On his YouTube account, Immo Tommy gives his almost 900,000 followers real estate tips. Screenshot of Immo Tommy’s YouTube channel
The well-known real estate influencer “Immo Tommy” is said to have brokered numerous properties through his network, which turned into a financial disaster for those affected. This is shown by research by NDR and “Spiegel”.
According to the report, several buyers are now fighting in court to have their purchases reversed.
When asked by Business Insider, Immo Tommy has not yet commented on the allegations.
Tomislav Primorac, better known as Immo Tommy, gives tips on real estate financing on TikTok and Instagram – and almost two million followers watch. Numerous media outlets have already reported on his story, including Business Insider.
Report now “NDR” and “SPIEGEL“that some of Immo Tommy’s customers were struggling with financial problems. They looked at eight cases. According to the influencer, the package that Immo Tommy offers should cover all aspects of a property purchase. Starting with financing, through renovation, to the selection of tenants.
However, as “NDR” and “Spiegel” report, citing available reports, the buyers paid up to 50 percent more for the apartments than necessary. This was shown, among other things, by comparisons of the price per square meter with local values on real estate portals. In addition, some buyers signed the purchase contract without viewing the property because they trusted Immo Tommy’s tips.
Why Immo Tommy’s contracts without repayment are problematic
The “Spiegel” describes a case study of a couple: According to the report, both of them bought an apartment in Tuttlingen – on the advice of Immo Tommy. What he did not mention, however, were defects such as piles of rubbish, damaged hallways and wet cellars, which made the property almost uninhabitable. The couple pays a monthly rent of 1168 euros for the apartment. However, they only earn 700 euros, which is not even enough to cover the loan costs.
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Other buyers also blame Immo Tommy and his network for the bad investments. According to the report, consumer advocates describe the deals as a disaster for the buyers. The financing model could burden the buyers for decades. Quite a few of the buyers finance their property purchases on the advice of Immo Thommy through building society contracts, which do not allow for quick repayment.
According to their own statements, “NDR” and “Spiegel” have numerous financing contracts that are a combination of a loan agreement and a building savings contract with terms of 20 years and sometimes more. In addition, the contracts are without repayment, which means that only interest is paid, but the loan does not decrease. The property is therefore not paid off during the loan term.
Immo Tommy does not comment on the allegations
According to the report, Immo Tommy and his team receive high commissions for the so-called “all-inclusive” package. In some cases, these are up to 15.8 percent of the purchase price. The influencer has so far left unanswered a request from Business Insider regarding the allegations.
According to “Spiegel” and NDR, several buyers are now fighting in court to reverse their purchases. Immo Tommy and his team are accused of usury and deception.
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Before Immo Tommy rose to prominence with his real estate tips, he says he was not in a good position. Back then, he lived from month to month, as he explained in our podcast Business Class (formerly Money Mindset) in spring 2023.
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