I signed up to Equityin, who are a buyer’s agent and claim that since they are buying properties in ‘bulk’ from developers/sellers, they can secure a discount which they pass on to their members who then use the built in equity to help finance the purchase.
However, a lot of the properties I have seen from them seem as if the ‘estimated market value’ or ‘estimated rent’ of the property has been inflated, to make it look as though they have been able to secure a massive discount or better returns.
I encountered 2 of the properties they have sent me that were for sale just a couple months before for a price lower than their ‘members price’.
Is anyone else a member of Equityin and bought a property through them? If so, how did it go?
Or has anyone else experienced the same things I am encountering?
Am I just being too sceptical about the deals they are presenting?If it does not feel right then don’t deal with them. I am a strong believer in gut feel and am a bit sceptical when MD’s call themselves self made property millionaires.
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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I signed up to Equityin, who are a buyer’s agent and claim that since they are buying properties in ‘bulk’ from developers/sellers, they can secure a discount which they pass on to their members who then use the built in equity to help finance the purchase.
Hehe – it is a bit of a stretch to call yourself a Buyers Agent when all you have to sell happens to be new properties from developers. A proper Buyers Agent would be looking at the whole range – new and second-hand, small or large land, inner-city and outer suburbs. Sounds like a marketing attempt to sound plausible. Like Redwood, I would exercise caution.
Someone the other day re-quoted a classic, and it fits perfectly in this example :-
“If your only tool is a hammer, every situation looks like a nail!”
However, a lot of the properties I have seen from them seem as if the ‘estimated market value’ or ‘estimated rent’ of the property has been inflated, to make it look as though they have been able to secure a massive discount or better returns.
If they are offering a Rental Guarantee, someone has to pay for it !! ;)
Keep that scepticism well fed – it is doing a great job for you.
Benny
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