Does this sound like a scam to you guys?
I was recently contacted by a company called Nu-Way real estate.
They claim that for an upfront fee of 5,000
They will train you to find prime foreclosures, give you a 1% finders fee when they take title to properties you bring them and also 35% off the back end when the house is sold.
has anyone ever dealt with this company, is it scam?
I haven't heard of them, but it doesn't make much sense to pay them to teach you. I am sure that they would say that they are going to train you without any assurance that you will bring them deals so they have to charge you for the knowledge. You can get this knowledge for free or much cheaper if you just look for it.
Tell them that you don't need their training, and ask them for their criteria for a "good deal" so that you can find it for them. Remember that if you go through the trouble of finding a great deal, you are in charge. The 1% is peanuts and a slap in the face to you finding a good deal. You have no control over the backend where they claim the big nut is coming to you. Get your nut up front when you still have control over the deal. As soon as you give up control in any deal, you have lost all profit power.
Wow it's an honor to be responded to by you. I love your site and Your property inspection check list . . . . . .. . .Killer!
Thank you, it is very nice to get feedback from you.
Has anything happened with Nu-Way?
Heck, I can top their deal. If you send me just $4000 (fed-ex only, no reason to get the USPS involved), I'll teach you everything you need to know, give you 5% finders fee on each deal you bring me and 45% on the back end. Much better for you, and me!
Hurry, hurry, hurry, this offer expires soon.
all cash
(fed-ex only, no reason to get the USPS involved)
:lol: :lol: :lol:
You know, that is a great observation allcash. If a scammer uses the USPS to conduct their scam then they can be found guilty of mail fraud (which is a FEDERAL crime with big penalties). If you are interested in testing them out then just tell the company to send it via USPS because you work for the post office and you want them to support your job. Should be a good litmus test of whether or not this is a scam artist that knows how to take your money and run.
Also I'd like to expand on one other point that Prohabber stated. Nu-way claims that you'll get a big 35% take on the back end. But what happens if they screw up (could be real, could be "unexpected high labor cost") and they take a big loss on the deal? Do you have to pay 35% of that loss to Nu-way?
Go to Foreclosures.com. They are reputable. They publish a list of the "scammers". Nu way is on the list. Hope this helps :groovy:
Hi BlackBroker,
I've been reading a lot about foreclosures.com and am looking into purchasing some of their products...6 steps to mastering foreclosures & the sharkbait system. Have you heard if these products are good or not? I've also been wondering if their foreclosures are upto date in AZ or not? Having difficulty locating any concrete info.. :type:
Hi Liz
I have actually subscribed to their foreclosure list (not presently). I was quite satisfied with the service. Unfortunately, I can't address their AZ lists because my focus was in the San Francisco Bay Area. However, if their list for AZ is as good as CA, it should be OK. I hope this helps. Let me know how things workout!
Ty :groovy:
Thanks Ty! Every little bit of info can always help!
Hi, This post is in reply to ProHabber's inquiry about wether or not Nu-Way is a scam or not. I wish I could could give you a definative answer but I cannot. I can only offer my opinion. Legitimate or not I do not belive that $5,000 is in anyway an equal amount of money to pay for learning programs, material, ect... If you want to learn, study read books on the subjects. Ask professionals in the field. Like you I want to make alot of money Investing / fixeruppers/ ect... and like most people we both figure that we are going to do it alone. We think all I need is the "know how" or a "system" then I'll be on my way. That sounds great but flying solo in this buisness doesn't work. If you really want to do it and you really want to learn. Don't even consider those programs. Instead I suggest you read, study, and speak with professionals that is how you learn. Develope good Ethics, which you probably already have.
Be professional and have a positive attitude and people will be willing to help you. Don't settle for sales pitches. I hope this may have helped.
I am a big believer in watching out for the big companies. If you want to learn this business, go to your local REIA and find an old pro who will show you how to do it.
Most of these companies just train sales people who read off a script. Find someone who is in the trenches doing deals every month and work with them.