Hi guys, I'm new to this forum, just getting started in the property investing game and i'm really enjoying it so far.
This week i went to a seminar here in adelaide with a group called "iron fish" which was presented by a guy named Damon Nagel – an investor in the UK but born of Adelaide.
I must say alot of what was said i had to agree with, including trends for adelaide and simple fundementals of buying and Holding strategies etc.
Anyway, the seminar piqued my interest enough for me to book in to speak with a consultant for some free advice which gives me a chance to ask some questions.
What i was hoping you guys would be able to help me with is in some good questions i can ask the consultant, both about what they do and what they can do for me? Also, have any of you heard of Iron Fish? They seem to be recently established (if google couldnt find much on them) but they seem to know what they are talking about.
I have no experience with groups like this as i am new to the game, so any advice or tips from more experienced individuals would be wonderful.
A bit about me, I'm 23 and have been working on a full time salary since 21, i bought my first investment house+land property early this year for under 220K in what i believe is a growing area, and i also invest a little in the share market.
Living at home with the folks has enabled me to do this much so far but i want to continue with the property investing as soon as i can.
Please feel free to say hello and offer advice
Matt
Hi, I've been to one of their info evenings & they're marketing Newport Quays & home & land packages in Andrews Farm.
I declined on the Newport Quays apts. but was quite interested in the home + land packages. Because I source for properties myself, I didn't buy any through them. In hindsight, the Andrews Farm properties would have done quite well [roughly 20% increse in value after 1 year] but then, all Adelaide properties would have produced the same results.
My latest thought is that houses in the $350-380 thousand range would do well.
KY
Hi golfer23,
Congrats on your first investment! That's a great achievement for someone as young as you. It's great to get along to any seminar you can as knowledge is a fab thing to have.
I also went to a seminar recently with this group and found it very informative and positive. What I found interesting though was that they were advising not to invest interstate but rather adelaide. The land tax and stamp duty levies alone not to mention low population growth statistics was enough for me to look at other states that are growing faster than they can build property. If I were you and I was looking for another investment I would consider other states as the land tax threshold alone in SA is very low at only $110,000.
I've been looking around for a while at these companies and I had a consultatation with a rep from Cross Country Realty, they are a national group with 30 years in the industry behind them. I found them to be very helpful and the one on one consult was really great. So if you are looking for a company with experience I would recommend getting a free consult with them too. It's a great idea to keep your options open and get as much information as you can before making a decision.
Has anyone else had any dealings with this company?
Matt
Be very careful going to education seminars about property investing. Most of these seminars use education as a tool to get you to buy a property from them at a much higher price than market prices, usually pocketing many of tens of thousands of dollars if you sign up. They will usually also get you to finance through one of their associated lenders and also get valuations from one of their associates. I cannot say whether or not Ironfish fall into this category.
There have been plenty of warnings in the media about companies who use education seminars to sell you properties at inflated pricesand perhaps then even guarantee rental income, by paying you back some of your own money.
Use google and look for the following articles printed in the Australian newspaper.
Spruikers blamed for builder collapse
TV journo spruiks low-profit scheme
Location: it isn't an untold trusim
Rental crisis 'over' as vacancies rise
If you want to invest in property, it is best to do your own research and not buy through a seminar. The education provided in these seminars is usually designed to get you to purchase through them, often for a price $60,000 or so higher than what you could do yourself.
Please respond to this post after you have read these articles.
John
Hi Everyone…
Since the previous posts were added quite a few months ago, I'm wondering if any of you who went to the Ironfish seminars signed up and brought any properties through them? My partner and I, after going to a seminar recently and then several meetings have decided to purchase a property through them. It may be too late to back out now, it genuinely sounds like a decent deal. Unlike the previous posts, this time round they have moved the offers Interstate, not local. Offering units for $200,000 in TAS. So I'm pretty sure they aren't ripping us off on the initial purchase of the property. I've done a lot of Google searching on the offer and the company, and nothing bad comes up except for the fact that they push you real quick through the process and to be aware of pushers!. So what I'd really like to know if anyone else has signed up for the same investment, or any previous ones through Ironfish, and can give me some reassurance… or at worst, not!
Hi Mouse,
Incidentally i was given a call about this same development in Bridgewater near Hobart. I had a look see and did some research online. While i dont want to discourage you from your investment, the reasons i declined on this deal were:
-Bridge water is the very very edge of Hobart, so much so that it would take an hour to make it to the city. Google maps barely registers it on the hobart map.
-People are selling massive 2-3 acre blocks for around 400k in the suburb of bridgewater. This seemed like a better investment. Look on realestate.com.au and you'll see. This made me realise the land value out there too.
-Blocks for sale are community title (units), less freedom to use your land.
-as stated, it was a pushy sell so i was cautious from the beginning.Sorry if it sounds like i'm talking you out of it, i just wanted to share some things that may be worth assessing. It could end up being a great little investment. By all means i was not prepared for this investment with my current finances anyway, I played with the stock market a little too much and have to wait a little while for it to come back
Things may have looked different if this was not the case. Good luck!Matt
Hey everyone,
I'm also new here, so sorry if i make any mistakes posting =p .
Funny how i ended up on this page, I was just doing some research on the Ironfish company too. I went to one of their educational sessions as well recently, about a month ago, and like some of you, it also pique my interest so I booked a session with one of their consultants. As someone else mentioned above, they also recommended to me the Port Adelaide and Andrews Farm areas, which sounded great at the time. I'm in the process of being sold one of the Andrews Farm properties, but doing some research now, and how that goes, we'll see I guess.
But yea just wondering, it been a few months since the last post, has anyone who bought from them benefited from it? Does anyone thing they are a good idea? Or not? Has anyone else noticed if they jacked up the price or not?
ps. as someone mentioned, it definetly feels like they are pushing, with the whole "x amount gone in 1 day", "whole queue of people waiting behind you", "nows the best chance" etc etc. Whether this is because they're genuinely trying to be helpful I honestly don't know.
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