Forums / Property Investing / Commercial Property / a better choice / abc financial group pty ltd

Viewing 20 posts - 21 through 40 (of 46 total)
  • Profile photo of Chris WhiteChris White
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    @chris-white
    Join Date: 2006
    Post Count: 65

    Good for your guys, for taking the plunge and investing.

    I think what some of the forum people are alluding to with their comments are that one should focus more on the underlying asset, the quality of that asset and how it will likely perform in the future.

    Often some investment groups highlight the tax benefits and 'home gearing & debt reduction strategies' as a means to sell their stock.

    Always look at who is paying these people – is it the developer of the product or you? (i.e. are they really sales agents and representing the vendor of the property).

    Tax benefits are a bonus – the performance of the property will make you the most money over time.

    Well done and good luck.

    Chris White | Pillar Property
    http://www.pillarproperty.com.au/
    Email Me | Phone Me

    The Property Investment Specialists

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 11,992

    Chris / Jo

    Just a simple question.

    Is the Line of credit on your PPOR and an IO only loan on the IP… I assume this is the case hence the comment about a poor structured loan. Are the loans cross collateralised ?

    And by the way not every lender calculates interest daily and charges it monthly…..

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of imugliimugli
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    @imugli
    Join Date: 2005
    Post Count: 87

    Chris / Jo

    This is a public forum and you make comments to gain feedback from people, in this case a lot of people that have more experience in these matters. For what it's worth I don't consider myself to be one of those, just a beginner myself.

    Research and Preparation are the most important things when it comes to investing in anything, not just property. Read around these forums and you'll see them mentioned countless times. Research means reading books, asking questions, talking to people, courses etc. Preparation includes speaking with your accountant at the very least to make sure you have clear objectives and are structuring everything correctly to reach those.

    Ultimately, of course the decision is yours and I'm sure everyone here that has either posted or simply read the thread wishes you all the best with it.

    TBH it sounds like you got sweet talked into signing on the line before you spoke to an independent accountant, independent valuer, independent lawyer etc and are seeing your investment through rose coloured glasses, which is a dangerous thing to do.

    You mention that at worst you'll sell for a loss and put it down to experience – you must be far better of financially than myself :-) Rene Rivkin used to say that the pain of losing a dollar is far greater than the joy of making one.

    Whatever the case, whether you've researched and prepared or not, good luck – I hope it does work out for you and hope you don't end up putting it down to experience.

    Profile photo of gibbo1gibbo1
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    Join Date: 2008
    Post Count: 152

    Chris,

    There was no negative comments for you choosing to invest in the property market, as many people in this forum believe it is one of the greatest areas to see an investment go well.  Alot of the initial comments were more related to the telemarketing of companies.  Recently there has been alot of advertising posts on this site from first time posters where they come more from salesman for the company then actual investors.

    From your origninal post it appears that you have been dealing with them for about 3 weeks and not sure if you or anyone else you know had known of this company prior to the telemarketer ringing you.  Many people on this forum will suggest when looking for a mortgage broker asking people who are already investing to recommend a broker that they have used before.  The first few weeks of dealing with a new company that is trying to sell you something should always smelly rosey as they are still trying to sell something.  Yes they will make it look like they are doing the best thing for you but they fail to mention just how much they profit from the deal.  It may not be until after you hand over the deposit, finalise the deal, go to the accountant at end of the FY or buy a 2nd IP that some investors may start to notice the lack of customer service or that the investment doesn't suit or that the finance wasn't setup correctly.

    Please don't take offence to the questions and comments made as most people on this forum want to help all other members benefit from investing in property.  But there are alot of people in the property industry more interested in filling their own pockets at other peoples expense. 

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
    Join Date: 2003
    Post Count: 1,258

    OK so this company ABC is a mortgage company who profits from selling people investment properties … I have just gone through their web site

    Is Bryant the underwriter of their products.

    Was the SALES person a broker of fully licensed agent or financial adviser …

    Joanne if you give us the sales peoples names we can check out the qualifications and personal history.

    Secondly Jo your figures are misleading and that is why you have so much negative feed back … it's not that people here are negative but the experienced people on this site smee the rats very quickly and know ALL the scammers … if you came here first you will get some incredible advise and assistance …

    It's your money darling and we are trying to help so give me the blokes full name … please.

    D

    Profile photo of sienna1sienna1
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    @sienna1
    Join Date: 2007
    Post Count: 47

    Hey Jo and Hubby, we were in the same vote 18 months ago and were intrigued by the hotel suite investments which opened the door to  attend the property club seminars, they were very helpful and had  a mass of houses to choose from. they explained in full how we could do it. At some stage in the next 2 years we still intend to go through them with our 2nd investment purchase, but we have chosen with all our research and knowledge learnt to jump in by ourselves but using the tools they gave us. We are more than happy with our new house with great tennants and little cash up front. As soon as interest rates come down again our borrowing capacity should increase and we will do it again. All i can say is good luck but dont jump right in, spend a good 6 months looking around at the least until you understand all the pittfalls and positives. I guess the one thing that stopped us from getting into hotel investing was the capital growth in future  years is not great and at the end of the day we want the equity to reinvest. We are now looking for positive geared property maybe even in hotel rooms so that we can pay for the next investment.

    good luck and dont listen to the negative nancies, you will meet them everywhere even in here.

    mel

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
    Join Date: 2003
    Post Count: 1,258

    Dear Seinna1 …

    We are not for most of the part negative nancies however when there is a lack of "clarity" it is difficult to give proper advise from the first post …

    One can only assume that Jo and her hubby are putting in a plug for ABC for other reasons … as I said ABCs web site is predominantly a finance based web site with no reference to LIC real estate agents or financial advisor's and it is for that reason I am skeptical about getting proper investment advise in real estate  from these people …

    The department of fair trading is looking at people like ABC selling properties without the approiate licensing if that is what they are doing … I AM NOT saying that some person attached to the group was an agent at some point however I would be interested to see who benefits from the commissions in the transaction …

    The ACCC and the Dep of FT come here and read these little adds quite often so for those people using this great forum for other intentions it may cause you great discomfort that you are being investigated "retrospective" … for those who are licienced and credible you have nothing to concern your selves about …

    "OH what a wicked web we weave when first we practice to deceive"

    D   … building wealth the sensible way, long term strategies …

    Profile photo of happy_jackhappy_jack
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    @happy_jack
    Join Date: 2009
    Post Count: 1

    Hi Joanne

    how are things going for you with the investment and ABC Finance and their service?

    Profile photo of wealth4life.comwealth4life.com
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    @wealth4life.com
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    Post Count: 1,258

    Hi happy jack great first post …

    Joanne and here hubby are a little shy or you can contact her at ABC not to be confused with child care …

    D

    Profile photo of tina launertina launer
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    @tina-launer
    Join Date: 2010
    Post Count: 2

    What has been failed to mention here also is the fact that if u dont live in melbourne they are asking for $395.00 to fly u over for a consultation!!!  me and my husband just had a person come to our house from this company and railroaded us into signing a form to take $395.00 from our credit card to fly us to melbourne for a consultation as they only do it in Melbourne.. Now after reading this i am very worried as im not sure i can get out of it and at all seems like it is a big scammmmmmmmmmm!!! 

    Profile photo of Mortgage12Mortgage12
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    @mortgage12
    Join Date: 2010
    Post Count: 1

    Hello

    My name is Jose and I am a new member of this forum.
    This forum is a very good place to advertise your products
    and services.I am here to share my views and to exchange
    information with members.

    Profile photo of earnestearnest
    Member
    @earnest
    Join Date: 2010
    Post Count: 1

    Hello,

    First and possibly last post, but I've been contacted by this group and seeing that it was this forum that helped me out with a bit of info on ABC Finance, I thought I'd give something back.

    I got a call from ABC Finance to do market research (nothing being sold etc etc) and I went along with it – not entirely wise.. but no harm and I only gave generic info. They tell me at the end of the call that their supervisor may want to call and check to see that the rep had done the call, and I said fine (and this made it sound more legitimate for some reason)

    When i get home today they were talking to my partner and had all but scheduled a time to come and visit us on an evening that week.

    ugh!!

    I got on the phone and tried to get more info so I could do some research but talk came back to how it would be better to go through it in person rather than over the phone, and that there wasn't anything they could send me etc etc. When I questioned them on why I was being called as I did not ask to be called back they said something around the first rep should have said there WOULD be a follow up call – but of course they still wanted to proceed.

    This may be an awesome opportunity and its not for me to comment on the company or its products – but I'll pass thank you very much.

    So there you go – thanks propertyinvesting.com for having some info, and hopefully my post will be of benefit to the next person who googles ABC finance

    Profile photo of charlieb11charlieb11
    Participant
    @charlieb11
    Join Date: 2010
    Post Count: 1

    Hi Joanne,

    We’ve recently signed up with ABC financial and met cambell. Would you mind letting me know how you’re getting on since it’s been 2 years past your original post.

    Thanks

    Charlie

    Profile photo of 1 Starting out1 Starting out
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    @1-starting-out
    Join Date: 2011
    Post Count: 1

    Hi charlieb11

    As Joanne won't answer how has you time with ABC been going. I too have been approached by ABC recently. They told me that they got my name from my bank. Any one else heard of your bank passing on you name to these type of businesses.

    Cheers

    Profile photo of DerekDerek
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    @derek
    Join Date: 2004
    Post Count: 3,544
    1 Starting out wrote:
    Hi charlieb11
    As Joanne won't answer how has you time with ABC been going. I too have been approached by ABC recently. They told me that they got my name from my bank. Any one else heard of your bank passing on you name to these type of businesses.

    Name from a bank – This would be extremely unusual so I don't think this is at all possible.

    More likely your name and some preliminary details are on a 'list' somewhere and these have been purchased by ABC.

    There is such a thing as the privacy act – to give you an indication of  how onerous banks treat this. We (wife & I) receive duplicate copies of all statements. I figured I'll just jump on the phone and request a single copy only. No can do says bank – need the request in writing, signed by both of us. 

    Profile photo of ALF1ALF1
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    @alf1
    Join Date: 2011
    Post Count: 237

    ABC, PREMIUM FINANCE SERVICES, PREMIUM CONSULTING GROUP, BOSTON ONE, OPTIMA EQUITY SOLUTIONS, JARDINE PACIFIC, SYNERGY PACIFIC, CARLY CRUTCHFIELD & CCORP ………….Need  go on!

    ALL of these so called "Wealth Creation" companies (and there are buckets more of them) disguise their services as providing education and giving people the whole "Knowledge is Power" spruke when, the REALITY of what they do is they want to FLOG you one of THEIR DEVELOPMENTS and make tens of thousands of dollars in 'padding' to boot.
    Have you also noticed they're all on the east coast (usually BrisVegas or Melbourne) and then fly people from all round Australia for a couple of hundred bucks to show you how you can pay off your home loan sooner, reduce your debts and be financially independent in retirement. How many of these companies, once they've flogged you that 'amazing' investment property they conveniently have, then truly continue to service you with their 'client for life' programs that usually cost you upwards of $5000?
    C'mon people, wake up!

    Profile photo of Jack VellumJack Vellum
    Member
    @jack-vellum
    Join Date: 2011
    Post Count: 1

    Just went and saw these people. They were very upfront that they were the marketing arm of a property development group and disclosed where their income comes from. A rather hefty fee (about $10,000) as well as a commission if they sell a property that isn’t from their group. The fee and type of property they offered me didn’t suit so we didn’t go with them. I did find the day useful though and don’t feel that I wasted my time. As a result of speaking to them I’m now more confident as to what I need to do and the type of professionals I need to search out.
    There was pressure to sign on the dotted line on the day and they were going to get an “independent” solicitor come in and go over the paper work with us.
    The financing of the loan they were offering was not cross collateralised.

    Now I’ve made the first step to seriously looking into property investment I’d like to do some more research and combine that with what I learnt from today (I don’t think it was all rubbish but am aware that it may have been tailored to suit their product).

    From my understanding of today I think I need to find an accountant who has a good understanding of property investment and a real estate agent that also specialises in investment properties. Any idea how to go about finding good credible ones of these.

    I also found this thread full of both useful and rather rude people. I’m not someone that is highly familiar in this field and don’t appreciate un constructive sarcasm and the wink wink nudge nudge attitude of some of the posters. If your comment is going to go down this line please just ignore this post please. If you’re generally interested in helping then please do post.

    Profile photo of groundcontrol68groundcontrol68
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    @groundcontrol68
    Join Date: 2011
    Post Count: 1

    Recently my partner and I were contacted by ABC Financial Group.  They came to our home and talked to us about investment in another state.  My partner and I have some knowledge and understanding in investing as we currently have an investment property in residential.  This was advised to the sales consultant.  Unfortunately, it was not enough to convince the consultant as our investment was not in Melbourne.  After one and half hours of talking, we were then advised that the Company may be interested in discussing investment further with us but it would cost $395.00 to do so.  As we live in a regional area and both work and have children, we had to try and juggle our schedules as they would only give us 28 days to travel down to Melbourne, as the consultant would not get his commission.  Even though I was apprehensive about jumping and paying $395.00 to attend, my partner was interested to see if there was anything further we could learn.

    During our meeting with the consultant, the usual questions were asked like, how much do you earn, how much in your super.  I had informed the consultant that I worked for the government and that my super was government controlled.  I had also advised the consultant that I really didn't think we were eligible at this stage.  He insisted that we pay even before we found out if we were or not.

    Within a couple of days, we were advised that we were required to fly to Melbourne for the investment talk as we looked like potential candidates.

    So on the day we flew down, had a lovely evening in Melbourne, stayed in a really nice motel and generally, yes, enjoyed some quality time together.

    On the day of the meeting, we were greeted with a warm welcome from our driver, who we discovered also dealt with the property investment side of the business.  Upon arriving, we were greeted again warmly and moved into an office and was given the speel on how investments worked.  After an hour, our paperwork on our life was handed to another officer for her to review our financial situation.  After 20mins, we were advised that we weren't candidates for investment through their company and was told to go and enjoy Melbourne a little longer and we could come back at 3.00pm to be collected and delivered to the airport.

    As much as I appreciate their honesty in advising, that due to other financial commitments, we would be living very tightly if we proceeded, what I didn't appreciate is the lack of review or research prior to us having to travel to Melbourne and paying for same and then made to feel like second class citizens when we just didn't meet the criteria. 

    I agree with all that they are delivering and can see what they are trying to sell/suggest, as I said before, we are currently doing that ourselves already but in our regional area.  My only suggest is to this organisation and other organisations that work like this, may consider possibly obtaining more information from potential applicants ie. copies of super information either emailed or faxed, before they arrange flight bookings and charge a cost of $395.00.  It would probably source out more potential than non potential candidates, without a further cost to those that would be considered non potential.

    For those that have the potential, go have a chat and gather as much information as you can but please do your research with your accountant before you sign the dotted line.

    Profile photo of tiger14tiger14
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    @tiger14
    Join Date: 2012
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    We have just returned from one of the consultations and agree that their pitch is good, they wanted me to start a self managed super fund to start our investment with them.

    They still have the one off payment (client for life) $5K.
     
    The lawyer is not part of the business, he is from a seperate company and is not the only one to service ABC, our visit with him was short due to flight times and we have not spoken to him yet other than him explaining his position and giving us contracts to read.

    Apparently the have no connection with the developers and only had 2 properties to show us, not sure if this is due to the lack of finances or not, strata title units not even built yet. They seemed overpriced but i am not sure of Melbourne prices

    We did sign up for one, cost us a holding deposit on the property.

    The flight home was a little long and had more time to decifer the information that was given to us (slight overload) and we agreed that for our first investment we would like it near us.

    I done some research on SMSF and it all seems very daunting for a first time invester and one with little to no idea about it, so i ceased the process.

    I think that i need to talk to some professionals closer to home at least i can go see them when required.

    Overall, it was enlightning to what could be done for us which has sort of enspired me to learn more and invest later. I have found some good sites through the process that has helped me so far, RP data for property prices and area history and Nearmap for location, it shows the progresive groth in some areas.

    Rest asure i do not work for ABC or any way affiliated with them. I have just been through the process and wanted to share it.

    oh and they recon they are going to refund my deposit in full

    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    Hotel suites in my view is a bad investment. What you are talking about is something that will still cost you $130 per week. However the investment will have no capital growth. So you are loosing $130 per week for a product that will not go up in value. I am sure they sold you on negative gearing. This should be a secondary point. The investment need to stand on its own two feet. You should always do your own due diligence. You think you have a great investment however in time you will realize that you have brought a dud.

    If you buy a property for $400,000 and one grows by 5% and the other growths by 10% and all you are going to do is hold for 20 years the difference on the end value is well over 1 Million dollars or around $80,000 PA. An investment like think you can still negatively gear and get great capital growth which is what will really create wealth.

    Nigel Kibel | Property Know How
    http://propertyknowhow.com.au
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    We have just launched a new website join our membership today

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