Freedom Investment Club

[UTCVenturesLtd]

I attended a Darren Week`s Rich Dad Poor Dad Seminar and first learned of this group. It seems that they can invest in real estate, stocks and ??? I am wondering just what structure they use to do this. My guess is a LLP? Mike had some good ideas of how they were investing when it came to stocks, but it looks like the Club has placed the 5500 membership in jeopardy! http://www.vancouversun.com/business/Freed...0002/story.html

 

[lilbuffet]

QUOTE (UTCVenturesLtd @ Sep 19 2009, 10:10 PM) I attended a Darren Week`s Rich Dad Poor Dad Seminar and first learned of this group. It seems that they can invest in real estate, stocks and ??? I am wondering just what structure they use to do this. My guess is a LLP? Mike had some good ideas of how they were investing when it came to stocks, but it looks like the Club has placed the 5500 membership in jeopardy! http://www.vancouversun.com/business/Freed...0002/story.html


I heard of FIC before was about to invest with them, but alot of things remained unclear to me so I decided not too. This isnt the first article from the Vancouver sun that exposed some of the clubs failures.

Good thing i didnt invest

 

[john75]

Here is an interesting article I remember reading awhile ago. They have had their issues with the B.C. Financial Institutions Commission.
They ended up investing in the same US foreclosure deals as the other famous 3 letter so called real estate investment group. PIC

http://www.canada.com/vancouversun/news/bu...78-10d3cb6b2688

 

[UTCVenturesLtd]

QUOTE (john75 @ Sep 24 2009, 12:14 AM) Here is an interesting article I remember reading awhile ago. They have had their issues with the B.C. Financial Institutions Commission.
They ended up investing in the same US foreclosure deals as the other famous 3 letter so called real estate investment group. PIC

http://www.canada.com/vancouversun/news/bu...78-10d3cb6b2688

Geepers... I did a visit to their website and there is nothing noted to any problems that the club has. Business as usual. I did not expect to see any issues addressed. I have talked to quite a few investors. Everyone wants to do their own thing. Everyone seems to be shy of putting up money because of the numerious scandals in the news. So all the good guys out there get painted with the same brush! And the rest of the investors that i talk to are maxed out and waiting.
Even though the heads of that group are having difficulties, i will give them credit for taking "action" and trying to get good returns for their group.

 

[jarrettvaughan]

A friend of mine works for FIC and has always been very positive about them. I will email him and see if i can find out any details for you.

On the contrary, it seems that everything Daren Weeks is involved in turns out to be sketchy and questionable.

 

[sandygb]

QUOTE (jarrettvaughan @ Sep 24 2009, 11:37 PM) A friend of mine works for FIC and has always been very positive about them. I will email him and see if i can find out any details for you.

On the contrary, it seems that everything Daren Weeks is involved in turns out to be sketchy and questionable.


Hi Jarrett,

Would be very interested in learning what your friend who works at FIC has to say.

 

[Shaieus]

I am a member of FIC for 2 years now, my husband and I have been attending the
Investfest (annual gathering). Our purpose is to gain knowledge (`bout investing/cashflow)
and meet positive people. Since our deepest desire is to escape from rat race and achieve financial freedom.

It`s nerve-wracking to see people rush, pick and buy "their" property/ies like a hot pancake.
Without any education or proper due diligence to support their so-called-investment and hard earned money.
Thank God we did not invest! (we usually pray first for wisdom)
although it`s really tempting because majority of the people did.

Now we`re delighted to be new members (2 wks. old) of REIN, we`ve attended the ACRE (Nov.7-8, 2009)
and we love and respect Don Campbell and the REIN team. We want to start slowly but surely.

May our dreams come true!

 

[Thomas Beyer]

This was in the Vancouver Sun today:



http://www.vancouversun.com/business/securities+rules+root+million+Freedom+Investment+Club+calamity/6263457/story.html

 

[RedlineBrett]

You have to wonder if the pendulum will swing the other way - with a whiplash of licensing and red tape that will make it harder for legit enterprises to raise funds for smaller, albeit honest projects... which may make it slower for the economy to turn itself around. It's probably better for the public, but still tough for the legitimate real estate investor and small business owner.



I'd love to promote smaller real estate projects with smaller amounts... but I can't advertise without going through what seems to be an onerous amount of securities legislation. I could be creating dozens of jobs for trades and salespeople. But economies of scale seem to indicate that unless I want to raise A LOT of money it's too cost / time prohibitive to do so.

 

[bizaro86]

[quote user=RedlineBrett]You have to wonder if the pendulum will swing the other way - with a whiplash of licensing and red tape that will make it harder for legit enterprises to raise funds for smaller, albeit honest projects... which may make it slower for the economy to turn itself around. It's probably better for the public, but still tough for the legitimate real estate investor and small business owner.



I'd love to promote smaller real estate projects with smaller amounts... but I can't advertise without going through what seems to be an onerous amount of securities legislation. I could be creating dozens of jobs for trades and salespeople. But economies of scale seem to indicate that unless I want to raise A LOT of money it's too cost / time prohibitive to do so.





There is a definite gap between the "doing a small JV deal with 1-2 people" and the "raising money via syndication/exempt market." It's too bad, as a lot of projects in that price range are too small for larger investors, and too big for many individuals, meaning they don't get done. Of course, that range is also fertile ground for scams. And people who have been scammed have way louder voices than all the trades/realtor's who probably don't even know they've lost 10% of their potential business...



Regards,



Michael

 

[RedlineBrett]

[quote user=bizaro86]And people who have been scammed have way louder voices than all the trades/realtor's who probably don't even know they've lost 10% of their potential business...





That they do and rightly so. I do see an opportunity there. Maybe one day soon...

 

[bizaro86]

[quote user=RedlineBrett]That they do and rightly so. I do see an opportunity there. Maybe one day soon...



Absolutely people need to be protected from scams. Of course, the onerous regulations required for that also require a large pool of money to overcome, which makes small syndications hard. Keep us posted if you do decide to one, I would be interested based on the quality of the last asset you bought. (Redline Place looks great, and it's a great location)



Regards,



Michael

 

[bogart]

I haven't heard of FIC before..!! But I am having an Interest in it.. Looks like a good Club!

 

[bizaro86]

[quote user=bogart]I haven't heard of FIC before..!! But I am having an Interest in it.. Looks like a good Club!





Did you read the articles in this thread?!?!