Front Page of Australia

Hi guys,

Theres an article on the front page of the Australian if anyone is interested about a company getting investors to buy mortagee sales out in the west.

its called property secrets can anyone find the website?

it looks a bit dodge $5000 for a finder fees + $5000 for renovating management + they earn a crapload on providing finance.
 
Just read the article online...

Article "Property vultures swoop"

Full article: http://www.theaustralian.news.com.au/story/0,20867,21223306-601,00.html

I think it is fair enough if people can locate good value deals in the relativley depressed market segments. And I also think it is fair enough for a company to offer a service that locates said deals for time-poor investors (for a modest fee).

Having said that, this is a quote from the "professional" property consultant, on why there will be continued rental demand in the areas ~1hr west of Sydney:

...property consultant on the ground, Ms Reeves, is less delicate. "Nobody works out here so there's nothing else to do except breed and rent houses," she says as a neighbour glares over the fence. "OK so out here we put our blinkers on - we might not like what we see but it's OK, we're not living here and we get a nice tenant to move in."

Would buy from someone like this? I'm not sure I would...

Chris
 
And today, also in The Australian

Property vultures put under legal microscope
THE NSW Department of Fair Trading will investigate a controversial property scheme that capitalises on the misery of the property downturn.

Property Secrets buys "bargain" properties in Sydney's struggling outer-west suburbs that have been repossessed by banks during the property slump, and former housing commission properties, on behalf of investor clients.
The group then undertakes renovations on the properties and commissions revaluations that come in well above the investor's outlay, encouraging clients to reinvest the difference in more depressed properties.

"Fair Trading Minister Diane Beamer has looked into the scheme to see if there are any breaches of the Fair Trading Act or any acts relating to property purchases," said a spokesman yesterday. "On the surface it seems that while it may not be illegal, there are moral questions you have to ask about this."

...
Full article
 
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