I am a seriously disillusioned ‘member’ of The Investors Club with two questions. Firstly, is there any advantage to having the club organise the Property Managers using their ‘tender’ process or are we better off going it alone? Secondly, is it a widespread practice to advertise an ‘estimated completion date’ for new builds that is not realistic? Yes, we believed their ‘researchers’ when they said the two properties we committed to purchase would be finished when they said (or within a few months). Clearly this was extremely naive as they are now 9 and 8 months overdue and we have been paying interest on the latter for that 8 months. I am certainly wishing I’d discovered this forum before we started this. I’d appreciate some advice, thanks.
Hi Lucinda,
Use the Search box above, and type in “investors club” (complete with quotes). Then have a read…..And welcome – I hope you get some benefit from our website.
Benny
Hi lucinda
Welcome aboard.
Agree with benny – do a search on the forum and you’ll find lots of threads.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Welcome. Sorry the Club hasn’t worked out for you. You aren’t alone going by threads about TIC I’ve read.
Property forums such as this one are worth their weight in gold. Stick around, ask questions and hopefully things work out with your current purchases so you can move forward.
In answer to your question regarding Property managers what are they saying are the benefits (to you). I can see the benefits to them.
Finding a good property manager is essential. You need one that works for you. If everyone is using their agent will you be given priority treatment?
What state are the properties in? If you care to give more info you may get some PM referrals.Also I would NOT be happy about th timeframes given. What are their excuses for being so late?
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This reply was modified 10 years, 6 months ago by
Catalyst.
It depends on what you are looking for. Many marketing groups are really just flogging property. However not everyone is like that.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Thanks everyone, I have read a lot of the threads about the club and now understand much more about how they work – hence my reluctance to have much more to do with them. Both properties are brand new – as yet unfinished – so we have a few months before they can be tenanted. The excuse for the discrepancy between estimated completion time and actual completion was that ‘it was always going to be nearly a year to build’ and ‘estimated completion times start from the settlement of the land’ in the case of one property. They refuse to acknowledge that the completion times were totally misleading. I’ve given up trying to get a reasonable answer from them and now want to make the best of this situation.
And Catalyst – they are in WA. The benefits touted are that the club can secure the services of the best property manager (or the one charging the least?) by putting the tenancies out to ‘tender’, exposing the properties to a wider range of managers.
Hi Lucinda
There’s not a whole that can be saved from sourcing the “cheapest” property manager. If property manager A was 2% cheaper than property manager B, we’re talking about a discount of $8 per week (tax deductible) – so I wouldn’t let that be an enticing factor.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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This reply was modified 10 years, 6 months ago by
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