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  1. #1
    Join Date
    Mar 2008
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    Scam, beware of Equinaire Inc(Equityispower.com)

    I receive calls from this company called "Equinaire" few weeks ago, and attend one of their seminar. It is all scam. They claim they are no multi-level marketing company, but want you to pay a huge membership fee in order to start "Building Your Wealth". Then they will show you how to refinance your own home and take out the equity to use it on buying other real estate for investment. I did some research and found out that all the companies and services you are using is all owned by their CEO "Kwame Granderson". Think about it, all the risk is upon you, not them. You pay the membership fee to join their program, then you provide your house for refinance using their "in house" mortgage which they will make fees on it, then you're stirring into the direction of buying property they provide, and once again, using their "in house" mortgage. Finally, you are a landlord, then you need a good property management company to find tenant for you and management the property for you. There are fees to pay again. So everyone, be cautious and be aware, they are making all the commission and fees from you, and you're taking all the risks including taking out the equity of your home which will increase your monthly mortgage payment, and getting another mortgage for the property you buy from them.

    Another funny thing I found out about is that their "Weath building" concept is very very similar to another company called "Nouveau Riche" and “Real Market Expert”, and Equinaire Inc. actually register this concept as their trademark. You gotta to know that Nouveau Riche came out with this idea in year 2000, but Equinaire was founded in year 2003. So this is not their original ideas, Equinaire is stolen ideas from other company, too.

  2. #2

    Re: Scam, beware of Equinaire Inc(Equityispower.co

    I don't understand the 'scam' accusations. I have been to their informational seminars, spoke to and asked questions directly of Kwame and others within the company, and, although, I think some of their ideas are flawed, I, at no time, got the feeling of being 'scammed.'

    My impression of them, was, they were very professional, seemed to really care about what they do and their clients' success, etc. I got a good feeling from them, in general. It is true, that their concept does not appear to be unique, but that does not make it a scam.

    I do like their 'one-stop shop' model. They seem like a trustworthy company and therefore, I have no problem, with them making money for all their services (agent services, finance, repair/construction, and property management). I have no personal experience with their services, but I would feel comfortable with trying them, if I had no alternatives, or lacked experience. There is no problem with a company making money for it's services, although, I do think you need to check them out and make sure any company you do business with is upstanding and can deliver what they say.

    NOW MY CONCERNS:

    I DON'T'T AGREE with their buying strategies and some of their business model. I have looked at some of the recent deals on their website, at various times. From my research, I have found very few that could be considered a true deal. Some of the appraisals they have/had posted, appeared to be pushing values toward the higher side, as compared to the sales I found, around that same time period. But, my feeling is that was more a function of the specific Appraiser, rather than Equinaire.

    To their credit a couple of the deals appeared to be okay, but not worthy of an informed, educated, experienced real estate investor, in this market, as they present themselves to be. This was proven, as many, probably ALL, of these properties (the 7-9 that I have scene on their site, at various times) and their areas, have drastically declined in value, and currently, either have no equity or negative equity.

    I do feel bad for their clients, who thought they bought great deals, only to find, unfortunately, they were not great deals or have now declined in value, or maybe they don't realize any of that yet.

    I remember when I went to their seminar, last year, Kwame was really pushing the Inland Empire, due to the affordability and the fact that they have fallen in values already and are good deals (at that time). Unfortunately, I think either his data and conclusions were either, false or incomplete, as proven by the current market. I don't think this was intentional, and I think it takes alot to present those types of opinions, when you feel responsible, somewhat, for others people's well-being, so I do admire him for that.

    But, I knew of other experienced people, that researched the data and conditions, and could clearly see the continuing market crash that was to come, and still is, by the way. Based on my data, we have a ways to go in this declining market. Of course, this is area specific, but the Inland Empire, where Equinaire was concentrating, is “ground zero.” Example, last month, of all the sales within one of the cities there, 95% of them were REO's, or bank-owned properties! We are in the midst of the most volatile California real estate market in history, this is no time for arm-chair investing, with companies who aren't fully informed.

    Bottomline here, the Buyer is ultimately responsible for their own actions, so if I was putting thousands of dollars into an investment, I would want to get as informed as I could. But, I don't feel Equinaire is a scam, just may not have the best strategy.

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

    Re: Scam, beware of Equinaire Inc(Equityispower.co

    Then they will show you how to refinance your own home and take out the equity to use it on buying other real estate for investment.
    If "buying other real estate for investment" they mean to set you up as straw buyer, it is a scam. Any way, in the time of declining or stable real estate prices this is horrible losing practice.

  4. #4
    Join Date
    Jul 2005
    Location
    Northern, California
    Posts
    16,985

    Re: Scam, beware of Equinaire Inc(Equityispower.co

    Quote Originally Posted by borisf96 View Post
    If "buying other real estate for investment" they mean to set you up as straw buyer, it is a scam. Any way, in the time of declining or stable real estate prices this is horrible losing practice.
    Boris, are you implying that right now is not a good time to buy and invest in Real Estate?

    Kerry:sun_smiley:
    As long as it is acceptable for a person to beLIEve that he knows how god wants everyone on Earth to live, we will continue to murder one another on account of our myths. ~ Sam Harris, 'The End Of Faith'
    ~~~~~
    Christianity demands the crucifixion of the intellect.
    ~ Susan Kierkegaard

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

    Re: Scam, beware of Equinaire Inc(Equityispower.co

    Quote Originally Posted by ohein56 View Post
    Boris, are you implying that right now is not a good time to buy and invest in Real Estate?

    Kerry:sun_smiley:
    If you have money in a savings account and you paid most of the mortgage on your current home it could be good time. However slump in hose prices will probably last for couple more years. So make sure to have plenty of cash or credit available.

    Kerry, I know you are not a scammer. Be careful where you going to put $50K from refinancing (you discussed it in another thread). That "company" you got yourself involved in with investments in Dominican Republic smell scam to me. Read up on Real Estate scams, please.
    Last edited by borisf96; 06-15-2008 at 03:11 PM.

  6. #6
    Join Date
    Jul 2005
    Location
    Northern, California
    Posts
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    Re: Scam, beware of Equinaire Inc(Equityispower.co

    Quote Originally Posted by borisf96 View Post
    If you have money in a savings account and you paid most of the mortgage on your current home it could be good time. However slump in hose prices will probably last for couple more years. So make sure to have plenty of cash or credit available.

    Kerry, I know you are not a scammer. Be careful where you going to put $50K from refinancing (you discussed it in another thread). That "company" you got yourself involved in with investments in Dominican Republic smell scam to me. Read up on Real Estate scams, please.
    Boris, Thanks for the endorsement, or at least the thumbs up in not being a scammer! Also, thanks for the concern. I do appreciate it.

    I'm going in with both eyes open.

    The slightest hint of a scam and I'm outta there!

    We are going to the DR to look closer though.

    From everything I've seen & found DR is going places.

    Thanks again, boris! I'll keep you informed!

    Also, right now is the time to be buying real estate, if you can, now's the time. Prices will rise again, sooner than you think, I'll bet!

    Kerry Hein
    As long as it is acceptable for a person to beLIEve that he knows how god wants everyone on Earth to live, we will continue to murder one another on account of our myths. ~ Sam Harris, 'The End Of Faith'
    ~~~~~
    Christianity demands the crucifixion of the intellect.
    ~ Susan Kierkegaard

  7. #7

    Re: Scam, beware of Equinaire Inc(Equityispower.co

    Quote Originally Posted by ohein56 View Post
    I'm going in with both eyes open.

    The slightest hint of a scam and I'm outta there!

    We are going to the DR to look closer though.

    From everything I've seen & found DR is going places.

    Thanks again, boris! I'll keep you informed!

    Also, right now is the time to be buying real estate, if you can, now's the time. Prices will rise again, sooner than you think, I'll bet!

    Kerry Hein
    Kerry,
    What is this DR real estate you guys are referring to? And, with such good opportunities finally presenting themselves right here at home, in CA, why are you looking at the DR?

    I do agree, that now is starting to finally, be a good time to look and find good deals on homes in some areas of CA, but I think, it is still not an environment for the beginner. In this market, investors need to buy "right." There are still more declines on the near horizon for CA. Some areas near me have still not felt the brunt of it and others have fallen extremely fast in the last 4 months. So, it isn't a market for the squeemish, but, I do agree, that if navigated correctly, it will create huge wealth in the recent years to come.

    By the way, I am not saying you are a beginner real estate investor. I obviously don't know your experience. I have seen many charts and data of CA's current and projected market ... so if we are smart, and chose wisely, we can make alot of money. I don't think it is the best time to buy and hold right now though. Possibly in a year or soon thereafter.

    Happy Investing! :spin2:

  8. #8
    Join Date
    Jul 2005
    Location
    Northern, California
    Posts
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    Re: Scam, beware of Equinaire Inc(Equityispower.co

    Quote Originally Posted by Nevermind View Post
    Kerry,
    What is this DR real estate you guys are referring to? And, with such good opportunities finally presenting themselves right here at home, in CA, why are you looking at the DR?
    DR= Dominican Republic.

    Link to photo's here; http://www.dominicantoday.com/dr/for...nican-Republic

    There are investment opportunities there in Real Estate. California is good IF you've got lots of cash & the ability to buy. Foreclosures are at an all time high right now. If one has the ability to buy those, now's the time.

    For RE that's priced right & appreciating, DR will do.

    Quote Originally Posted by Nevermind View Post
    I do agree, that now is starting to finally, be a good time to look and find good deals on homes in some areas of CA, but I think, it is still not an environment for the beginner. In this market, investors need to buy "right." There are still more declines on the near horizon for CA. Some areas near me have still not felt the brunt of it and others have fallen extremely fast in the last 4 months. So, it isn't a market for the squeemish, but, I do agree, that if navigated correctly, it will create huge wealth in the recent years to come.
    I agree.

    Quote Originally Posted by Nevermind View Post
    By the way, I am not saying you are a beginner real estate investor. I obviously don't know your experience. I have seen many charts and data of CA's current and projected market ... so if we are smart, and chose wisely, we can make alot of money. I don't think it is the best time to buy and hold right now though. Possibly in a year or soon thereafter.

    Happy Investing! :spin2:
    Well said.

    No, I'm not an absolute beginner, though I do have much to learn. I'm going to get my RE license by the end of the year this year.

    Thanks for your reply.

    Kerry Hein:sun_smiley:
    As long as it is acceptable for a person to beLIEve that he knows how god wants everyone on Earth to live, we will continue to murder one another on account of our myths. ~ Sam Harris, 'The End Of Faith'
    ~~~~~
    Christianity demands the crucifixion of the intellect.
    ~ Susan Kierkegaard

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