Gen X Lifestyle Solutions Pty Limited
- Thread starter grossreal
- Start date
It's one of those non-sensical terms which means nothing at all; just like those terms they use to sell womens' moisturisers on TV from companies like L'Oreal etc.
"Multi-hydrating" and other guff.
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The Real Story
I was about to check out these guys when I came across this thread. I went to heir website and noticed that they have a response (The Real Story)
to the recent Scott Pape blog. My question is, is there anybody out there who has actually gone in to see them and are convinced they are a rip off. The earlier person (Joanne) went in but never came back to say what happened. I am afraid that I could be swayed quite easily since my recent ex of many years used to handle all these decisions. I am also new to forums so please excuse me if I have done this wrong.
I was about to check out these guys when I came across this thread. I went to heir website and noticed that they have a response (The Real Story)
to the recent Scott Pape blog. My question is, is there anybody out there who has actually gone in to see them and are convinced they are a rip off. The earlier person (Joanne) went in but never came back to say what happened. I am afraid that I could be swayed quite easily since my recent ex of many years used to handle all these decisions. I am also new to forums so please excuse me if I have done this wrong.
Asset Multiplexing sounds like a term they have coined to describe the simple process of "debt recycling", ie. converting non deductible debt into deductible debt. Good strategy, but you don't need to pay someone for it, and you certainly don't need them to source the investment and deductible debt.
Maybe she got chewed up, but hasn't been spat out yet.
Tread very cautiously I'd say
Do your Due Diligence
Dave
Emma, I don't know anything about this group. There are lots of similar groups. When people say they are a 'rip-off', it doesn't necessarily mean they are doing anything wrong. They are charging a fee for their service. That first poster mentioned $35,000. That's a pretty big fee, but I don't know what service they provide for that fee.
I think you should go and see them, Emma. Just don't sign anything or agree to pay them anything. The first meeting with these sort of groups is always free. They will look at your personal situation and they show you how 'you can be financially free in X years by harnessing the power of property' or shares or whatever. Going to free seminars/meetings, reading books, hanging around places like this are all part of educating yourself. Now is the time for education i.e. there is no need to rush into anything. So go and see them and let us all know how it goes.
Scott
I think you should go and see them, Emma. Just don't sign anything or agree to pay them anything. The first meeting with these sort of groups is always free. They will look at your personal situation and they show you how 'you can be financially free in X years by harnessing the power of property' or shares or whatever. Going to free seminars/meetings, reading books, hanging around places like this are all part of educating yourself. Now is the time for education i.e. there is no need to rush into anything. So go and see them and let us all know how it goes.
Scott
I have actually sat through their initial meeting.
I got a 45 'lecture' with precious few facts, certainly no real idea of what they were doing or how it was done, but some of what I was told made me decide to cut my losses and not inflict my wife to sitting through another 3 hours to get the facts, which is what was demanded if I was to "really understand what we can do for you"
They were going to find me a residential property which was 'guaranteed' to earn 11 - 13% capital growth, per year, for 9 - 12 years after which I was to sell it. Meanwhile, I was to buy another 5 in the next 5 years, after which I could withdraw $30-$50K of equity every year. How much would this cost me ? Just $336 per week, fixed until I bought my second one whereupon the cost would rise to $504 per week and so on. Did I mention their fee was $40,000 per property ? I sat through this presentation getting increasingly annoyed that I wasn't being told any facts. Eventually, after a lot of pressure, he disclosed that one of the 86 criteria they use for finding a suitable property was position. Whoopee !
I also know someone who actually sat through the second 2 hour meeting and this is what she said in an email to me:
"I attended the GenX lifestyle solutions meeting as well. Ed and I didn’t like the fact that you had to pay $40k to them for buying a property, when I could do my own research. $40k is good deposit .
The property they suggested was in Melton Victoria – which I already knew about anyway."
We went for the 2nd meeting. Dragged on for about 3 hours. Eddy couldn’t wait to leave. He thought it was dodgy.
They chose the properties based on an 86 point criteria. Mainly stuff we already know ie infrastructure that the government will build, transport, schools, hospitals, shopping centres, employment etc etc etc
The finance details/number crunching was to be discussed in a further meeting (another 2.5 to 3 hours), which we decided not go to.
They actually called me this week and I told them their strategy did not appeal to me. After discussion with Eddy, we both agreed TIC was the better option. Even though TIC make commission on sales, they don’t charge us another $40 -$45k on top.
I think this aimed more at people who have no idea on how to get into property investments, and that GevX would make a killing out of it by charging the $40 - $45k, and probably make commissions as well.
I got a 45 'lecture' with precious few facts, certainly no real idea of what they were doing or how it was done, but some of what I was told made me decide to cut my losses and not inflict my wife to sitting through another 3 hours to get the facts, which is what was demanded if I was to "really understand what we can do for you"
They were going to find me a residential property which was 'guaranteed' to earn 11 - 13% capital growth, per year, for 9 - 12 years after which I was to sell it. Meanwhile, I was to buy another 5 in the next 5 years, after which I could withdraw $30-$50K of equity every year. How much would this cost me ? Just $336 per week, fixed until I bought my second one whereupon the cost would rise to $504 per week and so on. Did I mention their fee was $40,000 per property ? I sat through this presentation getting increasingly annoyed that I wasn't being told any facts. Eventually, after a lot of pressure, he disclosed that one of the 86 criteria they use for finding a suitable property was position. Whoopee !
I also know someone who actually sat through the second 2 hour meeting and this is what she said in an email to me:
"I attended the GenX lifestyle solutions meeting as well. Ed and I didn’t like the fact that you had to pay $40k to them for buying a property, when I could do my own research. $40k is good deposit .
The property they suggested was in Melton Victoria – which I already knew about anyway."
We went for the 2nd meeting. Dragged on for about 3 hours. Eddy couldn’t wait to leave. He thought it was dodgy.
They chose the properties based on an 86 point criteria. Mainly stuff we already know ie infrastructure that the government will build, transport, schools, hospitals, shopping centres, employment etc etc etc
The finance details/number crunching was to be discussed in a further meeting (another 2.5 to 3 hours), which we decided not go to.
They actually called me this week and I told them their strategy did not appeal to me. After discussion with Eddy, we both agreed TIC was the better option. Even though TIC make commission on sales, they don’t charge us another $40 -$45k on top.
I think this aimed more at people who have no idea on how to get into property investments, and that GevX would make a killing out of it by charging the $40 - $45k, and probably make commissions as well.
Now how did I know this post was going to lead into a reference as to how less sharky TIC are?
I can see the infomercial testimonials now
"TIC only made us touch our toes, they didn't go in up to the elbows like some"
"TIC are great, they only shear the sheeple a little bit (LOL
)"Dave
Like the first sparrow of spring, say hello the first property spinners of the new boom.
Logic tells me this: If I could find property at 16%, even 12%! when rates are 6%, why in gods name, would I be telling anyone else!!!!! unless I had no cash and needed cashflow from mum and dad investors.
Peter 14.7
PS Michael Whyte in Dapto!
Maybe WaterfallLike the first sparrow of spring, say hello the first property spinners of the new boom.
Ah yes, there is that
Dave
Hi All
Just received this "Gen X Lifestyle Solutions' brochure in the mail and I called them. They need $149 payment upfront for the first meeting. So glad I did a google search and came across this thread.
They said they could help us pay down our $280k home loan in about 12 years but were not willing to divulge anything till we were in their office. Also said, they are setting up offices in Melbourne and Brisbane shortly so there are a few takers out there.
At $35,000 for subsequent consultations and for putting in place this strategy, I"d have to have "STUPID" written across my head to go with them.
Just received this "Gen X Lifestyle Solutions' brochure in the mail and I called them. They need $149 payment upfront for the first meeting. So glad I did a google search and came across this thread.
They said they could help us pay down our $280k home loan in about 12 years but were not willing to divulge anything till we were in their office. Also said, they are setting up offices in Melbourne and Brisbane shortly so there are a few takers out there.
At $35,000 for subsequent consultations and for putting in place this strategy, I"d have to have "STUPID" written across my head to go with them.
Hi CP,
I advised you to keep your Hornsby unit a while back when times were tough. And Hornsby is going gang-busters now. How much do you think my 'free' advice might be worth if I also tell you to make more repayments on the loan to pay it off quicker?
$35K??
The way they help you pay your loan down is quite simple.
1. Set up an offset against your loan
2. Pay all your wages/rents/other income into your offset account
3. Live off your credit card.
4. Pay off your credit card on day 54.
5. Save and keep your offset account going up.
The more that's in your offset account, the less interest you pay on your loan and the more of your repayment comes off the principal.
That's pretty much it. Now you can get any MB to set it up for you.
1. Set up an offset against your loan
2. Pay all your wages/rents/other income into your offset account
3. Live off your credit card.
4. Pay off your credit card on day 54.
5. Save and keep your offset account going up.
The more that's in your offset account, the less interest you pay on your loan and the more of your repayment comes off the principal.
That's pretty much it. Now you can get any MB to set it up for you.
pre #1 there tubs - set up a principle and interest loan.
Hey Propertunity
Good to hear and yes, I did take that advice. Now have a new tenant in Hornsby at $470 a week ...still costing us to hold though but we'll ride it out.
Thanks Tubs and Blue Card - already have all your suggestions in place on our PPOR.
Maybe, we should just charge people to come visit this forum and put in place all the invaluable information gathered here.
Cheers
Good to hear and yes, I did take that advice. Now have a new tenant in Hornsby at $470 a week ...still costing us to hold though but we'll ride it out.
Thanks Tubs and Blue Card - already have all your suggestions in place on our PPOR.
Maybe, we should just charge people to come visit this forum and put in place all the invaluable information gathered here.
Cheers
I have to hand it to them, their spin is pretty impressive. Pity they can't spell though.
The idea is old, and is just another form of debt recycling pushed to the limit with lots of glitter thrown in. But to charge $35,000 for it? That's just... I don't know what it is... it's beyond a rip off. And commissions on top of that. They're getting paid because they can spin it, not becuase they are exceptionally good at it. It would take me 20 mins to explain to someone how to do it, and you can get a MB to do it for you. Ok, maybe not THAT easy, but easy enough that it should be part of every strategy.
Wow, I'm blown away. Got to take your hat off to them to have the balls to ask for their fee with a straight face!
FS
The idea is old, and is just another form of debt recycling pushed to the limit with lots of glitter thrown in. But to charge $35,000 for it? That's just... I don't know what it is... it's beyond a rip off. And commissions on top of that. They're getting paid because they can spin it, not becuase they are exceptionally good at it. It would take me 20 mins to explain to someone how to do it, and you can get a MB to do it for you. Ok, maybe not THAT easy, but easy enough that it should be part of every strategy.
Wow, I'm blown away. Got to take your hat off to them to have the balls to ask for their fee with a straight face!
FS
One of their guys called me this morning (I left my details on the website a few weeks back). All he could talk about was 'structuring' my loan with my bank so that I could get 30% principal instead of 10% principal on my payments.
I asked him point blank if their strategies involved purchasing any other property and he said 'no'.
He kept trying to close me for $149 to attend their initial talk. The call just went round and round for 20 minutes before I got sick of it and hung up.
I asked him point blank if their strategies involved purchasing any other property and he said 'no'.
He kept trying to close me for $149 to attend their initial talk. The call just went round and round for 20 minutes before I got sick of it and hung up.
