All Topics / The Treasure Chest / IP-Brisbane mkt

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  • Profile photo of vindamanvindaman
    Member
    @vindaman
    Join Date: 2003
    Post Count: 2

    Well, this is my first into the forum.
    Currently I am discussing IP option thru Asset grp. This is one of those fly in for a day, inspect off the plan properties and put a deposit down. Although I love making decisions in pressure situations, I am hesitant when it comes to IP. Any one had experience in investing properties in this manner? What does one need to look for when going through finance brokerage firms.

    regards,
    Vin.

    Profile photo of susie_langmaid_2susie_langmaid_2
    Member
    @susie_langmaid_2
    Join Date: 2002
    Post Count: 44

    Welcome Vindaman,
    If this is a deal flying into Queensland, I’d urge you to please look into this further as it sounds like 2 tier marketing to me, this is where the developer hires agents to sell their own developments & offers the agents BIG commissions so they’d sell anything to anyone even their own grannies!!!
    Cheers big Ears!!! Susie. (Gold Coast)

    Profile photo of vindamanvindaman
    Member
    @vindaman
    Join Date: 2003
    Post Count: 2

    quote:


    Welcome Vindaman,
    If this is a deal flying into Queensland, I’d urge you to please look into this further as it sounds like 2 tier marketing to me, this is where the developer hires agents to sell their own developments & offers the agents BIG commissions so they’d sell anything to anyone even their own grannies!!!
    Cheers big Ears!!! Susie. (Gold Coast)


    Profile photo of maximusmaximus
    Member
    @maximus
    Join Date: 2003
    Post Count: 189

    Be very careful about signing anything. I have heard of people buying under the circumstances you described and finding out much later that what they bought was grossly overpriced and it took years for the property to reach what they paid.[:(!] Try and do your own research, or at least ring some local real estate agents in the area where you are to be shown and ask them prices etc. TREAD VERY CAREFULLY.
    Best of luck
    Marty

    Profile photo of spider_2spider_2
    Member
    @spider_2
    Join Date: 2003
    Post Count: 79

    [:)]
    We had friends who signed up for one of these type of deals and they added a clause about being subject to coming in at 95% of a valuation by the bank providing finance (friends had made arrangement with bank before visiting Queensland). It ended up being their way out of a potentially sticky situation.
    Take care
    [:)]

    Profile photo of vindamanvindaman
    Member
    @vindaman
    Join Date: 2003
    Post Count: 2

    Thank you all for your input.

    Profile photo of scottscott
    Member
    @scott
    Join Date: 2003
    Post Count: 110

    Thanks Spider,
    That’s a very good piece of advice, definately worth remembering [:D]

    Scott

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
    -anon

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Vindaman,

    Don’t do it!! Don’t go.. There’s no such thing as a free flight. These type of people don’t like taking NO for an answer.[B)][B)][B)]

    My advice (for what it’s worth)… Keep reading this forum for a month or two, and learn enough to do it on your own. [:D][:D][:D] It will save you THOUSANDS!!!!

    If you do go and sign up, PLEASE make sure you put in an escape clause into the contract.

    Good luck,
    Del

    Profile photo of The DIY Dog WashThe DIY Dog Wash
    Member
    @the-diy-dog-wash
    Join Date: 2003
    Post Count: 696

    Good advice Del.

    I have heard, haven’t had experience here but, heard that if you pay for your own flight and go to see agents on your own terms you will cut out the marketing men, I am sure there a plenty of developments up there that any agent would have listed.

    DON”T GO!, Keep reading here and do it yourself when you are better informed.

    Cheers
    Leigh K[:D]

    Read, learn, grow but most of all just do it.

    Profile photo of MiloMiloMiloMilo
    Member
    @milomilo
    Join Date: 2003
    Post Count: 22

    Vindaman,

    Excusae my choice of words, but don’t be silly!
    There is nothing for free in this world!

    I recently bought a unit in Southport for $192K, which was purchased for $210K four years ago the same way you have just described.
    Four years ago the unit was actually worth under $150K.

    The bad purchase partially contributed to a divorce between people that I purchased the unit from.
    Go there by yourself and see the prices people pay at the local realestate agencies.

    Thanks

    Milo

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