Hi, I'm looking to purchase an IP and wondering if anybody that has had experience with OpenCorp would be willing to share their experiences? I've read the book and some of the other threads on both here and SS, and have a good general understanding of what they offer and how they operate, but looking for some insight from others with firsthand experience. Very interested to hear a little about: 1. location/cost/timing/spec of the build including any additional fees? 2. valuations at build, growth since then, and the ability to duplicate from there? 3. experience with property management and tenants? 4. whether you looked at or bought/held properties without OpenCorp also? 5. generally your experience working with OpenCorp - the good and the not so good? Thank you. All feedback and comments welcome.
They are a one stop shop. I went to one of their one on one consultations when I first started my property journey. They charge you money just like a buyers agent but sell brand new house and land packages which in my opinion, they would also be getting kickbacks from developers as well. And yes they also do property management. So yeah you won't find anyone here on pc who uses these types of one stop shops.
Yeah if you're that adverse to getting your hands dirty just invest in a property trust or something.
Thanks for the responses. Why is that? Thanks. Do you mind me asking what approach you would recommend took yourself? There were a few people on here that had gone through OpenCorp, and spoken reasonably highly of the experience and growth/ROI, but it was from a couple years ago, hence my post checking in on more recent experiences and how those properties are performing a little further down the track. Thanks, but a property trust or something is not quite what I'm after. Looking to purchase an IP primarily for long-term capital growth and good close-to-neutral cashflow, ideally through relatively new property or a brand new build (to max depreciation, help keep it tenanted for at least the first few years, and minimize maintenance expenses).
There are no independent checks and balances eg your own solicitor/broker/p&b looking after your interests, they are offering their/developer's stock at above market rates, getting kickbacks at each stage.
That's it! Although happy to be proven wrong, I've not heard anything good about ANY 'one stop' type Companies. If you want to do well, I'd suggest you learn to do it yourself, rather than use this type of business.
One of the ways these one stop shops scam investors is through equity loans. This means the equity comes from a different property so a bad LVR doesnt trigger a decline in approval. They just tell you its all approved and make it seem pain free. But the high LVR is pain. Its a secret. They also lack independence where the loan is facilitated by the same parties who make a commission selling, who also charge for management and.... They offer mentoring and a financial plan whichj isnt a true financial plan as they dont have a afsl and cant advise on all things such as super. Guess what it will say ? Borrow more and buy more property from us. I have never seen one that says sell. You are being milked at each and every level. And I have even been approached by some to be part of their team to further erode independence and make them seem like a bigger one stop shop. One even asked me to suggest smsfs since they got an asic caution...Oh great I dont do that either !! I refuse to assist seminars for such firms. I think it is unethical. I want to look my clients in the eye and speak the truth. I ahve seen people buy from one stop shops who get a independnt val 2 years later and its still worth less than they purchased it for. Often much less.
