Need Info on Nation Wide Real Estate Discounters
Has anyone had any experience with Nation Wide Real Estate Discounters? They claim that they will buy properties from me on assignment at 10% purchase price. They have a training manual that costs $700 that I have to buy. Any advice appreciated. Thanks Demetrius [ Edited by joel on Date 01/06/2004 ]
Put "Nation-Wide Real Estate Discounters" into your Google search engine. You will get a lot of hits from folks with an opinion on this company, mostly negative.
I wasted my money on them. I figured out very quickly that if I could find the deals they will "buy"(I think they really want to broker hard money), I would have no problem flipping them or raising the money myself. They are looking for the extreme dirt cheap deals.
Which is O.K., but the info and potential of 10% assignment fee is not worth the $$$. I know I could make more than 10% flipping properties in the price ranges they are looking for, so what's the point?
Hi... I dealt with Nationwide last years, or should I say, It took me almost 3 months and going to the state attorney generals and Consumer Affairs office to get my money back from them. The training package they charge you $700 for is the same information you can pick up in your local library for free. Double space type print on one sideded paper at a font set around 14 -16 type. Deals you send in to them they claim they can not do if the profit is not 40%. You would do very good to steer far away from them.
Guys so glad you found this board. Common sense needs to come into play here. Look I dont know about these fellows. However I do know someone that can fund deals in all states as a investor conduit would have to be the size of HUD be aware of advance fee situations.
i too want to know about nwred. i paid them -- $500? then later they told me i had to pay additional $100(?) to continue my association with them. still haven't done a deal but now i know of an investor who wants to unload about 30+ units; i told him about nwred; he is willing to entertain offer.
however now everything i read on the internet is negative. i'd like to know nate's experience with the florida a. g.
i expect when i call nwred they will tell me i have to send some more $ if i want to do business.
I tried to deal with them about 4 years ago. I just happened to get signed up for a "special" of $250.00. I could not find any deals that would "qualify" for their parameters. So essentially, they are a bust. I'm very curious as to why they've recently moved to Utah and having been in Florida for about 5 years and before that they were in the State of New Jersey. Of course you live and learn and back then I didn't have access to the Internet like I do now.
I was swindled out of $700 myself. I wasted not only my time, but Realotrs and a contractor. Please don't spend 1 red penny on that COMPANY. I didn't even try to get my money back. It's been a year now. Can someone tell me is it too late to get my money back and if not please provide me with what steps you had to take
Hello fellow investors,
I signed up with nationwide a few years back. Got a real lesson, and only had to pay around 350 for it.(they later asked for 100 more if i wanted to get my deals done faster-thought to self not gonna pay another fee- my deal should be done fast with the first fee -but we digress). The lesson -I found a house on the southside of Chicago. Nice lil reo that the bank gave up quicker then a Britney Spears marriage. I took a ton of pictures, I did the comps, went out with a linc contractor and got a typed opinion in writing typed mind you. I then typed up the many pages they required. The comps showed that there was a return on equity of 43% . My advisor said that it was the most professional looking contract he had seen since he started working there. BUT, there seem to be one small problem. It seems that I have an accepted contract in my hand that the seller would give up almost half of their equity in the house . My advisor said he had to turn it down because----the accepted contract price was too close to their (the reo's ) asking price-"...go back to them and see if you can take off another 10k..." Well being the good soldier I did just that- guess what? The reo pull that deal off the table. Was close to getting sued. All sorts of ugly on a deal that was perfect for what they said that they do. I was ballistic, So I asked them to prove they did deals in illinois or anywhere my advisor got so mad he hung up on me cussing on the way out. I called and talked with one of the vp's. Said he would review the file and my offer and send me proof. Long story short- I am still waiting. It is good to see that the lesson now costs over 700- the American educational system. Gotta love it.
I have no idea if these guys are legitimate or not as far as doing deals with investors.
After reviewing their materials I called to speak to an advisor on some specifics before I started wasting my realtors time looking for properties. They told me that all of their advisors were busy and that someone would call me back. Well noone ever called me back. Tried again a couple days later, same thing, no call back.
At this point, I decide that I dont want to do business with a place that doesn't have the capacity to handle their paying clients and dont have the integrity to call you back.
The third time I called I asked to speak with a manager or someone who can refund my money. I was told that everyone is busy and that they would have to call me back! 2-3 hours later an advisor did call me back and said that "Samantha in customer service" can do that and transferred me. I left a message - over 24 hours later, haven't received a call back.
If anyone has a contact at this place that can help me out, please post it.
Samantha, from NWRED's customer service called back and said that they "typically dont refund the sign up fee until you do your first deal with them". Tyrell, the sales rep I spoke with when purchasing the materials told me I could receive a refund if I wasn't please with material or when I did my first deal. She said a "Resolutions Manager" would call me back within 24 hours.
I'll keep you updated as I believe many people are having this same problem with this company.
I always check two sources when dealing with new people that want money first. D&B Reports and BBB
Lori
[addsig]
Hi guys.. I've been out for a while, working a long term contract assignment here in Charlotte, NC. I just getting back to read msgs. here. I see there are some of you who have also fallen victim to this scam.
First if you are interested in what they do, maybe received one of their brochures. Toss it in the trash, save your $700 + and use it for investing on a property for yourself. For those of you that have already sent your money and are trying to get them to give you back your refund. If you've already contacted them document everything. When you contacted them, who you spoke with and what was said. You have to return to them their complete package. When I sent them back their package, I also sent copies of my attempts to get my refund and what happened to the state atty generals office.
I'm not sure what the statue of limitations would be with the Florida area, so if it has been more than a year for you, then it may be to long. You may want to check with the states SBI,( State Bureau of Investigations) send copy / evidence for them.
I work with Mortgage processing and underwriting bascially every day, so I used that experience to show the atty generals office, that I knew my deals were sound. Most of my things are now in storeage if I can get to them next weekend then I will be happy to offer whatever I can if it will help.
It can be hard to find serious investors to pick up the deals you find. They are out there though. Like most things in sales... it's numbers, you have to weed through the bad to find the right ones. I have one now, that I would be happy just getting my down payment back. If anyone know of someone that wants a good deal in the Charlotte downtown area just hit me back at my email. Good luck to all.
Nate,