OK- her’s some proof about victor ollis’ company, country house and land sales:
This search was done by me going to ASIC, the going to FIDO on that site, then going to the Australian Busines Register site. It was a free search.
Here’s the info about his jailing for an extensive time for ripping off pensioners, and then running a company while banned:
http://www.parliament.qld.gov.au/handocs/1995.pdf/950221ha.pdf
Sorry sis, I don’t really wanna hang around a guy who rips off pensioners- or anyone, for that matter :o( I won’t be going on their tour.
Now I can stop hogging, but thanks for your patience while I did the checking I needed to before defamation proceedings began. I’m sure you’ll all understand :o)
kay henry
Well S.I.S., if Vic Ollis is able to buy properties at 50% below the proper market value then so can S.I.S. [
]The thread on Somerset didn’t however go into a lot of detail so a trip to say Parkes to speak to some local agents may well be a good idea.
I would think however that they wouldn’t be open on Sundays so a second trip to Parkes may well be necessary S.I.S. (your car or Kay’s car ?). [
]If not all is above board about the proposition (the real estate proposition that is of course) then the following could well be a real situation :
The dealer looks for elderly people who own a house yet they are absolutely stone broke. No money in the bank, they just barely manage to make ends meet.
Here comes along a developer offering to buy their house at half the value.
However, as part of the deal the pensioner gets a long term lease as security (longer than their life expectancy so they cannot find themselves out on the street at some stage – at least that is what they think), the pensioner is suddenly ‘rich’, he/she all of a sudden has money to spend. A really attractive proposition.Now what if the rent they are paying is actually heavily subsidised by the dealer ?
And what about if they were told that they will be allowed to stay in the property rent free for life ?
Remember, the dealer can afford to subsidise the rent for some time as he may have made a $ 50K profit on a $ 100K sale.
However, who knows whether the dealer isn’t subsidising the rent until such time as he has accumulated sufficient money out of the deals to enable him/her to live in the manner he would like to get accustomed to whereupon he moves to the Bahamas ?
The investor is left with a property which may be or may not be worth $ 100 K but which certainly (under the above circumstances) is unlikely to be able to continue producing the same kind of rent as the investor had been enjoying until then (i.e. 10% of the purchase price).
Now I am not privy to the full facts and the above is merely one of many scenarios and may well turn out to be completely wrong and we may do Mr Ollis a great wrong if we jump to the wrong conclusion.
I am just trying to understand how someone can buy a property at half its value. Doing a deal as described above is indeed possible.
Pisces133
>>Sorry S.I.S., I don’t really wanna hang around a guy who rips off pensioners- or anyone, for that matter :o( I won’t be going on their tour.<<
I hope, Kay, that you are referring to Mr Ollis, not S.I.S.. [
]Well that must be a real disappointment S.I.S. , no lovely company on the bus trip.
However, I detected a hint of envy in LeighK’s post so there may still be hope yet for lovely company on the bus, S.I.S., as we may be able to induce Leigh to come along after all?
In fact if she does decide to do so then I will come too and Leigh will thus have a choice whether she wants to sit alongside youth (S.I.S.) or alongside a more mature gentleman like myself. [:o)]
Pisces133
Personally, I think meeting up and sharing ideas is a great one, but looking at towns over a short period of time, in groups, is like being herded- and lets face it, surely we aren’t sheep?
There is no such thing as free anything, there is always a catch, in this case, I think inflated property prices that you would well do with going it alone and making informed choices and not to their towns of choice.
cheers Lynn[
]First[
][]
Then[][]
Then[][]
Then[^] And[:X][:X]Thanks Pisces sounds like fun, but alas I am in Melb.
Kay, maybe because of whatyou found out you should still go to provide a first hand account of what goes on.
Cheers
Leigh K[]Carve your own path and lead the way …
Thanks for your interst Leigh and Pisces. I would have been happy to attend the weekend with sis. Most of my bosses are younger than sis, so I have no issue around age.
Pisces- I am sure oyu can still go on the weekend even if Leigh can’t attend? You and sis can provide us with some feedback on it.
I have an overall disappointment with the mob who organise this trip. How come people involved in property can happily rip pensioners off? It doesn’t even make sense to me. I wonder how they were raised.
kay henry
Hi Guys,
Now im not sure whether if i should go, still thinking a trip to see all towns and just be able to take some quick notes down, might be good, but also the opportunity to get some real local knowledge, and then to be able to put it together with some internet data, feels like another good opportunity too again[8].
Now i dont know if i should go, after Reading about Victor Ollis. [
][][]cheers,
s.i.sGreat to have a researcher in our midst.[
]
I fully understand why Kay is turned off going on the trip, I wouldn’t touch this con artist with a 12 foot pole (EHHH Kay how long is a 12 foot pole in CM -just joking[:o)])
I couldn’t eat the food they’d provide for me and the separate bedroom they pay for knowing where that money came from and sleep tightly. I’d have armies of bedbugs biting me all night[xx(]
SO good on you Kay for not going and thanks for all the research.[^]“Well S.I.S., if Vic Ollis is able to buy properties at 50% below the proper market value then so can S.I.S.”
I’m sure SIS wouldn’t employ such tactics to buy at 50% below…
Cheers
r[
] Im still shocked by this Victor Ollis…Though i think Pisces133 idea of going up, seeing whats there and then going up again by car… is sumthing im all in favour…
This way, one you can quickly identify areas along the bus trip on were to stay away and secondly go straight to the source on the second trip (if there is a second trip)…
Ill wait and see what PropertyGuru says, i know hes been on there trips, yet i know he has local knowledge, and has visted all these towns…. Maybe he can fill me on the missing links, if it really is worth it.
Cheers,
s.i.s>>I’m sure SIS wouldn’t employ such tactics to buy at 50% below…<<
Well you may well be wrong there Richmond.
Let me explain.There isn’t anything that I can see inherently wrong with buying a house at a reduced value from elderly people and having an arrangement whereby they can stay in their present home at either no rent or a reduced rent.
(To be involved in) The possible scenario which I painted in an earlier post (leaving the end buyer in a lurch and possibly the pensioners with rent they cannot afford) is wrong, for sure.
But as long as all the involved parties are protected there isn’t anything inherently wrong with such a scheme.
A number of years ago (10 years ?) someone came up with an idea (he called it ‘SellStay’) and I can see that it suits elderly people who are asset rich by virtue of their house and yet didn’t have quite enough income to have an enjoyable lifestyle.
The guy who ran with the scheme was a real estate agent and the selling price (or, rather the deposit) was determined by both the value of the house and the vendors life expectancy.
That Sellstay idea consisted of exchanging on a deposit which was released to the vendor with settlement to take place (at a selling price lower than the value of the property at the time of exchange) on their demise.
I don’t think it ever took off.
In such a case the only (selfish) people who would object are the couple’s children who see their inheritance being eaten up by their parents freeing
up some money which until then locked up in their house asset.There is a definite niche for this kind of thing.
During the last six months both the ANZ and St George have come up with a scheme whereby they lend money to elderly people which doesn’t have to be repaid (with interest capitalised) until they pass away to greener (?) pastures.
The conditions are unattractive however (low LVR – then again, I guess that is done to avoid having to force them out of their house).
In my opinion, having one or more such an investment in one’s portfolio is an attractive idea as one doesn’t receive income fom this investment and thus one avoids paying tax for the moment.
Pisces133
There is another advantage for wrappers to go on the bus trip.
You will meet a busload full of prospective investors, what a good way to learn another way to prospect for
end buyers to flip a property to or to find a financial partner.At the least one will get to find out what the response rate is when advertising the way Mr Ollis does.
So, looking at it this way, is it worth it to make the effort to join the caravan ?
Pisces133
A timely article from today’s Herald:
http://www.smh.com.au/articles/2004/01/11/1073769454737.html
kay henry
Kay
What a wonderful source of property knowledge you are.
Good for you. If only more people would do such research, there would not be the looming losses that so many are now facing.
I am impressed.
Cheers
Bec
Oh well, it was always a choice between the property investing weekend or the Hellfire club- hehe. Guess Hellfire wins again! [?]
kay henry
Oh no it dont. Property Investing Weekend is on. Something PropertyGuru told me which is a big Smile.
[
][][]Cheers,
s.i.sYou can’t just leave it at that SIS [
]Cheers
MelDont worry Mel,
Ill fill you in, on what it is… [
]Cheers,
s.i.sSIS, get PG to go with you on the tour. That way you can do the ‘good cop bad cop’ routine.
Cheers
MelHi Mel,
If Property Guru comes… Victor Ollis will be chasing him and Brad the person who organises these tours will see Property Guru and will say….”Youuuuuuuuuuuuu… and probably kick us both off…”
Ask Guru what he did last time….lol
Cheers,
s.i.s
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