Speedy, we both did our best. That was your story basically, and my sister (who handed everything to them in 1:20ish of interview) flew from ATL for that. It had so much more to go, did not even scratch the surface. In a way I felt sorry forAndrew Allen – he is but one of many. They have enough for a 10+ series on US property, the questions we received did not seem related to what I saw.
Gavin (I was personally involved with) and the Policeman in Qld (apologise for not remembering the name) have been shattered by their experiences. I hoped for more resolve but any of us could have been caught by the same scams when we started. I hope no one else watches this and thinks ‘well – that couldn’t have happened to me…’
Jeremy and Emma, Well done guys for not giving up.
Special trip for Emma from Atlanta for a meager amount of time on air.
I hope investors appreciate the time given and open their eyes to what can and does really happen if you don,t do due diligance.Rick
Here’s a link to the 7.30 report http://www.abc.net.au/news/2012-04-24/aussies-lured-by-dirt-cheap-us-housing/3970128?section=business
For the record Andrew Allan of my USA property is trading under a number of different companies in disguise. Additional ones that were not mentioned in the report that people should be aware of are:
http://Www.usbuyersagent.com
http://Www.atlantapropertydirect.com
http://Www.usapropertyportal.com
http://Www.memphisinvestmentproperty.com
Www.http://usaaccountingsolutions.com/Nice work guys . well done
Watching this now. Awesome ..I wish more people would see what is going on with the resellers. This was happening to USA investors from California and NY years ago , then same properties are being resold to the over seas investors.
This was a good listen and LAWS and EMMA nice to see a face with the name.
There you go.. great report. Shame is these cowboys have been doing this in various forms for years. I remember many Australians got stung in the 80’s with large markups on Gold Coast investments.
The problem is that many of these people who sell these properties have not only never met there suppliers but have never been to the cities where they are getting properties for there clients. I am not sure how you can advise this. This is especially true when you consider a few wholesalers are supplying most of the properties.
If you are going to buy or even consider the US you should travel and see it for yourself. Make sure that however you are dealing with is on the ground and working in the city where the deals are located. Also make sure that property management is offered.
Finally consider will your money dio more in America than Australia and I am not just talking about prices.
Personally I am now looking at larger apartment complexes and commercial property.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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Spot on Nigel. You hit the nail right on the head. If all of the people buying property treated this as making a proper investment decision they wouldn’t lose their hard earned dollars. Don’t be sold purely on the numbers. You need to jump on a plane and go and have a look at the city your planning to invest in and meet the people who are selling the property and those who are managing it. Be prepared…..have an endless list of questions and make sure they can back up what they are saying and not just talking through their hats. Yeah the numbers on these places in Detroit look great on paper but anyone can make that look good by excluding real expenditure items you WILL have. But what it’s like on paper compared to what it is in reality are two different things.
If you want to play with the war zone area’s though (and when you pay around $30,000-00 you are getting a war zone)…you shouldn’t be expecting nice middle class areas to begin with so you are just blowing your money period. You will be lucky to find someone who is willing to collect your rent but if you had travelled to do some investigations I guarantee you wouldn’t have bought it anyway.
So please….take the time, do the research, do the travel, meet the people and ask the questions.
Thanks everyone… I didn’t see it but I hope something got out.
Starts and stops for me with only buying through a licensed US real estate agent I guess if I can sum it up… Anything else is playing a very dangerous game with professionals either out to rape you or amateurs in over their head….and dangerous amateurs at that…. I hope Gavin and Alan’s stories got across…..
http://www.uspropertyinvest.com.au/
anybody heard of this site?
I love website that do not talk about who owns or runs the site. I believe that if you are asking people to invest with you you should have the confidence to tell everyone about yourself and your knowledge and experience.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
The other problem is that people do not do there own due diligence. It does not take a lot to realize that a city that has lost 25% of its population ln the last 10 years like Detroit are not good places to invest.
Make sure that if you are dealing with someone ask them what is there experience?
Have they been to the city?
Have they met the suppliers?Sounds like simple questions but you may be shocked by the answer.
If you are going to invest you should travel to the city of your choice at least once to make sure your suppliers are there and that they can supply all the back end services.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
lawsjs wrote:Thanks to posts by Emma, Alex, Jay, Kyler, Tx Cashflow, Ziv etc the scams should be easier to avoid in the future, but a year ago there was no one really around telling ‘the truth’.Not sure how I was honourably included in this fine list (not having anything to do with the US), but appreciate the association, thank you.
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
Ziv,
It seems to me you do not overstate, acknowledge the difficulties and are therefore completely realistic. You add considerably to the body of 'legitimate' advice on the net and I think that is important to recognise. US/UK or Japan – it is very interesting to understand and appreciate the differences. These you point out and nothing I have seen from you sugar coats or boasts in any way. I appreciate the difference.Money for Jam – Thank you very much for those links. Very interesting (though somewhat firghtening!) and much appreciated.
Everyone else: Thanks for the support, though I would rather be devastatingly handsome than 'kind' – its better than nothing:)
Just watched the news clip, sadly there are scammers everywhere. There are just as many that prey on our own people in the States. Hats off to you Emma and Jeremy, i hope it at least makes people more aware. I spent most of the winter trying to help people that bought bad properties from bankrupt equity groups. Most of them wanted me to buy the property from them in worse shape than when they bought it at inflated prices. Was able to help a hand full of investors turn there properties in to cash flowing properties, but was hard. Since they had been burned, they were leary and made it a hard for me to get anything done without micro managing from them.
kylermrice wrote:http://www.uspropertyinvest.com.au/anybody heard of this site?
Kyler,
STAY CLEAR of them is all that I will say. These guys were part of the break up remnants of the company MyUSAProperty featured on the story. I'll say no more !!
That's what i thought, they had a representative contact my business partner about buying up some of our inventory.
http://www.ushomes4wealth.com.au/
Extreme caution
This company has been posting in a number of posts
There properties are in Detroit
I have asked why anyone would buy in a market that has lost 25% of its population in the last 10 years
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Great segment. Thanks for putting yourself out there in order to help others, lawsjs, and of course the others in the segment.
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Me
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