Below is the transcript of what was broadcast on USA Property investment during the week. You can watch the broadcast on:
http://www.abc.net.au/7.30/content/2012/s3488301.htm
Australian Broadcasting Corporation
Broadcast: 24/04/2012
Reporter: Greg Hoy
After the US sub-prime mortgage disaster and subsequent global financial crisis, Australian investors are being drawn in to the American property market but face potential pitfalls and predators.
<moderator: the transcript is too long to be cut'n'pasted to the post. Please use the link to access this story>
the truth about him seems to be ……. he will threaten legal proceedings against customers if they speak out
using thier own money against them
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about 12 months ago people(representatives ) where getting out of MY USA Property like rats leaving the ship
http://www.uspsa.com.au/ took some of thier customerscheck out the owner http://www.trentrichards.com/
<moderator: delete personal comment>
You have got to be kidding. Andrew Allen taking action against someone who was brave enough to speak out against him and his companies practices. Now based out of and lives in Orlando…..wonder if Homeland Security could check to see what sort of Visa he holds to stay and work in the US ??
According to the article in "The Standard"………http://www.standard.net.au/news/local/news/general/former-southwest-man-denies-shonky-us-housing-deals/2534442.aspx?storypage=1
The MyUSA Property website features the following disclaimer (although I couldn't check as the site has come down): “There are a number of factors investors must take into consideration when buying in the USA as it is very different to the Australia property market. Investors must consider the areas, property type, vacancy rates, socio economic demographics and future potential of the market before purchasing.”
Isn't this the very reason why investors paid them all the fee's etc ? They claimed they were a buyers agent so wouldn't it have been fair to assume that these guys had considered all of this and done their homework on their properties before flogging them off to their victims ??
Richard,
I think it would be much appreciated by everyone here to see in your words what you went through. As most would not know there is a lot in your story that is (in Emma’s words) abhorrent that didn’t quite make it into the short segment allowed.Little things like you paid for a property but it turned out to just be an LLC that they hadn’t even bothered to ensure held title to the property yet they required you pay upfront for extremely expensive repairs – which In turn (of course) were not carried out….
Richard has an outstanding paper trail on all of this. Even if it took a month to write up and you did a 10 part write up it would be fascinating for people to see what actually happened to you.
Naturally, we know you will tell the truth because Andrew Allen has publicised his wish to take legal action against you so he would be certain (or his lawyer would) to correct any factual errors you make. It’s only fair to let people have a say on a public forum about factual errors or exaggerations that occur – and we all know this can happen.
Take it a step at a time, I know more than most and I can assure everyone the story is staggering to hear – and I don’t know anything like all of it. It will benefit a lot of people, who knows, we might just hear from the elusive Mr Allen himself…
Along with Speedy I would be very interested to know if Andrew Allen is legally able to work in the US. He is basing himself there, surely he has a green card or residency to allow this.
What qualifications does he hold to sell RE or securities there or, for that matter in Aus?
Additionally – who taxes the income from the money he earns whilst based in Orlando and clearly making $Aus from $Aus clients.. IRS? ATO?
Interesting questions…..
One last point. Given the resources of the ABC were unable to get a comment from Mr Alllen despite repeated requests over a number of months, I think the journalists at the Warrnambool Standard deserve extra special mention for locating and getting a comment from him in so short a time frame. Job well done boys! (or girls)!
Very interesting, it looks like that could be where his family is based and they quickly got word to Andrew
I know I used the word abhorrent and still haven’t made Internet fast enough to watch but I just hope that people realize If the person who is your GURU is only focused on the front end sale, has never lived in these cities (good point on legality to reside in the US) what on EARTH is their level of concern on the backend when the real woes start… Ie hyper inflated repairs that aren’t actually done? Properties not rented etc.
It is really really easy to see how people could go down this path though… They are consulting “experts”. Flip, they say things confidently enough and the worst thing for them would be someone buying from the open market…. Fear…. You have to sell fear… No one could do this alone… Yet that is precisely what ends up happening… You end up alone!
Calling it for what it is… How can that get you sued? A misrepresentation of promises of returns and guarantees etc…. Even with the disclaimer… Coupled with the statement of being a buyers agent is definitely something that, were he licensed in the US, THAT would have allowed full recourse to the buyers in this instance.
It is appalling, tragic and sorry but caveat emptor doesn’t cover all bases when someone is absolutely coming to you for expert advice and yet you can’t even tell that person how to look up title on his own property??? I would love to hear why Mr Allan feels hard done by in this instance but all I know is that he, like others, have professed a level of expertise to advise others with very very little backing and the shame is that most would think there are regulations to protect them. It is a HUGE shock in this day and age that isn’t the case.
BUYERS AGENT = protection…..l. LYING about being a US buyers agent from Australia AFFORDS NO PROTECTION… God forbid you thought it did when you googled buyers agent…. I can see how people might think that is confusing…… 888properties confuses me… Vince stated he was a buyers agent and I had to question it… Buyers Agent is a US licensed real estate agent… quite frankly question everyone.ll obviously there are no laws on it! Vince has under his signature US Buyers Agent…. I still don’t know if he is or isn’t…Apologies if you are
Maybe that should be the line of questioning??
You should question anyone who promotes US property and has never met the suppliers or been to the cities they are promoting
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Unfortunately when someone calls themselves ‘expert’ and say they have great contacts that can be misleading, especially when selling properties in Detroit. In hindsight one would say it was simply marketing jargon with no substance. Research was obviously needed rather than trust, especially with someone like Andrew who scarily thinks he is competent at what he does which is clearly not the case…..
Interesting to see what My USA Property has now put on the website:
Also everyone please note that the Andrew Allen spoken of above IS NOT THE ANDREW ALLEN who is a member of this forum and Somersoft and is a buyer's advocate/agent in Brisbane Qld, who contributes useful and worthwhile information in his posts.
Michael 888 wrote:Also everyone please note that the Andrew Allen spoken of above IS NOT THE ANDREW ALLEN who is a member of this forum and Somersoft and is a buyer's advocate/agent in Brisbane Qld, who contributes useful and worthwhile information in his posts.Good comment Michael.
Michael 888 wrote:Also everyone please note that the Andrew Allen spoken of above IS NOT THE ANDREW ALLEN who is a member of this forum and Somersoft and is a buyer's advocate/agent in Brisbane Qld, who contributes useful and worthwhile information in his posts.Well said and PLEASE pay regard to that comment. Thank you very much Michael 888. They are very different animals and I am unsure how to best publicise it.
Well the best way to sort this out is that Andrew Allan through My USA Property has two A’s in his surname, and the other gentlemen who is obviously a very reputable property person has an E in his surname. Consequently the dodgy subject in question will be addressed as Andrew Allan through My USA Property, to avoid any confusion.
How does that suit?
Perfect. And appreciated…
Thankfully there is only one Andrew Allan of My USA Property. Lol
speedy gonzales wrote:According to the article in "The Standard"………http://www.standard.net.au/news/local/news/general/former-southwest-man-denies-shonky-us-housing-deals/2534442.aspx?storypage=1The MyUSA Property website features the following disclaimer (although I couldn't check as the site has come down): “There are a number of factors investors must take into consideration when buying in the USA as it is very different to the Australia property market. Investors must consider the areas, property type, vacancy rates, socio economic demographics and future potential of the market before purchasing.”
Isn't this the very reason why investors paid them all the fee's etc ? They claimed they were a buyers agent so wouldn't it have been fair to assume that these guys had considered all of this and done their homework on their properties before flogging them off to their victims ??
WELL SAID!
lawsjs wrote:Along with Speedy I would be very interested to know if Andrew Allen is legally able to work in the US. He is basing himself there, surely he has a green card or residency to allow this.What qualifications does he hold to sell RE or securities there or, for that matter in Aus?
Additionally – who taxes the income from the money he earns whilst based in Orlando and clearly making $Aus from $Aus clients.. IRS? ATO?
Interesting questions…..
One last point. Given the resources of the ABC were unable to get a comment from Mr Alllen despite repeated requests over a number of months, I think the journalists at the Warrnambool Standard deserve extra special mention for locating and getting a comment from him in so short a time frame. Job well done boys! (or girls)!
If you invest >100k you may qualify for a treaty investment visa (E2) which allows you to live and work in the USA managing your company. Anyone selling someone else’s RE must have a license, but people can and do sell their own properties without a license all the time.
Because the US is such a litigious society you are less likely to find properties promising a certain % return pitched to Americans, as this would be akin to committing legal suicide!
Thanks. Interesting for me, but these ‘bad guys’ don’t sell RE they sell LLC’s…
I
The thing is if you don’t put your property in your LLC’s name then the tenant can sue you, so this is a must for asset protection. The bad guys sell duds that they know quite well are in ghetto areas, at an inflated price
Or are you saying they sold their LLC’s with the assets being the “income-producing” properties?
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