Ironfish, IBuyNew - any experiences with them?

I dont know honestly thinks that OTP property is expected to repeat its past 7 years in the next 7 years. More people may warn you of that specific concern rather than use it to flog stuff that is oversupplied to gullible buyers. That how some get their cut perhaps ? Developers eager to offload and reduce their stock in a tough market ? If they sell volume then you could also be buying into a timebomb building which is riddled with poor performance and buyers in financial trouble all eager to offload. A problem that just gets worse.

That could be a misleading statement based on reasonable knowledge.

 

My advice - keep your wallet and run away as fast as you can.

I've been to their seminars before and my first IP was OTP bought from similar companies, also big with Asian/Chinese...you can probably guess. The apartment is less than 10 years old and I'm getting water leaking issues during heavy downpour. My unit is on level 1 so it's not even on top floor! Building quality is just shocking nowadays, plus you'll be paying a premium.

One of my mates was an Ironfish sales agent and he quit last year. When asked why, he told me "I don't think these stock are the best for customers". He too, have bought one from them in South Brisbane couple years ago and is now suffering from both decline in value and struggling to rent out at the original forecasted rent.

Do yourself a favour - if you're new, read up on the forum everyday for a good 3 months and absorb the wisdom before you engage any professionals.

Cheers,
David

 

Avoid, do your own research if you wanted to purchase OTP property. Approach the developer's sales team directly as they always offer a better deal based on my own experience.

 

oh man, feel sorry for you

 

haven't bought OTP myself, and probably won't buy OTP in foreseeable future, or ever.

"pay a small deposit using today's money, getting a big return tomorrow" ( with OTP), really?

maybe do a search on the forum, there are goods advice on this topic.

 

Ask them if they will give you a guarantee of it doubling every 7 years, in writting with a cash payment every year should it not be on target to double
(for the entire time you own it)

Watch them backpedal

 

So I believe IronFish's strategy relies on the old:

• Buy say 2 investment properties, sell one in a couple years time and you'll own the other one outright.

What people say on here about the Asian Market target is kind of true=their name is based on the idea that fish is seen as a sign of wealth in many Asian cultures apparently.

I have never bought from them or know anyone who has, but have seen their videos/marketing and think it is very slick.

 

I would certainly get it in writing.

And take them to court when it doesn't:

Judge tears up $1m property contract

TWO property speculators have been given permission to walk away from a contract to buy a $1.07 million terrace off-the-plan, in a Supreme Court judgment that is being reviewed by the real estate industry.

...

"There was no reasonable basis for a prediction that the value of property in the Victoria Park development, or the Form complex, would double in five years," Justice White said.

"According to Mr Zhang, he and Ms Liu were reluctantly persuaded to buy the Victoria Park terrace by being assured that the property market was continually rising; that the market doubled in value every seven years; and that in two years the terrace would definitely have increased in value," Justice White said.

 

They charge hefty fees to devs. Enough said. Product is not retailable.

An off the plan apartment in a block of 220 is different to an apartment in a block of 12. Which is different to a 2br townhouse off the plan with street frontage in a great location on 180sqm of land.

As always, do your research and get a specialist solicitor to review the contract. And specialist broker.

As a first IP I would suggest something like the latter. Get a bit of equity happening, that's unlikely to happen almost any apartment. 2br townhouse on a decent plot is a great balance of growth and cashflow.

 

They were interviewed on Sky Business News property channel at the expo in Sydney on Saturday. Was quite surprised to see Sky giving a plug to an outfit like this.

 

Iron fish are machines at off the plan sales to Chinese. They partner with some developers, are well connected and get the job done. Mostly they sell price point stock.