Ripped off
We, like many, invested in a Blue Chip property about a year ago. The deal seemed legit enough...we buy an apartment through them and they organise the tenants etc for at least the first 4 years (guaranteed). We even asked the question - what if Blue Chip went under? The reply was "you'll still own the property...you can just rent it out yourselves".
When the rent stopped coming in (for 3 months) we took over and starting renting it out ourselves. We didn't (and still don't) expect to get back that 3 months of rent....which is not that big a deal in the scheme of things (a few thousand dollars).
The thing that keeps us up at night is now realising that our apartment is only worth HALF what we bought it for!
We bought it based on a registered valuation of $298,000. Now we've had backdated valuations done (where they consider sales history of the same time) and they come in at around $160,000! I'm not sure I understand how a company can get away with over-valuing real estate by almost 100%!
You might think we should've had an independant valuation done, and looking back...you're right; we should have. But to be honest, I thought there were guidelines etc that ensured property valuers were expected to give a fairly accurate figure. And I really did expect laws to protect people like us who relied on a valuation to make an investment decision.
But apparently not.
Apparently we now must live with our bad choice. Apparently we're the lucky ones because our properties actually exist. We don't feel very lucky...our networth has dropped $140,000.
So the morale of this story is...don't invest in Blue Chip. The company and all it's related companies are corrupt and they don't have any morales.
We, like many, invested in a Blue Chip property about a year ago. The deal seemed legit enough...we buy an apartment through them and they organise the tenants etc for at least the first 4 years (guaranteed). We even asked the question - what if Blue Chip went under? The reply was "you'll still own the property...you can just rent it out yourselves".
When the rent stopped coming in (for 3 months) we took over and starting renting it out ourselves. We didn't (and still don't) expect to get back that 3 months of rent....which is not that big a deal in the scheme of things (a few thousand dollars).
The thing that keeps us up at night is now realising that our apartment is only worth HALF what we bought it for!
We bought it based on a registered valuation of $298,000. Now we've had backdated valuations done (where they consider sales history of the same time) and they come in at around $160,000! I'm not sure I understand how a company can get away with over-valuing real estate by almost 100%!You might think we should've had an independant valuation done, and looking back...you're right; we should have. But to be honest, I thought there were guidelines etc that ensured property valuers were expected to give a fairly accurate figure. And I really did expect laws to protect people like us who relied on a valuation to make an investment decision.
But apparently not.
Apparently we now must live with our bad choice. Apparently we're the lucky ones because our properties actually exist. We don't feel very lucky...our networth has dropped $140,000.
So the morale of this story is...don't invest in Blue Chip. The company and all it's related companies are corrupt and they don't have any morales.
