Real Estate Business Opportunity (?) - Posted by Eileen Hodgson

Posted by Eileen Hodgson on March 27, 2002 at 05:30:55:

I GOT QUITE A FEW REPLIES – MORE THAN I BARGAINED FOR.
I WOULD LIKE TO THANK YOU ALL FOR YOUR INPUT. I HAD A FEELING THIS OUTFIT WAS A SCAM. YOU CONFIRMED MY SUSPICIONS. THANKS AGAIN, AND HAPPY INVESTING.

EILEEN

Real Estate Business Opportunity (?) - Posted by Eileen Hodgson

Posted by Eileen Hodgson on March 24, 2002 at 10:39:50:

Has anyone heard of Nation-Wide Real Estate Discounters Corporation? It is located in Ft. Meyers, Florida. I found an ad in the paper about locating “distressed properties”. I checked it out, and they sent me a brochure claiming that by using their program manual, you can make money by locating “distressed properties” for them. They also claim that there is “no risk”. It sounds too good to be true – SCAM. Any thoughts? Thanks.

Eileen

Re: Real Estate Business Opportunity (?) - Posted by Thomas

Posted by Thomas on March 24, 2002 at 21:21:16:

I bought this course and the formula that you must use makes it virtually impossible to meet their guidelines. For example, if my memory serves me correctly, you must find a deal that after all cost are paid, such as purchase, rehab cost, closing cost, etc. you must still be at 60% or less than Fair Market Value so you would have to buy properties selling for around 35% or less than FMV and that was something that I couldn’t locate.

Follow Joe’s advice - Posted by Craig (IL)

Posted by Craig (IL) on March 24, 2002 at 12:25:35:

If Joe Kaiser says something, I listen to him. He says to stay away from this company; I’d take his advice. I am not withdrawing what I said about birddoging in general, but I am not familiar with the company in question.

Check the Archives . . . - Posted by JoeKaiser

Posted by JoeKaiser on March 24, 2002 at 11:32:10:

There have been literally hundreds of postings regarding Nation Wide, and with the exception of an occasional shill, they have been unanimously panned as bogus.

It is apparent their only interest is in selling you their training manual (I’ve seen it - it’s a joke). As far as doing deals with you. slim to none, and that’s on a good day.

Joe

Re: Real Estate Business Opportunity (?) - Posted by Craig (IL)

Posted by Craig (IL) on March 24, 2002 at 11:11:57:

It is probably not a skam. There may be laws that you first want to be aware of.

First, this corporation is likley a very small operation, possibly a single investor who makes money by buying distressed properties, making repairs, be it structural distress or legal problems, takes necessary actions and re-sells for profit.

There is nothing illegal about this. That company uses your eyes and legs to locate properties in exchange for a (usually) small fee. You would be known in the field as a “birddog” for that company.

Some people do this, but not so much for the income. Income from birddoging is usually not very much. People do this primarily to get next to person(s) doing real estate investing in order to learn for themselves how to invest and make money from real estate investing.

A possible rub could come if you do several such referrals. While birddoging itself is perfectly legal, if you are not a licensed realtor, doing multiple deals may run afowl of state laws. Check into your state’s laws; if you have a friend that is a broker or agent, he or she could run this down for you.

I understand many birdogs work by never calling the property owner and working only with the persons they birddog for. In such case the existence of the birddog is entirely unknown and not recorded in the real estate transaction.

Real estate can be an exciting adventure. This could be a good way to start for you.

Re: Real Estate Business Opportunity (?) - Posted by Bill

Posted by Bill on March 24, 2002 at 10:55:02:

How does the old saying go…If it sounds too good to be true…it usually is. Be careful with your money.

Re: Real Estate Business Opportunity (?) - Posted by Jim Kennedy - Houston, TX

Posted by Jim Kennedy - Houston, TX on March 24, 2002 at 13:43:53:

Craig,

Your take on Nation-Wide is close but not entirely accurate. I suggest you do an archive search on “Nation-Wide” and “Nationwide”. This organization has been discussed at great length on this and other real estate related web sites.

In their program, you do not act as a “bird dog”. Instead, as one of their “associates” you actually get the subject property under contract, then submit the deal to them for their consideration of a joint venture.

The problem seems to be that very few deals pass their muster. Others have posted that Nation-Wide has rejected deals that appear to be perfectly doable by most experienced investors’ standards.

Best of Success!!

Jim Kennedy,
Houston, TX

Re: Real Estate Business Opportunity (?) - Posted by Eileen Hodgson

Posted by Eileen Hodgson on March 27, 2002 at 05:24:07:

THANK YOU ALL FOR YOUR INPUT. I HAD A FEELING MY INSTICTS WERE RIGHT. YOU CONFIRMED MY SUSPICIONS.

THANKS AGAIN. HAPPY INVESTING.

EILEEN