Posted by JohnBoy on October 13, 1998 at 16:40:24:
I have heard nothing but bad things about “Home Buyers of America”. People that have paid have had nothing but problems getting there money back. I heard they’re under investigation by the Florida States Attorney.
From my understanding they claim that they will partner with you by putting up the money if you find the deals. The only problem with this, is if you found the deals based on their guidelines you wouldn’t need them to partner with you. You could easily flip the property to another investor and make as much if not more profit than if you were to split the profit with them.
I’ve heard from several people that did sign up say they found several deals that they brought to them and every time they were told it didn’t meet there guidelines. At first they said they were told to find a property at 70% LTV after fix up costs and they would put up the money to partner with you on the deal. After they paid the $2k and found a deal that meet their criteria, they were then told that the deal had to be 70% LTV after fix up costs minus the repair costs, advertising costs, holding costs, etc. If you find a deal like that, then what would you even need them for???
The best thing I can suggest it to RUN FAST!