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LoginSCAM!!! Beware of Redev!!
9 posts
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Another "residual income" program, or cash flow program has shown they are nothing but another scams!!!
Its sad but year after year we see a lot of poor folks all into such scams.
2 years ago we have the Swisscash. Then we have Sun Empire. Now Oilpods!
All these so called income generating scheme looks promising to investors. But when you study their underlying reasons, it doesn't hold water. When investigated further, they cracked up and poor folks suffer!!!
There is another company by the name of REDEV. Have you guys heard of them? Its another BIG scam company.
They told investors that they are buying Commercial Properties in Alberta. And they can collect rental income of about 9% per year!
Sounds similar? Well its the same scheme as Oilpods!! A good friend of mine from Capitaland found out that the property they sell to the investors here are worth only C$4m when they told the investors here its worth C$14m. Thus a very high mark-up.
Why are they doing this? They take your money for rolling.
Imagine they take more than 10years to return you your capital!!
Did you really make 9% per year? No way. Far from it.
Redev is another scam company. Watch out for them! Do not believe them. Let me prove to you:
1. They pay the investors 9%
2. They pay their sales people about 8% for the sales
3. They pay for their office rental space
4. They pay for hotel space to hold seminar
5. They pay for the ang mo from HK - say 3-5% as comm
6. They pay for the legal fees
7. They pay for their rental offices in HQ
8. The owner in HQ gets paid say another 3-5% for their salesIf you worked out all these numbers that is easily 25-30% of your invested amount! Is this realistic?! You bet something is amiss.
In all property-related business, the sales commissions to the sales agents should only be 1-2%. Here my friend told me they are paid 8%! Don't you find something fishy?! Its crazy!
I will be concern.
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Hey is this company operating in Singapore? I checked and can't find them in the ACRA. You do have a point James. Anyway their returns is not fantastic. An investment that take more than 3 years to recover the capital is not a smart investment. I wonder why would anyone like to give their money away and take more than 10 years to take it back. Isn't that dumb?
What happens the company closes down or choose not to pay before they get back their capital? Too much uncertainties and 10 years is a good long period!!
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Hey peaceman I tripped on this site. Yes, 4m for a commercial building is very expensive! Those malls out there is usually worth much lesser. How can they even sell them for 16m!!
I have heard about their schemes too. From my counterparts in Canada, they are a very small setup. A 2-3 man show telling the whole world they own lots of commercial properties.
My conclusion:
1. I do not believe in businessmen telling me they setup businesses to help others get rich. That's full of craps. The more they say, the more I doubt. If they say, then you can be 101% sure they are lying to your face. No businessmen setup businesses to help others make money.
2. If they can own and manage so many properties as their websites show, then you can't be a small 2-3 man show. Only an idiot will believe their stories. They claimed to outsource all their legal, accounting work and management work to other bodies. I think this is a very lousy excuse. Its totally not cost efficient. So whose paying for all these outsourcing? The poor investors.
3. They appoint local agents here to work for them. From the legal's perspective, this is a best sign of a scam. Some kukus here willing to take their money to act for them. If they run, these kukus will face the music and go to jail. And you being in Singapore will have no way to nap them in Canada. And in anyway, its so easy to start and close companies in Canada. But i don't careless about these poor kukus because they went in for greed. Many of them knew it was bad they still sell because they paid these agents well and on time. My friend from Capitaland got out because he is a Christian and cannot stand their nonsense. He used to sell for them till he found out so much more about them. I am more concern about the poor folks out there who put in their life savings because they believe in these kukus.
My conclusion: Stay out. If you want commerical properties... REITS are more transparent. Which do you prefer, take the risk to earn that potentially a bit more and run the risk of loosing your pants before u see daylight or have REITs that you can see and touch for yourself?
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Originally posted by woodstock22:
hello... i am an investor in redev commercial properties and i have been receiving my rental income promptly for the past year and a half. I hv also heard of others who have been getting theirs for a few years...
can you kindly give us the details about this company since you're an investor thus i believe you should be able to tel us more information about this company else the website link and the exact location of the company.
thanks and regards,
the_fallen
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