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"I Know A Real Estate Scam When I See One."

Posted by on Oct 31, 2006 | 3 Comments

I was reading ‘New Download’ when I spotted REOG Real Estate Offer Generator and I laughed.

As a retired real estate broker I know a real estate scam when I see one. Let me give you for free what they want to sell you for $20. Normally, to insure a good cash flow no professional investor would pay more than 85 times gross monthly income for a property. An inexperienced, non-professional investor buying a condo should pay no more than 120 times gross monthly income.

Cordially,
Kenneth Thomson
San Francisco, CA

[tags]REOG Real Estate Offer Generator, real estate scam, investor, investment[/tags]

  • Mike Farrell

    Excuse my stupidity.

    “no professional investor would pay more than 85 times gross monthly income for a property”.

    If the gross monthly income was $1,000, the professional investor would only pay $85,000 for the property.

    Unless, the retired real estate broker based his numbers on gross “annual” income, which would put the property in the $1 million plus price range.

    Beware of “free” information, because oftentimes, it is worth exactly what you paid for it.

    Zip. Nada. Nothing.

    On the other hand, if he can produce $1,000 per month income, on a real property selling for $85,000, I’ll give him a reason to “unretire”. I’ll put together a consortium to purchase 500 of his $85,000, $1,000 per month income opportunity moneymakers.

    Mike Farrell

  • Tony G

    I can understand why Kenneth Thomson is retired….he went broke.

    I’ve also been in the real estate business – for 30 years, mostly dealing with small investment property. The bottom line …a “professional investor” could care less about any “gross income” rule of thumb. Ken Thomson doesn’t really know his ass from a hole in the ground. The only thing that matters is NET OPERATING INCOME, i.e. what am I left with after expenses. “Rules of thumb” re. gross income were cut off at the wrist about 25 years ago because they were always completely useless.

    I checked out the REOG program and found that it could be a very useful tool for anyone wanting to buy small investment property.

    I’m surprised you would even include Mr. Thomson’s opinion re. this program without checking things out further. We all know what “opinions” are worth…and Kenneth Thomson sounds like just the person who would epitomize that old line.

    This REOG program might not be the best such software on the market, but is certainly doesn’t deserve the title of “scam”. You should know better than publishing one fool’s opinion.
    TG

  • lodave

    Real estate advice nothwithstanding, I find it equally disturbing to go to a displayed link that is purportedly “Freedownloadscenter.com” and find a posted charge of $19.95. These folks have a warped concept of the word “FREE”!