Australian Investment Institute

[Bill.L]

JOJO,

I'm annoyed,

Why did you bother to ask for anyones opinion if you were going to completely ignore it, and go with the smooth sales pitch anyway????

Within a half an hour of your original question, you were told to not only RUN AWAY but SPRINT.

They are not going to disappear with all your money, they are going to sell you product that you could easily get cheaper yourself, that is there fee.

In Derrimut you can buy brand new H&L for around $300k, with a quick look on REA.com.

As Peter has already stated, why bother with Derrimut at those prices, when you could get better investments elsewhere for the same money???

If you look at the posters that have replied to this thread, there is a combined total of millions of dollars worth of IP experience there, yet you ignored it for the smooth talk of a salesman.

Without saying any more, because I feel really frustrated with your actions, all I can do is point you to the Albert Einstein quote that I use at the bottom of my posts.....

bye

 

[JOJO]

Thanks for your answers....sorry if I annoyed you!!!!

Actually in my defence - if you read back to my first thread I wanted to know if anyone had dealt with these people and if they were above board. Nothing else - I actually am kicking myself because I didn't then check back in with the forum for a week as there hadn't been any answers from people who had dealt with them. Then I finally did check and oh my Lord.

so yes, I did get swept along by a great sales pitch it is NOT too late to back out of this one and I've learnt a lesson (why do i feel like I am explaining myself to my dad here...)

We are not complete newbies to the game - this is our 3rd purchase in 18 months. And I have a friend who has invested through an investment group and has bought some very successful properties, which is why I even considered this in the first place.

I had a boss once who said - the thing with advice - it's out there it's up to you if you take it or leave it.

i made my choice, but don't stop giving the advice - it is invaluable.

I'll be paying more attention next time!

Jo

 

[JOJO]

update - on aussie Institute.

Okay this guy is good. i am standing firm - hubby is waivering - don't you hate that.

So the deal with Derrimut - $350,000 - settlement April 09. The guy has done a 'PIA" on the property - out of pocket would be according to him $121 per month. he is prepared to pay a year's worth of that - so on settlement gives us a cheque for $6k thereabouts.....now that just sounds ludicrous to me.

He of course has a plan B. Mount Martha - NDH Builders - looked it all up and have seen their stuff in Mornington. This doesn't settle for 14 months. So this guy keeps our reservation deposit of $2k for two years then again gives us a cheque for $6k on settlement.

He's gone away now and is back on Saturday. Like a dog with a bone.

I want to stay tough. My closing statement was that I would still like to say no to his offers, then in 6 months if I am feeling in a position to invest then maybe I'll call him then.

I don't think I'm being unreasonable. I think my hubby wants to say yes to get him out of our hair!

So once again I'll update you on Saturday.
So far we are not locked into anything.

One of the conditions on the reservation was subject to finance approval with odyssey. I told him that has to come off - I'll sort out my own finance.

Watch this space.

Bill - I AM NOW TRYING TO SPRINT!

 

[JOJO]

Ps

He said he does get $15k from the builder upon settlement so at least he's being kind of open about that.

The houses in Mornington - nice development and all rented through Planinsek (which is who AII recommend) So it seems it does all exist.

 

[boomtown]

And what exactly is it that makes you think this place is *worth* $350k?

 

[The Y-man]

Watch this space.

Bill - I AM NOW TRYING TO SPRINT!

Quick way to get rid of person:
"Sorry, no money.... just lost job etc"

If you want to drag it on a bit:
"Do you have a real estate license"
"Where are the builder's previous projects (for purposes of quality, warranty etc)" (see if he has the same info you fond on the net)


Check the properties to see if they are being sold by other agents, and compare prices. ("Hey, xxxx can get me the same propoerty for $....")

Finally, if you do buy, NEGOTIATE the price - 20% at least.

If they keep Odyssey on there, give them er... shall we say very "conservative" figures - i.e. very low income, huge cc limits, etc.

Cheers,

The Y-man

 

[JOJO]

Hi

I have checked out the builder's work - nice little gated type communities. The one in Mornington - this guy has sold 24 of those (actually spoke to builder to verify). Prices started at $329 for a 2 bed, up to $389 for 4 bed.

This guy is just making it difficult to say no and certainly dragging out the process.

i just want him to stop coming round!

 

[boomtown]

You didnt answer the question - you just said what the asking price on a similar project was (which may or may not have any relationship to the actual sale price - secret "discounts" are common).

What makes you think that the particular property they are trying to sell you is worth the asking price of $350k?

How much does it cost to buy an existing house in the area? Have you gone into the local realtors and checked what they have for rent? How many vacancies are there? How long does it take for places to rent? What sort of people rent these houses? How much are places renting for? What makes you think people will want to live there? Are there schools? Public transit? Shops? Cafes? Parks? Is there work nearby?

 

[GoAnna!]

Have you spoken to local agents yet to get their take and also whether you could get the exact same thing for less? I would also suggest organising your own bank valuation if you do decide to proceed but before you sign anything.

You are going to feel pretty silly if 3 month down the track you know others have bought the same for $50K less.

I am in no way suggesting you buy one of these properties but if you are going to at least do some due diligence! This is not the time of the market to buy negative equity.

 

[willair]

This guy is just making it difficult to say no and certainly dragging out the process.

i just want him to stop coming round!

Some times you have to be "Rude"to be kind,just put this guy in his place and learn the very simple word "NO"you don't have to say thankyou just learn to say No,took me a long time to learn to say that word but over time with experience it becomes very easy,and once he understands you are serious he will just move,to the next number on his list..imho willair..

 

[yo yo ma]

he is prepared to pay a year's worth of that - so on settlement gives us a cheque for $6k thereabouts.....now that just sounds ludicrous to me.

And if it sounds too good to be true, then it usually is... What it sounds like is they inflate the price by $10k and the "give" you back $6k on settlement. I would take GoAnna's advice and talk to some REA's and property managers top see what the real value is. I would also go over the figures they have given you. If they tell you there is a $121 out of pocket expenses, do not just believe it. Get a copy of the figures they have given you and confirm them. Talk to a local PM and if necessary, post the figures on here to see if they are missing anything.

 

[Gools]

And what exactly is it that makes you think this place is *worth* $350k?

BT, I'll answer what I think JOJO should be doing.
- Do a quick search on RE.com
- Sort the Derrimut listings by price
- See how many house & land packages are for sale for less than $310k
- Start to worry about paying $350k.
- Consider the return on paying $300k or $350k for the same property.
- See how many new 3/2/2 properties are for rent for <=$300/week.

Easy decision, tell the sales guy to take a hike.
If you really must invest there just go and pay $300k for any of the many properties available at the moment that are brand new.

Gools

 

[boomtown]

Gools

Thank you for taking 10 minutes to do some minimal research to demonstrate what a crap deal this is.

 

[sre67073]

Hi out there

Has anyone had any experience with Australian Investment Institute - we are meeting with them on Saturday and want to make sure they are legit.

I met with them back in May. Look i believe everyone should go have look for themselves and not base it on someone's opinion as everyone is in different situations personally and financially. For us it was the best thing we have done the information and advice we received was was very informative and has changed the way we will end up in the future. It has helped us achieve some milestones that we thought were not achievable nor possible. So i say what have you got to lose!! Go have a listen and YOU decide.

 

[Bill.L]

Sre67076...who cares,

What a ramp for your first post.

Give some details of how they have 'helped' you. How much did it cost you??

Have your investments had a positive return in that short time??

What have you got to lose???

Ummm money??

Do you work for the company or have any type of financial interest in this or related companies??

bye

 

[redwing]

I met with them back in May. Look i believe everyone should go have look for themselves and not base it on someone's opinion as everyone is in different situations personally and financially. For us it was the best thing we have done the information and advice we received was was very informative and has changed the way we will end up in the future. It has helped us achieve some milestones that we thought were not achievable nor possible. So i say what have you got to lose!! Go have a listen and YOU decide.

Is that an unbiased opinion?

An untrusting person might assume with the above "glowing referal" 1st post and the fact that you just joined up today that it may not be.....it's happened before

 

[boomtown]

I think it highly unlikely that the operator of a dodgy property investment company would have the chutzpah to join an internet forum to spruik their own product.

That would never happen in real life.

 

[Gools]

If I was running a dodgy company that was copping a belting on a forum about the last thing I would want to do is get the discusion heated up again. That's just me being sensible I guess......

 

[mrmako]

Why do some of you think they are dodgy?

Hi there, I'm new to this and have been reading the threads.

I had a woman from that Australian Investment Institute come around to our home last week and their membership seemed like a smart idea to us. The reason I say this is we know SFA about investing and certainly need the help.

My question is this. Why so some of you think they are dodgy? Are they or aren't they?? We have an appointment with that Odyssey this weekend and we sure would appreciate a 'heads up' beforehand.

Ultimately I suppose it is the old 'caveat eptor' and all that, but we have been burnt once before and are not at all keen on being taken again.

Thanks in advance.

 

[boomtown]

Hi there, I'm new to this and have been reading the threads.

I had a woman from that Australian Investment Institute come around to our home last week and their membership seemed like a smart idea to us. The reason I say this is we know SFA about investing and certainly need the help.

My question is this. Why so some of you think they are dodgy? Are they or aren't they?? We have an appointment with that Odyssey this weekend and we sure would appreciate a 'heads up' beforehand.

Ultimately I suppose it is the old 'caveat eptor' and all that, but we have been burnt once before and are not at all keen on being taken again.

Thanks in advance.

Does the prospect of paying $350k for something that is only worth about $290k sound good? If so - go right ahead. Knock yourself out.