LL, since you done well through this group, can you please answer some Qs about your purchases, such as….
1/ Where is the IP located/size/style/age.
2/ How much total did you pay for it.
3/ What commissions did you pay, if any.
4/ What is it rented at in general rental market or is it under a rental guarantee.
5/ Bodycorp/management charges if applicable.
If you can answer these Qs, then we may get an idea of how good your deal(s) were.
Thanks
I did some research on this mob myself (a few well placed phone calls).
The model is based upon buying older houses at the cheap end of the market (western sydney) via on market deals through real estate agents. The inhouse staff do the research and the buyers agents do negotiations (fee is on their website). The same properties are floated around the group.
Apparently they run a basic intro – 10 week discussions/seminars/games etc. Then possibly onsell more intensive courses. For some it works for others they just keep ticking along.
By the sounds of it, if what has been said about this mob is true, then they may be worthwhile.
I've purchased a property through one of these groups (not the DPG), and wouldn't do it again. 1. Doing it yourself is the best part;
2. I agree with the CA's advice above; The costs were: To join the 'club': $7kTo purchase the property: Commission: $7k (so $14k in total so far). Was a new 2-bed unit in Inner West Sydney. Purchase price was way too expensive. Had a tenant – good rent (4.5%) (no rental guarantee). Is depreciable. They also had a finance arm (at rates over market) – such a bad experience I arranged my own finance in the end. I wouldn’t use them (or any other group) again because of the way they market the properties. The group values the property way too high, then markets it at a reduced rate so it looks cheap. Purchasers think they get instant equity. I later found out that their valuation included a future-looking 12-month’s growth. VERY disappointing. My bank valued the property at my purchase price (no surprise there) – it wasn’t my first IP, but I should have known better. My accountant almost sacked me once I told him the details of the purchase. My mistake and I’ll wear it, but I would warn against using these groups. They do this day in day out and know beginner investors when they see them.Yes I know them i got ripped off twice -lost over 100K – dont invest with david dorian, or his son rob dorian, the discount property group or the follow me chat club. there is a class action suit against them for off the plan properties they sold at Salamander Bay – lots of people who bought there lost hundreds of thousands of dollars. They are scammers. They are simply a money making organisation that follow an ascention model – meaning you buy something small and they get u to spend more and more with them "ascending you" to a program in which u will spend thousands.
subject: discount property group scam. follow me chat club scam. David dorian con artist scam. rob dorian scam con artist.
HI i got scammed by THe discount property group – formerly known as the follow me chat club, headed by David Dorian.
Dont invewt with them – there is a class action suit againt tem for properties tehy sold at salamander bay. they are con artists. i lost over 100K
Discount Property Group / Follow Me Chat Club no longer exist. David Dorian is now a bankrupt so he & his son Robert escape any financial accountability. Sure, to some they were nice people, but wonder what someone who’s still owed/lost money would have to say?
This was David’s joint publication…”How to be the Next Property Millionaire Take the Challenge” Author: XXXX Fitzgerald & Dave Dorian.
Be sure to keep an eye out for his next property scheme.
Nothing on ASIC website AYSB – where did you get your info? Looks like they are alive and kicking still.
Scott No Mates wrote:Nothing on ASIC website AYSB – where did you get your info? Looks like they are alive and kicking still.Yeh I noticed that also…..was expecting to find Dorian’s name listed…..maybe it hasn’t been determined yet so maybe I jumped the gun.
At any rate, they’re not operating – one of these meetings hasn’t happened for a while now…….
DPG meetings from 7:00pm
HQ Meeting Room
xxx Seven Hills Road, Baulkham HillsLooks like Dorian is running a gardening service from the address now.
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