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Ian,
If we had not bought this property we would have been completely debt-free by the end of this year!! Because of the dismal performance of this property we are now in debt with a large negative gearing outlay with major stress & uncertainty. With this property in free-fall there is no way we can afford to invest again. We feel completely trapped with no way out. As to the property managers, we are using the ones that Lindy recommenced. If you look online you will see that the average rent is $290-$300. Lindy may be able to renew the same tenant at $360, but if they leave she will be lucky to get $290 (this is my problem now). I believe if Rocket had really done the “research” you surely would have known that Gracemere would soon be vastly oversupplied (as it was even before my build was complete – in 6 months the market was completed flooded with rental properties). As this was my first investment, like an idiot I relied on Lindy’s “expertise” and I did ask her about this beforehand, but was told it was not a concern. I still can not get a tenant. If you really think this is such a great investment you are welcome to buy it from me at cost…
Hi Ian,
It is now 4 years since buying a house & land package at Gracemere which was marketed by Rocket Property Group. We have gone from bad to worse!!! Our debt is $430K ($68K secured on our PPR) – can’t even sell it for $330K. Rent was supposed to be $430 – never got this amount. Eventually rented it for $365/wk (this was very lucky), now the tenant has left & we are in major trouble – can’t even rent it at $290/wk due to MASSIVE OVER SUPPLY. If you are any sort of an “expert” that you claim to be you would have known this would happen. This has almost ruined us financially. There is NO CHANCE OF RETIRING in the near future as we now have a massive debt to pay with NOTHING TO SHOW FOR IT. I was trying to get ahead financially, but this “investment” has set us back well over 10 years. I am totally disgusted with Rocket Property Group. Are you going to buy this DUD back from me?????
Rocket Property Group do not have their client's best interests at heart. They talked me into buying a house and land package in Gracemere ( Rockhampton) – by the time my house was built the market was vastly oversupplied. Now I am stuck with a huge dud that I can't even sell and now has very low rent. I am very unhappy and feeling totally ripped off. My advice – steer clear!!!
