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FIB - Scams 101
Re: Mili group
Posted By: Mark In Response To: Re: Mili group (Supatta)
Date: Tuesday, March 27, 2007, at 3:42 p.m.(pst)
>> Tanya,
>> Is there any chance you live the Maryland,DC,Virginia area? If so, I
>> would love to invite you to one of our MILI Group presentations. I've been
>> pursuing this for about 2 months now. And I can tell you, that to date, I
>> have only spent $120 of my own money to get started with MILI, minus the
>> standard fees all real estate agents must pay including Error &
>> Omissions insurance, GCAAR, and the MLS service. When you join MILI, you
>> are essentially joining a Real Estate Firm, much like Re-Max,
>> Coldwell-Banker, Century 21. It is a real estate business with real estate
>> agents. We do the same thing, except we offer in-house mortgage,
>> insurance, and investment advice. We are not telling people, hey, give me
>> all of your money and I'll invest it for you. We are teaching people how
>> to maximize the equity in their homes instead of it being dead weight
>> sitting in the bank doing nothing for you.>> I am not going to sit here and lie. It is very hard to sell MILI to
>> anyone. People are very skeptical, but what people don't realize is that
>> it is just like any other real estate firm out there. If you were an
>> agent, would you rather get your commission from one single transaction OR
>> would you rather build a team underneath you getting a cut from their
>> commission as well? You are thinking "pyramid-scheme". Pyramid,
>> MLM? Yes. Scheme? NO. It's a legitimate and legal real estate business
>> where you earn residual or passive income from people underneath you. MILI
>> has a pay/advancement structure they follow as well, but since I am new, I
>> don't feel confident explaining that one.>> As far as investment goes, I am going to give you the nuts and bolts
>> break down. What it is basically, is we help people to leverage their
>> current equity to purchase a 2nd home. They then rent that 2nd home out
>> for an amount higher than their mortgage. The profits go towards the first
>> home. After time, equity build in the 2nd home, and you purchase a 3rd
>> property and again rent it out for an amount higher than the mortgage and
>> use the profits towards paying for your 1st home. The idea is to acquire
>> multiple properties, acquire equity, acquire PASSIVE INCOME, and use that
>> passive income to pay for your 1st home where you live.>> That is the nuts and bolts idea. Anyone can do it. You don't need MILI
>> to do it. MILI is good for real estate agents because we get the
>> commission and points for advancement on our investment property
>> purchases.>> I believe in MILI. MILI does not pay me. Like any other agent, it is
>> up to you to earn your own income from your clients.>> I urge you to not believe any hearsay and go hear it from the horse's
>> mouth. It doesn't cost you a dime to hear a MILI presentation. If you are
>> interested, I can find an associate in your area and get you into a
>> presentation. There is no obligation.>> There is really nothing out there like this. If you join, you are
>> going to hear the word NO and SCAM more than you would believe. But the
>> fruits of your labor will pay off. I have seen it.>> Supatta
Suppatta,
What kind of mortages are you suggesting? Fixed, ARM, Sub-prime, interst only?
Also, do you suggest people buy homes right now eventhough house prices in many areas are falling? In some places, they have fallen off a cliff (example, areas of florida, etc). I am sure you would suggest people wait till house prices really stabilize before borrowing hundreds of thousands of dollars on an asset that is more sure than not to depreciate in the next couple of years.
You speak of gaining equaity as if it was a sure thing. First, many loans like interest only and neg amortization loans don't build any equaity. Without equity, this hole scheme falls apart. Also what will people do when there low reaser rates reset to much higher values causing their payment to sometimes double. Even renting the house won't cover all of the mortage then. What you suggest will work great only if house values appreciate. If they don't, people will lose their shirt off their back.
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