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Thread: Ameraco

  1. #1
    Join Date
    Mar 2008
    Posts
    18

    Ameraco

    has anybody ever heard of this

    company. you find foreclosures for

    them (locate the property) submit the

    property to their investors and they

    will fund it. their investor will buy you

    out and get paid right away. :spin2:

    finditandfundit.com

  2. #2
    Join Date
    Sep 2004
    Location
    Reality
    Posts
    947

    Re: Ameraco

    Junior,
    If you want a QUICK and EASY way to identify this scam, do this:

    If it is from Florida, it is a scam.

    You're welcome.

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

    Re: Ameraco

    Utah and Florida do have many of scams originated from them.

    I have seen a few "find me a foreclosure" schemes on this forum. But we never got anyone who took the bait and lived to write about his experiences.

  4. #4

    Re: Ameraco

    I was a mortgage broker, and I've personally investigated this program thoroughly. The Ameraco program works with assignable contracts. This is a normal real estate contract the reads: "and/or its assignees." This just allows somebody to assign their contract over to somebody else, hence an investor interested in buying the contract. This is legal, actually, in all 50 states per a Supreme Court ruling in 1990. The difference is clear in this: as long as it's the buying party’s name on the contract, then it's their own personal interest in the property, and therefore, as U.S. rights concerned, citizens are allowed to buy real estate. You cannot sell real estate that you do not own with out a license. The contract has the buyers personal interest involved, and an investor has the right to buy the contract from the said buyer and moreover buy the parties personal interests in said property away from them through the purchase of the contract--hence the assigning of a real estate contract. The buyer of the property assigns their contract over to the prospective buying investor. This is perfectly legal in Florida and in all U.S. states. Hope this clears up any misunderstandings.

  5. #5
    Join Date
    Mar 2008
    Posts
    18

    Re: Ameraco

    Uh no I don't understand : can you

    explain this in layman's term!

  6. #6
    Join Date
    Sep 2008
    Posts
    2

    mystery shopper

    Does anyone know of a co. named:
    Customs Logistics Research & Development. It's a paid Consumer Research Program as a Mystery Shopper. Thank you

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

    Re: mystery shopper

    Quote Originally Posted by jwc471 View Post
    Does anyone know of a co. named:
    Customs Logistics Research & Development. It's a paid Consumer Research Program as a Mystery Shopper. Thank you
    First, you should have started new topic, this one is about Ameraco. Second, let me guess, you received about $5K check and they want to wire most of the money back to them? You are on the fence. It is easy money but feels fishy. What to do?

    Here is advice. Tear off the check. It is fake. This forum has seen thousands examples of this scam.

  8. #8
    Join Date
    Sep 2008
    Posts
    2

    Re: Ameraco

    Thank you for your reply. This is the third check I have received, but each is from a different source.

  9. #9
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Ameraco

    Quote Originally Posted by jwc471 View Post
    Thank you for your reply. This is the third check I have received, but each is from a different source.
    Somehow you have been identified as easy mark. And only thing you can do is not to take the bait. Eventually they will move on to somebody else.

  10. #10

    Re: Ameraco

    I purchased the Ameraco "program" in April '09 and I can say I learned a lot about it in the last two weeks...some good, some not so good. A lot of what everyone said here in this blog and on other blog sites is true and credible advice...too bad I did not heed it. I can also tell you that I asked my credit card company to enter a dispute against Ameraco and issue a credit. I feel better now, as I came to the realization, that I probably wasn't ever going to do a deal with them or their investor network (if it really exists, and I cannot say if it does or doesn't yet).

    This post is to help prevent anyone else from wasting their time, money and dreams on Ameraco. It might not be a classic Internet marketing scam like some of the others, but if it's legitimate, then it's nearly impossibile to execute a deal and get paid, in my opinion.

    In a nutshell, I spoke with one of their sales reps for about a week before the sign-up, asked lots of questions, got lots of positive feedback (as well as immediate callbacks), and the FedEx with the "program" and membership info arrived as expected a week later. I got a package containing a manual, some supplemental books with links to Internet resources, an audio CD and the account/password to their private-access Website (deal submission online form and other resources, such as basic real estate contracts in PDF format). I read the manual on how to work their program and listened to the audio CD containing a scripted Q&A session. (The supplemental information with links to Internet resources was nothing special that I couldn't find on my own.) The manual they sent was somewhat helpful (as far as a basic real estate information and contracting were concerned, plus how to submit a deal), and they did go to a lot of trouble to explain how the program could work given the right circumstances and perseverance, and why/how it was legal (assignable contracts), but it left me with more questions than it answered. Plus, it had several outdated references, redundant information, poor examples and big holes regarding the execution of current real-world real estate investment deals. I also learned that a big part of the strategy relies on the seller waiting for and putting-off the ernest money until/if an investor picks up the deal (unless you want to risk your own money). In theory, the program sounds good, and might have worked for someone at some point in history, but in reality, it's very difficult to execute in today's market given the very tight investor requirements, deal submission process and "highly motivated" seller assumptions. It's like finding a needle in a haystack just to locate the target property...and then you need to find at least 3 other almost identical, sold "comparables" to prove your good deal and current market price...and still be at least 30% below fair market value for nearby residential listings (on top of deducting necessary repair expenses), and at least 40% for an REO...and don't think you can submit a deal for vacant land, commercial or anything else that is not a standard family residence. There's a lot of home foreclosures out there, but it's difficult to find a property/deal that meets Ameraco investor requirements (and you won't find them on Foreclosure.com or any other well-known source)...and it's still not clear how much commission % will be paid...or how quickly...if at all. The method for calculating the commissions and the details of how it gets paid are ambiguous and not well documented in the manual. You're definitely being paid to be a bird-dog (at best), and you have to find the bird...then you might get paid...but I cannot verify that with anyone.

    Much to my dismay, as soon as I was a paid member, I never did get to speak with my sales rep again to get my questions answered (even though he said I would be able to) and I always got transferred to a "Support Line" voice mail when I called. Support never called me back (oh, and they know if the caller is a paid member by the incoming phone number, I found out, and then it's "straight to voice mail" from then on. Before sign-up, the operator would tell me if my sales rep was "in" and she could apparently see him from where she was sitting, but after sign-up, she claimed she couldn't see his desk and he was always "out" for family issues or some other reason unavailable, and my v-mails left with that sales rep were never returned anymore after he got me to sign-up).

    Eventually, after not receiving any support call-backs, I asked the Ameraco operator/dispatcher to transfer me to the sales manager. He didn't return my call until many hours later (saying he was in meetings). I mentioned that I wanted a refund (being dissolutioned and dissappointed with the support) and that's when he told me that the program was sold as "non-refundable" and I should have seen that in the terms and conditions. I told him that my sales rep said I could get a refund if I was not happy with the program...so the sales person basically lied to get me to sign-up (one of the many lies). During the call he went to great lengths to blame me for not making the program work...I wasn't trying hard enough or looking in the right places for a deal, apparently. Eventually, during the call and after a lot of hostility on his part, the sales manager agreed to refund my money if I sent all the materials back to him (less shipping, of course). I also told him I would file a complaint with the BBB and post some negative blogs entries. However, it remains to be seen if he really follows through with the refund.

    On a side note, I think that at one time in the past Ameraco might have been a viable company...even though their claim of 10,000 investors in the network is doubtful. But in the end, it's becoming clear that Ameraco's primary objective was just a "boiler room" operation on the front end designed to get the $495 out of every caller, and the sales rep will just tell you what you want to hear just to get you to sign-up...such as, deals are easy to find in my area, investors are plentiful with lots of money to spend, and commissions are big, easy and quickly paid. Once you are in the network the relationship immediately changes, there are new surprise conditions that they didn't tell you about before you sign-up, and there's no guarantee that an investor wouldn't steal the deal behind your back (although, I cannot say if that really happens, but they address it in the materials).

    I also called the Florida Better Business Bureau to find out more, and I talked with an agent at the BBB. Seems Ameraco has had 11 complaints in the last 36 months, and 4 this year in '09. All complaints have been addressed by the company, so on one hand that is a good sign, but I'll bet that Ameraco bends over backward to rectify those complaints to keep that A+ rating because it's an integral part of their sales strategy. So, I would be very cautious about this rating...it's easy to get an A+ because it's calculated by the BBB computer based on a formula for the number of complaints and the rectification of those complaints.

    Oh, one more thing...when I talked with the credit card agent, she looked at the details behind the transaction and apparently the charge is run through a "Barber and Beauty Shop" merchant account, even though on my credit card statement it said "Ameraco". When I told the BBB agent about the "Barber and Beauty Shop" merchant account, she asked to see the detail so they can address it with Ameraco.

    I'll post more details about my experience if anyone is interested. Mike.
    Last edited by mikefromcdm; 04-21-2009 at 10:28 AM.

  11. #11
    Join Date
    May 2009
    Posts
    7

    Re: Ameraco

    Mike,

    To be so confident (and verbose) after less than a month's ownership of this program suggests that you are either clairvoyant or lazy. You seem to have made your decision based on how these people answer the phone, rather than on the merits of their program. For your peace of mind, you should be aware that this type of sale is typically a successful chargeback situation and the merchant has little recourse. For all other interested parties, ask them how many deals they've successfully funded in the last 6 mos, then call back and ask a different rep the same question. Two different answers? Guess what...

  12. #12

    Re: Ameraco

    Sounds like you guys are really aggressive AND really frustrated. I work with the real pros and I am currently looking for foreclosures and short sales for my firm. If you have deals that need buyers get in touch.
    Last edited by Soapboxmom; 06-29-2009 at 11:06 AM. Reason: Please set up your signature!

  13. #13
    Join Date
    Jun 2009
    Posts
    3

    Re: Ameraco

    If you spent half as much time working the program as you did on this blog, you'de be in fine shape Mike

  14. #14

    Re: Ameraco

    my husband and I purchased this program a few months ago. we read the blogs and we were hesitant. For $500, I thought why not. Everyone knows that I could write on the blog that the sky is red and some would believe it. So we gave it a try. Todd, my husband, wasted no time and we found 3 properties that met their "GLA" criteria (I still have a hard time remembering what that means). Of course, we were told by the salesman that we could submit all the properties within 24 hours...not so fast. What the girl at support told me was that I could only submit the next property until the other was "shopped" to their network. I'm ok with that.

    After some work, our first deal was finally submitted and we only heard back from one investor, who ended up not taking the deal.

    But, we persisted. Todd told me that this is a numbers game and we have to thrown as much at it as we can. So we did.

    Believe it or not, our third deal was picked up by an investor in AZ and he paid us $5,500 for this deal. I told Todd that even if we don't do another deal, that was worth it.

    I'm writing to this site because this was one of the sites I looked at before purchasing the program. I'm kinda glad I didn't take your advice. I guess it's not for everyone.

    Laci

  15. #15
    Join Date
    Jun 2009
    Posts
    4

    Re: Ameraco

    Laci,
    Having done much research on Ameraco, I am ready to join with your positive post being one of the few believable ones I've seen, but I'm not quite there. I need to see AMERACO's "GLA". I have 2 deals I've worked the last 2 weeks 24/7 with my son's help, motivated owners and 60% LTV - they just want to get out of their mortgage without losing their good credit. But I need to see Ameraco's other GLA qualifications for properties. Surfmansurf/Laci and/or Moderator, is there any way Laci could provide this to me? Moderator, could you send email to me regarding this procedure, if Surfmansurf is willing to impart with this information to further the networking advantages of your site, would this be ok? I told Ameraco I would be back to them with a yes or no today on the $495 fee, but this info is crucial to whether or not I join.

  16. #16

    Re: Ameraco

    Ed (?),

    I can tell you that the property we had picked up was sold for the price of $68,750; we negotiated an assignment of 8% of the selling price. After doing the comparables, we calculated the fair market value at $125,000. But there was $5,000 of work needed to be done to the house, I think Ameraco calls this rehab???. Anyway, we submitted it to Ameraco at 57% below the fair market value.

    I don't think there are many out there that you can get this %. But we are still trying. Ameraco tells you the minimum is 30%, but my husband said that he wants to be closer to the 50% range.

    Hope this helps. Give a try, you never know....

    Laci

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