Yeah I'm the guy you're talking about. I locked into a new build in February 2022 after ensuring borrowing capacity in August 2021 with a property investment company that sold me the idea that they had a good relationship with the land developer and they were expecting the registration date to be pulled forward from December 2022 to July 2022. It's since been pushed 3 times and the expected registration date is now July 2023, the contract is basically unconditional, the build price is up $40k and I have to sell my car to be approved. Expected profit is about $100k...but at this point I'm pretty sure I could have made that elsewhere 😆
Also there’s a risk of the building company going broke. There’s so many examples of this we hear of everyday in the news. I personally know several people that have just lost their $50K deposit because the company went broke
When engaging with a company you can ask them if they deal with off the plan properties or existing properties as well as what their strategy is. Ensure you do your research before committing to a company and read any agreement or terms and conditions very carefully before signing any documents. If you've committed to an investment like this, most of the time you cannot back out once you've begun so it's a waiting game. Not all of these properties are bad, but in our experience we've seen a lot of negative outcomes unfortunately which is why we stick to existing properties only.
@@eddiedilleen_ Thanks for the reply. Is it too late to look into your companies method while I’m sitting around paying interest waiting for these properties to be built?
A "friend of a friend" has a "Property Investment coaching business" which flogs off "off the plan" new houses aka leftover developer stock. The upfront fee is $10k (which sounds on par with the industry) for their location service (sourcing the property using their "proprietary methods") What you don't see though is the $50k-$60k secret commission which is paid by the developer to this person's business after the sale. This commission is never fully disclosed. This is why he lives on the Gold Coast in a very nice area. CAVEAT EMPTOR
Unfortunately many people get sucked into these investments without knowing the full extent of the fees, commission and what they're actually getting. Very sad and disappointing to see this happen to so many people :( My advice is for everyone to really do their research about the company and type of investment before committing to it or signing any documents!!
Amazing thank you
I bought off the plan with Aland recently at Schofield what should I do now
I did for tax saving?
Yeah I'm the guy you're talking about. I locked into a new build in February 2022 after ensuring borrowing capacity in August 2021 with a property investment company that sold me the idea that they had a good relationship with the land developer and they were expecting the registration date to be pulled forward from December 2022 to July 2022. It's since been pushed 3 times and the expected registration date is now July 2023, the contract is basically unconditional, the build price is up $40k and I have to sell my car to be approved.
Expected profit is about $100k...but at this point I'm pretty sure I could have made that elsewhere 😆
Also there’s a risk of the building company going broke. There’s so many examples of this we hear of everyday in the news. I personally know several people that have just lost their $50K deposit because the company went broke
So how do you know if you’ve locked into 1 of these companies & what do you do if you have?
When engaging with a company you can ask them if they deal with off the plan properties or existing properties as well as what their strategy is. Ensure you do your research before committing to a company and read any agreement or terms and conditions very carefully before signing any documents.
If you've committed to an investment like this, most of the time you cannot back out once you've begun so it's a waiting game. Not all of these properties are bad, but in our experience we've seen a lot of negative outcomes unfortunately which is why we stick to existing properties only.
@@eddiedilleen_ Thanks for the reply. Is it too late to look into your companies method while I’m sitting around paying interest waiting for these properties to be built?
I like to buy Duplexes, however, Eddie prefers to buy "dooplexes" 😂
A "friend of a friend" has a "Property Investment coaching business" which flogs off "off the plan" new houses aka leftover developer stock.
The upfront fee is $10k (which sounds on par with the industry) for their location service (sourcing the property using their "proprietary methods")
What you don't see though is the $50k-$60k secret commission which is paid by the developer to this person's business after the sale.
This commission is never fully disclosed.
This is why he lives on the Gold Coast in a very nice area.
CAVEAT EMPTOR
Unfortunately many people get sucked into these investments without knowing the full extent of the fees, commission and what they're actually getting. Very sad and disappointing to see this happen to so many people :(
My advice is for everyone to really do their research about the company and type of investment before committing to it or signing any documents!!