Does anyone know anything, good or otherwise, about Siti Group? They provide all the assistance necessary to get into property investment and give a guaranteed rental return for 5 years on new house and land packages.
I've just had a property investment analysis done with them and what they do sounds great but I'm wary of it being too good to be true.
I would appreciate any facts on the company.Don't know anything about them but the words "rental return" ring alarm bells to me so do the words "new house and land packages". Return aside, how do the actaul valuations come up compared to the median average for that area? I would question whether they can afford a rental return if they wern't making money on capital that is way over the top for the area!
I bet they are also pushing the maximim depreciation benefit line…. this is due to that type of investment having nothing more than tax benefits to offer.
I would run not walk away from these, I personally only buy properties that offer value add potential and on large possibly subdividable blocks.
Fact is that they advertsie on the Brisbane Radio every minute of the day and If i hear another comment made by "Michael" telling me he is helping every day Australians to own property for $20 / week i will spew.
I see recently they had to amend their advertisement to say that the do not provide financial advise or have considered your individual circumstances when they advertise. Maybe ASIC has had a little word.
Ask the guy who came to see you is he a qualifed Financial Adviser.
Richard Taylor | Australia's leading private lender
Yeh, I've had clients who regretted dealing with them, and another who claimed they offered him a 20k cash back on an investment purchase. Those people walked away because it sounded too good to be true. I believe they are essentially property marketers, although this is hearsay and I have nothing but experience with other (unscruplous) company which smell very similar. My advice is seek out and compare a few more. There are a few along the Pacific Hwy service road between Fitzy's and Fernwood in Loganholme. If they still seem like substance instead of slick, great.
Guaranteed rental returns have to be costed in. If there are no risks, it's usually because the profits can cover the guarantees, as opposed to good research and management. Good luck!
.
Thank you everyone for your help. I thought it was one of those too good to be without a catch jobs. I did do my own research on it and estimated the price was about 80K over and rentals were $100 a week more than median for the area. I think, beside the over pricing that they included at least 1 years rental in the cost. If it came to them having to pay us the rental guarantee they'd only be paying us back our own money. Needless to say we didn't go ahead with it and they didn't object when I told them why not.
Scrufff
Investment properties can be a wonderful way to offset tax and make money. I can assure you that you have made the right decision in this instance, however, perhaps check other options to do this.
There are ethical people within the industry that are make minimal stadard commissions and not loading up their properties.
You are one of the lucky ones!
OVP
Irish Bentley Lawyers now will take action against SITI, they are instructed that these people have been affected in a variety of ways by SITI.
For more details, please contact Scott D.Taylor on (07)- 3891 3333 or email [email protected].
Helen
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