Here’s a photo of our second property that we just closed on. It’s in Bakersfield, CA. It’s both exciting and nerve wracking to see the plans we talked about last spring starting to come to fruition.
The whole notion of “together we are better” is showing itself to be true. It is said that “luck is just when preparation meets opportunity” and we’ve been preparing for this opportunity all year. We had to get our finances in order….free up the equity in our home…etc.
Just about the time we get our act together, Loomis too is benefiting from preparation meeting opportunity. With the sub-prime meltdown and slowing of the housing market there are builders out there with finished but unsold properties. Loomis has created a buying force of 300 members with excellent financials — and we are now buying new properties instead of rehabs.
This same sub-prime melt down is resulting in banks tightening their mortgage requirements…providing us a market of people looking into alternative financing.
What luck!
Poor Dad
January 4, 2008 at 5:41 pm
check out this webpage on Loomis
[link edited out]
I did look into it. I find comfort that the ex-employee states that Loomis is not a scam. As to the concerns brought up…I cannot verify the claims one way or another. I talked to Lee Loomis about this and was very satisfied by his response. Time will tell. There will always be folks who think something will fail and there will always be ex-employees like ex-girlfriends who have an ax to grind.
PoorDad
January 16, 2008 at 12:46 am
Can you comment on [link edited out]
PoorDad – Actually, I was very encouraged by that post. Someone who clearly has an ax to grind and claims to have insider knowledge, states that Loomis is not a scam. There are two types of risks I had been worried about from the beginning — that this whole thing was a big con, and whether or not it would work.
I had people I knew and trusted involved with Loomis and that’s how I got over the “scam” fear to begin with. But still, it helps me that even this post highly critical knows it’s not a scam.
The next part is the risk that anyone in business takes — will it work? To that, all I can say is so far: I have bought three houses — receive my “assurance plan” money every month, and receive my interest on the 12% NARAS fund every month. In addition I’ve benefited from the Quadrant Living seminars and coaching, and am in the process of getting my wills and trusts setup. All as advertised from the beginning.
Real estate investment carries risk. I understood that going in. This blog exists to track my journey, so we’ll just have to wait and see.
March 3, 2008 at 12:30 am
Poor Dad,
Wondering how your journey with Loomis Wealth is going. We just attended a workshop and it looks very exciting to us. Neither my wife nor I are financial experts so just trying to do some research on line and came across your blog. LEt me know what your thoughts, opinions are if you have a moment.
Brian
March 28, 2008 at 6:40 pm
Where are you? You have stopped communicating. Why?
April 3, 2008 at 11:23 pm
So, are you still getting your monthly payments? My wife and I own 4 properties with Loomis Wealth and we haven’t seen a penny since August 2007. We getting the brush off with some excuses about challenges collecting rents and what not. Either way, they owe us income on 4 properties since August. I’m curious if you are still receiving income.