Through experience and observation there are endless scams in the Real Estate Industry. I'm a math guy, I do the numbers and can forecast value, so a scam is pretty obvious to me. I've been reading BP on and off for over a year, I have been learning and involved in RE for half of my life 16+ years, never done wholesaling or mailing or anything 'silly', just what a 'normal' real real estate investor would do. It has come to my attention that there are scams all over this site! Its ridiculous. I'm so disappointed. Its sad. You just killed most of my motivation. But hey, at least I know that I will still get good deals in the near future when there are more foreclosures and market crashes. Thanks
Scammers identified so far just from watching BP podcasts:
Clayton Morris and his wife
We should all add to the list. Please remove those BP podcasts and ban those members and sticky their companies and names as SCAMMERS!
Could you say more about why Clayton Morris is a scam? I was thinking of buying from him.
@Martin S. - It seems if you are going to call someone out you should say what evidence you have.
@John Howdyshell - What do you mean the private lenders don't appear?
@John Howdyshell your profile says you are looking for a private lender for a low interest long term loan.
These are not the typical loans made by private lenders unless they are your friend or family.
What are the terms you are looking for?
@Jeff Green there is a long thread on clayton morris and most of the top providers of rental properties chimed in.. the reason most would think Mr. Morris is as this person stated a scam is that on its face 40k turn key homes in major metro areas are simply not assets that will perform as Mr. Clayton alludes to. plus you had folks coming on saying that they were so busy they could not take calls for months.. this is just ridiculous LOL..
@Percy N. I am giving a talk at the Big BP summit this weekend on private money and all the misconceptions the average or newer investor has regarding this. I know you and I are on the same page.
@John P. see above why someone may think Morris is a as they SAid a scam.. this may not be the case but their asset class as they offered it is Highly risky for out of state investors.. see the long thread about it. Does not make them a scammer just poor choice of assets and probably not nearly experienced enough in the asset class to understand what they are really like or what they are doing.. as they are brand new to the space.
Martin ,,the other thing is folks that get scammed are usually quite reluctant to post about it.. one they don't want to be embarressed that they sent 500.00 to that nice person on BP who promised them a private money loan at 5% interest for 30 years with nothing down and no real credit.. this is RAMPANT on all social media from BP to Linkdin to Facebook.
@Jay Hinrichs could you please post a link to the thread you are referring to? Thanks!
@Jeff Green far above my pay grade on BP.. .. if you are thinking of investing with them I would sincerely learn how to find post's on your own. its your money not mine... LOL...
the gist of the thread and chime in from all the top TK company owners on BP revealed how dangerous their model was ( those particular assets) how they have no real experience.. and other things that just did not ring true. This from other posters.. you make up your own mind.
But if you think for one minute you can buy a full blown rehabbed TK in Indy for 40k that is a passive investment then you are totally naive and will soon learn the reality.. I have owned over 350 C and B class from chicago to Atl.. I know how these things go.
So think about it fully rehabbed 40k home.. that home has to be bought for 5 to 10k because if you want a home that is rehabbed it needs at least 15 to 25k of work done to it .. so it does not eat you up in cap ex.. so lets say the company wants to make 10k ( pretty common for house flippers) so the most they can be in the home is 30k so you are buying the lowest of the low at wholesale values the worse of the worse areas.. and on the face these do not equate into long term steady cash flow vehicles. they just don't they only are sold to those to new or naive to understand this won't work long term.... So there you go the crib notes.. I can't find the thread as i don't know how but I was happy to spend 5 minutes explain what I got from the thread and what I know about that particular asset class.
For long term TK you need to be 60 to 150k minimum and rents at 750 and above to make them viable.
Its the power of BP pod casts were they ( the owners ) don't really vette these folks in any way.. just because they make a pod cast has no bearing on how accurate the info is or viable the investment is.
Many that do pod cast are great for sure.. but there is an irrational exuberance thinking a BP pod cast puts you in an Elite level.
@Jay Hinrichs - I will not be at the BP Summit, but would love to hear your presentation on private money. Any chance for a YouTube version and/or written info?