Last year my girl friend and i took nrpi up on it's offer to fly us out to horseshoe bay texas (we live in san diego). The put us up in a hotel, we got to meet other excited prospective buyers, it was fun. The next day we were driven to the horseshoe bay resort, shown fabulous house owned by sports figures and movie stars. These were the "Comps" for the properties nrpi asserted had "similiar value"
the little corner lot we bought is a pretty piece of land. The asking price was 50 thousand dollars at 12 %. I was content compared to my native san diego it was a heck of a buy. I am an idiot.
It never entered my head once that the value of the land was something they had just made up, that the resort community we were shown had nothing to do with nrpi. When our sales rep told us "not to worry" if the tax statement we would get after our purchase was 1/2 what we paid " the tax office in llano county is run by two little old ladies... And they never bother to check on values..."
we got our tax statement, the property was valued at 12,000 dollars.."alright " i said "a chance to stick it to the man.." i suppose things would have gone like that and i wouldn't really have any idea of what i had done. But my folks live in austin and are in thier 80's they have a trailor out in kingsland that is getting old and neglected and in a conversation with my dad i offered to put a new mobile home on the property. I said i would have to sell my parcel i had bought but if i could break even that would be ok it would get me out of my payment. So we inquired with a local realtor who ran some real comps on the area. The going rate for a piece of property in "horse shoe bay west" the equivalent of mine is about 18 thou, the realtor was willing to try for 30 but did not think it will sell. I would assume by the time i pay off the property i will have close to 65-70 thousand in the parcel. How many years do you think i will have to wait for a break even price on that.
I haven't tried talking to anyone about this yet i feel i have been robbed but can't help feeling it is my own mistake. I can only hope that if you are thinking about buying anything from this company you will do your own research and not get burned like i have.
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