Complaint Review: Nationwide Real Estate Discounters Corp. (FL) - Fort Myers Florida

Nationwide Real Estate Discounters (NWRED) presentation of its "Renovate America" opportunity, personally speaking, borders on fraudulent. The company inadvertantly manipulates "opportunity seekers" into believing that they can establish a "career" as distressed property locators, b.k.a. "Associates." Along the lines of most oppornities, the initial brochure states that an Associate, with enough hard work can average $100,000 annually or that by becoming an Associate your income "potential is truly unlimited" or that you can make "big profits" from locating distresses property. Poppy c**k!

Armed with the manual, contracts (I had to call back to Florida and ask for a set which was never mailed with the package as it was supposed to be) and "unlimited consulting" from real estate professionals, an Associate is supposed to be able to locate distressed property, assess its physical condition and profit potential via NWRED's forms, complete and forward the forms back to headquarters in FL and BANG!!--- a big, fat, juicy check will arrive in your mailbox.

What unsuspecting Associates are NEVER told, whether via the brochure, subsequent mailings and even over the phone is the sheer amount of legalities and potential legal complexities, possession of title(s) on properties to initiate professional inspections/repairs, necessary relationships with real estate brokers, lawyers, title companies, contractors and potentially other investors is NECESSARY to even begin procedures for acquiring, purchasing and selling properties.

Though it is repeatedly touted that leaning on the "unlimited phone consultation" with the company network of Senior Advisors will cut the learning curve, my and others experience with this aspect of the program belies such a claim. I, as well as other Associates, who, by lack of a toll-free number, found the Advisors to be rude, caustic and simply of no help to Associates. Instead of objectively listening to our questions and statements, the feedback given to Associates bordered on ridiculous. For example, when I, once again via a long distance call, asked an Advisor when should contractors be called to examine a potential rehab I was told to focus on repairs and potential profit. Very helpful indeed...

The most enlightening information garnered from the ALL DAY (9 a.m. to 5 p.m.) seminar was the fact that it's better to take interior/exterior photos of the property after a purchase offer is accepted. The majority of people in attendance left the meeting as bewildered as before they arrived as evidenced by personal conversations with others in attendance. What makes this so amusing is that all attendees were told to network amongst themselves so as to form alliances to aid their chances at success. Nearly all of the attendees, myself and my wife included, were complete novices in regard to real estate. So just what is it that we were supposed to gain from networking amongst a group of individuals who knew as much about real estate as we did- which was virtually nothing? The seminar proved to be so ineffectual that several individuals left during the lunch break never to return, thus wasting $595 + $25 S & H. What a great "ROR" (Rate Of Return) on our investment!

The company accepts just enough of these deals to stay in business. The kind of prices they ask Associates to submit as offers are insulting and borderline ridiculous.

In the end, Nationwide is merely selling MANUALS written at a fourth grade reading level for $595 a pop before the $25 S & H fee is assessed to unsuspecting individuals looking to "get into" real estate. I strongly recommend individuals looking at the "opportunity" to save themselves unnecessary energy, time and money and look elsewhere--namely a real estate course at a local college and subsequently towards a brokerage license.

Michael

Chicago, Illinois