barneyrubble73Participant@barneyrubble73Join Date: 2013Post Count: 5
I have been offered a deal with Folio Invest in a unit complex in Mackay (under $300K, return of 9% with positive cash flow of $100/weel approx). Does anyone know anything about Folio Invest? Is there anything I shiuld be aware of in relation to them. It certainly seems like a good investment however I am certainly going to do some research first; starting here!
Barneys0805Participant@s0805Join Date: 2006Post Count: 85
Pls note that I do not have any exp with Folio Invest, but can advise that when i was thinking about PI in early stage, I came across Folio Invest and got interested in their offerings.
I had consultation with them over the phone and decided against it (after 2 weeks on thinking and lots of reading from this forum) my reasons were i wasn't planning to buy off the plan and to the area that i wasn't much aware of. Also, their offer always sounded too good to be true…..in general sense i stay away from these…
At the end of the day, it all depends on your strategy. good luck….
s0805crafertyParticipant@crafertyJoin Date: 2013Post Count: 1
I first spoke with Folio Invest about 12mths ago and they were pretty good actually, plenty of knowledge but also happy to leave me to do my own research (for my comfort). I missed out on a property with them at the time (wife took too long to decide) which I was a bit disappointed about. We bought one eventually (on our own) but the buildings got a few strata issues at the moment so it's hard to rent.
I'm looking at one in QLD with them which quotes returns of around the 8% mark, it may be the same project as yours. I did my own research and all the competing projects in the area are priced about 10-20% above their project. I think it's because it's a low level, medium density project, the other projects have flash pools, multiple lifts, basement parking, which means high strata and outgoings etc. I'm also looking at a low risk one in Brisbane with them which is a no-brainer.
Sometimes things are exactly as they seem (do your own research as well). Definitely happy with what they have offered and the info provided.
CrafertyRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Have no knowledge about Folio Invest but often find if it is too good to be true it probably is.
I always suggest to any of my clients they ask the firm they are dealing with what sort of portfolio they have themselves.
If they are they are that good in making money and recommending properties to investors why haven't they got a decent portfolio themselves.
So many of the salesman are still paying off their home loan but are out there telling you what to buy.
As a licensed investment adviser / buyers agent we put clients into property in Brisbane and Toowoomba and wouldn't go any further north.
Most of our clients are looking to build a portfolio for longer term wealth creation and the fluctuations of Mackay, Gladstone are not for those who want to sleep well at night.
Yours in FinancedaveParticipant@wdcw1Join Date: 2017Post Count: 1
Folio invest or Folio Property and Brad Bilbie, My investment term is now complete, i requested my funds to be returned with the 20% p/a only to be told repayment will be made in November, Now in December I’m told not till March. Has anyone else invested with them and is this acceptable in a Term Investment. With no way of seeing investors are being repaid I’m enquiring to see if this is another property investing rip off running in Australia or investors are being repaid, just late.Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
Have you found out what the funds investment was used for? (ie a specific development)
They may have a development which is nearing completion but not fully settled hence why the delay in the return of funds. Best to enquire with them as to the specific reason for the delays so you can have a firm understanding of where your funds are and when you should likely have them returned.Neil316Participant@neil316Join Date: 2005Post Count: 1
I have funds with Folio Invest in a project at Leppington and was due to receive funds back now as well. Brad Bilbie tells me there have been delays for various reasons, and that funds will start to be returned in March/April. I am aware of a number of investors who have not received any funds back at all. I am not aware of a single investor who has received anything back. This is obviously very worrying. I expect it will all turn very bad indeed if nothing is forthcoming in the next 3 months as promised.
Holding 10 properties, mixed results, still learning
I also have term investments with Brad Bilbie & the Folio companies including Ryan Strauss’ web of companies. My contract terms matured over 2 years ago and I am still waiting payment of principal & interest. Unfortunately this is not looking good for investors at all with lending contracts being breached in a multitude of areas and the borrowing companies providing some pretty outlandish excuses.
Doing research on the companies involved in the lending contracts you can see that the main development companies have been liquidated but Brad & his team had failed to inform any investors of this, also the guarantor Jacqueline Herps apparently used a falsified document from her accountant to show an inaccurate net position to investors at the front end and in fact has no assets in her name making her a useless guarantor as many legal teams have since discovered.
These people have been accused by groups of increasingly upset investors and their lawyers as professional criminals and will likely be under investigation by ASIC etc very soon if not already. The hope of recovering even the principal investment back is fading quickly and the prospect of throwing good money after bad in a potentially fruitless legal battle seems to be the current outlook.
Good luck to all investors and their recovery process, unfortunately as some experienced gents above have noted – if it seems to good to be true it likely is.JoeParticipant@joe18Join Date: 2018Post Count: 2
@ worried investor. I am and know others in the same position. Has anything come of this since your last post?JoeParticipant@joe18Join Date: 2018Post Count: 2
I invested with folio invest and now getting the run around. My return is at high risk
Upon further investigation
1. Brad Bilbie is chairman at a new company (refer to link below)
2. The address at folio invest is the same as the new company
3. The address also appears to be for sale
If anyone has any further advice on how else to put a stop to this please reach out to me
There are investors all over that have been taken advantage of,unfortunately.
They dont seem to be taking responsibility for their side of the deal.
Hi @joe & other investors,
unfortunately no good news since my original post, only continued excuses and blown out forecasts.
It is understood Brad now resides in Sierra Leone working on establishing mining projects.
Investors are fed up and talking about action, to join the group (there may be more) please email [email protected] who is collating some info and has held occasional meetings.
All the best
He says he is there, but that is just a distraction.Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,750
I noted today that the company, Folio Property Pty Ltd, is being ‘struck off’ the ASIC company register. I recommend everyone who lent them money get legal advice asap.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
Success comes from doing things differently
Thanks Steve. I will pass that information on to those I know who have invested and didn’t get their money back. I was one of the lucky ones that smelled a rat before it was too late. Hope it all works out as I hear he (they) are raising funds for gold mining in South Africa now.
@stevemcknight I apologise in advance if this post is not in line with the forum intentions, however it is important we reach as many defrauded investors as possible in this instance, I do hope you allow this to be posted to assist these members – Thanks!
some updates here; I have been made aware of one entity who has successfully served Brad legally whilst in Africa and a hearing date has been set out for October in Sydney – (Federal Court of Australia – https://www.comcourts.gov.au/file/FEDERAL/P/NSD1006/2018/order_list).
This has prompted several others to get involved in an effort to make complaints to the police to get this matter investigated as a criminal case rather than just a civil case where Brad can claim bankruptcy and effectively walk away. I have spoken to their lawyer (Barry of Lazarus Legal in Sydney 02 8644 6000) and there is a plan which can assist this process, the more defrauded investors who get involved the better.
If anyone is interested please contact me directly – [email protected]
There is also a Fraud police report in action, please contact Jason Brown on the details below to file your report.
The file number is: Fraud QP1800623556
Detective Senior Constable, Noosa Heads Criminal Investigation Branch, Sunshine Coast District | Queensland Police Service.
9 Langura Street, Noosa Heads QLD 4567| AustraliaBradbParticipant@bradbJoin Date: 2019Post Count: 1
This thread is now simply a personal attack.
These are the facts:
– My company raised money on behalf of a developer, people lent money to the developer at 20%+ returns and unfortunately the developer had a bad run on many projects. We made it as secure as possible by giving guarantees from other projects so they were not tied to the success of only one project. There are still three projects that have settled and are in play.
– The developer could have walked away from all debt obligations as they were unsuccessful on most of their projects, reasons all clearly articulated and explained but they haven’t walked away they are willing to honour debt obligations despite their being no recourse to do so. E.g Things like Sydney property downturn are outside of developer control, one project that was settled had approx $10 million of equity in the land alone, a projected profit over $20 million if developed, a big display suite was built, launched big marketing campaign to sell 200 apartments and townhouses unfortunately just after Sydney entered a big property downturn, if project was launched a couple months prior would have likely sold out entire development, consequently only 10% of project was sold and not enough pre-sales to get construction funding so the mortgagee forced the sale for basically debt cover. Or another where a project was 100% presold with $40 million of townhouses sales, but took years in council and court to get the complying development approved, over which time $60,000 extensions being paid to vendors each month took its toll, there was pre-approved finance on the project subject to getting the development approval that just took too long and was unfairly held up in court, the vendors took control of the site before settlement where there was over $5 million equity in the land alone and approx $15 million development profit if completed. The developer only needed 1 or 2 of these projects to run their intended course and all lenders would have been repaid.
– Some lenders have suspected wrong doing because the developer had many companies and some are deregistered / struck off Asic, liquidated or change of directors – there were valid explanations for all actions
– Someone has started proceedings against my company saying it misrepresented claims, I beg to differ and have provided independent valuations and other supporting information that negates proceedings.
– I haven’t raised money for the developer for many years, instead an opportunity came up and I moved to Africa to set up a mining company and the Sydney property market has seen declines last two years. Folio company struck off Asic register because of unpaid annual registration fees only, Folio hasn’t traded for many years. Lenders deposited their funds directly to the developer, not Folio.
– Due to some complaints there was a lengthy and detailed investigation by ATO (Australian Tax Office) and Phoenix Company task force – all of which uncovered no wrong doing by the developer. Like many developers these guys had a run of bad luck, if a few things had gone slightly differently the developer would have been successful and everyone would have received their money back by now. Someone above has posted a policeman’s contact details above, thanks for that I have already contacted the policeman to enlighten him from my side.
– I know some people are looking to point the finger and blame me, I had nothing but the best of intentions hence my immediate family and close friends were lenders to the developer, a financial reward on these projects was due to me at project completion after lenders were repaid – our interests were aligned. I give monthly updates to all lenders with clear and transparent information, and go out of my way to rectify and protect lenders wherever possible.
– As someone has already pointed out this thread is now more of a personal vendetta against me from a few individuals looking for someone to point the finger at. Most lenders are understanding and sympathetic, they know that 20%+ returns come with an element of risk and they appreciate my unrelenting efforts. I am still confident lenders will get their money back from existing projects and other avenues being tabled by the developer and myself. 9 out of 10 people in my position or the developers would have walked away and said bad luck, you win some you lose some – that hasn’t happened, we are doing our best to make the best of a bad situation, which instead of attacks deserves respect and support. Thank you to those that have been patient.
I will not respond to any replies, you all have my contact details to send me personal communication, as always I will reply in a quick manner.
From the above post it appears Brad is attempting to distance himself from “the developer” when he originally told investors and per his website & PDS that his company FOLIO is the developer and is all done in house.. Not so convenient anymore it seems.
It will be interesting to see how the judge sees it, hearing date 8th October in Sydney – https://www.comcourts.gov.au/file/FEDERAL/P/NSD1006/2018/order_list)BradbParticipant@bradbJoin Date: 2019Post Count: 1
Brad defended himself at court, the case against Brad was dismissed and Brad was awarded costs.
Not a single one of the allegations had any merit and all allegations were successfully defended.
The applicant who did take it so far to sue me later told me he felt pressured by his lawyers to advance the case when in reality it should never have progressed to a hearing, which is why the presiding judge destroyed the applicant’s case as all the evidence clearly showed no misconduct – it was very one-sided and simply a waste of everyone’s time and resources.
The link above has a copy of the lengthy judgement, some pertinent parts from it are:
“Mr Bilbie was subjected to a lengthy cross-examination when the case resumed on 4 February 2020. It has to be said that the cross-examination appeared at times to be rather unfocused and unproductive. It is also appropriate to say at this point that I found Mr Bilbie to be a truthful and responsive witness. He answered the questions asked of him frankly and responsively, notwithstanding that many of them were somewhat obtuse and understandably caused him some frustration.”
“For all these reasons, I find that the applicant has failed to establish its claims of misleading or deceptive conduct in respect of the Folio Property representations.
“For these reasons, the originating application should be dismissed, with costs awarded (to Mr Bilbie).”