I have been reading “0 to 130 properties” and find it an excellent read indeed.
A side from that a friend of mine told me about a company called Wholesale Property Brokers. I decided to complete some due diligence on them – they seem very professional etc and I can’t fault them.
Basically the are able to negotiate property deals at wholesale prices – they are paid by the builders / developers i.e. they need capital to complete the project so are happy to provided a reduced price.
They do property deals anywhere – inner city, suburbs etc.
I was wondering if anyone else has heard of them, and may have dealt with them or know someone who has. I was after some feedback on them if anyone can provide this.
Regards,
MattHello Matt
this has been asked twice before – if you go to the search function (up on the left)and put in your title you will see them. Apart from Steve Mc’s answer there is not much info there though. It would be good to hear from someone who has had dealings with them.I guess that could be good or bad – happy and not looked any further or sad and dont want to admit to the mistake! Good luck, let us know how you get on if you go ahead.
LynneHi Matthew,
I am new to all this however I have been researching and reading Real Estate for some months. I haven’t heard of this particular group but in all I have read I am of the opinion to be careful of anyone that is able to offer “wholesale” properties. There are many seminar spruikers that perport to offer the same opportunities and I have read many stories about people getting taken for a ride. I don’t want to scare anyone but perhaps before you make a decision on your purchase, get an independant valuer to give you a fair market appraisal, it may cost you a few hundred bucks but could save you 000’s in the end. A worth while investment I reakon….
cheers
tBe very CAREFULL with those guys.
They do inhouse valuations and inhouse
finance. I know a person who bought from
them and then couldn’t rent the place for
six month and valuation was overpriced.G’day Matthew…
I went to their website after reading your post.
It took ages to open…”very flash” and,as it’s all about perception… they bung on some links to ATO etc atc.
If they are not ‘straight”…and I’m not saying that they are not….
It works something like this….(1)You make an enquirey…(2)someone visits your home, to “qualify” you. That is…are you financially capable and gullible enough?(3) Your next appt. is booked with the “expert”…in the trade they call him/her the “runner”.
(4) If your lucky, you get to see a property in a complex…then they “earmark” one for you.
(5)You will then find yourself in front of one of the “inhouse” finance guys.
(6) Next step is “Their” friendly solicitor.By now you are feeling railroaded…but it’s too late “cause you have just bought a property”.
And you got to do it all in just one day,amazing.Valuations ? Not a problem…they have a valuer in their pocket.
“Wholesale may mean Hole Sale” and it may take you 5 or more years for you to dig your way out of that hole, to recover the $40/$50,000 they have made at your expense.
Be extra careful Matthew.
Better still..stay away.Billfromoz
steps 2 & 3 dont happen to include a mid 20’s tall, cute, single, intelligent woman pre-approver/expert?
[
]Then I could see it being worthwhile (i wouldnt sign anything)
Quick search resulted in this
“
From: balancyg 21/04/2003 10:22:21 PM
Subject: re: Investment seminars post id: 592
Please stay away from Companies such as wholesale property brokers. I was approached by them to sell property recently, however I declined as my main focus stream is financial consulting and mortgage broking services, they (wholesale property brokers) were trying to entice me by offering 8% of the purchase price as a commission. No thanks!! I need to sleep at night.
“
Quoted from http://www2b.abc.net.au/4corners/forum/archives/archive10/newposts/4/topic4602.shtm8%.. thats a whole lot of negative-wholesale pricing!
[]NZ Property Investing News
http://www.Landlords.co.nzThey sound a bit suss to me. I dont think there are “wholesale” prices for real estate. Beware.
Hi
I also contacted this outfit mentioning I was doing wraps and was told they were not interested in outer Melbourne suburbs.
They only concentrate on properties within a 15Km radius of the CBD.I have purchased a property through Wholesale Property Brokers – it settled last week. I am quite happy with the deal but it is troubling to read so many negative comments.Much of what I have read here is not true in my case. They encouraged an indendant valuation – not to blindly agree with their valuation – and in fact the whole deal was subject to valuation – at their insistance. Also in my case rent has been guaranteed for 3 years.
Mat
I am in the banking as well as real estate game – you can go wholesale but you need to do your research as well as understand the market – developers are keen to sell before construction begins because they can use less equity and look at other projects – last week a developer I know took 30k of 480k units in Sydney if he sold early. I have a number on the books know – but again look at the area, past sales and current rentals –
Cheers
Dc
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