Wow, you must have had a bad experience...
HandyAndy,
And still do.
I accept that for the majority of people using a broker is the answer. I just take offence to the attitude pertraid that the only path is to use a broker, don't limit your options.
My loans are quite large now, and when I have used brokers a brokerage fee is charged. However the fee is taken out of the proceeds of the loan (not paid by the funder). Without the skills that hindsight gives you, I paid some pretty hefty prices over the last couple of years.
Things are different for me now, knowledge and agression do save me money.
eg. I had a phone call last week with a potential funder (through a broker) who dropped his fee $100K after a robust 5min converstaion. Had this converstaion happend 18 months ago I would have paid the fee.
I don't disagree with paying a fee for a service, but do take acception to paying too much. I'm the one with the jewles dangling in the breeze, no money flows into my account until the end. But along the way everyone has their hand out, and no one cares if I get to finish as long as they have their money.
Try paying $300k in fees up and above the purchase costs and settlement costs, then meet the repayments for the next 12 months while you struggle to get a DA through.
Not everyone is looking after your best interest.
unfortunotly I do find people with swollen personal ego's a rather pointless bore
Booboo not sure who your referring too here, property investing is full of ego's and for this reason is an exciting thing to be in. I couldn't count the amount of times someone has said "No" to me, can't imagine where I would have been without an ego.... back at work for the boss maybe.
I wish you all the best in your investing strategy.
Mark