Anybody know about Ameraco?

Question

Last year I bought a program by Ameraco. They advertised the fact that they had well over a thousand cash investors all over the country. I paid 495 so that I could submit deals I made after doing my own due diligence on properties that offered a good margin spread for myself and investors. I have read on the internet that they are a scam because no has ever gotten approved. Can anybody tell me that they have had success with Ameraco or do I have to continue the old fashioned way to build my buyer's list?

Abrahm Hernandez · Answer

oh man becarefull i dont know whats the deal with them i bougth the program 4 years ago you get some books a pin to the web find it and fund it site and access to thier froms i sumitte some properties that i had at the time for sale as shortsales but never got annything then 2 days later my client told me that an some investors contacted her and offer 30 cent on the dollar for the property basicly you find the properties and when you summit them they tell you that is incomplete and then they turn around and contac your buyer and cut you out man becuse of them i lost millions this property was sold affter at th bottom i provided one of many proprties i had for sale this was a short sale i hope this helps Wed, September 10, 2008 6:14:48 AM2105 E OCEAN BLVD From: Submissions Department Add to Contacts To: demansionrealty@yahoo.com -------------------------------------------------------------------------------- Thank you for your deal submission. Our department has reviewed your deal and there are potentially some good things we are seeing. However, we are unable to bring it to the Investor Network at this time because it does not meet the certain GLA requirements including (but not necessarily limited to): - You stated OBO re your contract price - legal agreements have a fixed price. Let us remind you that, for your protection, we cannot bring your deal to the investors unless you have the property locked up with an enforceable purchase agreement. (For more information about assignment of contract, please refer to your training guide Step 3 and also pages 201-203 â€“ be sure to use our Form â€œAGREEMENT FOR PURCHASE OF REAL ESTATEâ€ or â€œADDENDUM TO CONTRACTâ€ appropriately). - There are several fields missing and/or incorrect in your submission form (such as Under Air Heat: and others). Always use Appendix B as a guide to filling out the form (begins on page 196). - Your deal must be a minimum of 30% below FMV, after repair costs, in order to qualify as a GLA property and be submitted to the Investor Network. Refer to the â€œGLA Checklistâ€ on pages 54-55 and the â€œPercentage Under Market Valueâ€ paragraph on pages 79 and 201 of your training guide. - It is very important to completely fill out the submission form making sure to accurately follow the steps leading up to that point â€“ these include using the GLA checklist, Analyzing (comparables, etc.), Repair Estimating, calculating your offer, securing deals with a contract, etc. The Main Training manual covers all this step-by-step. For any questions regarding fields on the submission form, you may refer to Appendix B of your training manual. Please carefully review your submission below and make adjustments and/or renegotiate before re-submitting. Thank you. Sincerely, Submissions Department Ameraco, Inc. PS - We suggest that you also put 3 or more strategies in place to generate leads for you. Several options are listed in your training manual on pages 44-49. These are the proven techniques in locating and the vast majority of deals that are successfully submitted and sold to investors are obtained using these methods. When you get a lead, simply move forward from page 50 to pre-screen the prospect and determine whether it is truly â€œdistressedâ€. From there, you can make the right decision on whether to pursue the deal by completing the GLA Checklist (on pages 54-55). Member name: ABRAHAM HERNANDEZ Member No: 083578 Phone: 714-631-3440 Mobile: Fax: Email: demansionrealty@yahoo.com Deal Info Subject Property Address: 2105 E OCEAN BLVD Deal Info City: NEWPORT BEACH Deal Info State: CA Deal Info Subdivision: NEW PORT Deal Info Zip: 92661 Deal Info County: ORANGE Deal Info Owner Asking Pr USD: 2,465,000 Deal Info Offer Price Bid: 1,900,000 O.B.O. Deal Info Tax Ass Pr USD: 9,979 Deal Info Tax Year: 2007 Deal Info Realtor status: No Deal Info Listed Price: Deal Info DOM: Deal Info Contract status: Yes Deal Info Fair Market Value: 2,465,000 Deal Info Per Under Market Val: 97 Deal Info REO: No Assignment: Contract Deal Type Ass Per Contract Price: 10% Deal Type Ass Per Net Profit Joint Venture: Deal Type Contract Exp Date: none until sold Deal Type Rehab Type: Light-Rehab Deal Type Ass Comments: IN ONE OF THE ROOMS A SQUARE PICE OF THE CEALING IS MISSING AND WHERE THE HEATING SYSTEM IS LOCATED IN THE BOTTOM IS MISSING A SMALL COVER AND ONE OF THE ROOMS NEESD TO BE PAINTED THE REST OF THE ROOMS ARE INGOOD CONDITION OTHER THAN THAT THE HOUSE IS IN GOOD CONDITION IT HAS NEW HEATING SYSTEM, NEW COPER PIPEPING, NEW DOOR HANDLES, NEW LIGHT SWICHES AND NEW WINDOWS AND FRAMES. Subject Property Information Bedrooms: 5 Subject Property Information Bathrooms: 2.5 Subject Property Information Under Air Heat: Subject Property Information Total Sq Ft.: Subject Property Information Year Built: 1947 Subject Property Information Garage: No Subject Property Information # of cars: 2 Subject Property Information Pool: No Subject Property Information Basement: No Subject Property Information Finished: No Subject Property Information House Style: CAPE COD Subject Property Information Lot Size: 0.06 Subject Property Information Lot Type: RESIDENTAL Subject Property Information Spl Amenities: THIS HOUSE IS LOCATED IN NEWPORT BALBOA PENINSULA HERE THERE'S A LOT OF TOURISIM THE HOUSE IS IN THE BEACH HERE PEOPLE RENT THEIR PROPERTIES FOR 3000 TO 5000 A WEEK OR 5000 TO 6000 A MONTH FOR TOURIS Comp Prop Info 1 Sold Comp Address: 2032 MIRAMAR Comp Prop Info 1 Sold Comp State: CA Comp Prop Info 1 Sold Comp Zip: 92661 Comp Prop Info 1 Sold Comp County: ORANGE Comp Prop Info 1 Sold Comp Bedrooms: 3 Comp Prop Info 1 Sold Comp Bathrooms: 2 Comp Prop Info 1 Sold Comp Under Air Heat: Comp Prop Info 1 Sold Comp Total sq ft: 2,450 Comp Prop Info 1 Sold Comp Year Built: 1946 Comp Prop Info 1 Sold Comp House Style: Comp Prop Info 1 Sold Comp Lot Size: Comp Prop Info 1 Sold Comp Lot Type: RESIDENTIAL Comp Prop Info 1 Sold Comp Subdivision: NEWPORT Comp Prop Info 1 Sold Comp Distance: .09MI Comp Prop Info 1 Sold Comp Spl Amenities: LOCATED NEAR TH BEACH Comp Prop Info 1 Sold Comp Condition: GOOD Comp Prop Info 1 Sold Comp Listed Price: 2,375,000 Comp Prop Info 1 Sold Comp Sold Price: 2.375 Comp Prop Info 1 Sold Comp Sold Date: 08/08/2008 Comp Prop Info 1 Sold Comp DOM: Comp Prop Info 2 Sold Comp Address: 2005 E OCEAN BLVD Comp Prop Info 2 Sold Comp State: CA Comp Prop Info 2 Sold Comp Zip: 92661 Comp Prop Info 2 Sold Comp County: ORANGE Comp Prop Info 2 Sold Comp Bedrooms: 4 Comp Prop Info 2 Sold Comp Bathrooms: 2 Comp Prop Info 2 Sold Comp Under Air Heat: Comp Prop Info 2 Sold Comp Total sq ft: 3,360 Comp Prop Info 2 Sold Comp Year Built: 1947 Comp Prop Info 2 Sold Comp House Style: Comp Prop Info 2 Sold Comp Lot Size: Comp Prop Info 2 Sold Comp Lot Type: RESIDENTIAL Comp Prop Info 2 Sold Comp Subdivision: NEWPORT BEACH Comp Prop Info 2 Sold Comp Distance: .08MI Comp Prop Info 2 Sold Comp Spl Amenities: THIS HOUSE IS ON THE BEACH Comp Prop Info 2 Sold Comp Condition: GOOD Comp Prop Info 2 Sold Comp Listed Price: 2,060,500 Comp Prop Info 2 Sold Comp Sold Price: 2,060,500 Comp Prop Info 2 Sold Comp Sold Date: 03/06/2008 Comp Prop Info 2 Sold Comp DOM: Comp Prop Info 3 Sold Comp Address: 1756 E OCEAN BLVD Comp Prop Info 3 Sold Comp State: CA Comp Prop Info 3 Sold Comp Zip: 92661 Comp Prop Info 3 Sold Comp County: ORANGE Comp Prop Info 3 Sold Comp Bedrooms: 2 Comp Prop Info 3 Sold Comp Bathrooms: 1 Comp Prop Info 3 Sold Comp Under Air Heat: Comp Prop Info 3 Sold Comp Total sq ft: 2,625 Comp Prop Info 3 Sold Comp Year Built: 1949 Comp Prop Info 3 Sold Comp House Style: Comp Prop Info 3 Sold Comp Lot Size: Comp Prop Info 3 Sold Comp Lot Type: RESIDENTIAL Comp Prop Info 3 Sold Comp Subdivision: NEWPORT Comp Prop Info 3 Sold Comp Distance: .20MI Comp Prop Info 3 Sold Comp Spl Amenities: THIS HOUSE IS ON THE BEACH Comp Prop Info 3 Sold Comp Condition: GOOD Comp Prop Info 3 Sold Comp Listed Price: 2,875,000 Comp Prop Info 3 Sold Comp Sold Price: 2,875,000 Comp Prop Info 3 Sold Comp Sold Date: 12/12/2007 Comp Prop Info 3 Sold Comp DOM: Comp Prop Info 4 Sold Comp Address: Comp Prop Info 4 Sold Comp State: State Comp Prop Info 4 Sold Comp Zip: Comp Prop Info 4 Sold Comp County: Comp Prop Info 4 Sold Comp Bedrooms: Comp Prop Info 4 Sold Comp Bathrooms: Comp Prop Info 4 Sold Comp Under Air Heat: Comp Prop Info 4 Sold Comp Total sq ft: Comp Prop Info 4 Sold Comp Year Built: Comp Prop Info 4 Sold Comp House Style: Comp Prop Info 4 Sold Comp Lot Size: Comp Prop Info 4 Sold Comp Lot Type: Comp Prop Info 4 Sold Comp Subdivision: Comp Prop Info 4 Sold Comp Distance: Comp Prop Info 4 Sold Comp Spl Amenities: Comp Prop Info 4 Sold Comp Condition: Comp Prop Info 4 Sold Comp Listed Price: Comp Prop Info 4 Sold Comp Sold Price: Comp Prop Info 4 Sold Comp Sold Date: Comp Prop Info 4 Sold Comp DOM: Due Dilig Item Receipts For Repairs: Due Dilig Item Insurance: Due Dilig Item Existing Loan Doc: Existing Loan Documents Due Dilig Item Liens: Due Dilig Item SecondMortgages: Due Dilig Item Copy Of Deeds: Due Dilig Item Survey: Due Dilig Item Any Leases: Due Dilig Item Any Services Contracts: Due Dilig Item Copies Of Recent Appra: Due Dilig Item Utiliy Bills: Utility Bills Due Dilig Item Property Tax: Property Taxes Due Dilig Item Bank Statement: Bank Statements Rp OR Rh Cost Esti bid total: 200 Is Rp OR Rh Cost Esti bid Available: Yes Rp OR Rh Cost Labor: Rp OR Rh Cost Materials: 150 -------------------------------------------------------------------------------- No virus found in this incoming message. Checked by AVG. Version: 7.5.524 / Virus Database: 270.6.19/1661 - Release Date: 9/9/2008 4:58 AM -------------------------------------------------------------------------------- No virus found in this incoming message. Checked by AVG. Version: 7.5.524 / Virus Database: 270.6.19/1661 - Release Date: 9/9/2008 4:58 AM

Mitch Kronowit · Answer

They've been discussed at length: http://www.biggerpockets.com/forums/92/topics/31653-have-you-heard-