Forum Replies Created
Hi Catalyst
Yes we are from Wollongong — didnt know much about Coomera.
I should have rung my sister who lives up there to give me the heads up about the area BUT i didnt and its my bad luck.
Everything you have stated above is on the money…got sucked in big time
Hey Speedy Gonzales
Its exactly what you have explained above on how we ended up with this so called deal. Our goal firstly was to repay our PPOR mortgage off quickly using an offset account along side having our first investment to create more equity to move on to the next investment and so forth.
The property consultant then provided 3 properties (I cant recall what other suburbs they were) to choose from — and Coomera looked the more favourable, they came up with a rental amount of $490 per week then when we looked into it after the fact, the rental amount for the area would be approx $380-$400.
Thanks
Im just waiting on the solicitor to get back to us — I want to see if we can get out of this some how.
Hi Andrew
Its a bit of mess — I should have done my due diligence before hand.
Do you know of any independent valuers in the area? Thanks for the advice above as well
Hey Terryw — Anyone really?
Do you know any good lawyers and accountants, even a broker for finance in the Wollongong Area who are property saavy
This is my first property investment.
Not sure how it stacks up with duplex that are 5 years old in the same area. Not sure what you mean by paying a premium because its new. There are a few similiar duplexes to ours built in the same estate, well they are the same plan and still building more properties.
Ive only just started to look into it after talking with someone that is property saavy — and she put me on to this forum.
We have purchased through I guess a third party — see my other post. Got a lot to learn.
Um the purchase price is $399,995 and expected rental is between $380-$400, our plans are to buy and hold.
Thanks Derek
Yip I get your analogy — understand totally. I diffently will arrange for an independent valuation to be done.
Thanks Terryw
oh well its a bit hard to explain
Developers develop the land, so they need buyers for properties, they give the property consultants rights to sell the properties on their behalf. We signed the contract to purchase the property.
We did pay a fee well it didnt physicall come out of our pocket — this fee has been factored in to the loan amont, so yeah well we have used someone elses money ie bank
Where to from here…
Amendment to "the developers have given the property consultants the right to sell the properties for them" property consultants have the authority to sell on behalf of the developers.
Timely manner — to make sure all the contract terms and contracts are meet — or should we be taking more control of it, it feels like we have no control.
I was a bit vague wasnt I.
Im really not sure whether they are a mentor type company but they are a company that enrols people into attending a seminar about investing in property and this company is affiliated with a financial service team and a property consultant team. They help to design a personal investment portfolio. We went through 3 stages before we were told we were qualifed for what they had to offer – this was over a period of 1 week.
Other people we knew of attended the 1st meeting and after the 2nd meeting they were told they didnt qualify. The 3rd stage been quite rigorous took like 4 hours to get through it.
To cut a long story short we have signed up, contract and all — the developers have given the property consultants the right to sell the properties for them.
All I was just wanting to know is that although we have left it in the hands of the financial and property team to arrange all the paperwork for our purchase is that we still direct them on what to do.
One thing i wasnt happy about is that initially they advised us that they were seeking to borrow $430,000 for us and then when another member of the finance team responded without consulting with the person who initially responded they advised they were seeking to borrow $438,000. No communication.
Thanks Jamie
