Has anyone had any good dealings with this company or can anyone tell me their experience with them?
I am looking at buying my first investment property and I will the idea of the NRAS which i've been told you can only do with certain companies….
A search on the Company will give you others views as the question has been raised previously.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
jacqueline231088 wrote:Has anyone had any good dealings with this company or can anyone tell me their experience with them?I am looking at buying my first investment property and I will the idea of the NRAS which i've been told you can only do with certain companies….
Jacqueline,
I'd suggest that you do PLENTY of research before you consider investing with a group like this. They all operate the same way, they probably telemarketed you, off to a seminar no doubt or what marketeers nowadays call "Expo's". If you search their name on this forum you will find plenty of unhappy customers and people who have invested with them. Unfortunately these people have lost a lot of money through their dealings and they vented their frustrations only to have them removed by the Forum Moderators due to legal reasons & at the request of ParkTrent. That in itself should tell you all you need to know.
If you can purchase from a reputable developer directly, that is where you will save costs with not incorporating high marketers fees etc. <moderator: delete advertising>
Andy.
[email protected]Hi ,
I totally agree with you ,the people who buy direct from developers ,they only buy one and thats it ,if you are buying from a reputable company ,like us ,you can fast track your life a lot faster ,smart investors invest in smart time saving ,because money you can always get back but time you cant get it back once you have lost it .Smart investing is investing in knowledge and location of your property and finance structure .there is lots to consider before you buy your investment ,not just buying any developers property ,
happy investingQlds007 wrote:A search on the Company will give you others views as the question has been raised previously.Cheers
Yours in Finance
^^ Agree with this.
Jacqueline, also do a search on NRAS, plenty of discussion to read.
Steer Clear of PT…….as reference to my name "Ripped Off". They pressured us into buying some land that was sold to a man who was dying, none of the paperwork was transferred over properly which caused trouble down the track. (Unfortunately you trust the people you are dealing with). We were then given a builder by PT who already owed PT close to a million $$, but they kept giving him peoples houses to build to try & get their money back, we were obviously not told of this when he was assigned as our builder. The builder then took well over 18 months to get to the lock up stage, the house which was in a different state (VIC) was NOT built according to the plans with windows missing, ceiling height incorrect & not on the part of the block where it should have been (another person we met thru our problems had the same builder build their house over the boundary of their neighboring property). The builder still had enough money to travel overseas at Xmas and leave our half a house in the Melbourne weather with no roof on for 6 months. They claimed to have helped us but that was only because we actually turned up on RON CROSS'S door step to confront him as a group, again promised the world and nothing happened. We finally found our own builder which unfortunately cut all ties with the PT contract, however we continued to chase PT for something, but got nothing. We are still getting invited to their seminars which shows how stupid they are because we have already been warned off because we turned up telling the truth to other future customers.
I think NRAS is like any government schemes. The developers get the first biggest bite of the cherry and if they chose to sell you can bet that the price you pay has a premium for the NRAS allocation. We are trying to get a number of our new properties being built next year onto nras because of the benefits. That's not to say it is not ineffective buying off a larger development. I have a mate who is having built a brand new 3 bed 3 bath in a new subdivision in Adelaide and his net rental return (after the Nras 20 percent deduction on market rental and subsequent tax offset and cash back) gives him a net return of over $100 a week. (not including deprecation)
And so it should his house is going to be of the first couple of houses in this new subdivision and most likely wont see much growth for at least the first 5 years whilst the rest of the development is completed but i expect the next 5 years after that will be quite profitable for him once the subdivision matures.
Hi All,
I'm also dealing with ParkTrent and my experience about ParkTrent Properties Group is very similar to RIPPED OFF and many other unhappy customers. I can see lots of complaints about ParkTrent here and in many other sites (see links below, if the moderator of this site allows links here). Seems that many people have been ripped off by ParkTrent and made their lives stressful and difficult to live.
Just wondering if anyone has ever reported ParkTrent Properties Group to the Fair Trading Department about their unethical business practice (Including but not limited to: Pressure Sales Tactics, needing investors with limited amount of knowledge to decide to buy and sign contracts on Investment Properties when they visit their Wollongong Office, giving limited options to choose properties from their listings and many more). Has anyone taken any legal action against them for their unfair practices? Has anyone thought of Class Action against them?
Please take your time to read through below posts:
http://www.notgoodenough.com/viewtopic.php?p=324434
http://www.businesslistings.net.au/Real_Estate_Agencies/Wollongong/Park_Trent_Scam/2891.aspx
Although it might be a bit late, but I put this information in this forum in case others need some clarification in this regards.
Prktrent
First they invite you into a free information session. Their true intention is to give you a story of how you can become rich by investing on the properties which are paid from your tax return without paying a cent out of pocket. That's what exactly they promise you repeatedly in their session: You don't have to pay a single dollar out of pocket! They say they are such nice guys working for you and being remunerated from the commission they will receive by the bank which is lending you the money.
Then they offer you a free evaluation session, taking all you financial information to see if you are eligible for buying a property. Off course you will be eligible! Then they put a piece of paper in front of you to show you how it works. Most of people are fooled by the last line showing a positive income for the next four years!, plus a big pay off in tax.
Then they pressure you to enter a contract as if you don't you will lose a bargain by the end of the week. As soon as you enter the contract, the lies show up:
1- They charge you $2000 for their service, i.e. the getting the mortgage and managing the contract. They quickly show you a paper that this is not refundable, among all the other papers you are asked to sign.
2- They ask for $1000 or more, bond which they claim is fully reimbursable in case something goes wrong, after some costs. You don't suspect that the cost would be more than half of the value!
3- In my particular case, they knew that the margin between my house market value and my mortgage debt was not enough to get the required loan from the bank. They could have said that in the first place but they didn't and lured me into the contract.
I guess I was lucky not to sink into this swamp any further. When they asked me to contribute another $27,000 to my existing loan in order to reduce the premium such that they can get the new loan, I refused. It was not in the deal, they were aware of my debt and my home price. They knew that the cash was in the offset account, so they were counting on it without asking me first. What they didn't know that the cash was my wife's life saving which she wasn't willing to sacrifice into an investment property.
I asked for a refund. After a month cat and mouse game, I was repaid only about $450 out of $3000. They claimed that the $2000 was not refundable. Their solicitor also subtracted about 550$ from the 1000$ bond for their costs! What have they done but copying and sending some papers?
As a conclusion, Parktrent properties have no intentions but using your hard earn money and your tax with unethical marketing techniques to sell their incompetent and extremely overpriced services. If you search the net you will certainly see investment properties which turned to disasters for their owners. Parktrent properties and other related companies did not even care, especially after the guaranteed rental period was over.
Just be careful when these guys approaching you and carefully evaluate merits of whatever they say or promise.
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