any other buyers agents people would recommend for buying through for positive cash flow properties under market value?
Waydo there are a few out there, it really depends more on your brief. I have grabbed a few for clients in my time (and 1 or 2 for myself ;) It really comes down to how you define +cf, what measures you are using, what locations you are prepared to consider, and how much work you are prepared to take on (ie reno). Finding cf+ in regional NSW for example is not that hard at all. The trick is finding something of good quality, in a growing area, with good cf and potential for some equity growth too. Just getting $5pw +cf out in the absolute sticks with population falling and no cg is pointless and won’t build wealth. Secondary locations are totally fine, as long as you time the cycle right, get in at the right price, and are ready to add some manufactured growth and repeat the process a few times. The balance of growth and cf across a portfolio is key.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Stay Away, stay away, stay away from Be-wasted….
My experience with Be-Invested has been incredibly disappointing. I bought two properties from them at the listed price without any negotiation, only to discover after a post-purchase valuation that their claim of buying below market value was completely untrue. Despite paying a hefty agent fee of AUD 46,000 for these deals, I have regretted my decision ever since. It seems that paying a buyer agent fee doesn’t serve any purpose in the investment process.
Additionally, one of the properties I purchased has turned into a financial nightmare, requiring approximately AUD 70,000 to make it livable due to serious issues. Even though I followed Be-Invested’s due diligence instructions, I suspect they don’t conduct thorough research and merely send random links from real estate websites to their clients.
I’ve attempted to contact Nathan and the admin team multiple times via email about this problem, but I’ve received no response, indicating a lack of concern for their clients and a focus on exploiting individuals for financial gain.
Based on my terrible experience with this agency, I strongly advise others to be extremely cautious before dealing with them. Also, it’s crucial to carefully examine their contract, especially the clause that prohibits buyers from purchasing property within a 40 km radius for a year, which I found both intimidating and offensive. It’s important to note that the agency has access to your personal and financial information for an unspecified period, underscoring the need for caution and thorough research.
While property investment can be a great source of passive income, when you factor in the buyer’s agent fee, you might end up paying the equivalent of three years’ worth of your income.
After I posted several reviews on social media, Be-Invested threatened me with defamation and demanded that I delete the reviews. However, after consulting with a legal professional, I was advised that there was nothing wrong with sharing my experience of their service through a review. Here is a link to a news article detailing their exploitation of innocent people.
Hi all, just wanted to share my experience / opinion on Binvested…Stay away!
Please conduct thorough due diligence before engaging with Binvested, check different websites in particular the negative reviews. My experience has highlighted their aggressive sales tactics, disregard for my investment goals, and provides overly optimistic property ‘analysis’. They have also demonstrated an unwillingness to help me negotiate property prices / find the best deal.
In my initial transaction with Binvested, I specified a desire for cashflow positive properties that were not susceptible to flooding. Despite this, I was presented with over 70 properties, the majority of which were located in mining or flood-prone regions. I rejected these properties and constantly reminded Binvested that I would not purchase flood prone properties. After persistent encouragement to proceed with a purchase, I acquired a property that was cash flow neutral, was bought at market value, and was not an off-market deal. Fortunately, my independent due diligence ensured that the investment was not financially detrimental, although the property’s value has not appreciated over the past year.
Opting to give Binvested another chance, I invested a further $1,300 deposit towards a second property. However, over several months, the properties presented did not align with my investment brief or goals. One such property, situated in a high-crime area with waste management issues, prompted me to request assistance from “Charlie” to negotiate a lower purchase price so that I could consider purchasing it. Instead of aid, I was met with refusal and was informed that “the property would be allocated to another client due to my disinterest.”
I raised a complaint to Nathan about this but was met with weeks of silence, and no further properties were presented despite my deposit for the buyer’s agency service. Persistent efforts to terminate our agreement and seek a refund were eventually met with a response from their sales team, denying the refund and stating they would not present me properties as they have no control over the Australian property market stock.To my dismay, Binvested retained my deposit, ceased providing service, and refused a refund. Moreover, they falsely claimed that I had accepted another property and demanded an additional $2,000 deposit. When challenged to provide evidence of my acceptance, they were unable to do so.
The majority of deals presented were already listed on domain websites, contradicting the promise of off-market deals. The cash flow analyses provided were overly optimistic, quoting rental amounts higher than market rates and utilizing an outdated interest rate of 4% instead of the current 6%. Adjusting these figures to reflect reality revealed that most properties, initially presented as cash flow positive, would actually result in negative cash flows.
Regarding purchase prices, each property was purported to be below market value. However, a comparison with recent sales in similar areas indicated that this was not the case for most properties. Only a select few of the 70+ properties reviewed were marginally below market value.
In conclusion, I urge caution and recommend doing your own due diligence on any property presented to you by Binvested.
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