BE VERY CAREFUL IF YOU ARE THINKING OF DEALING WITH BEINVESTED

My partner and I got stung bad by Nathan and Daniel. We started off with their map session which we thought was informative but we didn’t think it was worth the $300 fee.
We then proceeded to use their buyer’s agent service. We paid $10,000 for this service and was offered a 3 bedroom townhouse in Nerang on the Gold Coast. We were sent a spreadsheet with all the figures and numbers, it all added up to be positive by $6 a week. There was a discrepancy with the rent that they thought the property could achieve. The property was currently tenanted at $280 p/w but Nathan had said that it should be rented out for $300-$310. We questioned Nathan on this and his answer was that the tenant had been in there for a number of years and the rent hadn’t been increased but assured me that $300 a week was achievable because he had properties on the same complex for the same rent.

We proceeded with the purchase and Nathan’s property management service blink property was supposed to take over the property. This was an ordeal to say the least! We spoke to the property manager who was taking over the property once before settlement and where assured that it would all be taken care of, this was the last time we heard from her. After making dozens of calls around settlement time, she was in contactable. It got to the point where the current property managers where calling us to come pick up the paperwork and collect the rent that had kept coming through because they couldn’t get in contact with Blink Property either. So in the end the property just stayed with original property managers.

After about six months we went through all the bills for the property because things just weren’t adding up. After doing the sums it turns out that the property is negative by $65.50 p/w and the most we can get for rent is $290. We have had the property revalued a year after we purchased it and the property is worth less than what we paid for it.

We are as much to blame as anyone, we should have double checked the figures and not just relied on the misleading information that was feed to us. Nathan clearly doesn’t stay true to his “strategy” that he preaches to of buying positive property that’s below market value. He is quite happy to take your money and make things look good on paper to get you to do the deal. All I want to say if you are going to deal with binvested make sure you know what you are getting yourself into before your start handing over cash and singing contract. Research is key and we made the mistake of not doing ours and we are paying for it now. Just because you pay a buyer’s agent a large sum of money doesn’t mean you’re are automatically just going to get the best deal. If you want something done properly than you are best of doing it yourself!

• This reply was modified 9 years, 10 months ago by  Nath_simonson.