Platinum Property Group

  • Investment

    Status: Forum Member

    Posts: 1
    Joined: 21 May 2011
    From:

     Hello All,

    Has any one heard about Platinum Property Group ? Maybe dealing with them at the moment ...
    I am now considering using their service and I would appreciate any comment you may have.

    Thanks & regards,
    Danniel 
  • housingrental

    Status: REIN™ Member

    Posts: 4,655
    Joined: 11 Oct 2007
    From: Waterloo

    I think I have seen ads for them in Canada real estate magazine regularly
    I trust that helps
    Adam Hoffman - Hoffaco Property Management - Waterloo - Rent / Consult / Manage - http://www.hoffaco.com
  • brightdreams

    Status: REIN™ Member

    Posts: 60
    Joined: 6 Dec 2007
    From:

    I have used them to buy properties and i don't recommend this group to anyone. If you need more info please pm me. 
  • Kennyk171

    Status: Forum Member

    Posts: 9
    Joined: 21 Nov 2011
    From:

    Hi, i was interested in investing with platinum, until i saw your post. Can i ask for more information of your experience with them? Thank you.
  • brightdreams

    Status: REIN™ Member

    Posts: 60
    Joined: 6 Dec 2007
    From:

     All i can say is i am not happy with their projects. Please PM me if you want specific advice. I will not recommend this group to anyone.

    If you decide to invest i advice you to do thorough due diligence on the projects and DO NOT believe what they tell you to sell their properties.

    Thanks
  • MaximeValmont

    Status: Forum Member

    Posts: 142
    Joined: 24 Sep 2011
    From: Montreal

     @HousingRental,

     And what does it have to do with if they are good or not...?? 

    B.Comm,

    M.Sc Finance

    Candidate member at the appraisal institute of Canada.
  • Rickson9

    Status: Forum Member

    Posts: 837
    Joined: 27 Oct 2009
    From:

    Your humour is lost on him.
      
  • housingrental

    Status: REIN™ Member

    Posts: 4,655
    Joined: 11 Oct 2007
    From: Waterloo

    Hi Maxime
    You are right, as you are implying it does not have anything to do with if they are good or not :)

    MaximeValmont

     @HousingRental,

     And what does it have to do with if they are good or not...?? 

     
    Adam Hoffman - Hoffaco Property Management - Waterloo - Rent / Consult / Manage - http://www.hoffaco.com
  • housingrental

    Status: REIN™ Member

    Posts: 4,655
    Joined: 11 Oct 2007
    From: Waterloo

    Very true. I do not know why.

    Rickson9
    Your humour is lost on him.
     
    Adam Hoffman - Hoffaco Property Management - Waterloo - Rent / Consult / Manage - http://www.hoffaco.com
  • JanBowler

    Status: REIN™ Member

    Posts: 99
    Joined: 18 Jan 2008
    From: Comox BC

    We have a few of their properties in our portfolio, (ie. we have more individually-owned places than with PPG) and have been happy thus far. They buy a less than perfect building or complex, and make significant improvements then sell individual units at fair market value. Management fees are low and they use a rental pool arrangement. Now, I"m sure some of their projects do better than others, and we have yet to sell one of these properties so can't comment on this aspect. You won't necessarily get a "bargain" but you can't get more hands off than this. It is probably suited to people who have limited time for real estate but who want to have real estate in their investments. Their staff/owners of the company often invest in their projects which seems to suggest they have confidence in their product. You still have to do your due diligence. 
  • PeterM

    Status: REIN™ Member

    Posts: 11
    Joined: 7 Jan 2008
    From:

    I've bought properties from Platinum Properties, 20/20 Properties, Generation Properties and have looked at a few others.   In my opinion the advantages are:
     - super low level of work
     - company looks after whole package - acquisition, renos, putting management in place, etc.
     - benefits of a rental pool, ie. very hands-off
     - can get you into a good market that might otherwise be a lot of work for you to do on your own
     - often the people selling you the units also invest in the same building which provides some assurance of caring for the longer term

    Some potential disadvantages are:
    - You end up owning in a building that is essentially all rentals, which can hurt in terms of ongoing maintenance and exit strategy
    - Some of the towns they choose don't have the strongest economies
    - Sometimes the buildings are in crappy areas (and unless you know the city, you may not realize this)
    - Although they tend to do a decent job of the short term renos, the reserve fund plan is rarely sufficient to keep the building maintained without special assessments 3-6 years down the road.
    - Often have the issue that most older condo buildings have: relatively high condo fees.

    I started out with these and still look at these out of interest, but I've moved on to prefer buying independently.

    Peter

    PS.  Note that Platinum Equities of Calgary is a totally different company (and should definitely be avoided).
  • Johanne

    Status: REIN™ Member

    Posts: 8
    Joined: 1 Mar 2008
    From: Vancouver, BC

    I bought 3 properties with them in ON and I would not recommend the group to anyone. They are the one making the money. 
  • brightdreams

    Status: REIN™ Member

    Posts: 60
    Joined: 6 Dec 2007
    From:

    Platinum Properties Group put very little money in projects to start with. As a result you will see special assessments and condo fee increase in few years. The projections they present to investors doesn't make any sense in few years as PM will keep on asking for more money to keep the required reserve fund level.

    In my opinion they do lipstic work to sell their units and thus passing on major work to innocent investors.

    All educated investors should avoid this group.
  • JanBowler

    Status: REIN™ Member

    Posts: 99
    Joined: 18 Jan 2008
    From: Comox BC

    It is interesting to see the replies about PPG. They do have a capital expense fund that they tell you in advance needs to be added to every few years so that no one owner has to cover reno/repair costs on their own - it is part of being in a co-op. When we look at repair/improvement expenses on our individually owned properties, they do take a bite out of income and you have to have money set aside of this too - it really isn't much different. The upside is their complete package of looking after everything, and no phone calls about anything to do with the property. I don't think they are to be avoided - only to be aware of their model and how they run things. They seem to have more projects in Alberta of late. We are currently selling one of our Ontario places and we may have a different opinion after we go through that process, but their management seems to be on good working terms with our realtor. 
  • JamesHenry

    Status: Forum Member

    Posts: 2
    Joined: 8 Jun 2012
    From:

     I heard about this company is very quick time. This is the best dealing company in my opinion. It is very faithfully company. so keep it up dear.


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