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Anyone used Ameraco "Find it and Fund it"?

19 posts by 14 users

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Account Closed

Minneapolis, Minnesota

Aug 05 '08, 12:42 AM


Hello,
I posted this once along time ago, and never heard from anyone. This system apparently charges $495 in order to gain access to their network of Buyers. They offer training and materials. You then generate leads, find deals, and you can get funded through them and I guess receive an assignment fee if you are not participating in the deal. Has anyone used this service? You can check it out at www.finditandfundit.com. Thanks, I was thinking of using this to expand my abilities, but don't want to be a victim of a scam. Mike :crazed:


Edited Jun 26 2010, 05:37


Deborah Schultz

Real Estate Investor from Ogden, UT

Aug 05 '08, 10:38 AM


I sent them an email, and talked to someone on the phone. It sounds good, They have been around supposedly, for several years. What stopped me, Is I decided that basically you are being paid to be a birdog, and that is kind of fees that you will be getting. If you are gutsy enough to do the whole thing yourself, then you really don't need their services.
I also questioned the county information they say they can get you online. In my county for instance, it really isn't avaialable unless I pay a large fee to the county. i personally am finding great, new leads from foreclosures.com, based in Sacramento, CA. There service is great, reasonably priced and very affordable.


Edited Jun 26 2010, 05:37


Tay Gainey

Real Estate Investor from

Aug 24 '08, 09:15 PM


they are a good source along with realtytrac.com


Edited Jun 26 2010, 05:45


Chris Coughlan

Real Estate Investor from Massachusetts

Aug 24 '08, 11:51 PM
1 vote


Hey Mike,

A search on google brings up some comments saying that their system does not work as easily as they make it seem.

I actually purchased the "program" 2 weeks ago after talking to one of their reps for about 30 minutes. I then did a search on them and one way or another ended up here at biggerpockets. It was actually one of your responses to one of my posts that made me realize that the whole finditfundit program is basically bird-dogging / wholesaling. I decided that I wanted to do some more research on the wholesaling process and called Ameraco back 2 hours after I placed the order asking to cancel. I left a voicemail with the sales rep and one with the support extension. I've been calling leaving voicemails since I placed the order and have yet to be contacted. The FedEx package arrived last week and I refused it. I have already contacted my credit card and they say that I have to give them 30 days before I can dispute the charges and be issued a credit. So, that might tell you what kind of company you are dealing with...

Chris


Edited Jun 26 2010, 05:45


Account Closed

Minneapolis, Minnesota

Aug 25 '08, 12:36 AM


Thanks Chris, Sorry you had to experience that. I think word tends to get around on deal like this, and they would be far better of to simply refund your money and let you go away without spreading the news of their unwillingness to treat consumers fairly.


Edited Jun 26 2010, 05:45


Cori Gerken

Real Estate Investor from Sturgis, Michigan

Sep 28 '08, 06:55 AM


I have been tossing around this idea also. So I am happy to see some feed back. Also have been pursued by by the one who wants (choke) $10,000! Crazy. It's killing me not to have the backing for the deals I am seeing but I sure don't want to risk that much.... especially with what's going on today .


Edited Jun 26 2010, 06:01


Charles B.

Atlanta, Georgia

Nov 05 '08, 06:52 PM
1 vote


Well before starting with my review I will state plainly, that I have not joined their network. My close friend and business partner bit the bullet and signed up in hopes of being able to have access to funding for deals that we were able to find.

I will say, that the earlier statements are true; you are basically paying to be a bird dog. Now I will also say that if you find quality properties, they absolutely have some investors who will step up to the plate and buy your deals.

Now having said that, my partner and I believe that there is no need to pay someone for the services Ameraco provides. The bottom line for us is that when we really find great deals (and their investor network will only be interested in your great deals), we can find our owning funding and buyers without jumping through as many hoops. Also, we tend to make more money on the deal when we find our own buyer/funding.

So is the system good. Yes, it is. Does it work. Yes, they will buy your best deals. It simply was not for us. But if you are a relatively new investor and/or you have a hard time building a ready buyers list, it can be a useful source of deals.


Edited Jun 26 2010, 06:19 by Charles B.


Chris Coughlan

Real Estate Investor from Massachusetts

Nov 05 '08, 07:22 PM


Charles, I was going to say the same thing. If you come across a great deal then you really should not have a problem finding a buyer. Keep working on your buyers list.

I was finally able to get my refund from Ameraco. I still feel that the $495 can be spent better somewhere else.


Edited Jun 26 2010, 06:19 by Chris Coughlan


Jeff Tumbarello

Real Estate Investor from Fort Myers, Florida

Nov 22 '08, 06:30 AM
2 votes


These guys are an ofshoot of Nationwide Real Estate Discounters
The founders of Americo worked there, took the "boiler room concept" and started it in Cape Coral with a new twist.

Save your money, there are no secrets for sale. Wealth and income does not come pre-packaged. It has to be earned


Edited Jun 26 2010, 06:27


Lynn Dickerson

Real Estate Investor from Houston, Texas

Dec 01 '08, 04:27 AM


I've signed up with them and now I'm getting a little bit of buyers remorse. I have not submitted a deal yet but I also have heard not-so-good things about their viability, I purchased the program on the strength of their BBB rating. I'm not saying they are a scam but given the requirements for submitting deals I do think $500 could be spent in a better way. But hey, if anyone wants to submit a deal for half an assignment fee I can help. 10,000 investors sounds awesome but how many are active and purchase every week? I don't know? but if you want to submit a deal just to see before you pay the $500 PM me.


Edited Jun 26 2010, 06:30 by Lynn Dickerson


Jeff Tumbarello

Real Estate Investor from Fort Myers, Florida

Dec 01 '08, 05:26 AM


Originally posted by Mr_Cash:
I've signed up with them and now I'm getting a little bit of buyers remorse. I have not submitted a deal yet but I also have heard not-so-good things about their viability, I purchased the program on the strength of their BBB rating. I'm not saying they are a scam but given the requirements for submitting deals I do think $500 could be spent in a better way. But hey, if anyone wants to submit a deal for half an assignment fee I can help. 10,000 investors sounds awesome but how many are active and purchase every week? I don't know? but if you want to submit a deal just to see before you pay the $500 PM me.

The BBB sells memberships, so If you pay them you are OK,


Edited Jun 26 2010, 06:30


Mike Schroff

Apr 20 '09, 05:06 AM


I purchased the Ameraco "program" in April '09 and I can say I learned a lot about it in the last two weeks...some good, some not so good. A lot of what everyone said here in this blog and on other blog sites is true and credible advice...too bad I did not heed it. I can also tell you that I asked my credit card company to enter a dispute against Ameraco and issue a credit. I feel better now, as I came to the realization, that I probably wasn't ever going to do a deal with them or their investor network (if it really exists, and I cannot say if it does or doesn't yet).

This post is to help prevent anyone else from wasting their time, money and dreams on Ameraco. It might not be a classic Internet marketing scam like some of the others, but if it's legitimate, then it's nearly impossibile to execute a deal and get paid, in my opinion.

In a nutshell, I spoke with one of their sales reps for about a week before the sign-up, asked lots of questions, got lots of positive feedback (as well as immediate callbacks), and the FedEx with the "program" and membership info arrived as expected a week later. I got a package containing a manual, some supplemental books with links to Internet resources, an audio CD and the account/password to their private-access Website (deal submission online form and other resources, such as basic real estate contracts in PDF format). I read the manual on how to work their program and listened to the audio CD containing a scripted Q&A session. (The supplemental information with links to Internet resources was nothing special that I couldn't find on my own.) The manual they sent was somewhat helpful (as far as a basic real estate information and contracting were concerned, plus how to submit a deal), and they did go to a lot of trouble to explain how the program could work given the right circumstances and perseverance, and why/how it was legal (assignable contracts), but it left me with more questions than it answered. Plus, it had several outdated references, redundant information, poor examples and big holes regarding the execution of current real-world real estate investment deals. I also learned that a big part of the strategy relies on the seller waiting for and putting-off the ernest money until/if an investor picks up the deal (unless you want to risk your own money). In theory, the program sounds good, and might have worked for someone at some point in history, but in reality, it's very difficult to execute in today's market given the very tight investor requirements, deal submission process and "highly motivated" seller assumptions. It's like finding a needle in a haystack just to locate the target property...and then you need to find at least 3 other almost identical, sold "comparables" to prove your good deal and current market price...and still be at least 30% below fair market value for nearby residential listings (on top of deducting necessary repair expenses), and at least 40% for an REO...and don't think you can submit a deal for vacant land, commercial or anything else that is not a standard family residence. There's a lot of home foreclosures out there, but it's difficult to find a property/deal that meets Ameraco investor requirements (and you won't find them on Foreclosure.com or any other well-known source)...and it's still not clear how much commission % will be paid...or how quickly...if at all. The method for calculating the commissions and the details of how it gets paid are ambiguous and not well documented in the manual. You're definitely being paid to be a bird-dog (at best), and you have to find the bird...then you might get paid...but I cannot verify that with anyone.

Much to my dismay, as soon as I was a paid member, I never did get to speak with my sales rep again to get my questions answered (even though he said I would be able to) and I always got transferred to a "Support Line" voice mail when I called. Support never called me back (oh, and they know if the caller is a paid member by the incoming phone number, I found out, and then it's "straight to voice mail" from then on. Before sign-up, the operator would tell me if my sales rep was "in" and she could apparently see him from where she was sitting, but after sign-up, she claimed she couldn't see his desk and he was always "out" for family issues or some other reason unavailable, and my v-mails left with that sales rep were never returned anymore after he got me to sign-up).

Eventually, after not receiving any support call-backs, I asked the Ameraco operator/dispatcher to transfer me to the sales manager. He didn't return my call until many hours later (saying he was in meetings). I mentioned that I wanted a refund (being dissolutioned and dissappointed with the support) and that's when he told me that the program was sold as "non-refundable" and I should have seen that in the terms and conditions. I told him that my sales rep said I could get a refund if I was not happy with the program...so the sales person basically lied to get me to sign-up (one of the many lies). During the call he went to great lengths to blame me for not making the program work...I wasn't trying hard enough or looking in the right places for a deal, apparently. Eventually, during the call and after a lot of hostility on his part, the sales manager agreed to refund my money if I sent all the materials back to him (less shipping, of course). I also told him I would file a complaint with the BBB and post some negative blogs entries. However, it remains to be seen if he really follows through with the refund.

On a side note, I think that at one time in the past Ameraco might have been a viable company...even though their claim of 10,000 investors in the network is doubtful. But in the end, it's becoming clear that Ameraco's primary objective was just a "boiler room" operation on the front end designed to get the $495 out of every caller, and the sales rep will just tell you what you want to hear just to get you to sign-up...such as, deals are easy to find in my area, investors are plentiful with lots of money to spend, and commissions are big, easy and quickly paid. Once you are in the network the relationship immediately changes, there are new surprise conditions that they didn't tell you about before you sign-up, and there's no guarantee that an investor wouldn't steal the deal behind your back (although, I cannot say if that really happens, but they address it in the materials).

I also called the Florida Better Business Bureau to find out more, and I talked with an agent at the BBB. Seems Ameraco has had 11 complaints in the last 36 months, and 4 this year in '09. All complaints have been addressed by the company, so on one hand that is a good sign, but I'll bet that Ameraco bends over backward to rectify those complaints to keep that A+ rating because it's an integral part of their sales strategy. So, I would be very cautious about this rating...it's easy to get an A+ because it's calculated by the BBB computer based on a formula for the number of complaints and the rectification of those complaints.

Oh, one more thing...when I talked with the credit card agent, she looked at the details behind the transaction and apparently the charge is run through a "Barber and Beauty Shop" merchant account, even though on my credit card statement it said "Ameraco". When I told the BBB agent about the "Barber and Beauty Shop" merchant account, she asked to see the detail so they can address it with Ameraco.

I'll post more details about my experience if anyone is interested. Mike.


Edited Jun 26 2010, 07:59 by Mike Schroff


Kimberly Stancil

Real Estate Investor from Virginia Beach, Virginia

May 19 '10, 04:36 AM


I am a newer real estate investor who formerly held a real estate agent license here in VA. Just a couple of days ago I saw Ameraco's ad while researching a property on Realtytrac and sent for their information packet out of curiosity. Had I known about the BiggerPockets site then, I wouldn't have done so. One day later--yesterday--I was contacted by a very smug and aggressive salesperson. As soon as I explained that after doing some research of my own I had decided not to get their program, he cut me off in the middle of my sentence and started trying to defend the negative criticism they have been receiving online. I had not yet given him any negative or positive comments. So after cutting back in, I explained that I had not had time yet to even tell him any specifics for my decision. I then asked him if it was true that their company acts as facilitators for bird dogs. He somewhat arrogantly replied that their service is for "property locators"--which is the definition of the term, I said.

At this point, my scammer intuition was going off. I then told the salesman that in my locality, there are companies that let you serve as a "property locator" for them without charging that 495.00 dollar fee. He expressed disbelief. I then told him that since I could bird dog for just the investment of my time, it made no sense to pay them that kind of money to do so. He then tried to sell me on the virtues of the educational benefit of their package to people new to real estate, and I declined this as well.

It is my opinion that they are really trying to take advantage of real estate newbies--495.00 times 100 unsuspecting customers is 49,500.00 of income for them even if they never connect a single one of them with an investor.


Edited Jun 26 2010, 12:53


Enrique Marrufo

Real Estate Investor from Warsaw, Indiana

Sep 08 '10, 04:46 PM


Originally posted by Jeff Tumbarello:
These guys are an ofshoot of Nationwide Real Estate Discounters
The founders of Americo worked there, took the "boiler room concept" and started it in Cape Coral with a new twist.

Save your money, there are no secrets for sale. Wealth and income does not come pre-packaged. It has to be earned


So true, but for someone starting out what is the best way to build a buyers list. I have found a great deal or two in my town but did not find the right buyers in time.

Any advise in finding wholesale buyers?

Rick



Joshua Dorkin Verified Donor

BiggerPockets Founder from Denver, Colorado

Sep 08 '10, 11:44 PM
1 vote


for someone starting out what is the best way to build a buyers list. I have found a great deal or two in my town but did not find the right buyers in time.

Any advise in finding wholesale buyers?

Rick


Rick -
This should help:
"Buyer's List" BiggerPockets Search



Medium_bp-squareJoshua Dorkin, BiggerPockets
E-Mail: [email protected]
Telephone: 877-831-4704
Website: http://www.biggerpockets.com
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Enrique Marrufo

Real Estate Investor from Warsaw, Indiana

Oct 21 '10, 03:54 AM


Anyone get a a deal accepted from Ameraco yet and got funded?

Thanks



Vanessa Brown

Commercial Real Estate Agent from Washington, Washington D.C.

May 31 '11, 12:35 AM


So much good information! I first felt that the company may be a problem when I realized that there was no price listed on the website, no price in the "more info" brochure, and the representative tried to gloss over it as quickly as possible. That was when I decided I definitely needed to do more research.

The best thing to come out of that was finding this site.



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