Specialist · Sparks, NV · Member since 2017 · 2 posts · 4 votes
Hello everyone,
I’m a reader and podcast listener, not much of a poster so I’ll introduce myself. My name is Jake and I am an escrow assistant here in Reno. I have been looking at buying vacant land that my family and I could use as an outdoor/ rural getaway with the goal of building on that land in 5 years and make it a seasonal residence (vacation home). I came across this lot in Oregon that I really liked and borders BLM land. The Zoning allows building and there’s power in the road that fronts the property. I haven’t gotten to a point of testing environmental factors or having a Perc test done yet, because... I’m not sure if the deal is a scam. The website is landequities.com and the company is Land Equities Inc. They are headquartered in Oregon and own land in several states. They are registered with the Oregon Sec Of state and the officers are the individuals that the website states and under their current name they have been around a little over a year. They used to be Reef Tech, and prior to that they were Sterling construction. I also picked a couple properties from the website and the Assessor’s office confirmed that Land Equities Inc. is indeed the owner. My hang up is how the land is purchased. You checkout on the website, they prepare a couple documents (including contract) and send it to you. You send it back along with a check for the purchase price and they allegedly go Deed it over to you after receiving the check. As an escrow person that appears to be a scam. You send money to people you don’t know and have never met hoping that they actually do what they are supposed to without any escrow company or Trust account involved.
Long story short, does anyone have any experience with Land Equities Inc.?
So after a day it is clear I made some mistakes and over reacted. woops, lol, sorry for my misunderstanding. The backend of the purchasing experience is a little unsettling, so I was convinced I got scammed but I didn't. All the title info and sales contract came through later in my email. The phone number I dialed was wrong, but that was my bad, which explains why it was so strange.
If it were not for my freak out this has so far been a very easy transaction and nicely done. Just got to get some things notarized. GPS checks out with the parcel advertised. I am glad to be purchasing it, hope it all works out, because it's a good deal for me at least.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
8y
Legit or not, I’m with you......your money goes to a closing title co./attorney. Obviously you know to check the title......lots of these guys are selling tax deed junkers with title problems.
Specialist · Sparks, NV · Member since 2017 · 2 posts · 4 votes
8y
Yeah I have ordered a title report and I have a message in with the company about going though a title company. If they agree then I’ll feel much more confident about the whole thing. I’ll update.
Brantley, GA · Member since 2017 · 1 post · 0 votes
8y
I too am looking at a few properties on landequities.com, and the process to acquire the land seemed a bit fishy. If you proceed with payment and acquisition of the land, please let us know how it goes! I am very interested in a few properties, but the lack of an escrow is definitely unsettling.
Jacob -- did you end up buying land from Land Equities? I am currently interested in some of their land but like you I have my hesitations. Let me know how it turned out. Thanks!
My local Craigslist is saturated with their ads in the housing section. I, too, would love to hear from anyone who has dealt with them so far. Thanks in advance!
Hello All, So did anyone ever purchase from them? I am in the same boat. Would love to buy this piece of land they have listed, but need to know if it is legit or not? Anyone go through with it?
I am a Realtor and I was working with a buyer and she almost bought a piece of land that would of ended up being a different piece of land because the gps coordinates were wrong. We went to the title company and found out where the parcel is, it’s not where he said it was, and there’s no way at all to be able to access it. Horrible. Wasted a bunch of our time and she almost wasted a bunch of money for nothing. I’m never going to deal with him or his company. He’s also very rude and did not want to split escrow costs or even me a real commission.
I’m currently trying to buy a plot of land in Oregon. I researched this company and couldn’t find much- just this thread and another complaint that mentions he didn’t get the title after he made the down payment. But their web site mentions you won’t receive the title until all payments are completed. So I’m thinking that person did not read “the fine print” before he made the down payment. They do have zero complaints on the Better Business Bureau.
The only thing that bothers me- which I suppose it’s minor- is this: I emailed Ray a link from his own website of the property I went and saw and am interested in, and he emailed me back the exact same link, saying that all the info regarding that property is on there. After which I emailed again, asking if we could make an appointment and speak over the phone so my husband and I can clarify certain questions we have in regards to that property. I also mentioned that if he would rather we ask all our questions via email, than speak on the phone, to let us know his preferred mode of communication. After a week, I’m still waiting for some kind of form of communication from him. Perhaps I’m paranoid and overly suspicious - perhaps he’s out of town, looking for properties, and he doesn’t have phone coverage. But right now it seems like he’s trying to avoid me, ever since I asked to speak over the phone.
It would be really nice AND CIVIL, if some of the folks who have previously posted questions and were interested in buying from him, would let us know how their experience turned out. Not try to get advice and then disappear altogether- after all, that’s how these sites work: Help one another - not simply try to help yourself! Kinda disheartening...
I too have been in communication or lack there of with Ray. Ray shows properties that are not the correct location. Ray continues to respond via email ( go to my website all information is on my website). I too have tried to schedule an appointment to view properties. Ray will not respond. You should never pay upfront before any transaction. It’s truly sad for individuals like Ray. Greed is awful. Good luck if you choose to deal with Land Equities. Can’t say I didn’t warn you.
I purchased land from them and all seems ok, i didnt get a title at first but it was the fault of the title office not ray, they said they sent it and it was delivered (it wasnt) and i had to pay $25 for them to ship me another one. Now the only thing that was fishy is he refused to go through escrow and i havent done a title search yet so i may or may not have a clean title. But other than that i dont see anything wrong i have been getting tx bills from the county and my name is registered as owner of the land so 🤷♂️
I wish I had read the few warnings here first. But no, I had to jump in eagerly. So I attempted to make a downpayment on a loan for a parcel advertised on landequities. Here is the link to the parcel if it still works:
The online billing site works very quickly to take your money, and you come out of it staring at a page with no relevant information, no confirmation of sale, nothing. I got a receipt for payment with lending terms of a recurring monthly payment in my email, again no number to call, or other contact info, no mention of the title or parcel. I called the phone number listed on the landequities.com web page.
If only I had called that number first, I would have never done this.
All that happens is a demand that you press 1 if you speak english, if you don't a loud noise will eventually go off after many repeated demands to press 1, then it will disconnect. If you press 1 you go to a "special offer" you have no choice to refuse, if you do you get disconnected. I got a person on the "special offer" line, who was selling some kind of auto repair package. Knew nothing about landequities.com, said I had an old number or something.
My bank said it sounded like I got phished, and so took the proper precautions, the pending transaction is contested, but that may not get me my money back. I would love to be wrong and actually be buying that property, but this looks like fraud, clean and simple. Evasive contact info, suspicious lending portal, I have no other proof I bought that land, not even the receipt mentions it.
Hope that helps those wise enough to search about landequities first, before getting suckered.
Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes
6y
Hey everyone, I am a land investor (3 years experience and over 100 transactions to date) who has seen this company in many states but I have never spoken to the owner (even though I called once because I had a lead on a land deal that I thought would fit his inventory and just wanted to wholesale it instead of buy it myself). So, I don't know the guy, or his business, but I do know his niche...land investing.
So I can speak to some of your concerns about the way he conducts business and let you know that's typical of land investors. I can say that as a whole, the land investing niche community handles business slightly different than general real estate investing.
As for the gentleman who was upset he didn't get a deed upon down payment for an owner financed deal. I'm not an attorney and the laws vary state by state, but it is best practice as a land investor to sell your land via land contract and a promissory note signed by all parties. It is only after this note is paid in full and completed that the deed is signed and recorded at the county and the property changes title. Investors do this to protect themselves in the event the note goes into default, they can avoid a judicial foreclose (expensive and time consuming) and just take the property back, and resell it. Alternatively you can get a deed of trust through a title company. The former is investor friendly the latter is buyer friendly. I do not personally sell on owner financing, but if I did, everyone in the land investing niche would advise me to handle it like that.
In the land investing niche it is common to sell properties outside of a title company. Title companies take about 4 weeks and cost about 1k-2k depending where you're at. A lot of the land investor community focuses on volume and land deals below the 5k buy/sell price, so title companies eat up that margin. It is "technically" simple to transfer title to a property, all you need is a properly drafted deed, signed, notarized, and recorded. The issues come in when the investor buys the property and how good they are at doing their own title search and determining a clear chain of title. Most investors use title companies if they are buying for more than 5k and selling for more than 10k. I don't do my own title work anymore, I have when I bought properties for 1k and sold for 3k. There isn't much risk there and it's par for the course for cheap properties being bought/sold with land investors. Like I said, I focus on higher dollar value land now and do it all through a title company. If you are buying a property for more than say 10k, I'd just insist on going through title. You could offer to pay the seller's closing costs, all in you'll pay about 1.5k to close through title. But if the land investor is worth their salt, there should be enough meat on the bone for you to justify that cost, as we try to sell at 70-80% of market value to keep the velocity of money up. Bottom line, lots of investors sell properties "in-house", if the investor has been around for more than a year or two and has a lot of transaction history they likely only buy the properties with easy title work and outsource the rest to title companies, so you're probably fine. I always buy with a title company but still offer "in-house" sales because they save me about 3 weeks of time and $750 of escrow fees. Most of my buyers prefer a title company and I have no issue with that.
As for the properties not being where they were supposed to be I have no excuse for that. I suppose one could say "you should have done you're due diligence," however Land Equities should not have misrepresented the location of the land. I can say that I never meet with sellers to tour properties because I'm selling at a healthy discount so I don't need to hold peoples hands through the process. I have a video on my website explaining landmarks and how to find the properties etc, that does the trick. So him not wanting to walk the property is extremely common. Almost 0% of land investors will meet a buyer at the property, we buy all across the county and it's not a good use of our time.
Lastly, on service, he really should return calls, and get in touch as soon as a down payment is made, or have a better "thanks for paying page". Maybe he's not tech savvy and has no idea there is no "hey thanks for paying we'll call you within 24-48 hours to get everything signed"
My opinion: A lot of your concerns are typical in the land investing niche, but the owner of this company is not doing a good job explaining why things are the way they are. As for his customer service I think there is room for improvement. As for whether or not it's a scam, it's not (probably haha IDK the guy but everything on his site leads me to believe he's just another land investor), if you have a concern just insist on using a title company to close the deal. If you offer to pay for his closing costs and he still says no then walk. If you close with a title company they will give you title insurance and you have nothing to be concerned with. If you ever plan to develop the land and sell it you'll use a title company and they'll do the research then, and if there is an issue in the chain of title then you'll wish you did it on the front end. If the land is less than 5k, it's fine to close outside of title, the cost of title insurance may not justify the risk.
Hope that's been helpful, if you have any questions or concerns with my post, I'd encourage you to read about the niche on REtipster.com. Search the website for owner financing/land contract/deed of trust, and you'll get the same perspective. Or for taking credit cards, or for doing title research/when to use a title company etc.
So after a day it is clear I made some mistakes and over reacted. woops, lol, sorry for my misunderstanding. The backend of the purchasing experience is a little unsettling, so I was convinced I got scammed but I didn't. All the title info and sales contract came through later in my email. The phone number I dialed was wrong, but that was my bad, which explains why it was so strange.
If it were not for my freak out this has so far been a very easy transaction and nicely done. Just got to get some things notarized. GPS checks out with the parcel advertised. I am glad to be purchasing it, hope it all works out, because it's a good deal for me at least.
Hello. While I haven't done business with Land Equities Inc, from what I can tell they are legit. Per M. Bailey's comments, it seems to be a property flipper of sorts. Buy at auction, etc., then resell. Obviously, that means 'buyer beware.' Buying land is not only a big investment, it can turn into a huge liability as well. I was interested in a property listed by Land Equities. Checked the tax records, and they do in fact own the land. However, when I went to visit the property, it appears there is someone squatting on the land (perhaps the original owner who lost it to back taxes, who knows). Point is, if I were to purchase the property, legal as it may be, that leaves me the buyer with a large problem on my hands (not to mention all the clutter that was apparent (old frig, busted up TV, two wrecked cars, etc.). All such problems instantly become the new owner's once their name is on the deed. Short of it is, buying land is not like buying a car. There are a lot of possible liabilities, so it's usually best to go throw escrow with a title search, even for cheap land.
Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes
6y
@James Hellie glad to hear it's all working out for you! @Po Ng is right, I never buy land without getting eyes on it. Typically that involves a photograph or a drone pilot for me, and all of the land I sell has current photos. I can't speak to how Land Equities buys their land, I buy direct from property owners via direct mail marketing. If you are buying your property and it is was acquired by an investor from a tax sale then you should read up on the tax foreclosure laws in your state. Different states have different redemption periods where the prior owner could contest the tax sale and it gets hairy. I don't know much about it.
I definitely suggest going to get eyes on the property to avoid the situation Po Ng could have ended up in. And when in doubt, just use a title company to close the sale. Title companies are very conservative and will let you know if there are issues with the tax foreclosure etc.
I bought land off their website. My uncle told me I should go through escrow in the future to check for Liens, encumbrance, and title insurance; however I have not looked into what I need to do on my end now. I can say I bought land off Ray back in July of 2021. I paid cash, I received my deed in about 2 weeks, and I’m paying taxes on the land now. I had no issues with the land I purchased. I’m back at it again December 2021 bought some more land, however I’m going through Escrow this time as it is Beach Front Land and I’m learning the way I should be buying land. I don’t think Ray is a scam as he delivered, but if there was an ill individual out there, it could be a different outcome.
I don’t think I’ll buy off land equities again as I am looking for undervalued parcels, but I think it is part of a journey I am going through in life. I’m glad I got the exposure in land investing, and I’m now hunting for land so I can build wealth. I applaud Ray for giving me the opportunity to get my foot in the land cult! My aunt bought land off him as well and she recommend the website to me. Our parcels are 30 minutes away from each other. She pulled permits and lives there full time now!
I just came across this chat/thread when googling land equities. We spent weekend in Southern Oregon looking at properties. When looking for info on one of the properties (8 lots) one of the lots popped up listed under land equities. It would be the incorrect address of anyone tried to purchase it as it is part of several lots filed with county and escrow. Clearly a scam realtor, I would go through a real estate agent and escrow if anyone is considering doing business with land equities you most likely will let be getting the property you send money for, if any property at all. You can search land boundaries for free.