Build Realty...Scam or For Real?

12 Replies

Just wondering if anyone has had any experience with Build Realty (Cincinnati)?

For the first time I called a hand-made sign posted on the sign of the road..."3 Family, fully rented, Under 100K!"

Called the number, got an automated message, got a call back and was asked some pre-screening questions. 

About a day later got a call back and was told I could be put on a list to be called when they have properties available.

"They go fast! So it's occasionally likely we'd close the same day after we call you and show you the property."

All sounds good...I can even bring my own inspector to the showing. 

They wholesale and may be good to partner with them but wanted to see if anyone else has worked with this group? 

Thanks!

Their responses to me say they are trying to build your desire to buy, so likely overpriced properties or they don't really have anything for sale now but want you excited ahead of time so when they do have a polished turd to sell you you will take it.  If you think they might be good deals I would check them out for 6 months but not buy anything.  Be sure to find a local realtor to give their opinion too.

Thanks so much! I appreciate it. I went and saw a property they had available and it was an enlightening experience.

bandit signs put up by Bandits  :)  just building a buyers list..

I don't personally sign up for buyers lists..

@Jay Hinrichs for sure! As soon as I called the number and got the automated message I was suscpicous. Now to figure out how to find the deals like they are!

What could possibly go wrong?

According to that complaint here is what comes next:

They sell you something after fraudulently inflating its perceived value; lend you the money to acquire something worth significantly less than they represented; put a deed in their pocket in violation of state law; and then they default you, take back the property and rinse and repeat.

@Tom Gimer haha! I actually met them earlier today to see a duplex...feel like I almost walked off a cliff.

@Jay Hinrichs ironically I just listened to episode #222 the other day...great show! Inspired me as I  had recently went to see a 6 acre plot that was all wooded. Not sure if the woods worth anything but at least looking into it! Thanks for sharing your experience.

Originally posted by @William Crutcher :

@Tom Gimer haha! I actually met them earlier today to see a duplex...feel like I almost walked off a cliff.

Ha interesting, I got a scammer fired from his job last year.  Hes been working for build realty since.  

He even had the nerve to ask me if I was interested in buying a house from him.  I'm like nope if I needed an overpriced house with under estimated repairs and expensive financing I'd call the build rep I've already talked to.

@William Crutcher   keep in mind woodlot and timberland are completely different values .

were as I had an 11 acre monster doug fir patch that I took 700k of timber off of in the height of the market.. out your way with hard woods it could be fire wood worth 7k.. LOL

but you can check with local saw mills and get their pricing sheet this will help you with species and values then you contact loggers and see what there camp run price is... camp run = all phases to the mill from falling it to skidding it.. to loading it to trucking it..  or like down in the deep south were they pretty much just use feller bunchers camp run prices should be cheaper.. a lot of our ground here the topography won't allow mechanical logging.

Originally posted by @Jay Hinrichs :

@William Crutcher  keep in mind woodlot and timberland are completely different values .

were as I had an 11 acre monster doug fir patch that I took 700k of timber off of in the height of the market.. out your way with hard woods it could be fire wood worth 7k.. LOL

but you can check with local saw mills and get their pricing sheet this will help you with species and values then you contact loggers and see what there camp run price is... camp run = all phases to the mill from falling it to skidding it.. to loading it to trucking it..  or like down in the deep south were they pretty much just use feller bunchers camp run prices should be cheaper.. a lot of our ground here the topography won't allow mechanical logging.

Good point. I went and looked at it...huge steep hill full of firewood. Logging company here won’t look at anything under 20acres anyway. Still, you don’t know what you don’t know. Thanks again for the insight!

Finding the first deal is hard!! Keeping at it...

Merry Christmas!

I know this is an old post but just thought I would comment. I have worked with them on two different deals. Yes their houses may be inflated but if your starting out with not much experience and not much capital they helped a bunch. I have used them for 2 flips and made money on both of them. First house sold in under 30 days and second house sold in 6 days. 

If you find your own deals then yes it is much better and more lucrative but if you use Hard money and wholesalers they gotta make some money too

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