Has Anyone Heard Of?
Has anyone heard of a company that does the following:
1) Owns a lot of properties free and clear that need rehabbing.
2) Will let you put $5,000.00 down and they will provide financing until you finish rehabbing.
3) Afer 90 days you can sell the property, keep all the profit or obtain a mortgage on it for youself.
Just wondering if this is common. They also do a lot of advertising on television.
Thanks 
[addsig]
Sounds to good to be true but what is the name of the company. Its worth checking out.
Try checking out the company's status at the better business bureau website
You are correct. It does sound to good to be true. It's here in Chicago, Illinois. Advertising on television is pretty expensive. I'm assuming they must have some money to be doing this. They even send out a CD when you inquire and post cards once a month. They have a website with all of the properties. They also stated that they are not real estate agents. They also stated they will help you get this property. They will use all tools necessary to assist you in acquiring the property. The problem I have is how I can prove whether or not they own these properties free and clear before I have invested $5,000.00. It seems cut and dry. Anything that easy seems pretty fish. I hate scammers, oh how I hate scammers.
Would one of you please PM the web address to me so I can check it out? I'm curious now too. Z
Wow, there's not a whole lot of information on that site. I'm not sure what to think, the only photo they had available was that one on the homepage. It would be a beautiful house when it was finished. I don't live in Chicago, and I don't know about prices there, but the houses advertised looked awfully high priced for rehab properties. It almost seems that they're wholesaleing and providing financing, but charging a LOT more than a normal wholesaler would. Unless these properties are going to be worth really big money when their finished, I don't see how you could buy them, rehab them, and still come out ahead. That's my first impression. Z
Quote:
On 2003-11-29 19:29, voluminous wrote:
You are correct. It does sound to good to be true. It's here in Chicago, Illinois. Advertising on television is pretty expensive. I'm assuming they must have some money to be doing this. They even send out a CD when you inquire and post cards once a month. They have a website with all of the properties. They also stated that they are not real estate agents. They also stated they will help you get this property. They will use all tools necessary to assist you in acquiring the property. The problem I have is how I can prove whether or not they own these properties free and clear before I have invested $5,000.00. It seems cut and dry. Anything that easy seems pretty fish. I hate scammers, oh how I hate scammers.
<IMG SRC="images/forum/smilies/icon_mad.gif">
Why would you spend 5K BEFORE you had a property search done to see if the title was clear?
Mr. Mike:
I'm assuming that your question is rhetorical one.
Mr. Mike:
If you reread my post, you will see that I have done nothing. I simply asked members if they have heard of this and if it was common.
Quote:
On 2003-11-29 19:29, voluminous wrote:
The problem I have is how I can prove whether or not they own these properties free and clear before I have invested $5,000.00.
You stated your ONLY problem was how you could prove the property was free and clear before you invested 5K.
I solved your problem.
However if you like I am sure you can think of more reasons not to proceed.
Analysis Poralysis
Done it a million times myself.[ Edited by MrMike on Date 11/29/2003 ]