Anybody dealt with Mirum Group / Fortitude Homes?

Hello,

Has anybody dealt with Mirum Group? They're selling house and land in qld, with builder Fortitude Homes. Any feedback would be greatly appreciated. I cant seem to find anything about them on the internet (?)

Thanks!

 

@mombie
The website says they are buyer's agents. Never heard of them, so have no feedback to advise. Worthwhile asking who they are paid by?

Seems off the plan (OTP)

What is it that you are trying to achieve? Is this your first investment property? Hang around PC long enough, invest time in your education, network with like minded investors, and then make an informed decision.

 

@Property Twins
they said they buy land wholesale and offer house and land dual key.
they showed us house and land pckages on spruce st loganlea, and another on waterford west.
been reading a lot on pc but just so confused with a lot of options.
this is our first investment, and we're not so keen with buying and selling (profit from cg), so just planning to get the one property for now for cash flow from depreciation and rent hopefully long term to help pay our mortgage for our ppor then continuous cash flow later on when ppor paid.
any advice?

posted the below on a separate thread in case you have any feedback? thank you!

hello,
We're first time investors and flew to brisbane just to see loganlea etc. This is my first time to post on a thread so please bear with me if I may sound stupid or silly or something with our options. We're just relying on realestate.com as I don't have contacts that would give us insider/off market deals
I've been reading a lot around but just wanted to take in some feedback and advice from the investment experts here... or if maybe any developers on here that would help us with our investment? We're thinking for now to buy just the one property for cash flow long term, but also open to buying more down the track depending on how we go with our first one. We're just so nervous!

anyway, from our drive around yesterday talking to a few local agents, we're now at the following:

1. 570k ish dual key on 600sqm in loganlea spruce st

2. 399k existing home on 800sqm in meadowbrook. theyve been discounting a lot so im not sure whats wrong with it that nobody's interested.

3. dual key in augustine heights across woolies but no details yet, agent says she has no info yet.

4. 545k dual key in loganlea evergreen st on 589 sqm.

any thoughts?

thank you all, i appreciate any feedback that would help

 

Do not ever, ever, invest in anything without checking comps first.

What are existing/established homes of the same specs selling for on the open market in the same areas? If the difference is any more than 5%, run for the hills....You've kind of answered your own question with the comp in Meadowbrook.

 

@mombie

Excellent advice by @Andrew Hancock

Have a look at what established properties are selling for in the area.

Cash flow is all good, but do consider if there is an upside with the property long run. If you are already paying so much more to begin with - the property may be slightly positive, would it really create wealth for you?

Just keep reading on PC, and work out your strategy before talking any such action, including buying off the plan. Surround yourself with like minded people, and learn from others experiences. PC is one of the best resources around - so you are in the right place to learn and start building your portfolio.

You mentioned you flew to Brisbane. Where are you located?

 

Hi Massy how did you find the cost of your property bought through Mirum/ Fortitude Homes compared to others being built in the area?

 

If you still haven't bought anything then you should consider Melbourne instead. Much better market for house and land compared to Brisbane.

 

Did you end up dealing with them??? is that company leggit? I can not find anything either, and they dont provide info when they come to see me... very strange

 

Hi.
Did any of you that had experiences with Fortitude homes have any dealings with Compass Property Investing or has anybody heard of them? I am looking into an off the plan investment property on the Redbank Plains estate, QLD through Compass Property Investing and any insight would be greatly appreciated.
Thank you

 

Never heard of these businesses.

What are your reasons for OTP?

I'd suggest reading up on PC and educating yourself first before making any decisions.

At the beginning of our journey, we nearly purchased OTP, the valuations didn't stack up, so had to pull out of the deals. We found Somersoft Forums (now PC) and rest is history.

 

Is there any specific reason to buy in that area?

 

I am currently looking at using this company for investment advice. They say they are buyers agents, however reading through these posts there seems to be a connection with Fortitude Homes. Do they only use this builder? Do they only recommend QLD property as they told me they research nationally. Does anyone know who owns Mirum Group?

 

That is what I am trying to find out...what do they actually do and are they really independent buyers agents.

 

I would be wary of any company/buyers agency that only recommends brand new house and land packages, often there are better investment opportunities in those same areas ie. bigger blocks of land with older houses

 

Generally how much you pay them can be a bit of a guide. And whether you can buy established property through them.

If they're cheap for a BA, and only offer H&L or new builds, it's highly likely they're not working for you and are instead a sales agent.

 

I recently had a meeting with these guys. They told me they are a "National Buyers Agency". Is this correct? Seems like they are just working for one builder. They question has been asked above, but not answered. Their website says they are buyers agents as well. Are they really buyers agents if they are just selling the one builders properties?

 

I've said it before and I'll say it again - Any "Buyers Agency" that only recommends brand new house and land packages or newly built houses is not a buyers agency but is instead an introducer for builders, who pay them big commissions. Commissions they legally don't have to disclose to you.
Mirum Group doesn't do anything you can't do yourself, with minimal time and effort required on your part.

 

Hi Mnemonic,

Much better to pick the area you are interested in and get a local specialist to help you. Are you looking at new property or existing property?

Best of luck.

 

Are you serious? Any independent property advisor, usually a QPIA who's a member of PIPA (which you don't seem to be, Richard) would talk at length to Mnemonic about their current situation and devise a property investment plan which is location agnostic. They certainly wouldn't say, "Hey pick a location then get a local specialist to help you."

 

As per @propertywatcher's reply it appears the answer is possibly no. Spruiking is selling a product and is different to what actual BA's do.

You have a couple of options from this point forward.

1 - You can press on and buy new from them anyway, ignoring the alarm bells the various forum members are ringing If so, I hope it goes well (sincerely some people follow this path and are happy) the common problems included building/builder problems and negative equity.

Pathway 1 notes/observations.... It is super common for new builds to have a property worth less than what you paid which makes it a lousy investment for the first few yrs. Maybe the market will grow enough over time to make you profit, depends where it is and what the market does. Eventually it will but how long? If it is in an area with LOTS of land around as many new estates then you have to ask yourself what is going to drive growth? I prefer areas that are already mostly built out because the supply is constrained.

2 - You can decide instead to purchase existing (2nd hand) property literally anywhere you think makes investment sense. This is the path many of us on the forum (and many true BA's advocate and follow). The reason for this is you don't have to pay top dollar for off the shelf new stock and can locate better spots, negotiate better deals and make money faster. This is at the expense of not having a shiny new product and having slightly fewer tax deductions.

Pathway 2 notes/observations... now you have some different choices. Do you pick a strategy or a location first? Up to you. Do you chase growth or cash flow? Up to you. Do you renovate or buy and hold? Up to you.

What are your goals?

As @propertywatcher has said you can develop a property investment plan which is location agnostic. You can also pick a location and then work to your budget. There are plenty of accidental investors who did this and made money.

I prefer to start by setting goals, then choose locations based on strategy and budget, but some others don't. I like it because I like being creative, I like houses more than units, I like renovations and I like extra developments like dual occupancies and granny flats. These things help make more money from each property so I like them. But they take a fairly large amount of work, so they don't suit everyone. There are plenty of people who are just as happy selecting a unit somewhere that suits them and just holding it long term. There is nothing wrong with that. If you take that path you still need to do research so you know you wil do ok where you buy. There are lots of ways to skin a cat. Picking a good team and learning enough to understand when you are being lied to are useful steps 1 and 2 in my opinion. Both remain essential along the journey. Best of luck!