Purchased a house and land package from Advance Property Reseach at Gracemere Queensland with a guarantee that the value would increase by 10% within 6 months or they (John Cox Director) would buy house back for the full value plus 10%. Or if unable to tenant and have a vacancy of 4 weeks or more in the first 2 years they will give us 4 weeks rent, WHAT A JOKE! as soon as I made enquiries as I am unable to sell my house at even the original price that I paid let alone a 10% increase and also have had no tenant for over 4 weeks I am told that the director John Cox is going broke. I could take him to court, however you can"t get anything when he doesn"t have anything was what I was told by one of his agents/employee. I feel totally ripped off, and what really gets to me is that they are still advertising of 100% risk frre investing through their website http://houses4wealth.com.au/guarantee.html Be careful, don't be a sucker like me. POS
The problem is that you are the last fool. The first fools already took him up on his offer and made their money from him, hence he is going broke.
That is what a guarantee is – nothing really. It is only as good as the company/person backing it.
A guarantee by a company, especially a small company is worthless unless it is backed up by a personal guarantee. If the person making the personal guarantee has no assets then their guarantee is worthless too.
If he hasn't got any money there is not much he can do, how could he buy your property?
And you could sue him and you could win in court, but then you would still not have anything except a judgment.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you can afford it I suggest that you sue anyway and bankrupt the bastard. That will prevent him doing the same thing to other people.
Rhys_Roberts wrote:If you can afford it I suggest that you sue anyway and bankrupt the bastard. That will prevent him doing the same thing to other people.I would love to sue him and bankrupt him, however i think bad publicity will do it for me at no extra cost. I have lodged a complaint with Fair Trading ( false and misleading )and they have also advised that I report them to the Australian Investment Securities. The biggest problem that I have with him is that he is still advertising the same guarantee and selling properties, I would like to know if there is anyone out there that have delt with Advance Property Research and experienced the same problem. So please tell all of your friends, google Advance Property Research so that more people know.
pos
I think you should get legal advice. Just because his employees say that he is going broke, doesn't mean that he is. It may just be the line that they feed to dissatisfied customers to discourage them from suing.
Go see a lawyer and find out whether it is worth your time, money and effort.
Cheers
K
Pos,
You should also realise that a company is legally a separate entity. Even if he owns 100% of the shares and is a director it is different. So if the company gives the guarantee and goes under the person behind the company is not personally liable unless they have personally provided guarantees. (the directors, even shadow directors, can be liable under certain circumstances such as insolvent trading).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi, Pos
Clearly, if a product is that amazingly good, it does not require a guarantee.
What are your plans for the property then?
Regards
Danieldaniellee wrote:Hi, PosClearly, if a product is that amazingly good, it does not require a guarantee.
What are your plans for the property then?
Regards
DanielDaniellee,
who said it was amazingly good? You are right! It shouldn't have needed a guarantee. I can't believe what an idiot I am. Unfortunately for me I was suckered by a professional con artist who made promises that he obviously had no intention of keeping, believing that i would not be caught out having to pay the mortage myself if I had no tenant or the oportunity of at least selling it back to the con artist John Cox. I am lucky enough that I can afford to keep paying it, i will probably end up selling it off at a loss just to wipe my hands of it. I am more concerned for people who are not as fortunate as me and have no choice but let the bank take it. I would like this fraud exposed for what he is.
pos
Terryw wrote:Pos,You should also realise that a company is legally a separate entity. Even if he owns 100% of the shares and is a director it is different. So if the company gives the guarantee and goes under the person behind the company is not personally liable unless they have personally provided guarantees. (the directors, even shadow directors, can be liable under certain circumstances such as insolvent trading).
Thanks Terry,
yes I am aware of the difficulty I am facing in regard to a company if I wish to pursue this matter. At the moment I am just really "P" off and this is a great way to vent my anger and hopefully make other people more cautious. I am probably venting my anger more at myself and would love to really say what I think of this man and his calculating methods of scamming people.pos
Hi Pos
Yes, understandable. But if the company is still trading you should report them to dept of fair trading. You can see the status of the company at http://www.asic.gov.au (ie if it is liquidation etc)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw wrote:Hi PosYes, understandable. But if the company is still trading you should report them to dept of fair trading. You can see the status of the company at http://www.asic.gov.au (ie if it is liquidation etc)
terry,
i am in the process of doing that, have already made a formal complaint to fair trading, they recommended that i also make a complaint to securities commission. when doing this I was having some hurdles as the ABN that he has advertised wasn't coming up when i put it into the online form, i then had to do a company search and have found a different number and many other numbers and names also that he is registered by. I also found that he has relocated to queensland. at present there is nothing that indicates he is in liquidation except from what I have heard. It would actually make it much more easy if there was something there in regard to liquidation as then it would be easy to prove he is trading while insolvent and he would go for that.
pos
I did an asic search and couldn't find that company at all. It could be a business name with the company being another, such as xxx pty ltd trading a zzzz.
Who is listed as the other party on the guarantee deed?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi all, I'm new here and to be honest I'm here for one reason only.
John Cox
Seriously, I'm here just to warn others !Around 18 months ago I was offered the same, if not a better deal than "Pos".
I was drawn into this by a friend that had actually had some very good dealings with John Cox.
Even though I trusted this friend I found it very hard to trust John.
I was lucky that something made me feel that way.After several meetings and coming very close to signing a contract, my initial outlay and deposit suddenly went through the roof.
(Almost doubled !)
I'm lucky that my neighbours of around 5 years are in the real estate game and I took the contract to them and we spent a night going through it.
Even though it looked ok my neighbour took it to work the next day and made some more enquiries.
John's projections for the increase in value of the property,( that was also in Grassmere), his rental guarantees, and his professional history were just so over inflated that his true nature was soon discovered.
I won't pretend to be any sort of real estate expert and I'm glad to have had some help.John Cox is one of the smoothest con men I've ever met
The guy has been bankrupted before so don't think he's too worried about that.
He knows how to play the game.
Yes…………he's had some succesful developments, but he uses that to his full advantage to rip off the new investors when it come to covering all his bad ones."Not to be touched with a 10 foot pole" is how I would personally describe the man.
And as far as my friend that introduced me to him ?
He invested in 3 properties in the early days of John's latest company and to be honest got in at the right time.
I saw him yesterday though, and he's now chasing up money that's been taken from his account without his knowlege
for fees that were never, ever in any of his contracts, and he's getting the same run around from the secretary."He's not here…………..he's at a meeting………………….he will call you back…………….blah blah blah.
Be very careful if you ever see the name "John Cox" is all I'll say.
Regards,
Simon Browne
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