Electra Property Investments; Electra Investment Specialists;Glen MacCabe; I bought a property via Glen MacCabe of Electra Property Investments - but it looks like the property doesnt exist as 4 months later I havent received the deed for the property, nor any rental, and Glen doesnt respond to any of my emails. Nationwide

Glen,

The only reason I purchased the property was because you assured me, IN WRITING, that Electra Investments had their own in house management company that would attend to the management of the property.

This was a blatant lie - as Electra do not have their own in house management team.

The reason I didnt sign the management contract was because I had some queries - most of which related to why I was being asked to provide permits,  certificates and guarantees which the seller (which I subsequently found out was Electra Investments) were obligated to do in terms of the sales cotnract.

I did not receive a response to my multiple emails to the managing agent for  4 MONTHS - and eventually discovered that the reason he did not respond was because he did not want to deal with any client introduced by you.

Only when I finally received the deed 5 months after purchasing the property, and only after requesting it directly from the attorney myself (whose details were given to me by another agent)  did I discover that Electra Investments were  the seller of the property, and had bought it for $20 000.00 and immediately on sold to me for $30 000.00 without any renovations being undertaken, and without providing any of the statutory documents required in terms of the sales contract.

Not only did you not supply any of the permits, guarantees and certificates that the Sale Contract states the seller (Electra Investments)  is obligated to obtain, but you failed to provide any details of the "alleged" tenant - pushing the responsibility onto an unrelated managing agent that by your own admission had not been appointed, and had not previosly managed the property so couldnt possible have any details of the "alleged" tenant.

The managing agent advised that they could not assist with details of the tenant because they were not the sales agent - you were - and despite being copied in on all the emails, and being sent emails to you directly, you failed to respond.

The fact is - I bought a property for $10 000.00 more than I could have bought it from another agent, which was vandalised, and had no paying tenant in place.

So far I have spent nearly $8 000.00 on repairs and renovations, and still havent received 1 cent income.

You lied about Electra having an in house management team - you lied about the property having a paying tenant - you failed to provide the necessary permits/certificates as required to do in terms of the sales contract - and you failed to respond to my multiple emails requesting details of the supposed tenant, as well as an explanation as to why you had lied.

I have subsequently been contacted by other unhappy buyers who have had the same experience with Electra Investments as I have, which I find totally unacceptable and feel obligated to warn others so that you cannot dupe any more innocent victims.

Electra Investments have a copy of the title deeds onfile they were sent by a feduciary licenesed title company at the closing.

The reason your property investment did not work out is because you wanted to re write the Property Management Agreement and after several weeks DID NOT SIGN our reccommmneded Property managers agreement -

As advised with out a signed Property management agreement - Our proeprty manager would NOT legally be allowed to enter the property nor collect rent from the tenants.

Your reluctance to agree to sign a standard property management agreement is the ONLY reason you never received any of your rent from your property.

How dissapointing you feel the need to write this scandalous drivel.

I have been in real estate for over 6 years and sometimes yes with buying and selling property internatrioanlly inveitably there are bumps in the road however Electra Investments pride themselves on customer service and helping our clients smooth over any bumps or issues should they arise. 

WE was not involved in your post sale as we had NO authority.

We have successfully sold over 250 properties and this is the only story you will find.