Week 56.2 Fraud: Canada LAND deal
Well, if you see the newspaper on 23rd Feb 2012 URL below, there is a fraud on some LAND deal in Canada.
I wonder why people want to part away their saving on certain real estate which they cannot see by themselves. Whenever a land deal or oversea property agent approached me I shoe them away. I never buy anything which is not under my control. Property and LAND is complex matter, even local property and land already got some many complex issues let alone oversea one. On top of that, each country will have different law etc. If you are not rich at least above RM5 million and not knowledgeable in particular country, don’t do oversea properties. Let say you work in UK b4, then you can consider buying properties there after 1-2 years staying there and done the homework there. If you stay in Malaysia, 1 2 get rich fast buy property in AUSTRALIA, UK etc where you hardly go there before, don’t buy.
Good properties no need to advertise one. People will queue to buy one. Everybody knows that. For oversea property, what you buy most likely it’s the left over. Think about it why do they advertise in Malaysia for properties from Australia, just advertise in Australia enoughlah.
Note 1: Don’t be greed. Anything return over 15% pa be skeptical. UOB Physical Gold gives a return of 12% pa depending on when you brought it.
Note 2: if you buy something make sure you have some control over it. If it is oversea land deal, property I will forget it.
Note 3: Feedback cycle should be very short. Let said I buy from Kitco (for example) some Precious Metal, if they don’t deliver after receiving my money, I will just email everybody everywhere then they cannot do any business any more. FYI, Kitco always delivered my goods. For properties deal or land deal, they can always drag you with lot of reasons since it so complex. Waiting for authority approval lah, bank loan approval lah etc…. Next thing you know the land is mortgage to bank, company bankrupt.
Note 4: This advice may be helpful to you and applicable on many occasions. If someone tell you something nice (oh! I make/you will make tones of $ buying these) be skeptical, if someone tell you something bad (oh! I / you will lose tones on $ on these) be trustworthy.
In precious metal, it’s very simple. You give me $, I give you the metal. That is. Period. No collateral, debt whatsoever. Deal is done. Nothing beat precious metal in that sense.
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