just wondering what people's thoughts were on these companies that help to re-finance your current situation, find you an investment property, and help you manage it?
i've been approached by one company, and they put together quite a good package, but not sure if anyone else has dealt with this kind of thing before?
i dont currently own an investment property, and using someone with experience in the area seems to be the smartest avenue to go down….
thoughts?be very careful and ensure that you obtain independent specialists such as valuers and solicitors. People have been hurt badly by these companies flogging off grossly inflated properties to people from other states etc.
Understand also that you will be paying a premium to have all this done for you. The company may tell you that their fee is paid by the builder etc but in my experience you don't get much for free.
In a strongly rising market any mistakes are quickly forgotten but in today's market any mistakes may hurt for a long time as you wait for inflation to lift the values to cover what you paid.
Another idea might be for you to spend some time learning the scene, then buy a cheapie unit or similar so you get some experience. Look at a lot of properties so you get a feel for what is available.
Nothing teaches you more than the actual doing. You won't learn much if you pay someone else to do the doing for you!
Good luck!
What are peoples thoughts on the below Porperty Firms. Both are in Sydney and have been growing very quickly and have significant clients and investors behind them.
Property Secrets
and
Iron Fish
Be very wary of taking advice from a company which has a vested interest in you investing. If you are going to do anything like this make sure you have an experienced INDEPENDANT lawyer and accountant check out the package i.e. not someone recommended by the invesment company AND listen to their advice. Carolyn
The word 'terrifying' comes to find. In all fairness, if everything is disclosed up front, you can make an informed decision, but as Simon said (actaully, 'simon says' sounds better
) be very careful. All the best.No one has commented on the above property companies.
Is there any reasons why?
I only know about Property Secrets through hearing them at a seminar last month.
Basically their strategy is to buy properties for less than $250K in western Sydney which can be multiplied through subdivision or development of duplexes etc. They don't believe in buying apartments or properties with very little land which cannot be multiplied.
Not too sure on their fees, but think it is something like $5000 to purchase you a property.
Personally their strategy doesn't suit mine, so I'm steering clear of them.
Richard
Does anyone would like to share their experience dealing with Property Secrets or similar company??
Please let us know either bad or good experience so all the forum reader will not make similar mistakes
CheersDon
) be very careful. All the best.
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