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A Current Affair - Property Secrets

Discussion in 'Property Experts' started by Darlinghurst Boy, 30th Mar, 2016.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    A Current Affair done a story tonight on some guy running property spruiking and charging 25k.
    One of his ex employees dobbed him in snd said he was ripping off people.

    I think its company name was Property Secrets and if u wanted to know the SeECRET you had to pay the guy 25k.
     
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  2. neK

    neK Well-Known Member

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    From the snippet i saw, it appears the only reason why the employee dobbed him in was because she was owed $200,000 in "commissions"
     
  3. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Probaly... But get this ... Apparently at his "show" he said some "secrets" he wanted to let out was that Lake Haven and Lake Munmoron on the Central Coast follwed by Moree out West were Winners in his opinion !!

    Now theres only one place this guy got that advice from !!!:rolleyes:
     
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  4. MTR

    MTR Well-Known Member Premium Member

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    surprise surprise
     
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  5. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Yes i forget his name... I think it was a surname similar to mine ... Gazumberg? Gazeherg??Gahenstein ?
    And he reads our posts and sells them to his audience as "secrets"

    Omg ... Surely you cant be that silly to pay him 25k for a show telling you Lake Haven on the Central Coast is a future winner?
     
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  7. Speede

    Speede Well-Known Member

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    With those surnames......experts in fraud yawn....................of course with very own solicitors / barristers in place before fraud commences.
     
  8. datto

    datto Well-Known Member

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    Can you pay by instalments?
     
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  9. DiligentPM

    DiligentPM Well-Known Member Business Member

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    Saw the program ...empathy sits with investors who want to do the right thing and build financial security to not rely on government handouts only to be ripped off during their early investing days when still learning...I have personally seen the cost of these 'lessons' with failed marriages and bankrupsy...
     
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  10. tgan

    tgan Member

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    The 'secret' is that there is not secret!
    I feel for those who get ripped off. And its usually people who have worked very hard to put $25k or that sort of money together. But I honestly cant help to ask my self: In this day and age of internet, why oh why dont people just google around before they part with so much money?
     
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  11. datto

    datto Well-Known Member

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    Maybe he can acquire properties well below the market value.
     
  12. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    How come someone like him can be that smart and make all that money ... And the majority of us on here have to go to work everyday to save.
     
  13. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    He must a lot of rundown properties then on sell them .
     
  14. Redwood

    Redwood Well-Known Member

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    From what I saw - maybe 4 minutes, it was a weak story, the people they interviewed seemed scripted. The fact of the matter is that he is practicing without a license....he is not alone. I assume the clients mentioned there will other other recourse for their loss instead of him not disclosing kickbacks....

    Sounded like he does his seminars at posh hotels...I hope anyone that attends a seminar at the Hilton with Freebies etc will realise that someone has to pay for all the glitz....

    Cheers Ivan
     
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  15. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    The person who dobbed him in for breaking NSW law was the former employee who was piffed she didnt get her cut of the dodgy commissions. She wasnt worried about the legality - Just her cut.

    Failure to disclose was how NSW Fair Trading attacked The Secret Business which seems to have pheonixed as U Property Services at same location etc. Thats the ACA spin

    Seminar, flash hotel free attendance, gullible people, non-disclosure of kick back. Fees appears to be a BA service but unlicensed in NSW...Never heard of that b4. Just amazed its not in SE QLD.

    Interesting aspect of show appeared to be filmed inside an accountants / financial planner / property etc office. Didnt see a name but one to watch maybe ?
     
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  16. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Too much duty doing that. No just a middleman - Takes a share / cut and doesnt disclose. Thats the usual MO. Generally these arrangements find very hard to sell property locations that sucks a buyer into belief its all good property. Still laughing at Darloboys description of Lake Munmoron. Then sells the vendor on the idea of a quick well priced sale - Overtalks it and hardsells to gullible first time buyer who doesnt do any due diligence and takes a cut. Win Win for the seller. Lose all around for buyer. Its the Gold Coast model perfected in the 1960s and still in favour today.
     
  17. Azazel

    Azazel Well-Known Member

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    That's the Freemasons.
    Their big secret is they forgot the big secret.
     
  18. kimba88

    kimba88 Well-Known Member

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    I almost got suckered in by this guy a few years ago. He use to do "free property trips" around Western Sydney to show you properties that had been purchased through them, and then to show how the buyer made money - so building granny flats, developing, etc. After the property trip, they took your details down and invited you to go for a 1:1 session with Paul in his office to have a chat and for him to sell you his "product". I didn't lay out any money, but i did have them hassle me with properties for a while.. The properties being offered were usually his properties he owned that he was trying to cash in on.
    I first saw Paul at the Property Buyers/Investors show back in 2011/2012 or something.. since that first time i saw him, he started going to the gym.. he turned into a tank!
    That's my story.
     
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  19. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    Loads of people out there doing these things. Some really good BAs and some shockers. Some unlicensed and disreputable types and some great types in all property ventures. The lure / greed can change what initially is a sound venture to one that suckers people and steals. How do you tell them apart ? There is no product disclosure information for property. Can be hard to tell difference between enterprising business types who legit sell property and support others who also want property and a scammer type spruiker. Like all things there are good and bad -

    1. Look for a REA license. No license ? Why not.
    2. Pay nothing unless / until you do some due diligence
    3. Seek independent advice (Get own valuation etc)
    4. Never use a lawyer or broker recommended by BA, REA or any introducer.
    5. Google their background. All the dodgys will have a history (if their correct name is used)
    6. Ask PCers
    7. Always have the BS radar on.
     
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  20. Kate Moloney

    Kate Moloney Well-Known Member

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    Some of the dodgy spruikers get very aggressive towards those who speak out against them. I've seen all sorts of tactics attempted to silence people from speaking out..... from legal threats, to bullying and peer pressure, or offering to pay people off and getting them to sign hush agreements. Either that or they change their business/ real name and keep operating. The other thing is that the victims are so embarrassed - especially if they are in financial ruin - that they often keep quiet about their experiences.

    Yep, the lessons are very hard and sad for those involved. The sad thing for the ones that get ripped off is that there are very few avenues to get justice. Have seen some dodgy outfits get fined over the years for misleading behaviour etc, and the fine is merely a slap on the wrist with a feather.