- LightyrsMember@lightyrsJoin Date: 2004Post Count: 21
Has anyone from the Forum had or have business with Custodian Wealth. I have a friend who seems to be doing quite well from it and his portfilo is groing nicely with very little hassle. Im wondering if anyone here is buying property through them or an equivilant company and how it is working for them?MysteryParticipant@mysteryJoin Date: 2006Post Count: 87Lightyrs wrote:Hi All,
Has anyone from the Forum had or have business with Custodian Wealth. I have a friend who seems to be doing quite well from it and his portfilo is groing nicely with very little hassle. Im wondering if anyone here is buying property through them or an equivilant company and how it is working for them?
I'm pretty sure that Custodian Wealth is John Fitzgerald of "Seven Steps to Wealth" and "Success from Scratch" fame. I'm guessing that the structure and concept Custodian use is what John Fitzgerald advocates in his book and course material. I believe that Custodian have/build developments that they recommend/sell to Custodian clients only, but others may be able to correct me if I'm wrong.
I have the reading material, but didn't buy into any of the developments as I prefer to do my own DD and negotiate when I buy. John Fitzgerald seems to be above board and seems to have a genuine desire to see others succeed, but he is also in business to encourage others to follow his philosophy as he will also benefit as well, .. as he should when he's sharing his concept, but like anything else with investing, … do your research before jumping in.
Hi ! I would also like to hear from anyone who knows about Custodian. I have been talking to one of their advisors for the past two weeks. I understand their concept. I think it is ok to pay 3% for their expertise . But am worried i will find out they are not legit when I sign up.LightyrsMember@lightyrsJoin Date: 2004Post Count: 21
I do believe they are legit as a very close friend of mine is a client of theirs. However it is alsways good to others opinions.
The strategy seems to work for him quite nicely and I understand the concept of this way of property investing. I just wonder if there is anyone from the forums who are proactively investing in real estate use this company or others like it.
cheersajaydee73Participant@ajaydee73Join Date: 2009Post Count: 36
What do they charge 3% on?
It is 3% of the initial cost and is payed for sourcing property ( they do this by various means) and assisting with all details of set up including supervision of house contruction. They provide for coverage of costs if there are delays in building or if costs rise during delay. This seems quite good to me. I am doing this on my own so the concerning part is i will have a mortgage of $440,000. Once the house is built the rental provides asistance in paying mortgage of course. After rent, tax incentives, depreciation it works out for me that It will cost roughly $150.00 per week out of pocket for me . That is supposed to include everything including landlords insurance, agents fees etc etc
Most of the info for property investment – here and elsewhere- says what Custodian are doing – location near schools transport – buildings depreciate and land appreciates so buy as new as possible and with larger land ratio- dont cross colateralize- borrow without using existing home as the back up. As soon as you have enough equity in the first IP buy the next using the same formula.god_of_moneyParticipant@god_of_moneyJoin Date: 2008Post Count: 970
I can do it myself without paying 3%
Well it depends on how much experience you have, how much time you have to do research, how much time you can afford to waste and how cluey you are. They gave me a lot of tips about the lenders such as make sure you get a copy of the bank valuation- important for getting equity for next purchase . There are lots of other sound tips which I didnt know about.hleungParticipant@hleungJoin Date: 2007Post Count: 141god_of_money wrote:I can do it myself without paying 3%
I've got a friend who went through Custodian Wealth for his first investment property. He said that, without their help, he would have been too nervous going into property investing. The 3% amounted to close to $10,000 but thought that it was well worth paying as he had no hassles at all. Custodian did everything for him – bought the land, arranged the building, guided him with the finance and paid him rent until he got a tenant even though he didn't use their suggested agent.
I've done a few developments myself and if I had as few hassles as my friend, I'd gladly pay the 3% to get the deal which he got.bythewaterParticipant@bythewaterJoin Date: 2021Post Count: 0
Hi, I am in talks with Seven steps advisors ( Custodians/ John Fitzgerald) .
A lot of these posts are older, from early 2000. I am hearing very varied views on the performance of this property group. I understand the paying of 3 % and what you supposedly get for that. Has anyone built with them recently…since 2018..? Were you happy with the build and their after service ? I intend to use my own mortgage broker and property manager, has anyone found that they exert too much pressure to only use their financiers? They are very keen to have me lock in a property soon, I am prefering to do my ‘due diligence’ on them as a company first. Any recent custodian advice?thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
Vaguely remember something about their name but too long ago. So it sounds like part of what they do is act as a buyers agent, selling off the plan, developer, builder, finance broker, property manager, etc, is that right ? How does 3% compare with buyers agents’ usual charges ? Anyone ?