Hi all, just wanted to share my experience / opinion on Binvested…Stay away!

Please conduct thorough due diligence before engaging with Binvested, check different websites in particular the negative reviews. My experience has highlighted their aggressive sales tactics, disregard for my investment goals, and provides overly optimistic property ‘analysis’. They have also demonstrated an unwillingness to help me negotiate property prices / find the best deal.

In my initial transaction with Binvested, I specified a desire for cashflow positive properties that were not susceptible to flooding. Despite this, I was presented with over 70 properties, the majority of which were located in mining or flood-prone regions. I rejected these properties and constantly reminded Binvested that I would not purchase flood prone properties. After persistent encouragement to proceed with a purchase, I acquired a property that was cash flow neutral, was bought at market value, and was not an off-market deal. Fortunately, my independent due diligence ensured that the investment was not financially detrimental, although the property’s value has not appreciated over the past year.

Opting to give Binvested another chance, I invested a further $1,300 deposit towards a second property. However, over several months, the properties presented did not align with my investment brief or goals. One such property, situated in a high-crime area with waste management issues, prompted me to request assistance from “Charlie” to negotiate a lower purchase price so that I could consider purchasing it. Instead of aid, I was met with refusal and was informed that “the property would be allocated to another client due to my disinterest.”
I raised a complaint to Nathan about this but was met with weeks of silence, and no further properties were presented despite my deposit for the buyer’s agency service. Persistent efforts to terminate our agreement and seek a refund were eventually met with a response from their sales team, denying the refund and stating they would not present me properties as they have no control over the Australian property market stock.

To my dismay, Binvested retained my deposit, ceased providing service, and refused a refund. Moreover, they falsely claimed that I had accepted another property and demanded an additional $2,000 deposit. When challenged to provide evidence of my acceptance, they were unable to do so.

The majority of deals presented were already listed on domain websites, contradicting the promise of off-market deals. The cash flow analyses provided were overly optimistic, quoting rental amounts higher than market rates and utilizing an outdated interest rate of 4% instead of the current 6%. Adjusting these figures to reflect reality revealed that most properties, initially presented as cash flow positive, would actually result in negative cash flows.

Regarding purchase prices, each property was purported to be below market value. However, a comparison with recent sales in similar areas indicated that this was not the case for most properties. Only a select few of the 70+ properties reviewed were marginally below market value.

In conclusion, I urge caution and recommend doing your own due diligence on any property presented to you by Binvested.