HI There,
Just came across this website touting positive cashflow properties….
Something doesn’t seem right about it but I can’t put my finger on it. Any comments please? Anyone used this website to find any deals? Seems all too easy and no real info on the property, such as location, etc. (have not subscribed to the site – just on ‘outsiders’ view)
Rgs
QL
Hey QL,
I have recently spent a fair amount of time on the phone with the manager of this company.
I had the same concerns.
He is basically a middle man for the real estate agents promoting mainly high yielding properties.
I looked at a few examples in America and you must question the yields.
Some of the yields were best case cenario but I found a lot of the properties were not fully tenanted or empty.
He says it is a free service but a fee of about $4000 is to be paid to
the agent that in turn goes to him. Like a spotters fee.
It seems quite reasonable to me compared to other spotters fees being charged. However a search on the internet may find you the same property minus the $4000 fee. I did that tonight on a property in Cairns.
Hope that helps.
Regards
FrankHi,
I actually bought a property that I found listed on that site. I had a friend who is a buyers agent who found the property for me and has helped me get this property.
I too have spoken to the owner/manager of the site about another couple of properties I am looking at. Stavros or something I think his name is?
The way it works is they source the properties from buyers agents and real estate agents. So some of the properties are controlled by buyers agents where there is a finders fee applicable and others there are no fees as you are dealing directly with the controlling agent. You just ask at the time of enquiry.
I don’t mind paying a finders fee if it is the right property for me. Like they say I guess they can attempt to get the price down by what the fee is so everyone wins. As long as the numbers crunch right I am happy.
Caz
Also I looked at those US properties too. There are quite a few that are securely tennanted. Did you look into them further. I have had some basic email communication with the agent over there. Will be in a position shortly to look at other IP’s. Nice returns and are reasonable price. Just have to look into the process and financial setups etc. Bit confused how that would work.
cheers
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