Opencorp

Does anyone have any experience with OPENCORP and their services?

OpenCorp

 

There's an earlier thread in this forum about Open Wealth Creation. Same company. There's a H&L division, and a Funds Management division. The thread also has links to SS.

 

They were at the Property Expo and seemed pretty knowledgeable and very helpful, didn't once push their service to anyone while I hung around for 15mins.

Open Wealth Creation experiences

Open Wealth Creation - Somersoft Property Investment Forums

 

Thanks @adrian_christian and @AlexH. That's very helpful. They have offered a free consult so I wanted to know what I had to be careful of. Thanks for the links.

 

I know some of the Directors socially, so difficult commenting professionally but I know they're not into the hard sell.

The business was there to help friends and family on the property/wealth creation journeys, and have scaled it gradually over the last few years.

 

just finished reading old topics on them. Quite interesting & different views by SS members.

would be interested to know how you go....

 

Just got this email from them

Ricky Ponting is apparently worth $65m...

 

More about Al Lewison one of the directors:

Fringe seller: meet Allister Lewison, the one Young Rich property mogul who stayed out of the inner cities

 

You'll get a pretty good feel for them if you watch their WOD videos on YouTube

 

I have a IP through them. Built it 2 years ago. Highly recommend them, I will most likely contact them again for another.

 

What area was it built in @Jimmy D ?

 

Upper Kedron QLD

 

Jimmy D, are you involved in Crowd funding service with them as well?? I guess it will depend on what they are building but worth exploring....

 

No I am not. Yeah it's definitely worth doing your own research into what they are developing.

 

Hi @Jimmy D are you able advise how their pricing works? I spoke to someone over the phone and they said that you don't pay anything until you purchase something, but he said they would go through the costs during the consultation if I did one.

 

Hi Late_Starter, Yes you pay a fee ( not sure if is % based) as part of the purchase. This fee also includes the depreciation schedule, rental guarantee and a number of other smaller things from memory. The good thing about the rental guarantee is that if the property isn't rented for any time in the first 12 months then they will pay you 80% of expected rent. Rent appraised by RE agent. The fee is also tax deductible. They are really good to deal with. My place wasn't rented for first month after build and all was sorted very easily.

 

As long as they don't build the rental guarantee into the price.. If it is 10k more and rent is 300 pw then you are looking at 33 weeks of paid up front rent (not including interest).

 

Glossy brochures, rental guarantees, let me guess they offer H&L packages in outer ring suburbs with plenty of land available selling the benefits of depreciation, negative gearing, the appeal of newly built homes etc. etc. I'm guessing they offer an advisory service saying how they specialise in property advice and wealth creation with no real qualifications or historical proof of their wealth creation success and of course where they invest there are plans for infrastructure, which will probably be years away if it happens at all.

Open Corp and open wealth creation. So open wealth provide their clients with H&L packages developed by Open Corp. so they are selling you a a property from their stockist. Not sure how that could make a good investment. Will be years before any growth is achieved 90% of the time.

Surely when investingfor long term CG you would like to see long term historical data

 

The rent was quoted by the real estate at 500-550pw so made a difference. I compared sales price from them against other comparable sales in the area to gauge whether the price was acceptable.

 

The house value is now +20% of purchase price since sign the contract late 2013...