Do any of these apply to you or someone you know -
Ridiculously high repair costs?
Bought a property for a lot more than others based on "repairs"?
Bought a property that was much higher than neighboring sales?
Own LLC's that don't own anything?
8+ months vacancies?
Property managers that don't help/exist?
Rents never received?
Rents that don't match the neighboring properties?
Facilitation fees that amounted to nothing?
etc etc
Property investing in the States has all the same inherent risks as investing in Australia and we will all face some issue at some time (caveat emptor) etc but...
PLEASE ALL READ AND FORWARD!! IMPORTANT AND NEED HELP....
I have been attempting to help someone who has been very very badly burnt in US property try to get their money back (or even secure the property that they thought they were buying). They purchased via a well known company that uses the “we set up an LLC for you and that LLC buys the property, you buy the LLC (which we will charge you for the set up even though we already had to set it up in order to buy the property...grr...), we transfer ownership of the LLC which owns the property to you and thus you are effectively buying the property”......Except that the LLC in this instance after 18 months doesn’t own the property and I can guarantee you there are probably a thousand more investors out there that haven’t checked title IS actually owned by that LLC..... And/or verified they truly own the LLC etc etc. This person has even been paying property management fees for it!!
Another instance is a property that has sat vacant for 11 months, has had 3 different property managers, in theory has 2 units rented in the block but not seen a cent of funds!
In other words there may be plenty (thousands?) of other people out there who need to be warned and probably don’t even have a CLUE that they have been burned.
Have you bought an LLC and have you verified with tax records that your LLC DOES own the property it states it does?
(IF YOU BUY THROUGH THIS METHOD PLEASE PLEASE PLEASE GET AN INDEPENDENT ATTORNEY TO HANDLE TITLE TRANSFER FOR YOU AND DEAL WITH A REPUTABLE TITLE COMPANY AND BE VERY VERY VERY VERY CAREFUL - AND FOR HEAVENS SAKE CHECK YOUR LLC OWNS WHAT IT PURPORTEDLY SHOULD! EVERYONE LEARN HOW TO CHECK TITLE)
Take it for what it is worth but the safest method for purchasing a property is probably to buy a bank foreclosed property from the open market via a real estate agent where you sign the contract directly between yourself (or a company you set up yourself) and the bank with an attorney or title agency handling that exchange.... It may mean you get RSI from writing a million offers but you will never ever fall foul of this type of scam. I can not tell you how shocked I was to dig into this.
It is UNBELIEVABLE how little concern this company is expressing.
How You Can Help - them, yourself and others
There is a glimmer of hope to this horrible story and it is that it is likely to be picked up by one of the most respected national news teams who have expressed a lot of interest. The ultimate goal beyond helping others avoid this is to hopefully try to recoup some of the funds (there seems virtually ZERO legal leg this person can stand on given the international quagmire and most “facilitation” companies being only to help procure a property with ZERO ongoing concern, follow up or even follow through). The news team is looking specifically for anyone else in this situation – or has been burnt by investing in the US in ANY capacity (highly marked up repairs - think over 10k etc)......
If you know of someone who would be willing to tell their story on air who may at least stand a better chance of ultimately recouping their losses, please let me know or have them contact me.
The "angle" will not be a horror story it will be a caveat emptor and it will provide the basic simple steps anyone can take to avoid this.
Investing in the States isn’t hard, it shouldn’t be...there are honorable companies out there (contact ANY real estate agent, know zillow etc) and even if you flub up the first time (Ha, ultimately I created a business out of helping others avoid the lessons I have learnt along the way- example: NEVER BUY IN A SNOW/FREEZING CLIMATE): - you can still make a great opportunity out of it. Take stock, roll up your sleeves and deal with it - just know your absolute situation and make lemonade out of lemons if needs be but if you can also help others..... this is the time to do so. We are all in this together to some extent!
It IS a great opportunity in the US - we WILL never see it again as we all know but what can happen is frightening and people REALLY need the basics on how to avoid this.
Please call me in Australia on 02 8003 4939, or in the US on 702 475 5975 or 702 409 7434. For what it is worth, I have lived and invested in the US for over 10 years. It makes me sick someone thinks they can scam anyone and get away with it -
You can email me on [email protected]
With thanks,
Emma
__________________
Ridiculously high repair costs?
Bought a property for a lot more than others based on "repairs"?
Bought a property that was much higher than neighboring sales?
Own LLC's that don't own anything?
8+ months vacancies?
Property managers that don't help/exist?
Rents never received?
Rents that don't match the neighboring properties?
Facilitation fees that amounted to nothing?
etc etc
Property investing in the States has all the same inherent risks as investing in Australia and we will all face some issue at some time (caveat emptor) etc but...
PLEASE ALL READ AND FORWARD!! IMPORTANT AND NEED HELP....
I have been attempting to help someone who has been very very badly burnt in US property try to get their money back (or even secure the property that they thought they were buying). They purchased via a well known company that uses the “we set up an LLC for you and that LLC buys the property, you buy the LLC (which we will charge you for the set up even though we already had to set it up in order to buy the property...grr...), we transfer ownership of the LLC which owns the property to you and thus you are effectively buying the property”......Except that the LLC in this instance after 18 months doesn’t own the property and I can guarantee you there are probably a thousand more investors out there that haven’t checked title IS actually owned by that LLC..... And/or verified they truly own the LLC etc etc. This person has even been paying property management fees for it!!
Another instance is a property that has sat vacant for 11 months, has had 3 different property managers, in theory has 2 units rented in the block but not seen a cent of funds!
In other words there may be plenty (thousands?) of other people out there who need to be warned and probably don’t even have a CLUE that they have been burned.
Have you bought an LLC and have you verified with tax records that your LLC DOES own the property it states it does?
(IF YOU BUY THROUGH THIS METHOD PLEASE PLEASE PLEASE GET AN INDEPENDENT ATTORNEY TO HANDLE TITLE TRANSFER FOR YOU AND DEAL WITH A REPUTABLE TITLE COMPANY AND BE VERY VERY VERY VERY CAREFUL - AND FOR HEAVENS SAKE CHECK YOUR LLC OWNS WHAT IT PURPORTEDLY SHOULD! EVERYONE LEARN HOW TO CHECK TITLE)
Take it for what it is worth but the safest method for purchasing a property is probably to buy a bank foreclosed property from the open market via a real estate agent where you sign the contract directly between yourself (or a company you set up yourself) and the bank with an attorney or title agency handling that exchange.... It may mean you get RSI from writing a million offers but you will never ever fall foul of this type of scam. I can not tell you how shocked I was to dig into this.
It is UNBELIEVABLE how little concern this company is expressing.
How You Can Help - them, yourself and others
There is a glimmer of hope to this horrible story and it is that it is likely to be picked up by one of the most respected national news teams who have expressed a lot of interest. The ultimate goal beyond helping others avoid this is to hopefully try to recoup some of the funds (there seems virtually ZERO legal leg this person can stand on given the international quagmire and most “facilitation” companies being only to help procure a property with ZERO ongoing concern, follow up or even follow through). The news team is looking specifically for anyone else in this situation – or has been burnt by investing in the US in ANY capacity (highly marked up repairs - think over 10k etc)......
If you know of someone who would be willing to tell their story on air who may at least stand a better chance of ultimately recouping their losses, please let me know or have them contact me.
The "angle" will not be a horror story it will be a caveat emptor and it will provide the basic simple steps anyone can take to avoid this.
Investing in the States isn’t hard, it shouldn’t be...there are honorable companies out there (contact ANY real estate agent, know zillow etc) and even if you flub up the first time (Ha, ultimately I created a business out of helping others avoid the lessons I have learnt along the way- example: NEVER BUY IN A SNOW/FREEZING CLIMATE): - you can still make a great opportunity out of it. Take stock, roll up your sleeves and deal with it - just know your absolute situation and make lemonade out of lemons if needs be but if you can also help others..... this is the time to do so. We are all in this together to some extent!
It IS a great opportunity in the US - we WILL never see it again as we all know but what can happen is frightening and people REALLY need the basics on how to avoid this.
Please call me in Australia on 02 8003 4939, or in the US on 702 475 5975 or 702 409 7434. For what it is worth, I have lived and invested in the US for over 10 years. It makes me sick someone thinks they can scam anyone and get away with it -
You can email me on [email protected]
With thanks,
Emma
__________________
