I would like to buy an investment property. Does anyone know if this company is reputable? The more I look into investing the more nervous I get about it.
annawhi
probably but to me they will only go with negative gearing propeties initially. Does limit your investment.
Spend some time reading this forum and other material and you will have the same idea as these guys. Either way, they shouldn't charge you anything for their services, they should get paid from the lenders and the developers.
The more information you gain the better the idea in how, what where you would like to invest
Beware, if you receive a cold call from this company (Paramount finance and Investment Services) offering a free financial consultation. If you agree to the "free" financial consultation they send a high pressure salesperson to sell you a "financial plan" for $400.00. If you agree to the purchasing the "plan" they will come back to you saying that the "plan" suggests you should buy an investment property in QLD … <moderator: delete personal comment>
<moderator: delete personal comment> use a reputable bank or non bank lender and do not invest in property you haven't seen and had YOUR OWN INDEPENDENT LEGAL ADVICE….BUYER BEWARE!!! The use very high pressure sales people and have a really agressive call centre that pushes the legal boundaries!
Don't do it!!!!
You can source your own IP. Research, research, research.
The way to stay away from high pressure sales people is to be unavailable. If you front up to them, they have an asnwer to all your objections. It's best to not be around to object.
Take care.Angel
This company is legitimate. They have presented their services to me, I found them quite informative and upfront. They would be quite useful to people who are relatively inexperienced or nervous with property investment. Yes of course you can always hunt down your own property and do "research, research, research" but if your new to the game some guidance is useful. I met with them because I believe it wise to take on any new information offered, at least for consideration. Great to see some "unbiased opinion" (@Manny 55…seems as though you are a <moderator: delete abuse> or ex-employee of this company! I have seen identical worded posts on other sites referring to the same company). FYI at no point did this company discuss "overpriced" investment property. Happy Investing!
<moderator: delete personal comment> … here is how it works–There is a script and a plan they follow relentlessly ..Firstly .they call me cold and tell me I have gone into their draw for a free holiday, no strings attached…(???This is just the first bit of grooming for the next call.. Normally I just hang up on these types but I just went along with this one because they didn't seem to be asking me for anything…hmmm)
…then a few days later, "hey how are you?…yes just confirming you are still in the lottery and as we said we would call you back…(did they?, cant remember that)… "Do you have a mortgage…oh you do, hey…we can come to you and show you how you can save thousands on your mortgage… (well why not I thought, what is there to lose?)
And so a few phone calls later- checking up on me I think…(It's all downhill from here), they send someone around to the house, and they basically won't leave till I sign over $400 for a financial assesement plan. Basically they claim they are in the business of pooling loans and getting cheap interest rates from major lenders…And they can do that because thats what they do!"…"they love helping people by saving them tens of thousands" hmmmm..
Then a few days later I get a call, "hey GREAT NEWS we got a great deal and it will save you $400, 000 dollars on your 30 year loan. You will pay off your $300, 000 mortgage in 7 years, etc …come down to Parramatta and sign the papers…( I told them I don't have the time to race off to Parramatta, and sign what papers?)So far they wont mail out the report I was expectng-if it exists, they would not come back with it and insisted that I go to Parramatta which is way out from where I live!
So my 'assesment' so far is that these operators are very manipulative. the main part of there method is to groom people through various stages or levels of involvement. I have seen this 'attitude' typically in people in pyramid schemes, very enthusiastic and very pushy. They caught me out at a time when I was exhausted with work doing 12 and 14 hr shifts for the last 2 months.
The moral is… if you are tired ( and even if your not) don't sign anything!I bought property last year and have just had it valued, it was well overpriced and badly built, I have lost tens of thousands of dollars. A warning to all people, if you get a call from this company hang-up and register yourself on the Do not Call list.Paramount Finance and Investment Services did exact things to me, and now they are trying to ask me to pay for the $7995. They were trying to sell me a QLD prosperity with overstated value by $40k, I rejected it. Then they tried to refinance my mortgage saying they can save my interest by $400k, but I found they refinanced my mortgage with an extra $25k loan with higher interest rate (49 points higher), if I take it, I will be $25k poorer immediately and have to pay higher interest in the future, obviously I refused it too, then they treated me. This is a scam, we should report it to ACCC (www.accc.gov.au) and to http://www.scamwatch.gov.au
I would never deal with this Company! Paramount Finace and Investments In Parramatta are unethical and unprofessional, I was quoted to refinace with them and they told me they had got me a reduced rate but upon a little investigating I found it to be %4 higher that what I was on + fee
Every poster seems to be a new forum user…
It seems like everyone with 1 post either has a vendetta against or a sales pitch for this company…
I would personally be wary of any company trying to sell investment properties to you – as mentioned above you can suaulyl find a better property for cheaper doing your own research and leg work. Buying from a company doesn't really teach you much about investing in property.
Do the hard yards, read up all the posts here, read all the property magazines and books you can get your hands on and look at every website. You'll find a strategy that appeals to you and know the type of property you're after
Cheers
Really, the thing is people need to know the formula of how to do this investment for tax purposes. I have the 'How To' formula direct from the horses mouth. My ethics would not allow this kind of BS if working for such said. However as some have said business is business. My investment property and land development experience is from past experience .. I love the business but loath the laws that stop me from helping people legitimately with out ripping them off so to speak and the law allows what others do.
Yes we all need to earn a living which can be done honestly and we have a right to receive commissions for the work done and the risk some take as being an ABN holder to market for other companies is high. Good luck to all
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