Any views about BlueChip NZ

[spotty]

Hi

I had a chat with my Financial advisor last week and he plugged 'BlueChip' for getting into property investments in Auckland. Does anyone have any views \ thoughts about their operation ?

[duncan macgregor]

SPOTTYDOG, First view is want to lose money go to a financial advisor. Second view is the property market is coming of the boil you are a bit late. MACDUNK

[whiteheron]

spottydog

Be very wary of Financial Advisers , they are in the main no more than salespeople
Do your research , check out everything before making an investment and dont put all of your eggs in one basket --- that is a sure recipe for disaster
I dont know anything about Blue Chip , but companies with names like that and Guaranteed , Superior , Top Class, etc are generally to be avoided

Not wanting to pour cold water on things but I dont think that the property sector is going to be too flash in the next few years

Do plenty of research , research , research eg find out where the properties are and go and have a look , talk to some locals about what is happening in the area , get a number of opinions from a number of disaffected sources

All the best

[spotty]

Thanks for your thoughts , just what I needed a reality check.

[Bling_Bling]

On the topic of bad financial advisers, is Money Managers is operating? Now that is one to becareful of.

[Dough Boy]

I understand that former MP's are directors on the board of this company. Isn't that warning enough!!

[Steve]

***BARGEPOLE***

[Steve]

***BARGEPOLE***

I knew that there was a reason that I got my BARGEPOLE out...

[barnsley bill]

Snapper, save your angst for the perpetrators of this massive rip off. This is far worse than bridgecorp. Finance company rip off victims have lost savings/ cash. The many thousands of victims of the blue chip rip off have lost money they don't own. This will have a huge impact on an already dangerously weak property market. Anybody with cash or the ability to service debt is going to clean up. The only thing that will stop a feeding frenzy by canny property speculators/ investors will be legislative change. I believe Cullen would have changed the tax rules around second (and more) properties this year. Now he will not be able too. As prices drop further his core constituency will be looking at house values dropping, tax changes on property will accelerate the drop in prices.

[Snapper]

I'm confused...you just said in your previous post that Blue Chip investors deserved to be fleeced, is that really what you mean?

As far as any investigation into BlueChip is concerned, I'd like to see their valuers exposed for the frauds they are. Most people have a healthy suspicion of anyone selling investments, they tend to trust people that they see as unbiased such as lawyers, accountants and valuers. Hopefully anyone in these professions connected to Bluechip will be required to explain why they were involved with what has turned out to be a giant fraud.