I was surfing Craigslist and I came across an ad titled "AMAZING OPPORTUNITY...MAKE $15,000 RIGHT AWAY! Rent Your Credibility."
So I emailed this person and this is what he emailed back:
"Thanks for your email. As you saw in our advertisement, we buy wholesale properties that are motivated from developer, mortgage banks and private individuals. We have an aggressive lease purchase program and acquisition assets, which allows us to hold properties until the optimal market conditions are met. We purchase our properties on average 20% below real market value.
Our partners average $5,000 upon acquisition of the property, and $20,000 + upon resale. YOU WILL NEVER BE ASKED FOR ANY MONEY PERIOD! In our acquisition process, we are able to secure enough funds to debt service property for a period of 3 years with rent and reserve assets with each acquisition. Our Normal resale of acquired properties averages between 18-36 months.
Here is a little about me and our company. I have been trading in the stock market for years as an options and futures trader. I watch price patterns and market flow in the stock market, and am a technical analyst. I have taken my knowledge of the stock market and put it to work in the housing market. It is always the institutions that make the money in the market, not the individual investor. So, our business model is to act like institutional investors to acquire properties that are undervalued, and make it easy for people to start investing with their good credit.
The true success of this system is the holding cost. I'm sure you know the housing market is in a "pull-back"; however, this is the smart time to buy! Most individual investors are unable to hold the property wile the market is down 18 to 36 months with little to know cashflow. However, with us acting like institutional money, we can wait for the market to find support and make the bounce. It takes a group of investors to be a bigger player then the individual investor.
As per your request, I am sending you some references for you to call. I have included three people that are in different time periods of their investments. I hope this helps you. If you have any questions, please contact me at any time. I look forward to speaking with you about your investment potential."
Kate k******: 702-406-****
Kevin S****: 702-338-****
Howard B******: 401-226-****
Im seriously thinking about doing this but I am kind of skeptical about it because i have worked so hard to get my credit to where it is now and I would be pretty upset if doing this ruined it.
Im new to the whole real estate investing thing. What are some question I should ask this individual? What should I be aware of?
Any suggestion are greatly appreciated.
You'd have to be CRAZY to get into this deal! I tend to judge people by the communication skills among other things. When someone sends you a come on like this, and doesn't bother to check his grammarand spelling any better than in the following 3 sentences he's not someone I'd waste any time on.
1. properties that are motivated from developer
2. wile the market
3. with little to know cashflow
BTW, this SCAM has been around a long time, nothing new just because it's on the internet. I saw it back in the '70s, it was a scam then and a scam now.
if its too good to be true, then it probably isn't.
a fool and his money are soon parted. the most valuable thing you have is your credit. don't blow it and don't share it with anyone ever. you might as well send all your money to a Nigerian scam.