BiggerPockets

I am looking into buying a pre construction 4 plex from trada properties...anyone have any experience with them? :goofy:

Hi, Thanks for the advice! They are on the web as tradaproperties, I am not allowed to post a website yet, too new.
Best, Lisa

Great! Thank you, I would be interested to hear your opinion of them and what they do.
Best, Lisa

Great, I would love to hear about your experience with them in Kansas City. Did you buy a 4 plex? did they rent it well? any surprises financially or otherwise?...did you get it brand new and were the building materials sturdy? Did their research on the demographics turn out to be true or just sales propoganda?

Many questions! Lisa

I have purchased 2 4 plexes in ID... me and 44 other owners are completly discusted. Liens for non payment of contractors is only the start...
call or email me for detailed information

Yeah, I'd like to hear about this, too. When girl12345 was posting, we had some discussions about these guys in another thread and I looked into their offerings. They seemed to be preying on gullible newbies who didn't really understand rentals. The properties looked nice, but the numbers neglected a lot of the expenses and assumed a lot of appreciation. Didn't look like a great investment, but didn't look like a complete scam, either. Be curious about how this is turning out.
Jon

I know for a fact they do not build their own properties ... as they claim here in the KS market

Trada used to advertise a lot with Personal Real Estate Investor Magazine .... the editor of that magazine told me, they are out of business .. I have heard other rumors from different sources that say the same thing .....

I was fired from Trada, or rather, part of a "layoff". The employees that worked for these jerks are just as much victims as the investors they mislead. I believe the partnership between
John Siekert and Geddes went bad at some point, and along with it went any illusion of Trada's success. They first blamed it on the mortgage market and a few lost loans, then they started it blaming it on anyone and everyone they could. The latest troubles I heard of before their biggest layoff was in regards to a project gone bad down in Texas.

Kevin reported that PORT ROYAL was Trada's newest and greatest project, as if we should all be optimistic for our futures with the company. As it turns out, Mr. Geddes had already accepted Trada's failure and was moving on to greener pastures, misleading both his investors and his employees to believe that Port Royal was a Trada project, when really it was completely unaffiliated.

As for the Boise project that went bad, Keeneland Park, those problems were once again blamed on someone else. I will say however, that I have heard equally terrible things about the company Trada partnered up with on that project, Redcliff Development. Amazing how these ***holes find each other. Who knows who is right and who is wrong in that situation, but Trada is a four letter word with anyone I know who knows who they are, and I am ashamed to have unknowingly lied for them.

Investors are getting screwed out of their deposits despite empty promises that they would be returned upon building resales, subcontractors out money they are owed, and more recently I've heard even employees who were not paid their owed wages when "let go".

Big picture: Don't do business with these guys, if they are even operating any longer. Their corporate office is gone, phone is gone, website is gone, their property management simply disappeared, and their local Idaho office is gone as well. Yet somehow, there is a post here about continued business. Don't do business with Mr. Siekert or Mr. Geddes. Their interest in ethical responsibility obviously nill. No loyalty to ANYONE.

Mr. Geddes has a lot of nerve to leave so many people hanging, all the while creating a Trada clone under a different name and apparently trying to carry over his most gullible customer base. Good luck to anyone who is unfortunate enough to have already been taken. :cry:

As an owner of several 4-plexes in Kansas City and Texas, I want to add some different thoughts to this blog. As an investor, I bought into a concept and then bought a specific piece of property. In real estate they tell me its location, location, location. The communities I visited have all been in good cities and very good locations within the city. This means that over time I expect that my investment will be good. The operative word is "over time". I bought these units when the real estate market was in go-go mode. As we all know, it has cooled and hence I must be more patient for my appreciation. My second comment is about the change Trada made to bring in Bristle Properties to manage the POA. This was an excellent change that has produced immediate results. The Texas and Kansas properties are all looking first rate and the people that Bristle has working are energetic and knowledgeable. The system reports I receive every month are excellent. The lease up rates have been climbing and while I am not fully rented in all my buildings, I am confident the rentals will come. My biggest disappointment is in the amount of time it has taken to reach our current situation but as I said, I expect this will be a good long term investment