|
|
Review 6/8/2009
|
Hello Everyone,
I would like to share my experience with SEG. I have to say I was skeptical as were some of you who posted as well. I mean come one 20-30% yield on properties where they find someone to purchase/rent from you, too good to be true right? Well I am glad I decided to purchase from them. I didn't have to put up 5,000 for the program; I paid them what was the going rate they were posting at that time which was 23,900. Maybe they dropped the initiation fee and added it to the home price I am not sure. But What I am sure of was the seamless transaction, I agreed to purchase in February, I closed in early march, and my house is occupied and "sold" for 500 per Month less a 10% management fee. The going price per house is now 25,900.
I have title in possession and if the tenant on the land contract defaults I am able to consult with the management team on a course of action. I still own the home. Because the buyer views it as a purchase they will likely maintain the property better than a rental would. The buyer is responsible for taxes, insurance and any home improvements they desire. If home values rise further and credit markets open up they can choose to pay me off and the present value of all the payments gets paid to me much sooner.
There were some issues; one was a leak in the roof that occurred after I purchased but before it was sold and SEG handled the entire cost of the repair (as well they should have). I got what I expected from them, they didn't back track one bit.
In addition their support staff is wonderful and very bright. Alex helped me with my first purchase and the first one worked so easy I decided to open a self directed IRA and bought two more units which are being delivered within the next month. Julie Moran helped me set up the accounts and worked with a local office in Pennsylvania to fund and execute my accounts and transactions. I asked enough questions to actually get to the top of the list and their CEO Josh called me at home with the answers.
This isn't a scam; here is the story from the KC news affiliate that ran the clip on the house I purchased from SEG.
http://stoneeg.com/foxnews/index.html
First rule of investing is if it's too good to be true and the return is too high for the expected risk profile then stay away. Except when you reach extremes and people are afraid to take risk; then outsized returns can be gotten by weighing the risk and reward. I believe this situation can be had because you are the bank, you pay in cash, and you can provide this service to a family that otherwise would be renting and wasting their money. If anyone would like to speak with me regarding my experience I would welcome them to contact SEG and ask to speak with the guy who purchased the KC home, they can put you in touch with me.
Regards,
Tim Gage
|
|
|
|
|
|
|
|