Who has used Binvested 3-5 years ago?

Discussion in 'Property Experts' started by Justin Morris, 19th Mar, 2017.

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  1. Greyghost

    Greyghost Well-Known Member

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    I don't have any issues with BA's.
    I would use one if I knew they could get me a place off market for less than market value and for less than emotional value if it went to auction.

    But I wouldn't rely on one to define your strategy and asset type, locations etc.
    That's all Marco stuff. When you have that figured then engage a top BA ( if you still wish to) as he will have the contacts etc and know which street to target.

    The scope of a BA can be quite broad, so understand exactly what they are going to do for you.
    I'm prop not the best person to ask experience wise about BA, there are some members on here who are BA and have experience with them also.

    I'm just saying don't let them define your investment journey. Empower yourself, so you are able to make informed choices of your own.
     
  2. Greyghost

    Greyghost Well-Known Member

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    Should be enough smoke on this forum to suggest there is fire mate..
     
  3. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    @Justin Morris have you found a youtube video where Binvested talk about a particular property in QLD and mention the strata fees in the video?

    I haven't come across one yet because, from my own DD over an extended period, once you throw the strata fees into the equation it becomes clear the property is negatively geared.
     
  4. Justin Morris

    Justin Morris Well-Known Member

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    Thanks mate.. So you are advising me to look at the bigger picture when looking at the overall serviceability.
     
  5. kierank

    kierank Well-Known Member

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    I would call it "scorched earth".
     
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  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    There is no hatred towards BAs on this forum - we have a lot of BAs who are business members here (they pay to promote their business and to support the operation of this site) and are well respected by our community.

    What you need to understand is that not all BAs are actually Buyers Agents.

    True independent Buyers Agents like we have as members on our site only ever work for the client and source properties based on the client's requests and criteria.

    Some other companies who like to call themselves Buyers Agents are not acting on a client brief, but instead will source properties that fit their own criteria and then go shop them to their clients (for just as much money) telling them that "this is a good deal, you should buy it" without regard to someone's personal goals, priorities or individual circumstances.

    There are even worse organisations calling themselves Buyers Agents who actually just source developer stock and are nothing more than developer spruikers - very questionable as to whether they are working in the client's best interest or really acting in the developers best interest. I'm not suggesting that Binvested do this - it was just another example.

    Then you get the sales agents who masquerade as buyers agents - even though there is supposed to be separation between the operation of sales and buyers agents, closely aligned businesses have to be questioned as to the independence of their advice.

    You should familiarise yourself with industry groups such as Home | Real Estate Buyers Agents Association of Australia (REBAA) Inc who have very strict criteria as to what constitutes a "Buyers Agent" (independence is critical) - and anyone calling themselves a Buyers Agent who wouldn't qualify as a REBAA member should be questioned very carefully before you commit to spending a lot of money on what may not be truly independent advice.

    I know a lot of people on this site who have purchased property using an independent buyers agent who sourced property for them based on a brief they gave the BA and are very happy with the resulting purchase. It's not always rainbows and unicorns (there are no guarantees) - but at least you don't have the question about whether the advice you received was tainted by commercial influences like it can when there is not true independence or when the buyers agent isn't necessarily acting in your best interest and with full transparency.
     
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  7. Justin Morris

    Justin Morris Well-Known Member

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    No I haven't. I was speaking to an investor who has a few properties up in Qld with strata and he mentioned if it around 2k per annum that is good

    Thoughts?
     
  8. kierank

    kierank Well-Known Member

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    This thread reminds me of the old saying:

    "You can lead an ass to the library (of knowledge) but you can't force them to read."​
     
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  9. Justin Morris

    Justin Morris Well-Known Member

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    Thank you Simon! It is great to see these forums are very active.. Some advice is powerful and can save many from pain..

    Yes, totally agree nothing is rainbows and unicorns.. If it seems too
    good to be true.. It generally is.

    Can you recommend any independent BA's?
     
  10. Big Will

    Big Will Well-Known Member

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    Since searching/researching doesn't appear to be a skill set you posses...

    Here is nearly 1,000 post about Nathan, come back after you read them and let us know your thoughts.

    Nathan Birch
     
  11. Simon Hampel

    Simon Hampel Founder Staff Member

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  12. Tim & Chrissy

    Tim & Chrissy Well-Known Member

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    Depends on all the figures.

    The point I am making is getting $300pw for a townhouse that cost $220,000 sounds great but when the strata costs come to $100pw the deal all of a sudden doesn't look so flash.

    As others have said, there is no silver bullet, don't invest in something you don't understand and make sure you do the basic maths on the deal to see if it stacks up.
     
  13. Simon Hampel

    Simon Hampel Founder Staff Member

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    And more importantly get truly independent third party advice - you need external eyes with no vested interests who are going to pull you up and tell you "this doesn't add up" or "this looks questionable" if they see you doing something really silly.

    So you should source your own accounting, mortgage broking, property inspections, conveyancing, and not rely on those recommended by the person telling you to buy a specific property. Again, it's about independence.
     
  14. hammer

    hammer Well-Known Member

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    Hey @Justin Morris people here are trying to help you avoid a huge mistake.

    The organisation you are talking about are not buyers agents. they are spruikers. They are not out to help you, but to help themselves.

    Everyone on here has their own strategies...buy and hold, Reno and flip, house and land, even ye old buy a PPOR and be done with it..... They all work for different reasons in different ways for different people.

    Spruikers are not a strategy, do a search on here for the keyword "spruikers" and see what you come up with. There are lots of people who think some spruikers should go to jail. It's that bad.

    Your best bet is to do lots of reading and come up with your own game plan. Build up a team of people smarter than yourself and then go ahead and do whatever it is you need to do.
     
  15. Perthguy

    Perthguy Well-Known Member

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    I don't think there is hatred towards BAs. @DaveM is a BA in Adelaide and I have seen quite a few posts from people thanking him for a deal he has put together. When a forum member doesn't do the right thing it becomes public very quickly.

    I know quite a few forum members have used BAs with good feedback and some do not have good feedback. That doesn't translate to "Yes I can see there is hatred towards BA's not just on this forum".

    It's like property managers. Lots of negative feedback but most people still use them.
     
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  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    There actually isn't a hatred towards BAs and there are BAs who are members on here and members who have used BAs. There is however healthy sceptism for any who spruik get rich quick and don't personalise properties to your own strategy that fits your risk profile

    BAs come in handy for:
    - buying interstate as they know the local market and know the good area vs the dumps - even within a suburb there are more prime spots
    - being able to network and negotiate with local REAs to get you the best price
    - find properties that suit your risk profile and strategy rather than suggesting you follow their strategy

    Whether you choose to you a BA or not, it pays to make an informed decision. Buying a house with or without help is a massive decision and we all encourage newbies to go in with your eyes wide open.

    Each property purchase impacts your portfolio and future lending capabilities. Sometimes a cash flow positive property is not all it's cracked up to be - yes we'd like property to pay for itself but if it has no markers for growth then it will just end up being a property that is rather meh.
     
  17. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I've dealt with plenty of BAs, both as a broker working with mutual clients and as a purchaser using a BA myself. I'm more than happy to recommend quite a few BAs around the country. There's a lot of reasons why I think a good buyers advocate can be extremely useful.

    Binvested aren't "Buyers Advocates".
     
    Last edited: 20th Mar, 2017
  18. Marg4000

    Marg4000 Well-Known Member

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    I never used a BA so can't comment.

    But any BA who recommends a legal practitioner should ring alarm bells loud and clear.

    Legal advice should always be totally independent.

    So should the mortgage broker, but legal advice is the biggie.
    Marg
     
  19. jim1964

    jim1964 1941

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    No Cheapies left in Adelaide.
     
  20. abbyfresh

    abbyfresh Well-Known Member

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    Talking generally if you are spending $10k upfront full fee in advance for some-one to source you a property you would would expect most of the high level due-diligence that could only be done by an experienced investor & buyer should be well and truly done for you before it is even presented to you as appropriate.

    I'm gobsmacked if you literally need to do the full due-diligence yourself from scratch as though there isn't even a BA in the equation. In such a model they are preying on those to not do such due-diligence, and accept the offer in a timely fashion based on knowing more than you do.

    How can a novice investor be expected or even know how to do high level due-diligence as that is one of the reasons they are paying for such a service in the first place.

    If not, it really de-values the fee you are paying.

    If it is meant to be BMV after you have paid their fee, what was it if you bought the same place without that fee? Is there an equation for that o_O

    You can see the level of trust most put into their BA, making huge decisions on behalf of their client as most are time poor or lack skills / experience / education to challenge / question the deal otherwise.

    As said educating yourself and trying to find an IP yourself can be the best first learning step.

    If after that if you do choose to engage an BA you would be better educated and informed to find the right one and manage them appropriately.

    I know many arrange services based on skills / experience we don't have for smaller ticket purchases, however these are high ticket purchases that are more complex than booking a chippy to build a retaining wall and be told it won't fall down.
     
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