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  1. #1
    Join Date
    Jan 2006
    Posts
    3

    Is this legit? 100k for your good Credit

    I have been offered to join in with investers to build a Building complex for $5M.

    No investment from me at all.

    All they need is my good credit along with many others good credit.

    Our good credit is protected because he forms an LLC and a Trust. If anything were to go bad, our credit and personal properties would be protected.

    All our good credit along with his current properties will allow for larger loans to build this new complex.

    Once he gets enough people with good credit to go in on this, heborrows the money, sets up the builders, and shows the "new" buyer all is in the works to build the place.

    Once the new buyer sees everything is a "Go", the new buyer buys everything for $17m. Then the ground breaking occurs.

    That is when me and all the other investors get $100k for our part of lending our good credit so he can get larger loans to build the complex.

    All this would take about 1 year to complete then we would see our money.

    Also, this would actually make your credit stronger, so he says?

    Is this a scam? or is this the way big money investors work?

    Thanks
    Last edited by ragtopman; 08-08-2007 at 07:52 PM.

  2. #2
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Is this legit? 100k for your good Credit

    Our good credit is protected because he forms an LLC and a Trust. If anything were to go bad, our credit and personal properties would be protected.
    Talk to real estate lawyer. And do not sign any papers without talking to a lawyer.

    There is no such thing as just giving your good credit. If they build Corporation/Trust, its credit will be totally separate from any personal credit. Chances are he wants borrow money with your credit and later hold your money hostage.

    This is usual scam deal that catches gullible people with good credit. Scammers take loan with your money. But they will be owner of the property that your money bought. Now scammers tell you that they can not sell property and your money are tied up indefinitely. You get desperate and agree to "sell property at discount". They sell property and return only partial sum of your "investment".

    And that would be the best option. We had here a lot of people scammed of all of their investments by joining questionable partnerships.

    I vote that this is scam 100%. What other members say?

  3. #3
    Join Date
    Jan 2006
    Posts
    3

    Re: Is this legit? 100k for your good Credit

    Thanks for the quick reply!

    So this is not something new...

    Only thing is that I never put any money in? He only uses my credit, which he says is protected by the LLC.?

    I will have all paperwork viewed by a lawyer and get back to give my findings. :D

    As a "gullible" person never dealing in real estate before, I will take your advise and follow up with a laywer. Good Call. ;)

    Thanks!

  4. #4
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Is this legit? 100k for your good Credit

    Quote Originally Posted by ragtopman

    Only thing is that I never put any money in? He only uses my credit, which he says is protected by the LLC.?
    I found interesting post on google

    http://answers.google.com/answers/threadview?id=778832

    However, you'll want to make sure you did not sign a personal
    guarantee to your creditors.
    So if you sign personal guarantee, they can put entire debt on you. This is one way they could scam you by using your assets as collateral while you think they are leveraging your personal credit.
    Last edited by borisf96; 08-08-2007 at 09:11 PM.

  5. #5
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Is this legit? 100k for your good Credit

    Another interesting discussion here

    http://forums.biggerpockets.com/post-5921.html

    People there are pretty confident that you can not use your personal credit to establish LLC credit.

    I would not even go to a lawyer. This is a solid scam.

  6. #6
    Join Date
    Jan 2006
    Posts
    3

    Re: Is this legit? 100k for your good Credit

    I took out the company name and replaced it with +++++ because I do not want to get in any legal trouble by mentioning it.

    +++++ was founded in 1983 as an investment vehicles in Commercial real estate and healthcare projects. +++++ develops themed retail healthcare and professional medical centers, named ++++++, and sell such developments to short and ling term investors. Qualified investors can participate in our investments with NO CASH, just their good credit! We provide the Collateral, the Capital, and all the debt payments. They exit within 12-18 months. NO hidden fees or liabilities. Investors may also choose to participate in our long term investment pools, and receive a high return on their no cash investments, or if they so desire, they can invest directly with +++++ and receive an even higher return on investment, up to 35%. Investment opportunities are strictly in real estate worldwide. Principals only are invited to participate.

    MORE INFO I found....

    +++++ packages real estate investments worldwide. Our focus and specialty is commercial developments, and resorts to be packaged as high-end , high yield investments sold to institutional investors. We specialize in selling Fractionals and TIC investments and Mortgage backed securities. Properties must meet our guidelines to qualify. All funding is subject to our initial scoping, assessment, valuation, and planning phase which is typically provided on a fee basis only.

    AND MORE.....

    We are a developer in High End Themed retail HealthCare and Professional Medical Buildings. We offer serious and qualified Investors the opportunity to invest their credit, not their cash in our projects and get a guaranteed rate of return within 12-18 months. +++++ provides the Collateral, Capital, and make all payments on your investment. No strings attached. No hidden fees, or liabilities. Qualified Investors must have a credit score above 700+ Investors can participate by contacting +++++ at +++++++++ or by calling me at ///-///-////. Once you are qualified we will provide you with all the necessary Documents and Agreements! No money to send! Your Investment starts once you have signed and the funding is in place! It's as simple as that! Principles Only!


    Seems like they have been around for a few years since 1983?
    I will continue to search out more info and post.

    Thanks all for sharing.

  7. #7
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Is this legit? 100k for your good Credit

    PM me their website. I will tell you how real they are.

    Second they can not sue you for inquiring in public forum.

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