Austin Davis' Commercial Real Estate Mentoring Network that claims to be able to help people own commercial real estate. Upon first purchasing the course for $2,000, you are told that you need your own money or a partner to brin the money to the closing table to buy a property. In order to get this partner you have to apply for one or find one on your own, they will not allow you to get a loan or help you to get a loan to buy a property on your own because they say there are too many complaints from members who do not follow directions and lose money. I can follow directions and I did not want to apply for a partner. I read other places that people get prefunding loans, and that they buy property on thier own without partner program. I do not like that I can not do the same thing because of other people an explain I alright with doing it on my own, but they will not let me.
So I apply for a partner after I get my deal setup, I do all the steps and get the seller to sign the agreement to sell under value. When I apply for partner I am told I would be able to get 30% ownership, I told them I wanted 100% and would buy my partner out, so we could do it 90% me and 10% them and I would buy them out. They would not do this, which is not fair. I had to go with the 30% as they would not do it any other way. I took the deal to several other investors and they just laugh at me and say they would give me maybe 10%, but never 90%. Why everyone not want to help me is very bad. What choice I have though, so I go with the Austin team offer and get 30%.
Now after we have closed on it, and we had to use management company, so I nor my partner can manage it, and now we have to pay 7% of money to a management company! My partner wants to buy me out, or me to buy them out now, but they want more than I can pay them. I finally agree to sell my 30% for $350,000. My partner ends up with the $500,000 equity though, I should have got $500,000! They tell me if I not want it or agree I do not have to sign, but why I want to keep working with this partner who not sell me for what I can pay the property!
I have called Austin Davis team again and again to ask them to help me get more money from my partner, they tell me they can not and I have to work it out with them.
I contact others who have lost money too from Austin Davis, they all say same thing, that they get $100,000 from property buy out or $400,000 - no one get million! They rich and they can afford more, why they not pay us!
Some of his students also very rude, tell me I am dreaming and I have no idea about industry or business, I tell you this not true. My family own 35 dry cleaners, we know business!
All calls to them have been unreturned. Austin Davis team refund my purchase price of program after 40 days I be member, and tell me I can not be member any more. Very unprofessional!
They had claimed that if I were unable to get results to just contact his team but so far all his team have said is that they have done all that they can and forwarded my request to my partner, all these companies bad, not get me what I want.
Beware of Austin Davis, And His Investors, They Never Give you 100%, Never and Never! Ripoff, scam, steal, scammer, all not good!