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Simon Loo from Housefinder

Discussion in 'Property Experts' started by BeefEater, 12th Oct, 2016.

  1. BeefEater

    BeefEater Member

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    I've recently used @Simon L from Housefinder for the purchase of an IP in Logan CC which will be settling in a few weeks time. I have used other BAs in the past but Simon is cut from a different cloth.

    Overall I have found Simon to be a really genuine and down to earth person. He is easy to talk to, always accessible and happy to answer any questions and share as much info as possible. He knows Logan CC very well, and is highly knowledgeable about growing a portfolio being an investor himself.

    One thing I will say is that you do need to have a clear plan on what it is you are after and be quick in making decisions as some of the 'good stuff' seem to be going quick. We've already engaged him to start looking for our next one and as such, I have no hesitation in recommending him to anyone looking for a BA.

    I would also like to thank @Redom for looking after the finance side of things. He has been a pleasure to work with, very proactive and switched on and has a wealth of knowledge about structuring and finance. Overall a top bloke and I would highly recommend him to anyone looking to get their finance sorted.

    Happy to be PM'd if any one wants more details.
     
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  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Great to hear some good feedback publicly :) Nice work Simon and Redom.
     
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  3. bob shovel

    bob shovel Well-Known Member

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    Agree with all the above comments!
     
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  4. Greyghost

    Greyghost Well-Known Member

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    Post the details of the deal.
    Address
    Price
    B&P points to consider

    Service is one thing, let the numbers on the property speak.
     
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  5. Greyghost

    Greyghost Well-Known Member

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    Reason why I state my comments above is that if a BA specialises in a particular area they are still going to push that area when it is moving, so you may think you are getting a solid deal but in actually fact it may be mediocre. He is trying to make a living after all.
    Just being Frank.
     
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  6. bob shovel

    bob shovel Well-Known Member

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    The person using the ba should be happy with the numbers. Everyone's numbers are different, it's up to the ba to provide a service to make the client happy. Based on those comments above is an indication the ba is working with you

    You can see simon's website for property purchase details
    http://www.housefinder.net.au
     
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  7. Greyghost

    Greyghost Well-Known Member

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    I know who Simon is.
    For mine, I'm not fussed if the BA provides the most terrible service in Australia if they source me a great deal.
    For a lot of Sydney and Melbourne folks Logan buys which are "meh" at best can seem like great deals, due to the prices and yields we are used to. So if you have not spent the required time understanding and educating yourself on the area deals presented by a BA in this region can seem great, you feel you are getting great service, all the while it's a stock property you could have picked off RE and got a $5k discount yourself.

    I'm not saying that is the case with Simon, I'm saying there seems to be quite a few "Logan experts" around now selling to the masses who are not from QLD.
     
  8. bob shovel

    bob shovel Well-Known Member

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    I think there's more to BA's than just finding a great deal.
    I've used BA's twice and have educated myself extensivly on areas but the main reason is being "time poor" to deal with agents and the purchase process. I want good service and the great deal.
    For newbies they should still educate themselves on areas etc but the BA can help to pull the trigger, and by the comments in OP simon can help get there.
     
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  9. Simon L

    Simon L Investment Property Buyers Agent Business Member

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    Thanks for the kind words!

    Looking forward to finding your next one with the $80k equity pulled from this property :)
     
  10. New2prop

    New2prop Well-Known Member

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    Agree with @Greyghost . While it is good to recommend someone and it is useful info for the forum readers, the proof is in the pudding. If you don't mind, share the info greyghost has suggested and a bit of mental exercise for the rest of us will be good to assess how good a deal it was given fresh activity in the suburbs (including my recent buys). Also, something for all of us to learn to identify similar opportunities if we see one.

    BTW, I know Simon and respect his work and accomplishments.
     
  11. bob shovel

    bob shovel Well-Known Member

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    No way you can get your own BA and DD :p
     
  12. Elives

    Elives Well-Known Member

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    This thread feels more like an advert.. and the "80k equity pull" is just spruiking. the fact that they don't share any details but say "80k" not trying to sound negative but it's just how it reads.. good work though on the 80k thats massive!
     
    Last edited: 23rd Oct, 2016
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  13. bob shovel

    bob shovel Well-Known Member

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    Yeah! everyone knows equity is a scam!
     
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  14. New2prop

    New2prop Well-Known Member

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    Just to clarify - I am not posting this because of the the buyer/ the BA or the amount of equity gain. I think if somebody is openly recommending someone or said they had a good or bad experience, they should be able to give details and respond to questions. Otherwise it is like Trump - make comments/ accusations without any basis and not respond to questions. Makes sense?
     
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  15. BeefEater

    BeefEater Member

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    Hi New2Prop

    I don't want to post the address as @Greyghost has requested as I would like to keep my anonymity on a public forum. I also don't feel obliged to post specific figures as let's face it, anyone with a bit of time can dig up information based on purchase price etc to find out my details.

    In saying that, the property is expected to yield at about 6.4% and a CBA desktop val came back at $98,600 higher than the purchase price. Obviously will have to take a desktop val with a bit of grain of salt but it still translate to some very useable equity. An ANZ system estimate came back at about $54,000ish above the purchase price. So do what you will with those vals.

    @Elives this thread wasn't intended to be "spruiking" or an ad per se. I just wanted to let people know that I had a good experience dealing with Simon. No where in my OP did I say that I bought a "solid deal", simply that I was happy with using Simon as a BA. Everyone's numbers are different and I am happy with the result achieved this time.

    FYI - I only came across Simon as I was browsing the property expert sub-forum. I was very sceptical when I read his website on some of the recent deals but there were some positive posts about him from the thread. I simply called him the next day for a long chat, then paid my retainer fee shortly afterwards.

    My thought process was as follows - what was there to lose? If he doesn't deliver what he promises then I won't make a purchase and just move on so worst case scenario I lose the retainer fee. However, if he does deliver what I'm after, then great, money well spent. Not to mention I might learn a few things along the way and get access to his connections for trades, property manager etc.

    I don't believe that just because I am openly recommending a BA that I am obliged to post details. There have been a few positive comments about Simon already and if someone is genuinely interested in using him as a BA for their next purchase, go have a chat with him - let him know what you are after and he'll tell you whether he can help or not. In my situation, he nailed the brief and that's all the matters.

    FYI - This is my third purchase in Logan this year and I used another BA for the first 2 purchases - they were OK purchases and are doing well now as the market has moved (also bought BMV). But if I had to choose, I like this particular deal the most :)
     
  16. New2prop

    New2prop Well-Known Member

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    Hey @BeefEater , understand your privacy concerns. We will then just stop with you being a happy customer :)
     
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  17. valuer

    valuer New Member

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    I am only new to the website but have been noticing some of the comments and in particular the reference to "desktop" assessments. As a valuer of 37 years experience I beg you,. please please do not rely on what guess the desktop system gives you, especially if it is telling you a $50k+ upswing in value. If I can you one piece of advice is trust no one who relies on you purchasing a property for their income and livelihood. There are so many websites available now and buyers should be more informed that ever before.

    We are seeing so many investors now being conned by developers and their agents and spruikers about outrageous returns in new estates. In one area that the office valuers in a complaint was lodged about a valuation that was completed. An investor, sight unseen had signed up to have a house built for $500k, commenting about the large number of investment properties being built and that over 700 houses in 2 suburbs alone were available for rent. We crashed it and the broker complained to the lender claiming that there were only 67 properties (still a big number) available for rent. It took about 60 seconds for the lender to confirm that we were right and their clients agreed to walk away from the deal.

    In another one, a developer sold a block in an estate for $244k. The deal fell over and 6 weeks later it was put under contract to a different buyer but this time for $264kj. There was nothing different - the market was the same, no extra works. it was just that the spruiker for the developer was able to find a trusting young couple who believed their rubbish. The bank rang up again questioning why we valued the land at only $244kk. Simple answer, the developer/broker was stealing $20k of their money and once they knew the facts they walked away from that deal and are now looking for something established.

    Developers form a large part of the rich lists that come out for a good reason and it is not that they are looking after your best interests. Funny, so many of them increased their land prices straight after Pitt announced an increase in the first home owners grant.,

    Do you research. If you are going to part with $500k then pick up a phone, jump onto the numerous websites and see what is available or speak to one of the smaller valuation firms (one where the valuers don't churn out 10 a day) and ask for a valuation and advice. If you were going to but a $25k car you would be cautious.

    Please be careful. The unit market in Melbourne and Brisbane Is close to freefall.
    We are seeing resales of units purchased off the plan 3 years ago falling by up to 15% with rents following a similar downward trend.

    This is not doom and gloom, property is still a great investment path, just trust your own research and not someones that is paid to sell for as much as possible and if the return is so much better than anything else you have seen, run.
     
  18. Darren

    Darren Well-Known Member

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    @valuer Great idea to call a valation specialist for each area to at least compare with a desk top valuation.
    Regarding the cautious car comment, right now as i type my 65 kombi van is sitting on 23 bids at $45,000 on ebay, i have had 2 questions about the car both related to my reserve price, not one question about the cars condition and not one request to come to look at it in person.
    Crazy, seems like people buy things on emotions instead of using good old common sense.
    Lucky my car is actually a good one.
     
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  19. Lacrim

    Lacrim Well-Known Member

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    Its not rocket science to purchase interstate - all it takes is RP Data/pricefinder access (imperative), constant, daily tracking of realestate and domain, understanding the buying process from a contractual perspective, this site:) and speaking to multiple agents and your nominated conveyancer. May take a few hours to get up to speed but coming out at the other end, you'll probably be as skilled up as anyone else to snag a 'bargain' if or when it came up .

    If I was a BA and came across a deal, presumably under $300-350K if in Logan CC with an easy $80K equity pull, I'd move heaven and earth to snare it (for myself).

    Not discrediting Simon in any way - just being brutally honest about how hard it would be for most to walk away from a fantastic deal (or give it to someone else irrespective if they paid $10K to source it). Therein lies the conflict of interest. I'd make a sh*tty BA! o_O
     
    Last edited: 7th Nov, 2016
  20. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Thats what makes a great BA - the ability to put their client's interests above their own regardless of own financial gain.

    I heard a saying many years ago and still believe in - the real estate agents who are most successful are those with morals and standards, or those with none. Decide which you want to be.
     
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