Paul Flynn Properties

MTR said:

Rolf

OK, I get this, but in some cases the investors wont even realise they got burnt until they are ready to sell. Some will just move on and may be too embarrassed to mention a deal gone bad?? who knows

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Im sure such things happen for BA's and groups of all sorts/

All the transaction for my various unrelated clients have made via Paul have valued up fine under normal market conditions, using Valex and VMS panel valuers through their systems - thats a core sanity check for any purchase, especially if you dont have an understanding of the local market.

I cant say the same of some buyers clubs etc where we have had some real fun especially in the new stock space.

ta
rolf

Another scratching my head

Got some spam that said two 2bdr unitsin a retirement village returning 400 odd per week

So I manage to find the property based on the photo and lo and behold another agent has it for auction in a few weeks

Call both agents and confirm the correct address, one is adamant that it's a 3 bdr free standing home renting for 320 per week, while the other is inssiting it's two units in a retirement village

Soooooo confused on a Saturday morning

Rolf Latham said:

Im sure such things happen for BA's and groups of all sorts/

All the transaction for my various unrelated clients have made via Paul have valued up fine under normal market conditions, using Valex and VMS panel valuers through their systems - thats a core sanity check for any purchase, especially if you dont have an understanding of the local market.

I cant say the same of some buyers clubs etc where we have had some real fun especially in the new stock space.

ta
rolf

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Value of a property is only one component.

PF provides many services - project management/consulting services, rental management, renovations services, BA services.

My value came in fine, its everything else that went pear shaped because the estimated figures were wrong/underestimated, the renovation project - well they did not quote all the work required though this was their brief, they underestimated the project, yet PF was paid a consulting fee for this. He mentioned that I did not have to pay this then did a backflip and charged me for this, even though he stuffed up as the consultant.

Underestimated the rental income, made a difference to the yield.

PF property management company well they did not even write up a comprehensive rental property report, they only took photos. I am not sure if this is legal? My new property management company were in shock from paperwork they viewed, or lack of paperwork. They were also disgusted after reading one of his aggressive emails to me. Fortunately I moved on and ended up with a great property management company who sorted out all the mess, and did amazing things way beyond what is the norm, I think they felt sorry for me and what PF put me through. They re-tenanted the property and made arrangements to sort out stuff, thanks Rolf you recommended this RE company they were just brilliant.

I have no one to blame but myself for not thoroughly investigating all the information provided. I no longer have the property I on sold it as the market started rising and thought it would be wise to take my money and run, I realised that this property would be one continual headache.


I have nothing good to say other than "buyer beware"

MTR

What a waste of time..

Booked in two inspections with one of his guys and flew up from Sydney for them (and 3 other inspections with normal agents)

Turned up and no agent. Chased him on the phone and the answer is "sorry I double booked" WTF! Not even a courtesy call to tell me it's cancelled and that someone else is more important. Then he says, "just go and ask the 2 sets of tenants if you can walk through their houses"

There were other houses I could have fit in these time slots

If they are this unprofessional even before the buying process has started along with the other people's experiences I think I won't bother re booking his opens.

Hi danwatto
Unfortunately because certain pockets in QLD are running hot with investors, even shabby operators like these can get away with unprofessional behaviour because investors become desperate to buy property, they are not short of clients.

I don't believe Sash used a BA just purchased property himself and he is from Syd, might be an idea to pm him

Cheers
MTR

Hi MTR

He wasn't acting as buyers agent, he said he was the selling agent.

We aren't using BAs, but just wanted to go to opens or arrange inspections to fill the day.

His guy rescheduled and met us in the end and was a nice guy, but they are renting dual living separately to non related tenants in order to get the rent they advertised on these two. As a result I think the asking prices are way too high. They did mention their project services and seminars. But not for me.

Interesting update

I spoke to an agent today re listing that failed at auction, and resisted straight after

Within a week of the reliting, I get a spam email from Paul Flynn with an estimated price at the reserve of the auction

The agent is adamant that he has no no contact with the bank and that he himself would have to contact the agent directly and submit an offer like any Joe

So it's an interesting but dodgy approach

how dodgy,

I have had a signed contract for a property for almost a week in front of me, and yet as of today, he is still sending out spam saying its available

danwatto said:

Hi MTR

His guy rescheduled and met us in the end and was a nice guy, but they are renting dual living separately to non related tenants in order to get the rent they advertised on these two. As a result I think the asking prices are way too high. They did mention their project services and seminars. But not for me.

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Is it legal? Check with Council unless is approved you can not have 2 leases, also an issue with facilities, ie water, electricity.

I would also always check the last 24 months in terms of rental income, is it consistent, what's happening. Also remember it takes longer to rent a dual income property as its harder to source the right people, this bites into your income.

MTR

TMNT said:

how dodgy,

I have had a signed contract for a property for almost a week in front of me, and yet as of today, he is still sending out spam saying its available

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Maybe its time to move on

TMNT said:

how dodgy,

I have had a signed contract for a property for almost a week in front of me, and yet as of today, he is still sending out spam saying its available

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Is the contract signed by both parties with both parties having their copy.

If not the property is still available and the agent would be remiss not to advertise.

turk said:

Is the contract signed by both parties with both parties having their copy.

If not the property is still available and the agent would be remiss not to advertise.

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yes both parties have signed, including me, its been sitting in front of me for almost a week

I went through the original listing agent from day 1,
they didnt even know who this paul flynn was

according to the agent, he would still have to through the agent directly like any other joe,

mighty dodgy if you ask me

MTR said:

Is it legal? Check with Council unless is approved you can not have 2 leases, also an issue with facilities, ie water, electricity.

I would also always check the last 24 months in terms of rental income, is it consistent, what's happening. Also remember it takes longer to rent a dual income property as its harder to source the right people, this bites into your income.

MTR

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I only know of Ipswich council allowing it, not sure about other QLD councils.

I'm staying away from these, they are overpriced anyway

just wondering, this guy is advertising seminars on how to get Mortgagee in posession properties,

does anybody know what the deal is?

as far as Im aware, if the banks take over, they assign one agent (either its allocated or tendered), and you have to go through that agent for any communication at that point onwards

TMNT said:

just wondering, this guy is advertising seminars on how to get Mortgagee in posession properties,

does anybody know what the deal is?

as far as Im aware, if the banks take over, they assign one agent (either its allocated or tendered), and you have to go through that agent for any communication at that point onwards

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I saw the sign he had stuck in the front lawn of the properties had his business name as something like mortgagee sales. Thought that was a bit weird.

Not sure how he finds them, I've heard of some other people getting semi-legal lists of owners with defaults but not sure where from.

However you can buy lists that are produced with publicly available information and checked by someone at SQM but I've never tried it: http://www.sqmresearch.com.au/distressedpropertiesreport.php

If I was buying in my own state and had the time I would try it. But I find buying interstate it's easier to focus on just one small area instead of casting the net wide enough to find distressed properties.

TMNT said:

just wondering, this guy is advertising seminars on how to get Mortgagee in posession properties,

does anybody know what the deal is?

as far as Im aware, if the banks take over, they assign one agent (either its allocated or tendered), and you have to go through that agent for any communication at that point onwards

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Hi TMNT,
I would think the Mortgagee (bank) would want several valuations done on said property/ properties. Thus, eliminating the one agent having a monopoly over their sales.

Harro said:

Hi TMNT,
I would think the Mortgagee (bank) would want several valuations done on said property/ properties. Thus, eliminating the one agent having a monopoly over their sales.

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hmm that sounds logical,

maybe they ask for a few valuations done by valuers and no the agents, and then they ask the agents for their opinion and if its reasonably the same, they either put it up for tender or give it to an agent they eithe rhave a relationship with or existing contract