Hi All
I'm new to this site and was looking for some information about Park Trent Properties.
I've seen some comments (not good) about the Park Trent properties and its's financing firm. All these comments are placed last year.
Recently I attended a seminar and after that a consultant came to our house and explained about good thing about investing in properties. I must say that the consultant is very convincing and recommended some properties near Brisbane Suburb. He booked for a meeting for us (me and my wife) at Woolongong next month.
With the bad comments placed on this site last year, I'm little concerned, even to going to the Woolongong meeting.
Does anybody have any recent comment about this property group? Any valuable comments will be appreciated.
ASLO I would like to get some comments about the place to invest (I'm inclined to Brisbane suburb or Melbourne), how to buy a property (e.g through a developer/Buy land and build/buy established house through real estate agent) etc. If anybody know a good developer/agent please let me know.
I live in Sydney.
Regards
Hi pvrpunnad,
With regards to Park Trent, I have heard lots about them, however since I don't have first hand experience with them (I have dealt with clients that have dealt with them, and I have known some of their staff, but current and former) I prefer not to comment. However, I'm sure that many on here will be happy to do so.
For the property, maybe if you post a little bit more about what you're after, such as if you're looking for capital growth, income, value add, price range etc, then we can point you in the right direction.
Hi There,
I'm looking an investment property for long term capital growth and continuous income. To start with I'm prepared to borrow $300,000
Regards
Hi Pvrpunnad,
I may be able to help with the Brisbane area, and that is the price range i tend to specialise in. Please email me if you would like me to contact you.
You mentioned you had picked Brisbane or Melbourne – any particular reason for those two cities? Is it cost or your bestion opinion based on research?
Will you require immediate cash flow (ie, rent as soon as you buy the property) or can you sustain mortgage payments for a period of time (which means you can either build or renovate a property to potentially add value?) – also, your tax situation will have some bearing on if you buy new, semi new or old. $300,000 can get you a fair bit, so it's best to narrow down your options and you'll be amazed at how much more focussed you can be once you do that.
Hi pvrpunnad,
When I first started looking at property investing we encountered Park Trent and went to one of their seminars. Everything seemed really great at their seminar and we booked a follow up session with one of their consultants for $100. The consultant came and took down our financial details and went off to find us a suitable property. When a suitable property was found we went to their head office in Melbourne and met their head honcho sales guys. We signed the contract of sale to buy an off the plan apartment on the same day subject to finance.
To cut a long story short, we weren't terribly impress with their service after we started to have doubts about our purchase. What really angered me the most was that they had not even taken our financials into consideration before looking for a property for us. There wasn't enough equity in our house for a 10% deposit and they wanted us to make up the short fall by taking out a personal loan to cover it! This to me indicated that they did not do their homework and were just in the business of selling and never had our best intentions at heart.
After a much lengthy battle with their customer service department we finally got all our money back which was about $2000. When we signed the contract we had to give them $2000 so that they could secure the apartment for us. At first they were going to only give back $1000. Later on we learnt that half of that money was paid to the brokerage team and that's probably why they were so reluctant to give it back to us because they had already used it. After threatening them with legal action and advising them that we would be taking this up with Consumer Affairs Victoria, we got all our money back.
So be careful. They seem genuinely interested in helping you build up a property portfolio but are really in the business to sell property.
Cheers.
Andy
hc_andy wrote:Hi pvrpunnad,When I first started looking at property investing we encountered Park Trent and went to one of their seminars. Everything seemed really great at their seminar and we booked a follow up session with one of their consultants for $100. The consultant came and took down our financial details and went off to find us a suitable property. When a suitable property was found we went to their head office in Melbourne and met their head honcho sales guys. We signed the contract of sale to buy an off the plan apartment on the same day subject to finance.
To cut a long story short, we weren't terribly impress with their service after we started to have doubts about our purchase. What really angered me the most was that they had not even taken our financials into consideration before looking for a property for us. There wasn't enough equity in our house for a 10% deposit and they wanted us to make up the short fall by taking out a personal loan to cover it! This to me indicated that they did not do their homework and were just in the business of selling and never had our best intentions at heart.
After a much lengthy battle with their customer service department we finally got all our money back which was about $2000. When we signed the contract we had to give them $2000 so that they could secure the apartment for us. At first they were going to only give back $1000. Later on we learnt that half of that money was paid to the brokerage team and that's probably why they were so reluctant to give it back to us because they had already used it. After threatening them with legal action and advising them that we would be taking this up with Consumer Affairs Victoria, we got all our money back.
So be careful. They seem genuinely interested in helping you build up a property portfolio but are really in the business to sell property.
Cheers.
Andy
hi andy or anyone.
i was just wondering if you ould giveme some more infortaion about parktrent. my mum is about to buy a property with them; and she has told me about all the 'benefits' . i am worried as everyhting seems to good to be true. can you please email me any other details because i really do not want her to buy this property she is in the midst of signing the contract.
my email is rahhhj@gmail.
please and thankyou.Jessica
There is nothing worse than making the wrong decision and being stuck with it for a long time, however that is what can happen if you get a property purchase wrong. If you would like to pass on some details about the property and what is going on, I might be able to give you a hand. I've sent you an email, additionally, you can visit out website and fill in the contact form should you like.
FS
Hi pvrpunnad (and others)
In reply to your posting 5 July. My partner and I purchased two properties through ParkTrent about two years ago. My suggestion is Google the Principle of the organisation Mr Ron Cross and take note of all relevant history. I wish we'd done so before we were subject to their deceit and unprofessionalism. Proceeding with the purchases was the worst financial decision we have ever made. We currently have a complaint being processed through the Credit Ombudsman Service. This is taking an eternity because PT and Easy Plan appear to be ignoring our complaint. This was also the case with our other (earlier) problems and disputes and we assume that they are hoping it will just go away.If you're wanting to deal with Parktrent Group, do your home work (web search) on them first; read the newspaper reports on them and I don't think you will deal with them.
I don't think they are that bad to be honest. I had a look on their website and they have a testimonials page with some great feedback. I think you need to do your homework for sure, but some people here sound like the ones from A Current Affair. You know, complaining about stuff and then not reading the fine print. If you've signed a contract and haven't asked the right questions or read through it properly, the consequences are yours.
I would strongly advise against using this Real Estate for your investment property!!
My partner and I moved in to a BRAND NEW Parktrent property in February of this year.
On the entry condition report they noted everything as being perfect (as you would expect in a house that has just been built)
HOWEVER, when we got to the property we noticed many, many things which should have been picked up.
The builders got WHITE PAINT all over the chocolate brown carpet on the stairs, the sliding door and window tracks were filthy dirty, the screens covered in moth and wasp nests, there were paint runs down the wall, dents and dirty marks all over the walls and chips out of the garage door and the door of the master bedroom, there was stil builder's writing on the windows and the tiles of the outdoor sitting area (which are a rough surface tile) had mop fibres all over them.
The owners were never notified of this, the real estate were unaware until I noted it on my entry condition report.
If you are seeking a real estate who genuinely CARES about your property and keeping it in the condition that a house should be, DO NOT USE THIS REAL ESTATE.
I'm not even a home owner and the condition of this house disgusted me when I moved in, all I could think about is what the poor owners would say if they knew they had invested all this money in to a dodgy, half-job house and the real estate accepted that.hc_andy wrote:Hi pvrpunnad,When I first started looking at property investing we encountered Park Trent and went to one of their seminars. Everything seemed really great at their seminar and we booked a follow up session with one of their consultants for $100. The consultant came and took down our financial details and went off to find us a suitable property. When a suitable property was found we went to their head office in Melbourne and met their head honcho sales guys. We signed the contract of sale to buy an off the plan apartment on the same day subject to finance.
To cut a long story short, we weren't terribly impress with their service after we started to have doubts about our purchase. What really angered me the most was that they had not even taken our financials into consideration before looking for a property for us. There wasn't enough equity in our house for a 10% deposit and they wanted us to make up the short fall by taking out a personal loan to cover it! This to me indicated that they did not do their homework and were just in the business of selling and never had our best intentions at heart.
After a much lengthy battle with their customer service department we finally got all our money back which was about $2000. When we signed the contract we had to give them $2000 so that they could secure the apartment for us. At first they were going to only give back $1000. Later on we learnt that half of that money was paid to the brokerage team and that's probably why they were so reluctant to give it back to us because they had already used it. After threatening them with legal action and advising them that we would be taking this up with Consumer Affairs Victoria, we got all our money back.
So be careful. They seem genuinely interested in helping you build up a property portfolio but are really in the business to sell property.
Cheers.
Andy
Hey Andy,
I'm stuck at their contract at the moment and apparently I cant pull out of the contract the property came out $80,000 short of the purchase price and also I didnt have enough equity for my house for the %10 deposit. So they ask me to borrow money from Parktrent to cover the shortfall.
It would be great to give me details on how you terminated the contract. The contract is unconditional!!
Cheers
Hi Andy and Jack Di,
First of all JackDi, it's been over a year that you had your entry posted here, how did you go with getting back your deposit.
Now I'm here after a year, with the same situation. I regret that I didn't research on internet about all these dodgy dealings.
I have Similar situation like JackDi, our FIrst property from ParkTrent fell short of $50,000 during bank valuation and Bank didn't approve our home loan. The vendor then terminated the contract after we couldn't settle on the advised date and even if our solicitor asked for an extension of settlement for extra two weeks, the Builder, didn't give us extension which we've requested. Then solicitor advised that vendor has advised our deposit has been forfeited.
To save our deposit, ParkTrent then advised us to get another property from them and transfer the deposit on that property after On Sale of the First Property. We had no choice but to accept their offer. With the fear of loosing our 10% deposit, we then signed another contract for another property. And now they are asking for significant amount of money as commission for On Sale of the First Property. Is this approach fair?
How can we get out of this situation get all or deposit back without paying them any Commissions? Any suggestions would be highly appreciated.
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