LaertParticipant@lpiresJoin Date: 2016Post Count: 2
I bought my second ip with them, went through their interview process and presentation and signed up a land + house package in Townsville. All the numbers seem great, rental appraisal, valuations, prospects of growth – on their side of the deal. 4 years on, now I have a property that is worth ~100k less that what I paid for and pay to keep it.
I did not do my due diligence properly and was too quick to sign up. They use property investment as an excuse to get you to buy a property for them to receive their finders fee. This property put a halt on my property aspirations and I learned my lesson the hard way.
Anyone else had the same experience with them?
LaertShane WParticipant@shanewebbJoin Date: 2016Post Count: 17
Sounds like you had a tough time Laert.
I am only a beginning property investor, but I have done a lot of research and read many books on the subject. I was initially going to go through a buyers agent like yourself. The books I have read all talk about the need for a mentor and the right team in place to ensure your property success. The more I researched books and read online, I came to realise that it is true that a correctly structured team can significantly push you towards your investment goals. However, I am sceptical with buyers agents. A lot of the buyers agents I’ve researched have had many bad reviews online, and may also get commission on selling the property to you – That is definitely not non-bias advice. I don’t know what your situation was, but perhaps the agent pushed this property onto you for the commission rather than being in your best interests.
Of coarse some buyers agents do not get commission from selling certain properties like a real estate agent – They only get the money you pay them to buy you a property. However I have read many reviews where certain properties were pushed onto the buyer as the agent wanted the buyers fee quickly.
I am structuring my team around tax accountants, brokers and a group of property investor networks – Where I know I am getting solid advice for my specific situation and will be biased.
Of coarse that is just my 2 cents.
Good luck with the rest of your journey.LaertParticipant@lpiresJoin Date: 2016Post Count: 2
Thanks Shane, I’m not losing hope though (certainty is better but..). In a few years time the market will improve in townsville as it can’t get any worse than what it is now. In the meantime I’m looking at other opportunities and being very cautious on my next move.
I’d like to post my frustration with the service they provided me and give a heads up to other investors that might consider them. I couldn’t review them on their facebook page as they removed all the real reviews from there – that should tip people off from the get go.
Do you regularly meetup with your network of investors? I’d be happy to join in if that’s ok.
LaertAdrian CahillParticipant@adriannqldJoin Date: 2003Post Count: 127
Currently up here in Townsville too. (Work between here and China) Holla if your still or any property people want to meet up in Townsville