Anyone used MOMENTUM wealth?
- Thread starter kristy77
- Start date
You pay $1,499 (or $149/month for 12 months) and get a 5 module program, DVD's, CD's, a free finance review, and 2 certificates for loan fees rebates ($500) among other things. It is basically to train you to get the best deals for IP's and building a good portfolio quickly. They state they will refund your money if after 12 months if you haven't made 5 times the cost of the program through your investment properties.
They basically give education and support and get you the best finance/ suitable loan products.
At least that's what they claim. Their website is www.momentumaustralia.com.au and they always advertise in API magazine.
I'm wondering if anyone in this forum has ever gone through one of these type of companies, or is it just as good to do it on your own (with lots of research)?
Thanks,
Kristy
They basically give education and support and get you the best finance/ suitable loan products.
At least that's what they claim. Their website is www.momentumaustralia.com.au and they always advertise in API magazine.
I'm wondering if anyone in this forum has ever gone through one of these type of companies, or is it just as good to do it on your own (with lots of research)?
Thanks,
Kristy
I got this theory,
When we discover investing we buy the mags and go online and try to find that magic bullet or shortcut that makes it work faster or bigger than anyone has ever done it before.
Now that I been investing a while myself and also working with many investors I find that all the best do it pretty much the same way.
Don't chase easy answers just start building a portfolio the way the members here describe it. Reading these stories and Jan Somer's books will save you time and money.
All the best,
When we discover investing we buy the mags and go online and try to find that magic bullet or shortcut that makes it work faster or bigger than anyone has ever done it before.
Now that I been investing a while myself and also working with many investors I find that all the best do it pretty much the same way.
Don't chase easy answers just start building a portfolio the way the members here describe it. Reading these stories and Jan Somer's books will save you time and money.
All the best,
On top of paying out the fees- they have their own finance brokers (= commissions upfront + trailing commissions down the track).
"Founded by multi millionaire ..." on page 1- to me, that doesn't tell me about what they can do for you- more about what it has done for him.
I can't knock the motivational aspect. I got switched onto property investment by Peter Spann, in seminars which cost me twice what you are looking at.
But then, I didn't have something like this forum. You're already motivated- you post in this forum. Maybe though you need a little kick in the badonky, or a little bit of "how to" knowledge. You could get some of that from this forum.
Ask questions in here for a month- and if you don't really get some motivation or response, pay the "momentum" multi millionaire (and btw, there are a couple at least in this forum) instead of getting excellent advice for free.
(but you may as well get the free DVD. Just don't worry too much about any follow up advertising you might get).
"Founded by multi millionaire ..." on page 1- to me, that doesn't tell me about what they can do for you- more about what it has done for him.
I can't knock the motivational aspect. I got switched onto property investment by Peter Spann, in seminars which cost me twice what you are looking at.
But then, I didn't have something like this forum. You're already motivated- you post in this forum. Maybe though you need a little kick in the badonky, or a little bit of "how to" knowledge. You could get some of that from this forum.
Ask questions in here for a month- and if you don't really get some motivation or response, pay the "momentum" multi millionaire (and btw, there are a couple at least in this forum) instead of getting excellent advice for free.
(but you may as well get the free DVD. Just don't worry too much about any follow up advertising you might get).
Momentum/Pinnacle Wealth
Do a search on Pinnacle Wealth Institute as I believe this is what they were called before the name change to Momentum
Dont know to much about them apart from they are based in Perth
Do a search on Pinnacle Wealth Institute as I believe this is what they were called before the name change to Momentum
Dont know to much about them apart from they are based in Perth
Thanks guys! 
I was leaning more towards throwing out the DVD (only says what I've already learnt from Jan Somers and this forum) and promo booklet they gave me, I just wanted to make sure I wasn't throwing away a good opportunity.
I've done heaps of research on IP through the net, Jan Somers book, this forum, and IP mags, just worried about making the big jump into first IP as it's alot of money. I understand the bad debt/ good debt thing, but what I worry about is all the extra expenses the Mortgage Brokers seem to forget to mention (quantity surveyor, house check etc).
I was leaning more towards throwing out the DVD (only says what I've already learnt from Jan Somers and this forum) and promo booklet they gave me, I just wanted to make sure I wasn't throwing away a good opportunity.
I've done heaps of research on IP through the net, Jan Somers book, this forum, and IP mags, just worried about making the big jump into first IP as it's alot of money. I understand the bad debt/ good debt thing, but what I worry about is all the extra expenses the Mortgage Brokers seem to forget to mention (quantity surveyor, house check etc).
I worry about is all the extra expenses the Mortgage Brokers seem to forget to mention (quantity surveyor, house check etc).
Hi, just budget 6 to 7% worth of costs on top of a purchase.
Also, don't fall into the trap of blaming others for not telling you things. A MB priority is to get a commission which means getting you a loan, don't kid yourself it's any other way. What you need to do is pick one that isn't a shark. YOU must make sure the loan is appropriate, structured correctly and for the correct amount.
You might want to also consider setting up an extra facility to smooth out unexpected expenses after your purchase if you are worried about them. It takes much of the stress out of IP ownership if you do that.
cheers
Is that 6-7% up front, or spread over the year? I'm wondering if I go for a 95% loan (which means I would have no immediate funds left over for other IP expenses), or a 100% loan (where I would have a few thousand spare for expenses).
I have a small deposit to do either of the above, but then I don't have any other funds other than weekly earnings (which I have a few hundred spare/ fortnight for IP mortgage, maintenance, council fees etc).
I have a small deposit to do either of the above, but then I don't have any other funds other than weekly earnings (which I have a few hundred spare/ fortnight for IP mortgage, maintenance, council fees etc).
Stamp is the major cost. But there's also inspection fees (optional), lawyer fees, bank fees & mortgage reg(?).
Then there's possible extra initial costs of repair to get the place rentable which is not included in the 6%, obviously that varies from place to place. This risk can be reduced by doing a thorough pre-settlement inspection (eg make sure major appliances actually work).
cheers
Then there's possible extra initial costs of repair to get the place rentable which is not included in the 6%, obviously that varies from place to place. This risk can be reduced by doing a thorough pre-settlement inspection (eg make sure major appliances actually work).
cheers
Hi Kristy
There are some simple tools on the net to help you calculate cost of buying a house - check this one out http://www.commbank.com.au/personal/other/useful_tools.asp (go to total home buying cost calculator). It dosn't automatically calculate everything (such as mortage insurance etc.) but it just reminds you of all cost that could be involved.
Hope that helps
kaf
There are some simple tools on the net to help you calculate cost of buying a house - check this one out http://www.commbank.com.au/personal/other/useful_tools.asp (go to total home buying cost calculator). It dosn't automatically calculate everything (such as mortage insurance etc.) but it just reminds you of all cost that could be involved.
Hope that helps
kaf
Kristy, instead of some course, spend $1,499 on transport and hotels to see brokers, go to different cities to look at houses, buy a few books and on the internet to read this forum. You'll learn far more. There is no such thing as a magic course that teaches you everything. They usually teach some basic strategies that you would have picked up eventually. Just go out there and do it instead!
Alex
Alex
Did you end up buying the education package?
I asked them to send out the free info pack out to see what they had to offer.
Yeah I agree with everyone here, I can/and have been doing the research myself. I have the next 2-3 years to learn as much as possible. I have plenty of time to prepare for buying my first ppor.
As I learn something new online or offline I copy and paste it into my word document, and write some notes. So that I have the info on record. I find it invaluable.
I asked them to send out the free info pack out to see what they had to offer.
Yeah I agree with everyone here, I can/and have been doing the research myself. I have the next 2-3 years to learn as much as possible. I have plenty of time to prepare for buying my first ppor.
As I learn something new online or offline I copy and paste it into my word document, and write some notes. So that I have the info on record. I find it invaluable.
