Hi Ness1417

i do not own anything in Thailand but i know someone who can help you. His name is Rob Tracey he travels to thailand often and owns property there.  I was in Thailand speaking at a conference in june and there are some great opportunities there. All the best with the research.

to contact Rob email him at [email protected]

regards westan

Hi Forum Members its been a long time since i was on the forum- this post has come to my attention and i while i'm disappointed that these sorts of stories do the rounds i am thankful that it also allows me to voice my side of the story.  Please read my response. I wrote this many months ago-

Public response to Real Estate Agent – Mr Neil Jenman

Recently an Australian Real Estate agent Mr. Neil Jenman, posted an article on his own web site attacking my conduct and reputation.  This post was I believe unduly critical towards me. It implicates me in a scam entitled ‘How Aussies are being Ripped Off in America”. Unfortunately I have had no independent opportunity to voice my side of the story. I thank you for allowing me this opportunity.

 Mr. Jenman’s article mentions a lady ‘Kathy’ who was offered 3 properties in Buffalo and Rochester, USA. The article states that she purchased property from a company called Genesis Real Estate Investments at enormous mark-ups and that I am directly or indirectly implicated in a scam as a result of inviting two speakers from America to present at Information Evenings in Australia in April 2005. Firstly I need to state  – Kathy is not one of our clients, she did not purchase any property through our company. To the best of my knowledge I have never met her, never spoken with her nor have had any correspondence with her. I have never received any money from her. –  We have no record of ‘Kathy’ attending any of our information evenings held in Australia back in April 05 (we have kept comprehensive records of who attended and she never booked a ticket).  – My independent research tells me that Kathy purchased her 3 properties from Genesis through the assistance of another property investor group based in Newcastle, who while known to Mr. Jenman, is not named at all in his article. – Kathy has never approached us for assistance to her situation and neither did Mr. Jenman prior to his post on his web site. – Mr. Jenman did email me requesting answers to a series of questions before he posted his article, but he made no mention of Kathy in his email. Unfortunately my full page response to him was condensed to a two line response. Now the facts:–          Mr. Graham and Mr. Glushefski did come to Australia in April 2005 in response to an invitation, to present at three information evenings about investing in the USA. There was tremendous interest at this time in the opportunities to buy properties in New York State that were showing amazing on paper returns of 20-25%. For example $45,000 properties renting at $850 per month.  At the information evening we outlined the process of buying in the USA and gave a background on two very different markets, San Antonio in Texas and Buffalo in New York State. I had purchased properties in both these cities. We made it very clear that we were at the very early stages of investing in these markets ourselves, having purchased my first property there four months previously.  As a result of these information evenings a number of investors decided to invest in the USA.  A significant number of people travelled to the USA to explore the opportunities for themselves. Some of these people purchased through Mr. Graham and some through Mr. Glushefski.  –          At the information evenings, the Newcastle based property investment company that also worked with its own investor group, approached us with an offer to work with Mr. Graham.  An arrangement was made that Mr. Graham’s company would work exclusively with this other company (in exchange for a token consideration from Mr Graham for each property sold.)–          After June 2005 none of our investors purchased through Mr. Graham’s company – Genesis Real Estate Investments.  The USA was a new market for us as I’ve mentioned, by Nov 05 we were so disappointed with the quality of property management I decided that I would no longer offer properties in Buffalo to our investors.  We have since found a property manager who is doing a much better job than our original manager.  Today I still own 2 properties in Buffalo NY, these properties return cash flow every month to me. Sadly this isn’t the story for every investor. Some investors have become dissatisfied with their investment and decided to sell. I am aware that some people sold their properties for less than what they paid for them while others sold them above what was paid.   With regard to Dan Glushefski – I would like to point out two things: 

1. He has never claimed that he was selling his properties below market value.

1. He was selling properties that he had purchased, rehabbed and then resold at a profit.  This fact was made clear to investors. No one was ever under the illusion that Mr. Glushefski was offering these properties at cost price to himself. He was doing this as a business venture and had taken on staff to ensure properties were renovated. It has been quoted that Mr. Glushefski is a flipper, yes he does buy properties rehab them and sell them, to imply he does no improvements to them is wrong.  Mr. Glushefski carried out extensive work on many of these properties.

 In regards to the dollar values quoted in the article, they might be accurate, I don’t have access to that information. However, I was aware that Genesis put in place a program with its Newcastle promoters where they would carry out renovations (at Genesis’ expense) on properties after they had sold them and offered a rental Guarantee to cover the loss of income for the investor. The net result of this is the profit to Genesis look substantially higher than what they really are, because they haven’t included their rehab costs. We have always recommended that before investors buy they do their own independent checks before purchasing any real estate.  These checks include valuations (to ensure the price paid is appropriate) building inspections (to ensure the structure of the property) and independent rental appraisals (to ensure the rentals quoted are accurate).  

It is totally unfair to hold me responsible for this Kathy’s situation and investment decisions. It is neither the fault of Mr. Glushefski or Mrs. Dymphna Bohlt who was also attacked in the story. Mrs. Boholt has no business relationship with the two American companies and spoke at our initiation exclusively about Investing Structures and Asset Protection.

After Mr. Jenman wrote his first article my brother Alvin Johnson rang Mr. Jenman to clarify the facts. In this conversation he offered to help Kathy in her situation, to which Mr. Jenman replied “will you buy her properties off her?” This is an absurd proposition for us to undertake. 

 Our offer to assist was never reported on his web site and Alvin’s conversation was reported as one where he “squirmed” etc. Because Kathy is not our client I have very little knowledge of what has transpired, however since the story was published Alvin has been in contact with Genesis and they inform me that they offered to sell Cathy’s property for her, an offer allegedly she refused. 

Anyone who has had direct dealings with us knows that we are not in the practice of ‘hard selling’ properties. We present opportunities and allow investors to make up their own minds if the opportunity presented is something that meets their investing criteria. I have never suggested to an investor to mortgage their own home to buy a property one of our contacts makes available, and I don’t and legally can’t offer financial advice.

This whole matter is very sad for Kathy, as someone who has a knowledge of Buffalo, my offer to assist Kathy still stands. I have always tried to assist people whenever I can. Even last week, I was contacted to assist another investor who purchased some properties in Jamestown NY (not through us or the other company mentioned in this reply). Unfortunately I have no contacts there but was able to give her some general advice about dealing in the US market.

I have found Mr. Jenman’s attack on me to be professionally and personally insulting. I have been accused of being disreputable – quite unjustly. While not perfect I have always taken the honest and open approach. My reputation is something very valuable to me.

Thank you for taking the time to read my responses and to those who have reserved comment on the matter.

Mr. Westan Johnson

[email protected]

Hi Dimo

the others have answered the question for you.

One other thing to consider

when you are transfering money if its a larger amount say 10,000 or more consider using Ozforex, they are excellent , no charge and they make less on the currency than the banks. I’ve been using them for over 2 years , they have literally saved me thousands.

regards Westan Johnson

http://www.globalpropertydeals.com

[email protected]

Hi Richard

Even if the owner was prepared to Rent the properties and you were able to find people who wanted only 6 months accomodation.

i see the pitfalls for you. You do a heap of work to find tenants who will be preparted to live in a place for only 6 months and then they leave so you make a very small commission that lasts only 6 months for a lot of work. Is this really what you want ???

regards westan

http://www.iproperty.net.au
The leaders in USA Investing.
join out free database [email protected]

Hi Viral

As Luke said if you are having problems still let me know. Property management in the US is one of the biggest issues.

If you are still having problems please email me and i will put you in touch with some people who will help.

regards westan

http://www.iproperty.net.au
The leaders in USA Investing.
join out free database [email protected]

Hi DraconisV

in theory you are correct but where can you buy properties with cashflow with only 5% down ?

I’ve bought a lot of properties over the years showing 20% gross returns etc. (None like that in Aust since 2003),.

regards westan

http://www.iproperty.net.au

Hi Guys

i usually do the figures on 20% deposit. Lena i hate paying LMI so i usually put up the 20%. Sure if you can do 10% you end up with more properties but for most people that probalby means more negative geared properties.

regards westan

http://www.iproperty.net.au

Hi Martin and Worldchanger

how diod you guys go ?

i had one property which is fine but another property the power was cut and it cost $275 to get fixed. But there was a ton of trees down also and that cost about $500 to remove. Lisa (property manager)send photos through today).

I was talking with Dan about a week ago (worldchanger and Martin know Dan , he lives in Buffalo) and he said a lot of his own properties had their power cut about 8 of the 20 he owns. He said there is a tremendous amount of tree damage around the City and it will take months to clean up.

How did you guys go /

regards westan

http://www.iproperty.net.au

Hi Guys

just for the record its not just buffalo its the whole of the NE of the USA thats been hit by snow. New York city has 60 cm of Snow in Central Park. Well thats what the weather Channel says.

regards westan

USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.au

Hi Ned

wow, someone else shares my concern, thanks for your opinion. I often feel like i’m the only one raising some concerns, so i appreciate your comments.

regards westan

USA deals, cash flow equity and capital growth all in one property.
International Property Consulting Pty/Ltd.
Property Investing New Zealand Ltd
http://www.iproperty.net.au