Beware of any real estate "deals" promoted by Larry Loik through his REINclub. I have checked out many of his offerings over the last 12 months and discovered that they have either been misrepresented in regards to income and expenses, or marked up at the expense of the investor only to line and fatten his pockets.
For example, earlier this year he was promoting a single family investment in Tennessee with a six month builder lease-back. After doing a Google search I found the original broker on that deal. I discovered during my call with the broker that Larry "negotiated" the builder's original twelve month lease-back down to only six months in order to fatten up his commission from the difference! The investor gained nothing! I guess the 6% commission wasn't enough for him.
As a side note, I met Larry Loik at the Learning Annex Real Estate Wealth Expo in LA and never met such a self-centered egotistical person in my life! I've never met a person so HIGH on themselves! I could only compare this guy to a "cheese ball" used call salesman. He is such a smooooth talker - he could sell ice to Eskimos!
It's also hysterically funny how everything he produces has his face plastered on it (website, emails, CDs, flyers, etc.).
Bottom line Be very leery and question everything! I would research and find other comparable investment options on anything they present.
Related link: usacomplaints.com/reports/0/254/RipOff0254380.htm
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