Harvard Securities

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From: Anonymous


Any had anything to do with this firm? I have and feel i have been taken in. Its been alleged that they "prey on inexperienced investors>" My experience is as follows they came across as very credible and most professional. There offices are most impressive. I bought a place with them in the outer Melbourne Western Area. for about 190,000, good facilities around walking distance from Victorias newest rail station, (all electric trains now) good shopping within walking distance surrounded by schools, child care centres etc. safe and pleasant development. At first great, rental guarantee, for 6 months, tricked into an annuity.

Across the road you can get a new 3 bedroom home built for 165,000.

After 3 months no tenants.

This is my 1st IP. Going thru the purchasing process, they recommended some financial advisers, to arrange loans. I was green and had no idea what a LOC was etc. So I had the mistaken idea that Harvard would be acting in my best interests in recommending these financiers. they did not force me to use them, but trusting them they set up a LOC and an interest only loan, for a fee of $2,300! I paid not the lenders. Imagine how I felt when recently I discovered Mortgage brokers, who can arrange your finances, without you charging you one cent. Advice suggests that the guys "Direct Capital Advance" would have also got a commission from the lenders!! Now I was not forced to use these people, but at no time did Harvard tell me about using a Mortgage Broker as an option.


so its not nice to be found you have been done!! So new IP investors u are lucky to have this site, wish I knew of it before I started.
 
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Reply: 1
From: Mojo Jojo


Yes I did the free seminar and went and met them at their offices. I was just beginning but luckily I enforce my own "cooling off" period BEFORE I sign things and went home and thought about it. Something just didn't add up. I had never heard of using an annuity when showing the figures for an IP. Also I was from the West and knew the suburb they had suggested couldn't have the growth they were taking about.

I went out and saw a real estate agent in the suburb they recommended and he asked "why would you want to invest way out here"

I have since been warned by others to stay away. Sorry you didn't get the warning earlier.
 
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Reply: 1.1
From: Rolf Latham


Hi

On another point, the Real Estate Agent obviously believes in his product :eek:)

Ta

Rolf
 
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Reply: 1.1.1
From: Mark Laszczuk


Is Harvard Securities the ones that do those Property Investing CD's that you see in Milk Bars and Fish and Chip shops?
 
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Reply: 1.1.1.1.1
From: Mark Laszczuk


Yeah, thought so. Saw their CD's, grabbed 'em but never gave my details, like they request. Lucky for me I suppose, didn't cop an earfull of nonsense from the people trying to get me to the seminar. Then saw an expose of them in Money mag. and threw the CD's in the bin. Didn't think much of them anyway. By the looks of their new CD, they're hitting Coffs Harbour/NSW central coast. Beware people, sharks are on the move!

Mark
'no hat, some cattle'
 
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Reply: 1.1.1.1.1.1
From: Dale Gatherum-Goss


Hi Mark!

Good move! I have clients who have bought through Harvard and not one of them is happy with the investment or the management process.

In fact, one was approached by the tenant and was told that a couple of maintenance things were never done when the owner had specifically requested them to be done for the tenant and had been charged for them to be done.

My advice, run, run quickly and do not look back.

Dale
 
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Reply: 1.1.2
From: Ross Sondergeld


Hi,


Subject: Harvard Securities

Rolf Latham said, "On another point, the Real Estate Agent obviously
believes in his product :eek:) "


Yeh... but the consumer is mislead and deceived into thinking the
marketeering organisation is HELPING them. They hold their hand and lead
them up the garden path...




Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Chat with friends online, try MSN Messenger: http://messenger.msn.com
 
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Reply: 1.1.2.1
From: Rolf Latham


Hi Ross


I believe I may not have made my point.

If the agent anon was talking to about his local stock in such a way then obviously he cant sell too much of it. So what youre saying Mr/Ms Real Estate Agent is that the stuff you sell wont rent and wont appreciate. So why would you buy it as an owner occupier was really my point

Ta

Rolf

PS Im all for Ethical Buyers Agents Ross - that way the client knows who holds the cards.
 
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Reply: 1.1.2.2
From: Dave :)


Hi Ross,

Don't buyers agents get paid as a percentage on the end purchase price to
their clients? Many of the buyers agents I've spoken to get remunerated
this way. Negotiating the absolute best rock bottom price may not be their
number one
objective. Another thing: quite a few buyers agents who profess to be
unbiased, and solely intent on selecting the best properties for their
clients, are, in fact, property developers, or are affiliated with property
developers. I've funded developments that were brought to my attention by a
"buyers agent." Now, if your were a buyers agent, and had a client looking
for a new/OTP property, which direction would you steer your clients to?

My point is that there is a place for all entities, however different they
are, in the property/investment industry. An organisation's longevity will
ultimately depend on the satisfaction of it's clients, and on the ethics it
displays. To be knocking another organisation so openly, as you have with
Harvard Securities, does not add to your credibility one bit. I actually
think it's unwise and unprofessional to publicly discredit a competitor.

By the way, I have nothing to do with Harvard Securities.

Cheers

Dave

(Email signature and company details tastefully withheld)

:)
 
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Reply: 1.1.2.2.1
From: .watto .


From personal experience with this organisation, do as Dale suggests but much quicker.

High pressure sales tactics are an understatement. They take 5.5% gross average annual agreed rent for a leasing fee, plus 10.857% of gross rent per month, plus $204.00 management/marketing fees, then line up a finance broker that costs anywhere up to and above $2k, and to boot sell you a property at about $30K+ above market valuation.

Personal experience = Contract price $198,700.00 independent market valuation came in at $157,500.00. Total loan value including costs $209,617.00. With low capital growth to be expected in the area.

Lucky for me this one got away...

ps. i collect a cd every time i see them, hopefully this stops one more individual from falling prey. They also make a great source for jewel cases and coasters.

Cheers
Watto
 
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Reply: 1.1.2.2.1.1
From: Mark Laszczuk


There are two things I find funny about this subject and investing in general. Well, actually the first one is really just about these guys. I've found that you can get their CD's just about anywhere in Melbourne, except for around where I live (St.Kilda). Can't for the life of me find them anywhere around here or the surrounding suburbs (not that I actually want them). However, they seem to be more widely available the further out you go. In some of the outer ring suburbs I've been to, seems you can't escape them. Interesting. Dave, I don't reckon that the BA guy's (sorry can't remember name) comments ruin his rep at all. In fact, I reckon they're pretty spot on. It's quite obvious these guys are crooks and will (and have) taken as much money from people as possible.
The second thing is how people will just rush into an investment without even checking the facts and figures beforehand. It really amazes me how most people will just take someones word, just because they're wearing a suit and claim to be property experts. If you ask me, people that get sucked into these things should cop some of the blame for what has happened, because although what the promoters have done is unethical and devious, no one forced them to sign. If they took some time out and did some due diligence, they'd pretty quickly realise that they are being taken for a ride. If you're prepared to part with that much money without doing your research first, then you've got no one to blame for your situation but yourself. Now, I may make some mistakes along the path of PI, but they'll be mistakes I made due to lack of experience, not because I got greedy/took the seemingly easy way out, thinking that someone was going to do the hard work for me for nothing. The best thing you can do now is take some action, recoup as many of your losses as possible and move on. Blaming Harvard Securities for something that you did to yourself is not going to help you. Getting back on your feet, more determined than ever before to become successful will make you a winner, not a victim.

Mark
'no hat, some cattle'
 
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Sim

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Reply: 1.1.2.2.1.1.1
From: Sim' Hampel


Indeed, my observation has been that greed and laziness are two explosively dangerous traits.

Hence all the rules and regulations that come out insisting that advisors have this qualification, agents have that qualification, and investors must be considered "sophisticated" before they can buy into some other type of investment.

It's all just to protect people from themselves.

Gone are the days where shonky dealers were cunning con-artists who preyed on specific individuals.

Once they realised that people are more stupid (or lazy/ignorant/greedy) than they first thought, they now prey on them via "legitimate" businesses. Enter the era of the mass-market con !

*sigh*

 
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