I wanted to invest into property and was looking for a good deal. Being a first timer, I had not much experience to differentiate between a legitimate option and a scam.
American Capital Investment contacted me with a lucrative offer. They asked me to provide my budget and said that they would be looking for a property for even less amount.
They called me back after a week and said that they have got a property for as less as $35,000. Further added that they would be paying $400 a month for 12 months, until they find a buyer for me. They said that they would be finding a registered buyer in a month’s time itself. Later, the buyer would pay me a monthly mortgage price of $400-$500.
It was a win-win deal and I got into their bait. I purchased the house for $35,000. After a week of my purchase, when I did not get any call, I tried to contact them. They were not ready to disclose the leads information and at the same time, were not helping me in closing the deal. They told me that they would be get a buyer to pay at least $50,000 for that property.
But, they never provided any lead. After 12 months, they stopped picking the call on the number that they used to call me from. I checked their emails for the signature to find another number. But, nothing was mentioned. There was no contact number and no address.
Then, I looked on internet for their contact. But, I could not locate them. I am not sure, if they actually exist or not. I was on my own. I knew that I would have to do it all myself.
When I started finding a buyer for that property, I came to know about different taxes that they never told me about. The maintenance costs, vacancy registration, property tax, vandalism, potential legal enforcement by the city, theft, potential condemned property, etc.
I also checked the price for the property and it was much less than the $35,000 which I paid to them. It was a really bad experience. Now, I am left with a property which is in a very bad condition and won’t make me any profit.
They were clever to get me into their turnaround time. They said that the deal would be over, if I did not make a quick decision. That is why, I was not able to verify any information that was required before making the payment for the property.
I would advice to take care of these things when you are planning to invest into any property. A local realtor should be asked for the advice and there should be a proper planning. American Capital Investment cannot be trusted for any such deals.
These scammers are the worst real estate agents and would take away all the profit, without you even noticing it.
51page views and 35000$ of monetary losses. The most of the users reported the severity of the scam is high.