I Want to Know If Real Estate Investment Offers are Legit?
I have saved up some money while working overseas and have found some companies advertising on craigslist. I would like to run due diligence on them and to see if their offers are dependable.
One is in Florida- and these sell condominiums. I have emailed some lawyers there asking them if they would be willing to check them out. However, I have gotten no response at all.
The other one is in Georgia. The are advertising for credit partners. One co-signs mortgages or something like that and gets a profit after a certain time.
I have run both through BBB but they have shown no record of them. I have emailed them and they simply said that they are not BBB members but they have a tax ID and are registered with Secretary of State.
How can I run due diligence on both of these companies? Where should one look up their records, business history, complaints against them, etc. Who would be willing to do that?
Your reply will be appreciated,
Sincerely,
 |
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Filed under Renting & Real Estate by on May 30th, 2008. Comment. 
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Comments on I Want to Know If Real Estate Investment Offers are Legit?
Sounds like you’ve pretty much answered your own question on the couple you mention. Doesn’t sound like they HAVE much history, etc. Having a tax ID and being registered with the Secretary of State just means that they filled out paperwork, not that they are legit.
You could google both company names. If you don’t find much of anything, stay away.
The Florida real estate market is full of scummy people more than happy to sell you an overpriced property. Dangerous market right now, be extremely careful. One client of mine got into a deal where by the time the home was built, he already owed $75,000 more than it was worth.
The Georgia stuff is probably actually illegal. “Credit partners” sounds like a nice name for “straw buyer”. You buy the property, they cash in, promise to rent it out or make payments, but you never see a dime. You’ll end up with multiple foreclosures.
This is a pretty scary investment, really. Proceed with the utmost caution. And I firmly believe that both of the options you just listed will cost you tens of thousands of lost dollars.
If you’re interested in real estate investment with a company that doesn’t seem to have a record accessible online it’s probably a bad idea. However, if you are interested in investing in real estate, I work for Boston Equity Investments, a company which buys multi-family housing and converts them into luxury condos for a profit. We have a great success rate and a unique program that not only guarantees 95-100% financing, but eliminates risk for the investor. Boston’s an amazing place to invest in real estate because of the high demand for living space. If you’re interested in looking into our company, take a look at our site and you can check us out on BBB
or you can contact me directly for more information
Anna Carver
Boston Equity Investment
607.280.1577