purchase, that seminar is quite good and worth doing, though I walked on on the last day, just got a bit jack of the format. But otherwise, it was very good info. Ive checked out 3 of their properties that they put up on web, and all of them were dogs, so I just went my own way, and Ive been happy with that. Id recoomend the seminar to you though, as its good info, then just do your own thing after that.

Cheers

Jars[shades]

Hi all

i am of the opinion that they charge way too much for there deals which look average from what i see. Can anyone confirm or deny they use university students to find there deals ???
Mini is that true there contracts are unconditional ? WOW what is risk for everyone involved.
regards westan

Hi Muppet

as usual you have all the info,

i suppose being a dentist or for that matter a university student doesn’t disqualify you for finding good deals.

regards westan

Hi All,

I’m really keen to get investing also. I recently went to NZ and I was pretty disheartened at what was (or wasn’t) available. However, it was a first trip, and I know have set up a good structure for investing and have learnt a great deal.

….I’ve been looking at the richmastery site. The properties that they have look good for positive cashflow. However, I’m aware that there were a couple of comments about them not being great investments.

I’m really interested to gain some advice from experienced investors here….can anyone explain what isn’t good about these properties?

Sorry for the ignorance.
Kirsten

Thanks Yack,
After making a few enquiries today, I can see what you’re saying. Some of the figures weren’t really there with one property I looked at and the finders fees were more than I spend on a holiday in which I could combine property searching. However, it is of use to get an indication of what areas to look in.
I’m wondering if this is for a new thread….

I have been spending a lot of time (sorry kids) looking for properties to invest in. I’ve recently spent time and money taking a trip to NZ (came back without a property).
So I’m wondering… how much (to the property investing gurus) time does it take to get rolling with this. Is the first one the most time consuming?

And, I wonder[rolleyesanim]….are there any groups of investors that I can join to combine resources both financial and energy/time?

Regards,
Kirsten

Hi Kirsten,

I hear ya, it’s frustrating if you go to NZ and schlepp around and don’t find anything – or even more frustrating, you do find something, but miss out because some ‘Aussie investor’ offered over asking price, sight unseen!

However once you have bought a property from and agent, you’re a known quantity. Things definitely change, as you’re a proven ‘serious buyer’. You’ll find you get offered things first, sometimes you get told about properties that haven’t even been signed up for sale yet but are about to be.

And once you have done a bunch of deals with an agent, they absolutely roll out the red carpet – they actually would prefer to sell to you rather than an unknown who might fall over. This is the kind of situation me and my bird-doggin’ buddies are in which basically is the thing our clients leverage off – our ability to get deals that the first time cold-calling Aussie might not be able to get. We are still (just!) able to get some great deals over there, as I believe Westan is.

yack,

“I just dont believe is using someone else to buy properties on your behalf.”

Me neither. We don’t actually buy properties on anyone’s behalf. We put a contract on the properties in our own name, and if someone wants to buy the property, they pay us to take the contract on. Sure, if you want to go there and drive around for a week you could totally do that yourself, but the leverage here is that one person drives around on behalf of many, but on spec. Basically our clients get to look at the deals we find at our expense. it’s only if they take a deal we get paid.

“If your interested in property investing, do some research, buy close to home,”

this is just a fear factor or control issue which not everyone can get past. fair enough….but i don’t agree.

“see your accountant for advice eventhough he/she charges you.”

Hmmmm!!!
don’t necessarily agree, because accountants are not always investors.

“If you dont have the confidence in buying your own properties look at property trusts.”

“You get the benefits of property” –
do you? A lot of the property trusts I saw for sale at the property expo a while back offered 8-9 percent yields, and that was IT!
No capital gain….kind of like, the real INVESTOR was the inventor of the trust, who was using other people’s money (the hapless ‘investor’) to make even more on themselves.

I disagree that property trusts give all the benefits of property investing. They only give some. However they are better than nothing for clueless or scared people – hell, at least they’re spending less than they earn and investin the rest into income-producing assets, which is more than you can say for most of the population of the world!

” and they are managed by experts.”
– So are my properties.And they’re not in a property trust.

cheers-
Mini

joy to the world

Check out Jenmans comments on the NZ market and how they jack up the prices to Aussies.

ESC and associated parties – do your homework.

If you are interested I have compiled a disc of over 1000 pages on well lots, property, developing, trust structurs, finance, management systems (cost is $149.95 oz)

Content is backed up by financial advisors, accountants etc of the money I think its cheap.

[email protected] [biggrin]

Hello Great Pig, ooh that sounds like an insult, but it’s your name…okay!!

sorry i haven’t been on the forums for ages, been travelling plus have a zillion deals on the go so really busy.

“Do you take on contracts specifically to match client requests, or do you just take on whatever you think is good and then try and find people interested in taking them over?”

We kinda do both. we only look specifically for clients who have already bought from us as we know they are fair dinkum. but these clients have bought from us because they wanted +ve cashflow which is what we specialise in. In fact we have never offered a negative geared property – if you want one of those, there are so many of them here already why would you buy in NZ!

“What if no one wants to take one on? Does that mean you end up having to take it yourself?”

no, although sometimes my bird-dog business partner says ‘i haven’t figured out which i want for myself yet. Put them all out to the list and I’ll take what doesn’t go.’

but we actually haven’t had to pull out of a deal yet because demand has literally been crazy. Also because all the deals are good! hehe

We have one with a few days to go before unconditional at the moment and if we don’t get one of our clients to take it we will pass the deal on to…i can’t tell you who it’s a secret…and if not, then we will pull out. Our clauses allow us to do that. The agents won’t like us much if that happens all the time, but if 9 don’t fall over and one does, we’re all good.

“And what sort of fees are typically charged for this service?”

we charge 1500, westan i think is a bit less or else the same, and most charge more, ie 2995, 4995, 4000.
I think generally the more they charge the more bogus they are.!!!

A strong opinion, but one I can back up!

>Are they based on the price of the property, the >amount of leg-work that went into obtaining it, >or a flat fee?

flat fee up to about 100k property, then we might charge a bit more especially if the deal is very desirable such as a fully tenanted block of four flats say for 200K yielding 17 percent.

‘Just curious as a potential client.’
yep, totally, PM me if you want to know anything else. Our service is completely on spec from our point of view, so it’s no obligation from your point of view. at the very least you can get an idea of what good deals look like in NZ at this point in time, see if you can do better yourself, and if not, hey, use us!!

cheers-
Mini
GP

joy to the world