Hi DLV!
I don't know the answer to your question.
But I do know that you're new to the forum and need
a handshake welcome. :D
Thanks for visiting our forum and asking your question.
I hope you'll stick around, join more discussions, and
maybe share with us some of the deals you're currently
involved in.
Welcome!
Of course I have suggestions!
I can refer you to a local commercial broker, and I myself
can get started on the needed financing.
I'll pm you.
DLV,
I have an investor who just started investing with Pinnacle in Atlanta. They gave him a list of references that he could contact about their services and everything was very clean when he checked with the BBB. Ask them for references yourself and see whether it's a fit for you or not. It sounds like a great opportunity.
Now I don't know about Pinnacle in particular, but I can tell you from living and working in Atlanta that the entire RE market here is still pretty hot. High returns are very possible in various parts of town. Just make sure you check these guys out very well because there are always people looking to rip someone in this business and Atlanta sees more than our share of them.
Hi All,
I was searching for info/feedback on Pinnacle and ran into this site.
To respond, I have invested a small amount 6 months ago - had 3 levels of references and have gotten the returns as promised promptly. I had my lawyer check these folks and paid for a Dun and Bradstreet (?) report and nothing turned up (beware as "absence of proof is not proof of absence").
As of today, my lawyer has more invested than self and since I have my 100% return in hand, I am thingking of putting a bit more.
Any other experiences?
MTH
lapointbush, my name is Verran Jones and I'm with the Real Estate Coaches and we have partner with Pinnicale Development Partners. We have opportunities listed on the pre-construction section on this site. Call me at 678-230-9348 tonight and we can talk with the principal of Pinnicale today. V
Yes - I got my 25% return 4 times - once every 45 days. I now have a 100% return over a 6 month period - they have now changed the return to once every 60 days as the Ad in Newsweek says.
TO sign up, I suggest giving them a call to the advertised phone no. You really dont need any inside connection to sign up.
MTH
Looking for more feedback on Pinnacle Development Partners, LLC. Looks interesting!
I'm also interested in more feedback. MTH I see that you've only posted on the site on this thread. Makes me doubt you somewhat - seems like you're here only to be a cheerleader for this company. Can you maybe give us some details on the deals you've been involved in?
I don't mean to question you, but it seems a bit fishy.
I spoke with a rep from Pinnacle Development Partners, LLC on 8-28-06. He is sending me a packet in the mail and suggested I review it with my attorney. He stated that if I was still interested, he would send me a list of references. Pretty much covered the same info that's on their web site, 25% return on investment in 60 days.
Marks:
1. Ofcourse you mean to question my intent :wink: . Rightfully so as it appears too good to be true; On paper their model makes sense but defies CW...
2. I posted on this thread as this was the only one that came up on googling Pinnacle - I was looking for any bad experiences and am still searching. Appreciate anyone pointing me to one;
3. Cheerleading??? My posts never advised anyone to invest. On the contrary, I have explicitly cautioned. Now my approach was to put in only that money that wouldnt make me loose sleep for more than a week if lost. To me the returns are certainly worth that risk
Upon my attorney's advise, I incorporated and went in as LLC. Other than that I do not have much more than my previous posts to offer without appearing to do the job of Pinnalce Marketing :D . As BigGQ has found out, this is a fairly cookie cutter process and their rep should be able to answer your doubts and questions.
I certainly want to discuss any specific questions you all might have that I might not have covered during my own analysis...
Cheers
MTH
Why is it that you can't explain the process that you went through? If the process is cookie cutter, why can't you please explain it to us?
I continue to doubt you and your independence from this company, as it is like pulling teeth getting details from you. Please, help to quell my and others doubts here by explaining a bit more.
I am not looking to battle here. There is a certain openness on this site that you are not showing here, and it usually is because someone is not being fully truthful. I want to believe you and the fantastic returns, but you haven't told us anything new.
If you want the process explained, shouldnt you be getting it straight from the source? Wouldnt you rather understand their business model as well? Relayed by me would at best be incomplete and at worst might be incorrect. As I mentioned earlier, the terms have changed since I signed up. It is inexplicable you insist on this but for what it is worth, here's what I recall:
1. Pinnacle faxes you a form to be signed and Fedexd back with your check;
2. Countdown begins upon receipt.
3. A partnership (not llc) is mailed within 2 ~ 3 weeks to be signed and retuned;
4. You have the option to rollover or withdraw both principle and return - Your check is Fedexd to arrive on 60th day.
You might doubt me, but there should be no doubt on my independence from this company. I made clear my association with it as an investor and as such have a vested interest in its success.
I am not interested in making anyone a believer. I have shared my experience with them over the past 6 months - they have been prompt and go by the book. My apologies if I have misunderstood this forum - I was hoping to see a robust discussion on their business model and the risks involved.
Cheers,
MTH
MTH,
I've been doing some research for a couple of weeks on these guys. The packet of information they sent included an appraisal on a 4-unit apartment building that was supposed to represent one of their properties. I did find some information on the Dekalb County tax assessor's web site on the address listed on the appraisal. It gave the purchase date (Dec. '05) and the most recent sale date (Mar. '06) but the only name listed as "owner" was Gene O'Neal, who is the CFO of Pinnacle. No co-owner listed, and the address for Gene was in Alpharetta, GA (a suburb of Atlanta.)
In your dealings with Pinnacle, have they given you any other property addresses for the contracts you've had with them? I would like to investigate further.
RWZ,
Yes - for each of the partnership, you would sign a document with the name/address of the property. It takes a while for the names in the partnership to get onto the title, but I verfied that it does happen for the first partnership. I did not care to ask for the other 3, but they will fax you the title copy if you so desire - that is my understanding.
You say that Gene is listed as owner, not Pinnacle. Did you ask why this is so since the partnership is with Pinnacle?
MTH
Hello! All
Here goes. I talked with my ex-wife today, and we talked about investments. She mention that she invested $5000 dollars in Pinnacle and is expecting a 25% return within 60 days. I'm sure you know I raised my eyebrow with scepticism. I've been struggling to get 6% - 8% out of my investments.
I ask her to tell me about the company and she stated everything that has been mentioned here. I also, started my own investigation into the company and haven't uncovered any negative press. I'd like to hear from a long term investor in Pinnacle to get a historical view.
I talked to a rep from the company today, and he broke it down to me like this.
1. The company is no longer purchasing single family forclosure, but are purchasing older apartment units, and coverting them to condos when possible.
2. They are purchasing foreclosure development land, and are continuing with the original delelopment plans or implemeting their own.
3. On any foreclosure purchase Pinnacle invest half, and the other half comes from outside investors, silent partners (you and me).
4. Investment minimum and maximum with Pinnacle is $5000 - $250,000
5. I was a bit uncomfortable with the explaination payout on the development properties (see below).
6. On the development property the rep explain that investors are paid according to what phase the development is in at the time of your investment. On a 5 phase developlement project the investors that invested in phase 1 would be paid by monies from investors in phase 2. etc. Phase 1 would be clearing of the land, phase 2 site layout, excavation etc. Phase 3 would be infrastucture, sewer lines, utilities etc. Phase 4 would be building structures etc. You get the drift I'm sure.
7. You have no say so on what foreclosure properties Pinnacle uses your investment for. I'm still struggling to figure out how a silent partner's names ends up on a deed, if the property is sold within a 60 day period.
8. Will the silent partner's name end up on the deed if the property isn't turnover within 60 days, and be held responsible for all associated expenses on the property, specifically property taxes?
9. Continuing, each contract with Pinnacle is for 60 days, at which time you receive your payout, again 25% return on investment.
10. At the end of the 60 day partnership, you can open a new account (contract partnership) and reinvest your principle and payout, reinvest only your initial principle.
11. You can also receive both principle and payout and not reinvest. So on a $5000 investment at 25% ($1250). You'd walk away with your initial $5000 investment, plus a $1250 profit.
12. If you reinvest your money, there is no rollover of funds. Your account is closed and a new account is open. The monies from the closed account is transferred to the new account.
So you never really accumulate money or earn interest on an account. Every dollar in an account is used for investment purposes by Pinnacle.
I'd like to know what Pinnacle's fees are. I'm sure there are fees associated with some transaction.
My ex-wife signed a quick form to get her investment started, and is still waiting on the legal documents for the partnership. I questioned why she didn't wait for the contract documents, but it's to late now.
I hope the discussions continue on this topic.
Well now this is an fascinating thread!
I too, am interested in Pinnacle. Is there anyone with a longer term relationship with this outfit?
25% per 60 days is pretty incredible. Could they be churning to show better results?
I haven't been able to find any negative press, and that's unusual by itself. Most companies get at least some.
Looking forward to following this thread. Anyone else out there?
PS - mth, you've handled yourself well so far. Don't clam up on us now, and welcome aboard, I'm new here too.
It can't be only me that thinks this sounds a little like a pyramid.
Hi, I too am interested in Pinnacle. I called and spoke with a represenative who sent me a package which look pretty generic. One thing in particular it clearly stated that if you attempted to contact any of the investors other than those whose name and numbers they offer, you will automatically be dismissed from the investment group. Why? Sounds very skeptical.
I am glad I stumbled into this discussion on Pinnacle. I am about to call them this afternoon.
One thing I am curious about is what is the risk to the investor. How does Pinnacle outline the risk? What are some scenarios where you could lose the investment?