They had been pitched double-digit “government-backed” returns. But there are no signs of those and, without tenants, there’s little choice but to liquidate.
Already a subscriber?Retirees and other retail investors pitched double-digit “government-backed” returns to be National Disability Insurance Scheme landlords are set to lose hundreds of thousands of dollars, with the fund manager admitting it cannot find tenants.
One of the investors in an NDIS housing fund run by ASR Wealth. Some of those funds are being liquidated while other investors claim they have not been able to get any information from the company about delays to their projects.“As you would be aware, we have had difficulty in finding tenants for the underlying property,” DomaCom chief operating officer Ross Laidlaw said in an email to investors in a fund tied to a house in Cobblebank, a suburb on the far western fringes of Melbourne.
Investors in other ASR Wealth funds backing NDIS housing – but not those being liquidated – said there had been a delay in the completion of properties they were involved in, with little communication from the company about what was going on., and disability housing operators warned that investment marketers were buying cheap land – and configuring properties to patients who need the highest level of care, attracting the highest level of subsidies – even if no demand existed in those locations.
“They said ‘we are working with the NDIS, we are looking at the highest areas for need, we’re structuring where we’re going with where it’s needed’,” one retiree investor told the“There was supposedly this pent-up demand, so much so these houses were going to be occupied from day dot. They’ve hung me out to dry.”
“The fees don’t stop, the take doesn’t stop, but the results aren’t there,” the retiree, who spoke on condition of anonymity, said. “I was waiting to see what was going to happen from here and see how far we’re underwater.”
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