People jump on a bandwagon, don't do any of their own research and DD, believe that they are the anomaly when it comes to getting rich quick, expose themselves to ++ risk, then look for scalps when their poor investment choices don't pay off. Should these customers be seen as victims? No Cookies | Daily Telegraph No Cookies | Daily Telegraph
These unsophisticated investors were essentially buying Off The Plan - and builders going bust mid-project is just one of a multitude of possible risks. I hope the "Club" made those risks clear to these families who, to give them their dues, were probably only trying to provide for their retirement or kids. I wonder if they got independent advice before jumping in?
Nearly got lured in by these guys many years ago. Using the name "club" makes it sound like a friendly group of people, but I think they are really nothing more than a (probably unlicensed) buyers agent - but working for themselves, not the buyer! Perhaps more like a marketing company. I think you gotta feel sorry (a little bit) for these people who got burned; from memory, the "club" doesn't promote get-rich-quick, but more slow and steady. Which property can be, but usually no with OTP. They got suckered... by a 'professional' scam. (IMO - YMMV)
I think the property club must be the club formerly known as the investors club - I received a marketing call from them a few months ago.
I know of one such club in the northern suburbs of Perth which shut down its doors when TIC was exposed. The same mob are now running the same sort of business using a supposedly a mentoring service selling properties that they have specifically sourced ' obviously getting kickbacks'. Its amazing how many people buy into the trust of such cons.
What they are doing is no different to just scoping around for land, sourcing the cheapest builder etc and getting things done. This is where the margins are to be made for the investors. Money isn't easily made by following the herds, you have to be on the ground to see and look and feel for yourself.
@melbournian thats what I mean. They are developing through methods that they have decided employ. What I'm saying is where is the DD and risk minimisation of these so called victims. People will believe anything in the hope of becoming a millionaire with little or no effort. People like to quickly claim responsibility when their investments succeed (even when through dumb luck), however conversely try and blame someone else if it fails. Obviously it failed. Reading the mission statement and product description of this company really did make me LOL.
Appeared in the media again recently. No Cookies | Daily Telegraph Knowing Kevin Young he'll be now threatening all involved with legal action unless they retract their comments. Can't say that any of his comments are believable. He has spent a lot of time recently threatening his critics with defamation. Anyone who has stood their ground though, soon discover he is all puff and wind.
New readers, just be mindful this is not the same as Australian Property Club where Stephen Zamykal is the owner who is renowned for his book The Investment Property Plan.
Nb is getting into this arena now isn't he? Anyone looked into that? Saw a youtube vid He's buying land in rivo (riverstone for those with teeth) at a discount for clients then building. Has he just put a new spin on this? Buy land pre boom, sell at x% less than boom prices to sound attractive and get a cut off the build is that the plan?
I saw that same video, didn't do any research into the area. Not part of my strategy and the numbers seemed crazy he is predicting...
