Realty Advisors International / Unlicensed advice
The broker of Realty Advisors International, Inc and Realty Advisors International Investors Association, along with another company owner advised that I could give a wrap around mortgage in selling my property to a individual without notifying my mortgage company of the sale. The broker along with this other owner further called into question whether a current mortgage holder had a right to be notified with the wrap around mortgage. The broker and other owner went on to express the tax benefits of holding such a mortgage.
About two months after that meeting I attended of Realty Advisors International Investor’s Association. I went to see my attorney and accountant considering the advice I was given at that meeting. Thankfully my attorney advised me before I made the mistake of taking these peoples advice. I learned that the advice I had been given was dead wrong and could of caused many problems. My accountant even had dealing with them in the past and had ceased contact with them altogether due to the broker and owner providing tax and financial advice without having the training or a license to do so. I was told that the broker of this company had no prior financial experience at all, was not educated to be providing any kind of advice outside of real estate contracts, and there where rumors among other real estate people they dealt with that this company had been giving legal advice as well. However, if you attended one of these meeting you would be led to believe you where getting this advice from licensed professionals.
Thank god I spoke with a licensed attorney and accountant otherwise I would of learned the hardway what I was getting myself into. I was even told the real estate agent program they had, raised all kinds of questions to how this company stayed in business. If you looked at where this company operates at shows they are a fly by night organization, why else would you operate a real estate company out of a hotel, something else I was unaware of at the meeting I attended. As it was put to me, when you pay out 100% commissions how do you make money. The answer is you don't, unless you hold a lot of meetings and give a lot of unlicensed advice in a attempt to get as many people as you can to either sell their property with you so they can charge an extra $395.00 over the commission, or start charging you to manage your property, while they use unlicensed contractors so they get kick-backs.