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HomeShop at BookSurgeBusiness & EconomicsHuman Resources & Personnel ManagementReal Estate Investing (Firehouse Family Series) |
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| Customer Reviews: | | Average Customer Review: ( 2 customer reviews )
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2 of 2 found the following review helpful:
I am very smart now, thank you Nov 19, 2010
By John W. Langley
"jlang13"
My name is John Langley. I invested in a real estate property with Jon Petreeko in 2005. Jon got me very excited at first, and then it went downhill from there. It is my fault for being a gullible, trusting neophyte investor. I believe Jon may have used this to his advantage. I was excited to buy my first real estate property. I bought the house for $55,000. Three years later I sold it for $5,000 (five thousand) dollars after incurring an additional $14,000 of expenses along the way. Jon encouraged me to buy the house without even seeing it - so that's what I did (I wouldn't have known what to look for anyway). He told me that he renovated the house himself, and that he found tenants for me as well. Well, these things may have been true. But, no one moved into the house for the first six months. And, then when I did get tenants, my property manager (sourced by Jon) kept the rent. I had to get a lawyer to force the property manager to send the money to me. For the next 12 months no one lived in the house. At the end of that time, the house needed $15,000 to $20,000 of repairs. I wasn't going to fix-up the house for fear that it would get destroyed again. I found a new property manager who said the house was never really renovated to begin with. Jon bought the house for around $15,000 to $20,000 and then sold it to me for $55,000. I bought the house from him because I trusted him. He told me it was a turn-key property that I would not have to worry about. And, he gave me a set of financial projections that showed how much positive cash flow the house would generate for me. In addition to all the positive cash flow, the house would be worth $75,000 in a few years. I believed it all. I am stupid. I blame myself. At one point I asked Jon why he wanted to sell the house to me if it produced such great cash flows and he said he just wanted to help me get my smart start in real estate. I am smarter now, and I thank Jon. Thank you Jon. I am really really smart now. I just bought a great house in Orange County, California. And, I will never work with you for as long as I live. And, I trusted you so much that I had two of my friends invest with you (Jay and Erik) back in 2005. Jay's house cost him $97,000. It is worth about $25K and his tenants are dead-beats. And Erik's house burnt to the ground within a year. At least Erik got the insurance money, and no one was killed. Thank goodness that I never gave you my retirement money. Everyone should know that you wanted to take my life's savings to buy open land in Branson Missouri for $95,000. You told me it was like buying land next to Disneyland. And, you said it would make me $20K to $30K. It was open land that you bought, and wanted to sell to me so that I could eventually make great cash flows one day. My guess is that you would have made great cash flows too if I had bought that worthless piece of field from you for $95,000 cash! I had nothing - no sewer, no water, no electricity... You didn't even think twice in asking me for the money. Anyone is free to contact me to verify my experience. Jlang13 at gmail
Here is Jon's email to me regarding the Branson property:
John,
Good to hear from you. The markets we're presently in are not booming like they used to, but they are not declining either. We actually still have 1 lot left in our Branson, MO estate subdivision if you're interested. We've got a builder that does spec. homes there under market value. We have a local bank that does spec. loans w/no money out of pocket w/a 6 mos. interest reserve escrow as well. The potential profit is in the range of $20-30k once all is said and done. It's relatively passive with some initial input required up front, but very turn-key after that. Let me know your thoughts and if you're presently looking for an opportunity to take advantage of. I hope all is well w/you and we'll be in touch soon,
Jon Petreeko
Smart Start Investing, LLC [no longer in business]
1 of 1 found the following review helpful:
Don't buy this horrible book!!!! Jul 22, 2007
By T.Z
This book is a complete rip-off. The author has no clue about investing and will lose you a lot of money. Nothing but ridiculous examples and bad advise. Don't waist your time or cash on this garbage!!!
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