Forums / Property Investing / Overseas Deals / Help Needed Please!

Viewing 17 posts - 1 through 17 (of 17 total)
  • Profile photo of Unlucky InvestorUnlucky Investor
    Member
    @unlucky-investor
    Join Date: 2014
    Post Count: 2

    HI everyone, I am hoping someone can advice me on the next thing to do as I am getting very stressed out right now!

    I invested in a motel room in North Dakota with Jason Simpson @ Cashflow Gold on their own development and construction was supposed to start in November but it has not.

    I have been palmed off by lots and lots of excuses and still nothing happened and not my calls and emails are not being answered and I am really getting very, very nervous about it.

    I have already paid them a lot of money and nothing to show for it and it's really stressful right now.

    Anyone else in the same boat as me?

    Can anyone give me some advice here please???

    – See more at: https://www.propertyinvesting.com/forums/help-needed/4349486#sthash.ccbTP1kJ.dpuf

    Profile photo of EngeloRumoraEngeloRumora
    Participant
    @engelorumora
    Join Date: 2010
    Post Count: 618

    Sorry to hear your having trouble.

    I am looking forward to seeing further posts.

    I connected with Jason via a Skype call around 4 months ago and he seemed professional and was prompt with replies.

    Did you actually buy a property or just gave the funds as a off the plan purchase?

    Thanks and have a great day.

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of FreckleFreckle
    Blocked
    @freckle
    Join Date: 2012
    Post Count: 1,681

    Simpson's the kinda of guy I wouldn't trust to look after a bag of rocks for me. That investment was discussed here last year and written off as highly suspect if not downright suicidal.

    He's due in Sydney in March for a presentation.

    First thing I'd do is read your contract until you know it backwards. It's not unusual for projects to be delayed and many a developer could do with a course in customer relations and communications that's for sure. I wouldn't be panicking just yet but I would sure as hell be doing a lot of background research and up skilling myself on everything to do with this project.

    A good way to get these guys to come out is start some bad press through the likes of Facebook. Call it Cash Flow Gold Problems or something that the search engines like. Be aware of slander and libel laws though. You can express an opinion as long as everything is factual. Guys like this usually surface once the noise gets too loud.

    Profile photo of jayhinrichsjayhinrichs
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    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Unlucky,

    I would be happy to give you hand here.. If you get me the specifics in a private e mail.. I can have my National Title company pull all the records on the subject propety and I can have other contacts I have there do a drive by etc.

    In addition I can tell you who you need to talk to in the Town or county the project is in and what questions to ask… IE regarding the development and contruction..

    With these few things you should get a good feel for where your project is at in the entitlement phase. And or if its ready to go vertical.

    Jay Hinrichs

    Profile photo of EngeloRumoraEngeloRumora
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    @engelorumora
    Join Date: 2010
    Post Count: 618

    Great stuff Jay

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of BoughtWithEquityBoughtWithEquity
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    @boughtwithequity
    Join Date: 2013
    Post Count: 68

    From what I have heard, a ton of Aussies have jumped into this North Dakota nonsense.  Some will  make some money I suppose but it doesn't make long-term sense to do these kinds of deals.  Black gold is an interesting thing and there are lots of places in the US that boomed and busted over time when the oil ran out.  I wish those investors well but I would think the only way to get a good return there would be to flip it out to someone else.

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    I think the issue here is the investor may have invested and gotten nothing but a story in return

    Profile photo of Flipping4ProfitFlipping4Profit
    Member
    @flipping4profit
    Join Date: 2013
    Post Count: 1

    I invested in a property in Florida USA in November 2013 with a group of members from around the globe.  The property has been rehabbed and is now up for sale.  Being my initial investment I only put a small amount of money as my share.  This group averages around 10% to 15% net profit paid out to members … is this okay for short term investment of 3-4 months?  Also, the group will have 7 properties in South Africa in the investment pool shortly – does anyone know or have experience in South Africa's real estate market?

    Profile photo of EngeloRumoraEngeloRumora
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    @engelorumora
    Join Date: 2010
    Post Count: 618

    Hi Flipping4Profit,

    I have see your website before.

    Unfortunately I don't know anything about the market in South Africa.

    I am sure you will get some replies from the other members tho.

    Thanks and have a great day.

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    "Make a PASSION an OBSESSION and you'll never work a day in your life"

    Profile photo of draaagondraaagon
    Participant
    @draaagon
    Join Date: 2006
    Post Count: 5

    H Unlucky, I alsoinvested in this Watford City North Dakota deal in multiple shares in the LLC.

    I’m also very nervous. I spoke to Jason last month. His responses are not as prompt as before and he says he’s under a lot of personal strain.

    Latest is he says he’s going to get a loan to pay all investors back just their investment. No money left for profit. Says it’ll take 12 weeks to complete, that was 6 weeks ago. I’ve not heard anything since.

    Jason would rather take emails than phone calls.

    If anyone else is in the same boat and would like to explore ways in which we could possibly safeguard our investment collectively please do share.

    Perhaps see if this loan pans out over the next 6 week and legal recourse options if it doesn’t?

    draaagon
    Email Me

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Not to be rude however you folks have all lost your money.. I posted many times on this site you cannot buy a motel unit in the US. its not possible. you all got suckered in. sorry for your loss

    Profile photo of draaagondraaagon
    Participant
    @draaagon
    Join Date: 2006
    Post Count: 5

    If any other investors went in as part of this and are nervous right now,please post here. We could network and maybe explore some legal options together if the proposed finance solution doesn’t pan out in 6 weeks. I know 1 Investor bought 10 units .Perhaps she would like to make contact.

    draaagon
    Email Me

    Profile photo of RipekaRipeka
    Participant
    @ripeka
    Join Date: 2010
    Post Count: 5

    I too invested in the North Dakota project having first successfully bought a couple of CF Gold residential properties which had gone well at that point (and continue to go well). Hopefully, the relevant posters on this forum have also joined the current US legal action that is happening in an attempt to retrieve the initial investment + damages from the players in the Baken saga. On the strength of how the legal action is playing out, I am cautiously optimistic of a good outcome BUT I wouldn’t wish the stress of the past 2 years on anybody. Am just very glad that I didn’t invest money in the project that I couldn’t afford to lose and mentally, I said goodbye to my initial investment monies about a year ago. It has been a good but painful investment lesson, namely, that I shouldn’t have assumed that a successful investment in residential US properties automatically meant that Jason Simpson knew what he was talking about in Dakota, and that promises of high return does indeed mean high risk. Turns out the high risk has morphed into no return to date. However, am still holding out reasoned hope for a satisfactory conclusion owing to the legal action currently playing out well (at this stage anyway).

    Profile photo of draaagondraaagon
    Participant
    @draaagon
    Join Date: 2006
    Post Count: 5

    Hi Ripeka,

    I was not aware of any legal action in the US to recover investments in the Baken Saga. Are you referring to CF Gold specifically?

    To date, I have not joined any legal action, the reasons being:

    1. Jason continues to give monthly updates on his efforts to get a loan to pay out investors.
    2. If 1, above, eventually works out, it will save a lot of legal wrangling (and personal drama, time, cost etc)
    3. It might actually be counterproductive to sue the guy if he’s genuinely trying to work out a means of settlement. If he is trying to get a loan and has to deal with a court case, he might decide it is all too hard and go bankrupt.

    He’s trying to pay everyone back what they invested, so in any case, it wouldn’t be a good investment, as the opportunity cost would be great, even if he achieved this. However, getting the sum invested back would be infinitely better than nothing at all.

    I would be interested in networking with other investors who are in a similar boat to just share info for now and I’m holding off on legal action but I’m not going to wait forever and I am not ruling out legal action at a later time (especially if he stops being communicative).

    Collectively, it would be useful to share any info beyond the monthly updates so we all are aware of details any one of us might know regarding getting our money back. Also we would be much stronger collectively if it ever gets to launching a class action or legal recourse of that nature. If you have not given up getting your money back, and you have a stake in this, you should post here.

    If anybody in the same boat wises, I can be contacted by calling 08 9467 3377.

    Please leave a means of contacting you and I will share everything I know. I will also share my real details once we are personally in contact.

    Thank you.

    Draaagon

    draaagon
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    Profile photo of draaagondraaagon
    Participant
    @draaagon
    Join Date: 2006
    Post Count: 5

    Hi Ripkeda,

    I think the legal action you refer to was the project that Cash Flow Gold, Jason Simpson marketed, but didn’t develop himself.

    I invested in Watford City, the project in which CF Gold was the developer too.

    Some of us have contacted me, another investor just last week. We’d have more strength in numbers of increasing our chances of getting out money back.

    $50,000 a share is a lot of money.

    Again I invite the investors who bought 6 and 10 shares to make contact.

    Jason can’t delay forever. If he doesn’t sell the land when oil goes up and pay us back, we can sue him to do so.

    We collectively have a better chance of pushing him for transparency.

    What is the collective debt owed to investors?

    What is the current value of the land minus encumbrances?

    I’m watching him closely as expect others are.

    Others out there, I invite you to network. We’ve been talking by phone too.

    draaagon
    Email Me

    Profile photo of b-town007b-town007
    Participant
    @matthew-brown
    Join Date: 2013
    Post Count: 2

    Hi,

    I invested into 4 shares in 2012. 6 years on investors still haven’t seen anything back.

    However Jason is still providing monthly updates and it certainly doesn’t sound like here’s given up.

    That all said I’d be interested in connecting with other investors for information and to work out if there’s anything we can do to help.

    My email address should be in this signature.

    b-town007
    Email Me

    Profile photo of draaagondraaagon
    Participant
    @draaagon
    Join Date: 2006
    Post Count: 5

    Hi B-town007, thanks for connecting, I’ve emailed you back.
    Anyone else who has invested, there are no reasons not to connect with other investors. We all made the same less than stellar investment decision.
    There can only be something to be gained from strength in numbers, nothing to be gained from going it alone.
    Dark times, these.
    If you’re sick of this situation impacting on your finances and family, at least connect and give yourself more options.
    The other road is apathy and say goodbye to your investment.
    Message me anytime and I’ll put you in touch with others who’ve already contacted me to date.
    Cheers.

    draaagon
    Email Me

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