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From: Mal McPherson
Hi everyone
I'm new here so forgive me if this subject is old hat but I really would like some advise in this area.
For the past few years I've been working to get some more equity in my home so that I can look at an IP. Just recently I went to a seminar held by money power planners. These guys claim to be individual companies working together under one umbrella (agents/accountants/financiers/developers) to introduce people to the IP idea.
Obviously this help comes at a price but they claim to be no different than if you sought the expertise of other professionals by yourself.
Their idea is to refinance your existing home loan & the IP as a line of credit & use a credit card. Fair enough! The process involves paying only the interest on the IP LOC until your own home is paid off and then you look at moving on from there. They only want to deal in new properties (with their developers) because you can depreciate more and there would be less maintenance ect. ect.
My question to anyone who can help me is does this type of scheme have any drawbacks? Are these people scammers? Is their a cheaper/better way to do what their saying?
I would really appreciate any advise.
Cheers,
Mal
Hi everyone
I'm new here so forgive me if this subject is old hat but I really would like some advise in this area.
For the past few years I've been working to get some more equity in my home so that I can look at an IP. Just recently I went to a seminar held by money power planners. These guys claim to be individual companies working together under one umbrella (agents/accountants/financiers/developers) to introduce people to the IP idea.
Obviously this help comes at a price but they claim to be no different than if you sought the expertise of other professionals by yourself.
Their idea is to refinance your existing home loan & the IP as a line of credit & use a credit card. Fair enough! The process involves paying only the interest on the IP LOC until your own home is paid off and then you look at moving on from there. They only want to deal in new properties (with their developers) because you can depreciate more and there would be less maintenance ect. ect.
My question to anyone who can help me is does this type of scheme have any drawbacks? Are these people scammers? Is their a cheaper/better way to do what their saying?
I would really appreciate any advise.
Cheers,
Mal
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