Libertygate Investment Corp

[ReginaGuy]

Has anyone here ever invested with LibertGate Investment Corportation based out of Edmonton? They have a couple of projects in Regina that I might be interested in investing in. I`ve googled them, and haven`t been able to find much information about them. There website is also very basic, with little information on it regarding past projects, or the executive team.

Any insight or past experiences with LibertyGate would be greatly appreciated.

Thanks for your help!

 

[MonteDobson]

I thought I would open up this post again to see if anyone has any additional comments to share.



Anyone have any experiences with Liberty Gate Investment Corp in Edmonton, AB - good, bad or otherwise...



If so, I like to hear from you...send me an email to [email protected]



Regards,

 

[smallfry]

Hi there:

I think they have missed payments recently. My friend knows the details. If you email me I can put you in touch with him.

thanks

 

[Thomas Beyer]

QUOTE (ReginaGuy @ Mar 6 2008, 12:42 PM) Has anyone here ever invested with LibertGate Investment Corportation based out of Edmonton? They have a couple of projects in Regina that I might be interested in investing in. I`ve googled them, and haven`t been able to find much information about them. There website is also very basic, with little information on it regarding past projects, or the executive team.

Any insight or past experiences with LibertyGate would be greatly appreciated.

Thanks for your help!
Both projects I invested in have lost SIGNIFICANT money, namely the Regina Condo Conversion (RCC) project .. and the Hills of Cold Lake project (HCL)

One: the 5 building Regina Condo conversion projects was just closed in December 2009 with a 100% loss.

Detailed project accounting has not been provided for over 2 years !

Two: a land development project in Cold Lake which is also substantially over-levered and not even owned by the LP. 50 - 100% loss of cash invested is a possibility but unknown at this time !

E-Mail me or Monte for additional insight that I cannot go into here ..

 

[housingrental]

Thomas - You`ve een threatened y them efore ?

 

[Thomas Beyer]

QUOTE (ReginaGuy @ Mar 6 2008, 12:42 PM) Has anyone here ever invested with LibertGate Investment Corportation based out of Edmonton?
yes .. more info here on my blog:

http://truthaboutlibertygate.blogspot.com/...ibertygate.html

 

[BJPastor]

Hi Thomas,

Have you ever dealt with Dan Corns and Petracorp? Dan and Dedric and friends and they seem to have similiar business models. Your insights are appreciated.

Thanks,

 

[Thomas Beyer]

QUOTE (EdmInvestor @ Oct 30 2009, 09:02 AM) Hi Thomas,

Have you ever dealt with Dan Corns and Petracorp? Dan and Dedric and friends and they seem to have similiar business models. Your insights are appreciated.

Thanks,
nope .. to my knowledge Petracorp does condo conversions .. and that can work very well or not .. depending on market, price and execution .. check their track record !

Dedric co-mingles all projects is his DR&Associates firm ..

Also read this here: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-13817-Real_Estate_Syndications_-_A_Good_Idea_.html

 

[Mitch Collins]

Sounds scary!

Hey Thomas - why were you investing in someone else`s fund? I thought you were the `apartment building` guy yourself!

In any event, I hope you make it out of that investment with minimal losses of both cash and sanity..

Best of luck and thanks for your continued support on this forum!

Warm Regards;

 

[behardner]

Hey Thomas have you ever heard of Yorkton Group ? If so do you know what kind of history they have ? You seem pretty educated on the subject so I figured I would ask.

Kris

 

[MonteDobson]

QUOTE (behardner @ Oct 30 2009, 10:40 AM) Hey Thomas have you ever heard of Yorkton Group ? If so do you know what kind of history they have ? You seem pretty educated on the subject so I figured I would ask.

Kris
Kris,

I have checked out YG...this one is very simple, please take a look at where their land is actually located (in relation to the city of edmonton) and let me know if you think it is a good investment!

 

[Thomas Beyer]

QUOTE (MitchCollins @ Oct 30 2009, 09:22 AM) Sounds scary!

Hey Thomas - why were you investing in someone else`s fund? I thought you were the `apartment building` guy yourself!

In any event, I hope you make it out of that investment with minimal losses of both cash and sanity..
I invest smaller amounts with others to

a) diversify somewhat
b) see how they operate
c) learn from their mistakes or good moves

Not all investments that syndicate are scams ! Many are .. but many are not ..

LibertyGate is a loss in both cases (Hills of Cold Lake [HCL] and Regina Condo conversions [RCC])

 

[Thomas Beyer]

QUOTE (behardner @ Oct 30 2009, 09:40 AM) Hey Thomas have you ever heard of Yorkton Group ? If so do you know what kind of history they have ? You seem pretty educated on the subject so I figured I would ask.

Kris
Yes, I have heard of them .. but I know nothing specific .. I believe they do land development near Edmonton. I also know that land prices have dropped significantly between 2007 and 2009 ... so ensure you pay fair value if you invest today and not for overpriced land bought a while ago !

Land sub-division is profitable, especially if not levered and if a long term view is taken, as all land, once rezoned, will go up in value. The question is: how long will it take (maybe 3, maybe 10, maybe 20+ years??), will they get approval and are the fees/land prices appropriately split between investor and land syndicator ! The devil is usually in the detail, so study their OM and pricing and fees carefully !

Also use these 8 criteria here and then judge for yourself: 8 Mistakes to Avoid in Real Estate Syndications

 

[ChrisDavies]

I was going through multi-family buildings on MLS yesterday and noticed quite a few that are single-titled, which usually is a sign of failed condo conversion. A lot of people got left without a chair when the music stopped.

 

[Thomas Beyer]

QUOTE (ChrisDavies @ Nov 7 2009, 03:10 AM) I was going through multi-family buildings on MLS yesterday and noticed quite a few that are single-titled, which usually is a sign of failed condo conversion. A lot of people got left without a chair when the music stopped.
indeed .. but most multi-family apartment buildings were NOT converted .. or never intended to be converted .. or not suitable for conversion due to age, suite mix, location

 

[Thomas Beyer]

QUOTE (C2Ventures @ Sep 29 2009, 10:21 PM) I thought I would open up this post again to see if anyone has any additional comments to share.Anyone have any experiences with Liberty Gate Investment Corp in Edmonton, AB - good, bad or otherwise...

If so, I like to hear from you...send me an email to [email protected]

Regards,
A report come out late December 2009 confirming (the discussion in this thread) a 100% loss in the Regina Condo Corporation.

As per Dedric Robinson`s update from December 2009 all my investment of $50,000 together with approx. $4.5M of others is now gone.

Detailed project accounting has not been provided despite several requests .. for over 2 years !

I have also invested $150,000 in the Hills of Cold Lake project.

Over $6.6M was raised to purchase land for $6M.

This land is appraised at approx. $4.9M with over $2.0M in a mortgage outstanding on it, according to an appraisal from summer 2009 and mortgage information provided by A. Palmer (former communications director, now resigned in his role). Thus, net equity on the land is not even $4.0M. The loan outstanding/ owing to the Cold Lake LP according to the audited 2008 financials from DRA (the legal owner of the land)is $4.7M.

 

[robertmcleod]

Several "syndication" firms have done well in 2009, but pale in comparison to those that have done very very badly.
Some are structured that each project is its own entity, thus the gains or losses from that project are limited to what you`re investing in. However, many of these firms pooled their investors dollars into a growing and growing calamity of investments, new deals had to be put forward to continue to raise capital to then subsidize the losses. Many invested on continued equity growth, in 2007-2008 you could throw a dart at a deal and make a mint, for the most part the firms left holding the bag with the projects pitched to be home runs may in the long term now just carry themselves but not offer the appreciation to pay out the huge losses many of these firms now face.

I won`t comment on any of the firms in particular but if you`re looking to invest, here is a great place to get a "vibe" of each firm. Secondly I recommend you contact the BBB, research blogs on google and contact the Alberta Securities Commission.


Good luck!