Tag Archives: scam

RED ALERT

2003.  I have several lovely clients from Malaysia who’ve bought and sold a few investment properties through me.  One of them refers an equally delightful man to me and I eventually receive an email from him.

Hapless (I use that word a fair bit I guess but it’s such a good descriptor) fellow was “stitched” into buying an Apartment “Off the Plan” and settled in 1998 or thereabouts.

The “deal” included a Rental Guarantee of 7% per annum on his $299,000.00 purchase price for the first two years, rising to 8% for years 3 and 4.  From Year 5 the rent reverted to market return.

Continue reading

Tagged , , , , , , , , ,

PROPERTY INVESTMENT “SEMINARS”!

If you want to go to one or more of these, please do, as long as they come free-of-charge and you promise me you won’t give them your name, address, email or any other personal details.  Resist their pleading.  Just go along, listen with a cynical ear, and leave.

They’ll tell you they have “inside secrets” to which only they have access.  Rubbish.

Continue reading

Tagged , , , ,

A SCAM THAT CONTINUES

Many years ago I lost $250,000.  I’m not stupid, merely as trusting of professionals as most lay people. My life savings were stolen by a group of Company Directors, Accountants, Solicitors, Valuers, Financial Advisers, so-called Consultants and Real Estate Agents, working together in such a way as to totally confuse and bewilder even the most experienced investor or business person.  Since then more Accountants, calling themselves Receivers this time, more Solicitors and more Advisers and Consultants have taken whatever was left after properties were sold and proceeds distributed.  Fellow investors and I advanced $2 million on a land valuation of $3 million supplied by a well-known firm. When the scheme collapsed, the land sold for just $220,000.00! The Receiver’s costs were $270,000!  One fellow investor died from the stress of it all.

Continue reading

Tagged , , , , , , , , , , ,
Advertisements
%d bloggers like this: