Info needed on birddog/investment company

Does anyone have any experiences with a birddog/investment company named NU-Way Real Estate in the Denver CO. area?
They say they will fund your deals if the property meets their criteria, they say they will train a person to find the properties, and if the property fits into their criteria they will fund the purchase and/or rehab for the deal.
Of course they want an ivestment up front from you.
If anyone has any dealings, good or bad with this company please reply to this email.

Thanks
Pat M

Most rehab lender will do 65 to 80 ARV( After Repair Value)

Here is the calculation:

Offer= (ARV x 72%) - ( Repairs + Holding + Closing cost )
Note: if you want low closing or no closing cost will require higher rate.

530,000( ARV) X 72%= 381,600 is enough to buy $380,000 short sale but not enough to do repair of 38,000. ( see below) That 38,000 down is your repair.

10,000+18,000( example: 386,000@ 10% = 38,600 divide by 12 months. Hold for 6 months $3216 IO X 6 months =$ 19,299) +Closing cost $10,000 = 38,0000

What if the property sit longer. Where is your reserve to cover your ass.

381,600 - 38,000 (10,000+18,000+ 10,000) = 343,600 Offer

Some lender max at 80% due to borrower cash. If you had gotten a higher % of ARV, you would not have to put the cash.That is leverage. the 38,000 I would keep just as emergency to cover my ass if the property will not move. Pad the repair alittle.You pull the wall, sudddenly you have water damage behind the wall.

530,000 -418,000( 380,000 to buy short sale + 38,000- Repairs ) = $112,000 profit

As an investor use other people money. Pass on NU whatever. I think that is Don Lapree company. He might be broke.

<<Does anyone have any experiences with a birddog/investment company named NU-Way Real Estate in the Denver CO. area?

http://www.reiclub.com/forums/index.php?board=29;action=display;threadid=7234;start=msg29032#msg29032

Keith

From my research team:

Nu Way Real Estate
AKA: Steve Santus; Antwon Luckey; Nu-Wayrealestate.com
NU-WAY REAL ESTATE
Steve Santus, Director of Operations
1630 Welton St #220
Denver, CO 80202
303-468-5100
Antwon Luckey
Branch Mgr
720-309-1282

I have been a firefighter/Paramedic for 21 years and began investigating programs about 2 years ago. I had taken a program called Nu Way Real Estate from Denver, a 1 hour a week mentor program with very little information. The program was 10 weeks but very limited in information. I then found Foreclosures.com about half way through the Nu Way program and learned more reading the free web information than I learned in 10 weeks from Nu Way. I then requested a refund after I was sent to do an illegal deal (owner lease back) with my mentor.

I started with Foreclosures.com lists in February 04 and graduated from the Lab in May 04. Over the last 11 months I’ve done 7-8 deals to date with negotiations currently on 3 more homes. Average deal has netted me $50,000 with 2 deals earning $90,000+.

My words of wisdom for all new investors is to LISTEN!!! He who speaks first LOSES!! Develop a plan that works for you not what somebody else uses. Evaluate your calls and door knocking and how you can improve, and how to make conversations happen easily. Develop subtle approaches that allow the homeowner to trust you and want to talk with you.

EMail from: Tom Fahrny, Yorba Linda

Any other question?

Nu-Way Real Estate


Does anyone know about this group. They are located in Denver, CO. They are a real estate investment company that will use their funds to flip the properties that you bring them. They will pay you 1% when they purchase the property. Then you act as liason with contractors, inspectors, etc. to fix up the property. Then they will give you anywhere from 10-25% of the net profit when the property is sold. I have checked them out with BBB, Sec. of State, Chamber of Commerce and they have a satisfactory rating with these agencies. Sounds great? Did I forget the part about you have to pay them $5,000.00 so they can tell you what kind of properties to look for?

Re: Nu-Way Real Estate


I have been looking into this one as well, and am hoping to come across someone that has been a part of this organization. So far, I haven’t found any on this site, which may be a good sign. Any info would be helpful.
Thanks
Re: Nu-Way Real Estate


The last entity that I checked with was the Dept. of Real Estate in Calif. They told me that if they wanted money up front, they were more than likely a scam. When Nu-Way called me and I told them of the checking that I had done and that I did not want to participate, the “VP” Andrew James, told me that I was full of s*&% and that I was making excuses and a couple of other nasty comments. I hung up on him and called the DRE back and they will be looking into Nu-Way and their activities in Calif. I don’t know about the laws in your state but if I were you, I’d keep searching. Sorry, I am just as frusterated trying to find something legitimate and not get ripped off. If I find something, I’ll post it. I hope you do the same.
Originally Posted by debbiep
The last entity that I checked with was the Dept. of Real Estate in Calif. They told me that if they wanted money up front, they were more than likely a scam. When Nu-Way called me and I told them of the checking that I had done and that I did not want to participate, the “VP” Andrew James, told me that I was full of s*&% and that I was making excuses and a couple of other nasty comments. I hung up on him and called the DRE back and they will be looking into Nu-Way and their activities in Calif. I don’t know about the laws in your state but if I were you, I’d keep searching. Sorry, I am just as frusterated trying to find something legitimate and not get ripped off. If I find something, I’ll post it. I hope you do the same.
Hmmm! I did a quick check on them and seem OK!

The VP probably got p’doff because he gets frusterated talking to time-wasters all the time!

The money up front, although expensive, is for the training. Most people have no idea where to find foreclosures or cheap reno’s and need to be trained.

I suppose $5,000 is reasonable if you can earn 1% per deal plus a share in the reno profits.

Why did you call the Dept. of Real Estate in Calif. If Nu-way is in CO.?
Re: Nu-Way Real Estate


The initial check that I did seemed ok as well. However, it was the District Attorney’s office in Denver, Co. that said I should check with the Calif DRE. Since I am a newly licensed real estate agent, I do not need to be trained to find appropriate properties. I spent enough money to get that license. I had no desire to waste his time and I did not appreciate being spoken to in that manner. I wanted to be able to flip 1 maybe 2 properties to build up a little savings that would allow me the time, financially, to go into the real estate sales business full time to start a new career. What he is doing as far as Calif. is concerned is maybe not exactly on the up and up. California has very strict policies on out of state companies flipping here and would really like to talk to them about their business dealings in Calif.
Re: Nu-Way Real Estate


I am wondering how we are all deciding that this Nu-Way Real estate is s scam. They are not only giving you training for the $5000 investment, but they are allowing you to use THEIR money to buy the property AND do any repairs/renovations. That does not sound like a scam to me! See all of the others who have posted here are saying that you can learn what they will teach you on your own…which is probably true, but learn this AND not risk any of your own money (except the $5000 original investment). I do not know about you, but I do not have $100,000 laying around with nothing to do with it. Also I do not have the ability to borrow from a traditional lender and then pay the mortgage payments until this proprty would sell.

Any suggestions how to get started without someone elses seed money?

Ask and you shall receive!

Re: Nu-Way Real Estate


Hi, New to the group. I have researched this company pretty good and haven’t found any flaws yet. But I am about to ask for company and individual business experience of the VPs’ as well as information about 3 current students. If they are legit, they will offer all of the information they could possibly offer. As soon as I have more I’ll send. Take care and God Bless!
Originally Posted by truelyred
I am wondering how we are all deciding that this Nu-Way Real estate is s scam. They are not only giving you training for the $5000 investment, but they are allowing you to use THEIR money to buy the property AND do any repairs/renovations. That does not sound like a scam to me! See all of the others who have posted here are saying that you can learn what they will teach you on your own…which is probably true, but learn this AND not risk any of your own money (except the $5000 original investment). I do not know about you, but I do not have $100,000 laying around with nothing to do with it. Also I do not have the ability to borrow from a traditional lender and then pay the mortgage payments until this proprty would sell.

Any suggestions how to get start
I am also looking into to this business and I have not found anything negative to report. For me the $5000 initial investment is a little much but I would rather learn and take the risk with other people’s money than my own. I will keep you posted if I decide to dive in.

Re: Nu-Way Real Estate


It’s a scam. You ran into a subhuman species of life called “Real Estate Gurus”.

Your instincts were good, you decided to check it out.

Legitimate companies exist that buys distressed property, by having a local office in each city and then buying it directly. They then fix it up and turn it around. At no point, do they ask anyone else to act as a buyer, or five big ones upfront.

This link has a discussion in it about some people who ran into this scam.

http://www.dealmakerscafe.com/forum...showtopic=10901 Re: Nu-Way Real Estate


I also have come across Nu-way recently, and have been checking them out. To date the worst thing I can find out is that they are very"selective " about which deals they will, approve , engage in ( …so would I be if other people were using my money…!). This could be a stalling tactic, or it could be prudent, on their part.
The fact that they ask for money up front, for training, is usually a flag, but bottom line is, has anyone actually had any dealings, in which they feel as if they have been screwed or scammed?

OPM is a great theoretical concept, but my experience is that most people are looking for a 'quick fix, or ‘get rich quick scheme’, in the first place.

I am in no way attempting to be apologetic for Nu-Way, I just want to know if anyone has put the time in, done the work, or applied the principle and still feel as if they have been scammed?

Originally Posted by jronthemove
I am also looking into to this business and I have not found anything negative to report. For me the $5000 initial investment is a little much but I would rather learn and take the risk with other people’s money than my own. I will keep you posted if I decide to dive in.

REALLY, the concept does sound good, but the million dollar question here is: Do they have the monies to invest? Are they willing to show a financial statement, or record, of their companys assets? Hey, if you are going to invest in a company, you are entitled to have this info. I’m talking with them myself, and these are the questions I’m asking. Will update…
Sometimes it seems as if everyone wants to go to Heaven , but no-one is willing to die first…!

Originally Posted by jronthemove
I am also looking into to this business and I have not found anything negative to report. For me the $5000 initial investment is a little much but I would rather learn and take the risk with other people’s money than my own. I will keep you posted if I decide to dive in.

I agree, but I will want to know if they have the cash on habd to finance this business, or are they accummulating cash from prospective clients like you and I, and the hundreds of others who want in…
Re: Nu-Way Real Estate


I recently signed up with Nu-way about 3 weeks ago. So far I have not determined yet if it is a scam. I guess I will be the guinea pig here. Basically they started out by sending me an intro package about their company which I had to pay 30 bucks for because they overnighted it. I paid the tuition with a credit card just in case these guys aren’t on the level it would be easier to get my $ back. They started out by sending me 3 big binders, one is for notes contacts, inspections, etc., A workbook, and a lesson book. In their lesson book they go over different ways in which to aquire property. I’ve gone through everything and now I am on my “practice propety” which I have to complete in order to finish my training so I can utilize the 200k capital. If there is a catch it would be in a form that they call a property submittal. This “property submittal” is very comprehensive and could be tool they utilize as an excuse to turn down properties in order to “float” you over 6 months which is the time frame you have to aquire a property.
Again, I do not know if this is a scam yet, but If it is I will definately inform everyone I possibly can. I will continue posting as I progress through this venture.

I am taking this route because I do not know anyone personally that could walk me through real estate flipping. I put all my negative thoughts aside and decided to trust these guys and their operation. If this is not on the level, well I have learned another lesson and furthermore I always have stood by the saying, “what comes around, goes around”.

Chuck

Re: Nu-Way Real Estate


Hello, I am investigating Nu-way also. I talked to a louis who called today , he informed me that if I was interested, I would have to order a $40.00 resume package which would be sent Fedx. For those who have already jumped into this venture, if you would please keep me informed, I would appreciate it. From my experience, in life if it sounds to good to be true, it probably is.

Re: Nu-Way Real Estate


Yes the package was 40 dollars and when I ask them why they charged that they said it was because so many people aquired about the information. I guess they just want to weed out the curious. I did all the training over 3 weeks and right now I’m on my practice property. Once I submit the PP, my coach will go over it w/ me then I’ll do a real one. I look at it this way…This is my first try at flipping a home. 5000 is worth someone elses capital being at risk instead of mine. After this first one then I most likely will go to the bank and get a loan for the rest. They will go over different ways to aquire a property. I’m using realtors because there is far less red tape involved…I guess it just depends on where you are.
I still have a voice in the back of my head telling me this is too good to be true but I’m trying to ignore it while I go through all of this because it distracts me from what I’m trying to get done. If it is a scam then me & a few buds of mine will jump on our bikes for a nice ride up to Colorado and get the money back w/ a little kindness & persuation.

My research department said to much info.

http://www.scam.com/showthread.php?t=6632

My advice: KEEP YOUR HARD EARN MONEY.GET DOWN WITH OPP-OTHER PEOPLE MONEY! LIKE TRUMP … LEVERAGE
AND ANTHONY Robbins once said IF YOU WANT TO BE RICH FIND A RICH GUY AND DO HIS SAME GOOD HABITS AND YOU WILL HAVE CHAPAGENE AND CAVIAR DREAMS!