Anybody know about Ameraco?

Question

Last year I bought a program by Ameraco. They advertised the fact that they had well over a thousand cash investors all over the country. I paid 495  so that I could submit deals I made after doing my own due diligence on properties that offered a good margin spread for myself and investors. I have read on the internet that they are a scam because no has ever gotten approved. Can anybody tell me that they have had success with Ameraco or do I have to continue the old fashioned way to build my buyer's list?

Abrahm Hernandez · Answer

oh man becarefull  i dont know whats the deal with them i bougth the program 4 years ago you get some books a pin to the web find it and fund it  site and access to thier froms i sumitte some properties that i had at the time for sale as  shortsales but never got annything then 2 days later my client told me that an some  investors contacted her and offer 30 cent on the dollar for the property basicly you find the properties and when you summit them they tell you that is incomplete and then they turn around and contac your buyer and cut you out   man becuse of them i lost millions this property was sold affter  at th bottom i provided one of many proprties i had for sale this was a short sale i hope this helps 
 Wed, September 10, 2008 6:14:48 AM2105 E OCEAN BLVD
From: Submissions Department Add to Contacts 
To: demansionrealty@yahoo.com

--------------------------------------------------------------------------------

Thank you for your deal submission.

Our department has reviewed your deal and there are potentially some good things we are seeing.  However, we are unable to bring it to the Investor Network at this time because it does not meet the certain GLA requirements including (but not necessarily limited to):

- You stated OBO re your contract price - legal agreements have a fixed price. Let us remind you that, for your protection, we cannot bring your deal to the investors unless you have the property locked up with an enforceable purchase agreement. (For more information about assignment of contract, please refer to your training guide Step 3 and also pages 201-203 â€“ be sure to use our Form â€œAGREEMENT FOR PURCHASE OF REAL ESTATEâ€ or â€œADDENDUM TO CONTRACTâ€ appropriately). 
- There are several fields missing and/or incorrect in your submission form (such as Under Air Heat: and others).  Always use Appendix B as a guide to filling out the form (begins on page 196).
- Your deal must be a minimum of 30% below FMV, after repair costs, in order to qualify as a GLA property and be submitted to the Investor Network. Refer to the â€œGLA Checklistâ€ on pages 54-55 and the â€œPercentage Under Market Valueâ€ paragraph on pages 79 and 201 of your training guide.
- It is very important to completely fill out the submission form making sure to accurately follow the steps leading up to that point â€“ these include using the GLA checklist, Analyzing (comparables, etc.), Repair Estimating, calculating your offer, securing deals with a contract, etc.  The Main Training manual covers all this step-by-step.

For any questions regarding fields on the submission form, you may refer to Appendix B of your training manual.  Please carefully review your submission below and make adjustments and/or renegotiate before re-submitting. Thank you.

Sincerely,
Submissions Department
Ameraco, Inc.

PS - We suggest that you also put 3 or more strategies in place to generate leads for you.  Several options are listed in your training manual on pages 44-49.  These are the proven techniques in locating and the vast majority of deals that are successfully submitted and sold to investors are obtained using these methods.

When you get a lead, simply move forward from page 50 to pre-screen the prospect and determine whether it is truly â€œdistressedâ€.  From there, you can make the right decision  on whether to pursue the deal by completing the GLA Checklist (on pages 54-55).

Member name: ABRAHAM HERNANDEZ
Member No: 083578
Phone: 714-631-3440
Mobile: 
Fax: 
Email: demansionrealty@yahoo.com
Deal Info Subject Property Address: 2105 E OCEAN BLVD
Deal Info City: NEWPORT BEACH
Deal Info State: CA
Deal Info Subdivision: NEW PORT 
Deal Info Zip: 92661
Deal Info County: ORANGE
Deal Info Owner Asking Pr USD: 2,465,000
Deal Info Offer Price Bid: 1,900,000 O.B.O.
Deal Info Tax Ass Pr USD: 9,979
Deal Info Tax Year: 2007
Deal Info Realtor status: No
Deal Info Listed Price: 
Deal Info DOM: 
Deal Info Contract status: Yes
Deal Info Fair Market Value: 2,465,000
Deal Info Per Under Market Val: 97
Deal Info REO: No
Assignment: Contract
Deal Type Ass Per Contract Price: 10%
Deal Type Ass Per Net Profit Joint Venture: 
Deal Type Contract Exp Date: none until sold
Deal Type Rehab Type: Light-Rehab
Deal Type Ass Comments: IN ONE OF THE ROOMS A SQUARE PICE OF THE CEALING IS MISSING AND WHERE THE HEATING SYSTEM IS LOCATED IN THE BOTTOM IS MISSING A SMALL COVER AND ONE OF THE ROOMS NEESD TO BE PAINTED THE REST OF THE ROOMS ARE INGOOD CONDITION OTHER THAN THAT THE HOUSE IS IN GOOD CONDITION IT HAS NEW HEATING SYSTEM, NEW COPER PIPEPING, NEW DOOR HANDLES, NEW LIGHT SWICHES AND NEW WINDOWS AND FRAMES. 
Subject Property Information Bedrooms: 5
Subject Property Information Bathrooms: 2.5
Subject Property Information Under Air Heat: 
Subject Property Information Total Sq Ft.: 
Subject Property Information Year Built: 1947
Subject Property Information Garage: No
Subject Property Information # of cars: 2
Subject Property Information Pool: No
Subject Property Information Basement: No
Subject Property Information Finished: No
Subject Property Information House Style: CAPE COD
Subject Property Information Lot Size: 0.06
Subject Property Information Lot Type: RESIDENTAL
Subject Property Information Spl Amenities: THIS HOUSE IS LOCATED IN NEWPORT BALBOA PENINSULA HERE THERE'S A LOT OF TOURISIM THE HOUSE IS IN THE BEACH HERE PEOPLE RENT THEIR PROPERTIES FOR 3000 TO 5000 A WEEK OR 5000 TO 6000 A MONTH FOR TOURIS 
Comp Prop Info 1 Sold Comp Address: 2032 MIRAMAR 
Comp Prop Info 1 Sold Comp State: CA
Comp Prop Info 1 Sold Comp Zip: 92661
Comp Prop Info 1 Sold Comp County: ORANGE
Comp Prop Info 1 Sold Comp Bedrooms: 3
Comp Prop Info 1 Sold Comp Bathrooms: 2
Comp Prop Info 1 Sold Comp Under Air Heat: 
Comp Prop Info 1 Sold Comp Total sq ft: 2,450
Comp Prop Info 1 Sold Comp Year Built: 1946
Comp Prop Info 1 Sold Comp House Style: 
Comp Prop Info 1 Sold Comp Lot Size: 
Comp Prop Info 1 Sold Comp Lot Type: RESIDENTIAL 
Comp Prop Info 1 Sold Comp Subdivision: NEWPORT
Comp Prop Info 1 Sold Comp Distance: .09MI
Comp Prop Info 1 Sold Comp Spl Amenities: LOCATED NEAR TH BEACH
Comp Prop Info 1 Sold Comp Condition: GOOD
Comp Prop Info 1 Sold Comp Listed Price: 2,375,000
Comp Prop Info 1 Sold Comp Sold Price: 2.375
Comp Prop Info 1 Sold Comp Sold Date: 08/08/2008
Comp Prop Info 1 Sold Comp DOM: 
Comp Prop Info 2 Sold Comp Address: 2005 E OCEAN BLVD
Comp Prop Info 2 Sold Comp State: CA
Comp Prop Info 2 Sold Comp Zip: 92661
Comp Prop Info 2 Sold Comp County: ORANGE
Comp Prop Info 2 Sold Comp Bedrooms: 4
Comp Prop Info 2 Sold Comp Bathrooms: 2
Comp Prop Info 2 Sold Comp Under Air Heat: 
Comp Prop Info 2 Sold Comp Total sq ft: 3,360
Comp Prop Info 2 Sold Comp Year Built: 1947
Comp Prop Info 2 Sold Comp House Style: 
Comp Prop Info 2 Sold Comp Lot Size: 
Comp Prop Info 2 Sold Comp Lot Type: RESIDENTIAL
Comp Prop Info 2 Sold Comp Subdivision: NEWPORT BEACH
Comp Prop Info 2 Sold Comp Distance: .08MI 
Comp Prop Info 2 Sold Comp Spl Amenities: THIS HOUSE IS ON THE BEACH
Comp Prop Info 2 Sold Comp Condition: GOOD
Comp Prop Info 2 Sold Comp Listed Price: 2,060,500
Comp Prop Info 2 Sold Comp Sold Price: 2,060,500
Comp Prop Info 2 Sold Comp Sold Date: 03/06/2008
Comp Prop Info 2 Sold Comp DOM: 
Comp Prop Info 3 Sold Comp Address: 1756 E OCEAN BLVD 
Comp Prop Info 3 Sold Comp State: CA
Comp Prop Info 3 Sold Comp Zip: 92661
Comp Prop Info 3 Sold Comp County: ORANGE
Comp Prop Info 3 Sold Comp Bedrooms: 2 
Comp Prop Info 3 Sold Comp Bathrooms: 1
Comp Prop Info 3 Sold Comp Under Air Heat: 
Comp Prop Info 3 Sold Comp Total sq ft: 2,625
Comp Prop Info 3 Sold Comp Year Built: 1949
Comp Prop Info 3 Sold Comp House Style: 
Comp Prop Info 3 Sold Comp Lot Size: 
Comp Prop Info 3 Sold Comp Lot Type: RESIDENTIAL
Comp Prop Info 3 Sold Comp Subdivision: NEWPORT
Comp Prop Info 3 Sold Comp Distance: .20MI
Comp Prop Info 3 Sold Comp Spl Amenities: THIS HOUSE IS ON THE BEACH
Comp Prop Info 3 Sold Comp Condition: GOOD
Comp Prop Info 3 Sold Comp Listed Price: 2,875,000
Comp Prop Info 3 Sold Comp Sold Price: 2,875,000
Comp Prop Info 3 Sold Comp Sold Date: 12/12/2007
Comp Prop Info 3 Sold Comp DOM: 
Comp Prop Info 4 Sold Comp Address: 
Comp Prop Info 4 Sold Comp State: State
Comp Prop Info 4 Sold Comp Zip: 
Comp Prop Info 4 Sold Comp County: 
Comp Prop Info 4 Sold Comp Bedrooms: 
Comp Prop Info 4 Sold Comp Bathrooms: 
Comp Prop Info 4 Sold Comp Under Air Heat: 
Comp Prop Info 4 Sold Comp Total sq ft: 
Comp Prop Info 4 Sold Comp Year Built: 
Comp Prop Info 4 Sold Comp House Style: 
Comp Prop Info 4 Sold Comp Lot Size: 
Comp Prop Info 4 Sold Comp Lot Type: 
Comp Prop Info 4 Sold Comp Subdivision: 
Comp Prop Info 4 Sold Comp Distance: 
Comp Prop Info 4 Sold Comp Spl Amenities: 
Comp Prop Info 4 Sold Comp Condition: 
Comp Prop Info 4 Sold Comp Listed Price: 
Comp Prop Info 4 Sold Comp Sold Price: 
Comp Prop Info 4 Sold Comp Sold Date: 
Comp Prop Info 4 Sold Comp DOM: 
Due Dilig Item Receipts For Repairs: 
Due Dilig Item Insurance: 
Due Dilig Item Existing Loan Doc: Existing Loan Documents
Due Dilig Item Liens: 
Due Dilig Item SecondMortgages: 
Due Dilig Item Copy Of Deeds: 
Due Dilig Item Survey: 
Due Dilig Item Any Leases: 
Due Dilig Item Any Services Contracts: 
Due Dilig Item Copies Of Recent Appra: 
Due Dilig Item Utiliy Bills: Utility Bills
Due Dilig Item Property Tax: Property Taxes 
Due Dilig Item Bank Statement: Bank Statements 
Rp OR Rh Cost Esti bid total: 200
Is Rp OR Rh Cost Esti bid Available: Yes
Rp OR Rh Cost Labor: 
Rp OR Rh Cost Materials: 150

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Mitch Kronowit · Answer

They've been discussed at length:
http://www.biggerpockets.com/forums/92/topics/31653-have-you-heard-