Asset Corporation Property Seminar

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From: John P


Any one done the one day property course
that the Asset Corporation in Melb
offers ?
Is it worth the money ($3,000) ?
See at :
www.assetcorp.com.au

Regards
Peter
 
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Reply: 1
From: The Couple


Hi Peter,

Yes my wife and I both attended the 'Asset Corp' (Warren Borgje - ? spelling)one day intensive workshop. Although we are glad that we did the workshop and paid the $$$, (it was $2200 for the two of us so its getting more and more expensive by the sounds of it) We certainly think there are other ways of obtain the same information for much much less. We were at the very beginning of looking into the whole investment thing and so for us it was a good motivator - especially with $2200 hanging out there, but the lessons are no different than what you can learn from: (a) This forum, or (b) some of the excellent books out there now - Sean O'Reilly's 'Anyone can be a millionaire, we found to be a great start, also any of the Jan Somers books are good.

An education opportunity which looks promising is the one being offered by 'The Investment Institute'. It has been mentioned many times in this forum but actually has its launch on April 2nd. So this will allow us to see if it can really deliver what it is promising. Have a look at there web site 'www.theinvestmentinstitute.com.au' for more info. But if the institute delivers even half of what it promises then we think it would be worth a look before spending $3000 on the Asset Corporation.

If you would like a bit more info feel free to email us.

The couple.
 
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Reply: 1.1
From: Brad M


John

My partner & I also attended Asset Corp's 1 day seminar and I would agree with Shane.

The information presented is very basic (that's not to say it is not good info) which you could learn from a few books & the combined wisdom of this forum. I also found Warren not very forthcoming with the 'nuts & bolts' questions (which is why we attended - a chance to ask an 'expert').

We only paid $1000 for both of us (ie $500 each) and still felt it wasn't really good value unless you were an absolute beginner and didn't know where to start. To be fair that may be because I like to learn things from the 'ground up' so I fully understand rather than just being given 'the formula'.


Brad M
 
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Reply: 1.1.1
From: John P


Thanks for both your comments about the seminar.

I have decided not to attend, but would be interested to hear how he was able to buy under valued properties on a consistant basis and more importantly how he was able to get the bank to lend on the valuation price and not the purchase price ?
Regards
 
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Reply: 1.1.1.1
From: Brad M


John

When we attended the seminar I had 3 main questions in my mind and what you asked was 2 of them.

From memory both issues involve building relationships with the right people.

In the case of buying properties at a 'good' price consistently, this involved knowing your real estate agents in the area and letting them know you are a serious buyer. Provide them with a set written criteria of the things you require in the property (no. of bedrooms, location issues, price range and rental return etc). The theory is that they will call you when a property comes onto the market that fits your criteria with the expectation that if it does you will buy quickly with little hassle to them. The real estate agent's relationship with you is likely to be worth more than with the seller (if you are a multiple property buyer over the course of the years) and they will work with you to get deals over the line because it means the commission in their pocket.

As for the financing aspect, this involved building relationship with valuer in the area who works for a company that is on most of the banks 'panel of approved valuers'. Present the valuer with your research on what the property is worth, supported by previous sales data etc. (from reputable source) and ask for a 'valuation for finance'. Generally if your figure is within a realistic range the valuer will agree since his due diligence may well have involved the same research. The banks generally accept valuations from 'approved valuers' even though if they commissioned them it would be to value the property under different instructions ie 'fire sale price'.

This of course then leads to building a relationship with a banker and not the bank. Presenting yourself as a professional investor with a business plan.

I believe there was bottles of wine and dinners being thrown around in the midst of all this.

Hope this helps and that I didn't ramble on with things you already know.

P.S. This is just my recollection of Warren's strategy.


Brad M
 
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Reply: 1.1.1.1.1
From: John P


Thanks Brad for your comments !
By the way what was your other question you went to the seminar to get answered ?

Also,
What did he say was the best target property
for this type of investing ?

1-Houses?
2-Units -1,2 or bed sitters?

And what area's (I am Melb based)?
Regards
 
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Reply: 1.1.1.1.1.1
From: Brad M


John

I'm glad I was some help.

The other question was regarding criteria in selecting areas to invest and the answer involved the classics of close to transport, schools, shops etc which I think John Fitzgerald, for one, covers well in his book 'Seven Steps to Wealth'.

With regard to Warren's preferred type of residential property for his style of buy (below market value), renovate (minor) and hold (&/or sell) his answer was he feels it doesn't matter.

He doesn't place much importance on the 'land content provides capital growth' theory.

As for price range (this was for Melbourne) he believed < $300K for buy & hold (higher yield + capital growth) and higher priced property for selling after renovation.

The areas he favoured in Melbourne were the areas in a triangle that was made up of the points Port Melbourne - Hawthorn - Brighton.

Again this is only what I recall (except for the areas, I had marked them out on map) and although I think Warren provided sound advice on a lot of areas I don't necessarily agree with all of what he said (eg land content not being important).

Warren, like at least one other seminar presenter (who unlike Warren seems to be much more of an 'operator with hidden agendas' than an educator) had only been investing for a couple of years & in the Melbourne market while it was on a rollercoaster ride straight up. So while I respect what they have done and the knowledge they have there are people on this forum that have seen far more seasons pass in the property market.

Sorry for another long post.


Brad M
 
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Reply: 1.1.1.1.2
From: Curious Onlooker


Hi Brad,

Just wondering how you find the valuer who is 'acceptable' to the financiers?

Cheers,

Curious Onlooker
 
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Reply: 1.1.1.1.2.1
From: Brad M


Curious

Ask the lending institutions you are interested in dealing with which valuers are on their 'panel of approved valuers'.

If you are in the situation that you may need to approach more than one lender in your bid to secure finance ask the valuer to leave the name of lending institution off the valuation and fill this in when finance is to be finalised.


Brad M
 
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Reply: 1.1.1.1.2.1.1
From: John P


Thanks Brad,

Some interesting points !

Whats your thoughts on the teachings of
Peter Spann, have you done his property
course? Looks like the Asset Corp is basically a watered down copy of Spann's.
Which I have done and found excellent.

One problem I do have in being self employed
and unable to supply financials etc, is that I have to use "no doc's" type finance and so I pay about 1% more on the rate and limited to 75% LVR. To get around the problem of most banks only lending on the lower of either the valuation oor the purchase price, I find its much better to pay cash for the propery and then get the finance after settlement, that way the my discounted purchase doent matter.

1-Any ideas on this ?
2-Ways to play with the contract price to increase the LVR, eg discount for early settlement claus etc or use two contracts.
Regards
 
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Reply: 1.1.1.1.2.1.1.1
From: Brad M


John

I have been to Peter Spann's intro evening seminar and I liked what he had to say. We are planning on buying the home study course of the next seminar (difficult for my partner to get time off work for a whole weekend etc).

Maybe you could tell us a few of the interesting things Mr. Spann had to say. Have you done his follow on courses and if so how do they relate to the first?

In relation to your lending situation have you spoken to any mortgage brokers as I believe there are new products coming out in this area all the time.

As for playing with the contract price in clauses and only providing bank with front page of contract etc. there was a discussion about this recently on a forum that discussed the legal issue of 'obtaining financial advantage by deception' which is serious business if you are prosecuted. If you are considering this I think some serious legal advice is in order. Personally I wouldn't want to be involved in this sort of practice.


Brad M
 
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Reply: 1.1.1.1.1.1.1
From: Danny Dwyer


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Re Asset Corporation Property Seminar.

As a newie to this IP world (and this forum), I read in Sean O'Reilly's =book somewhere, he recommend that you should attend many seminars as you =can, even if you only just pick up/learn thing about IP ad in Sunday =Mail newspaper couple weeks ago "Retire a Millionaire" which is been =conducted by Asset Corp. I have booked myself to attend ($39 single) on =3rd April. However I am concerned that, as as already mentioned in =previous posts on this forum, it they may have hidden agendas - ie. =selling property, software etc and costs of $3,000 to do a course etc. I =assume that this seminar is a 'foot in the door' approach to get me =interested in attending their $3,000 course. I have no intentions to =signing up for any of the Asset Corp courses that are offered due to =costs.



Danny D.


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Re Asset Corporation Property Seminar.
As a newie to this IP world (and this forum), =Iread in
Sean O'Reilly's book somewhere,he recommend that you should attend =many
seminars as you can,even if youonly justpick up/learn =thing
about IP ad in Sunday Mailnewspaper couple weeks ago "Retire a
Millionaire" which is been conducted by Asset Corp. I have booked myself =to
attend ($39 single) on 3rd April. However I am concerned that, =asas
already mentioned in previous posts on this forum,itthey may =
havehidden agendas - ie. selling property, software etc and costs =of
$3,000 to do a course etc. Iassume that this seminar is a 'foot in =the
door' approach to getme interested inattending their $3,000
course.Ihave no intentions tosigning up for any of the =Asset
Corp courses that are offered due to costs.

Danny D.

------=_NextPart_000_013F_01C0B967.A5E210C0--
 
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Reply: 1.1.1.1.1.1.1.1
From: Brad M


Danny

I agree that it is worth attending as many seminars as possible because even if you only learn one new thing it can open up a world of possibilities.

When you speak of 'hidden agendas' I think this may be a little harsh when applied to Warren (Asset Corp). The intro seminar is an opportunity for Warren to introduce to you what he has done & what he can teach you if you are prepared to pay.

Warren did have software, newsletter & buyer service to sell at his 1 day course when we did it but it was all low pressure. We received one follow up call in regard to the buyer service that was certainly not pushy (this differentiates Warren & what he offers from another 'educator' I can think of).

My original post in reply to John was simply a result of my disappointment that I felt Warren was not as open with his knowledge as I thought he could have been & that he is now pricing his course at those levels.

Please don't let any comment that I or any one else makes stop you from listening to what Warren has to say. It is just that the info he provided at the 1 day course is obtainable at much less expense (financially) if you are prepared to make the commitment (time).


Brad M
 
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