Although it might be a bit late, but I put this information in this forum in case others need some clarification in this regards.

Prktrent

First they invite you into a free information session. Their true intention is to give you a story of how you can become rich by investing on the properties which are paid from your tax return without paying a cent out of pocket. That's what exactly they promise you repeatedly in their session: You don't have to pay a single dollar out of pocket! They say they are such nice guys working for you and being remunerated from the commission they will receive by the bank which is lending you the money.

Then they offer you a free evaluation session, taking all you financial information to see if you are eligible for buying a property. Off course you will be eligible! Then they put a piece of paper in front of you to show you how it works. Most of people are fooled by the last line showing a positive income for the next four years!, plus a big pay off in tax.

Then they pressure you to enter a contract as if you don't you will lose a bargain by the end of the week. As soon as you enter the contract, the lies show up:

1- They charge you $2000 for their service, i.e. the getting the mortgage and managing the contract. They quickly show you a paper that this is not refundable, among all the other papers you are asked to sign.

2- They ask for $1000 or more, bond which they claim is fully reimbursable in case something goes wrong, after some costs. You don't suspect that the cost would be more than half of the value!

3- In my particular case, they knew that the margin between my house market value and my mortgage debt was not enough to get the required loan from the bank. They could have said that in the first place but they didn't and lured me into the contract.

I guess I was lucky not to sink into this swamp any further. When they asked me to contribute another $27,000 to my existing loan in order to reduce the premium such that they can get the new loan, I refused. It was not in the deal, they were aware of my debt and my home price. They knew that the cash was in the offset account, so they were counting on it without asking me first. What they didn't know that the cash was my wife's life saving which she wasn't willing to sacrifice into an investment property.

I asked for a refund. After a month cat and mouse game, I was repaid only about $450 out of $3000. They claimed that the $2000 was not refundable. Their solicitor also subtracted about 550$ from the 1000$ bond for their costs! What have they done but copying and sending some papers?

As a conclusion, Parktrent properties have no intentions but using your hard earn money and your tax with unethical marketing techniques to sell their incompetent and extremely overpriced services. If you search the net you will certainly see investment properties which turned to disasters for their owners. Parktrent properties and other related companies did not even care, especially after the guaranteed rental period was over.

Just be careful when these guys approaching you and carefully evaluate merits of whatever they say or promise.