scam or not?

roloenNJ says on Jun 27, 2009, 06:19:

So you told her WE WILL BUY REAL STATE........I am sorry why the we even if you love this girl you barely know her? Why dont you rent and try things in Colombia and see if you really want to get married? if you do, just get a fiance visa and bring her over to the states so she can meet your parents. I wouldnt buy or invest in any company yet!! just my opininion Good Luck

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Jack Herer says on Jun 27, 2009, 06:30:

i know i'm not that dumb...I skipped a part of the scenario bc the story was getting long.So i only mentioned the long term plans bc that's when the scam comes in the picture... In the short term it will go like this:I'll enroll in a university in august for some spanish course they make me some sort of paper...with that paper i can make a student visa then in August/septembre we'll be travelling around in europe to meet my family and make a student visa at the colombian embassy and then we go back to colombia. And the point of my post is more something like is my girl just naive or a scammer ;-) Will i spend the next month with her as a good boyfriend or will i play her, make her jealous and settle the score :-p

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Zoltar says on Jun 27, 2009, 06:31:

Jack! Instead of telling you how to run your life (seems that evrybody does that nowdays) I am telling you that this sounds like a scam! I go by this motto : When things are too good to be true, usually there is a scam !

Zoltar

www.zoltarsuites.com - under construction !

1 funny, 1 helpful.

roloenNJ says on Jun 27, 2009, 06:46:

How to run his life? Mmmmm yea I am telling a grown man how to run his life!! It is hard to believe that a guy just meets a person and want to get married right away. If anything, take your time and enjoy Colombia and your gf by getting to know the person and the country before deciding that your future is in Colombia. Why don’t you petition for your gf by acquiring a Fiancé visa? Bring her over to meet your parents and case closed? Since, you ultimate goal is to bring her to the states right? Why invest in a Company that you have no clue whether is a scam or legit?

And the point of my post is more something like is my girl just naive or a scammer ;-) Will i spend the next month with her as a good boyfriend or will i play her, make her jealous and settle the score :


Well you are the one who is planning on marrying this girl? I don’t really know your gf, but I would have to talk to her and spend some time with her so I can assist you in making a decision on whether she is a scammer or just plain naive?

If you want to spend the next month with her as a good bf or by playing her? that’s on you remember that Karma is a Bi.... and what’s this talk about making her jealous? how old are you 15? If she is playing you who cares move on and have fun.

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cvivaspoorbuthappy says on Jun 27, 2009, 07:00:

24% a year in interest: scam.

CV

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Papi de Alejo says on Jun 27, 2009, 07:03:

How much can the company charge people who are looking for mortgages? What's the spread between this rate and the 24%?

Live simply... Love generously... Care deeply... Speak kindly...

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Loggi says on Jun 27, 2009, 07:10:

Don`t let anybody suggest what you do with your money, and most certainly not any GF or her brother/cousin/uncle or aunt.Come on a tourist visa for 6 months, have a vacation, and after this time you will know exactly what YOU want to do with YOUR money.

Live for the moments you can't put into words

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theflatline says on Jun 27, 2009, 07:14:

if you want to make money, buy some apartments and rent them out.

Legaleez for Complete Morons - A book for gringos in Colombia for who think they understand the nature of the law in a country where they cannot speak the language.

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Bill Turley (Moderator) says on Jun 27, 2009, 07:47:

Put your cash in some secure ( whatever that could be) interest bearing account and wait before spending much of it. Rent and try out Colombia and maybe several locations or cities before commiting to any single one. Same as for the GF. I lived with my Wife for about a year before we married.

Mr. Bill Somondoco

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Paisa/Calena/Luver says on Jun 27, 2009, 08:00:

"Since, you ultimate goal is to bring her to the states right?"

I Dont think he's from the US roloen.. we dont usually say this, to tell you the truth judging his grammar and typos I think English is his second language. " i dicided to make my holiday usefull"

"PAY ATTENTION! I wonder if that person knows that when we push the FUNNY button, its because we are reading something outrageous, trying to be cynical, derogatory, sarcastic and/or obnoxious!"

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Papi de Alejo says on Jun 27, 2009, 08:21:

He's definitely not from the us. He said above "...i can make a student visa then in August/septembre we'll be travelling around in europe to meet my family and make a student visa at the colombian embassy and then we go back to colombia."

Unless his folks are slumming in Europe.

Live simply... Love generously... Care deeply... Speak kindly...

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geoff71 says on Jun 27, 2009, 08:25:

hi Jack sounds like a ponzi scheme to me

put the plug in the jug

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Miguel_Clavo says on Jun 27, 2009, 08:27:

i say do it, then come back here afterwards and tell us how you got boned. =)

"So Many PBH Potatoheads.......So Little Time"......El Titiritero (The Puppeteer).....www.slapdoll.com

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Paisa/Calena/Luver says on Jun 27, 2009, 08:32:

Thats one annoying website thats for sure.. The scammers should have done it better.. Just the lady repeating the same shit over and over again is enough to make you exit out. lol

"PAY ATTENTION! I wonder if that person knows that when we push the FUNNY button, its because we are reading something outrageous, trying to be cynical, derogatory, sarcastic and/or obnoxious!"

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Catfish35 says on Jun 27, 2009, 08:48:

I am with MC...
Jack..buddy..your worried about a scam? This is the least of your worries. You cannot see the forest fore your too busy looking at the trees. Your Paisita is pissing down your back and whispering in your ear to get out of the rain.. This is the bigger picture here.
get a grip on things man! The last person you should listen to financial advice from is your Paisa Novia who you have physically been with ..what? 2 times? Your talking about buying real estate together? Sounds like she walked her marano around the pueblo to show you off...
Sorry to sound harsh, but, your busy worried about how the deck chairs look on the Titanic, when manana you will using them to float on!

Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end."

2 funny, 1 helpful.

excavator59 says on Jun 27, 2009, 11:25:

Why didn't you visit the Pyramids in Colombia before they collapsed they could have been a great Tourist attraction.

Life is like a Pubic Hair on a Toilet Seat (Sooner or Later you get Pissed Off)

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excavator59 says on Jun 27, 2009, 11:28:

Definitly not English or American etc (Spended) see me after school 2 out of 10.

Life is like a Pubic Hair on a Toilet Seat (Sooner or Later you get Pissed Off)

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pedro says on Jun 27, 2009, 11:37:

You got nothing but poor advice from the above posters who said "scam".

2% per month is the normal market price for a private secured loan. Or it might go as low as 1.8%. Look in the classifieds in El Colombiano online if you don't believe me, it's right there in black and white (Negocios -> Dinero a Interes).

The borrower pays a 3% commision on the lump sum borrowed, signs up for 2% per month interest, and pays the legal costs to establish a mortgage (notary, stamp duty). The lender has a first mortgage on the borrower's home.

The lender gets the 2% per month interest, and the intermediary collects the 3% lump sum commission upfront.

I would not consider this a scam... but you should analyse the risks and be comfortable with them. The main risk I can see is you lend to "mala gente" who default on their repayments and then issue threats through the intermediary that "you will NOT repossess my house, or prepare for consequences if you do".

To avoid this situation the intermediary usually tries to visit the homes or both the borrower and lender and understand what line of business they're in. But of course that's not foolproof.

This is a low-doc loan. All you need is to show clear title on your house and accept a mortgage on it.

To give you some idea of what real Colombian finance is, a family I know is paying 5% per month, for a loan secured on their house. The conditions to get a loan from regular banks were too onerous, and they couldn't meet those conditions.

Unsecured loans run around 10% to 20% per month.

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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pedro says on Jun 27, 2009, 11:41:

If you want to get the investor visa, be aware that you will no longer be eligible to bring your funds in as a foreign investor if you've been resident in Colombia for more than 6 months.

Now, the Banco de la Republica may not check this. And there are various definitions of the word "resident" (if you've been in the country for 6 months per year, two years in a row on tourist stamps, are you resident or not?).

If you get auditied or whatever on this, you've already done the transaction to bring in the money and buy the property. But they can issue you a substantial fine after the fact (up to 200% of transaction value).

Also, are you aware that your girlfriend may not be easily granted a visa to travel in Europe?

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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pedro says on Jun 27, 2009, 11:54:

It's not a pyramid (well, I don't know the individual company, but genuine loans like this at 2% per month are commonplace in Medellin).

You invest money that they use for hipotecas, but you directly hold a first mortgage on the property. As the lender, you decide to accept or decline the individual borrower they introduce to you.

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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pedro says on Jun 27, 2009, 12:00:

It's a slow day in El Colombiano today, due to the long weekend. But anyway, here are the only relevant ads from today. Those figures 1.8% and 3% are per month interest, payable at the start of each month.

---

$100.000.000, $100.000.000, AMERICANA DE PROPIEDAD RAIZ. $2.000.000 en adelante, sobre hipoteca, amplios plazos. Facilidades de pago. Oficina 312. Edificio La Ceiba.

1.8% Sin Hipoteca, prestamos para: Empleados, Ejecutivos, Directivos.

NECESITO $30.000.000 al 3%, doy prendas, carros.

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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Papi de Alejo says on Jun 27, 2009, 12:30:

Pedro, I too thought that one should at least analyze an "opportunity" before giving it a label. I haven't seen anything yet that would tell me it was a scam; yet, I also don't see anything that would make me want to run and get my money out of the bank to invest it.

Live simply... Love generously... Care deeply... Speak kindly...

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pedro says on Jun 27, 2009, 14:10:

Just to give you an idea, I quoted a loan at a couple of different banks (Bancolombia, BBVA). If it's considered a personal loan (libre inversion), a typical rate to be quoted is 2.12% per month.

If it's to directly buy real estate, you get a more favourable rate, especially with the new interest subsidies from Banco de la Republica.

Remember, inflation runs about 10% a year here in Colombia.

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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Catfish35 says on Jun 28, 2009, 09:19:

I will agree with Pedro. I too have come across this set up. I also had friends here that borrowed money from like a loan shark. And the rates per month per quite high. The general interest rates in Colombia are pretty high across the board and I believe in much shorter terms, No?
I will stick to my big picture assessment for the OPer...

Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end."

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AFEE13 says on Jun 29, 2009, 07:49:

The naive side of us would like to think this is true but its definitely not...This wouldn't be true at the height of Colombias economic power even

Never looking back or too far in front of me, the present is a gift and I just want to BE

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pedro says on Jun 29, 2009, 08:24:

So AFEE, please tell us in your infinite knowledge... What are the prevailing rates of interest per month for:
- a 10 year home loan with/without Banco de la Republica subsidy
- a 5 year personal loan from BanColombia, secured
- a privately brokered loan by companies such as Americana de Propiead Raiz in the classified ad I copied above
- a loan shark loan, unsecured

If you're going to contradict people who have quoted this out, you must know the rates, right? So, what are they?

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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AFEE13 says on Jun 29, 2009, 09:43:

To Pedro...Fudgie the Whale

Never looking back or too far in front of me, the present is a gift and I just want to BE

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pedro says on Jun 29, 2009, 10:20:

Hmm, MBA programs are turning out some real brainiacs these days?

"Pedro: Pease stop sounding like a pompous and arrogant ass." -- darloup

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AFEE13 says on Jun 29, 2009, 10:50:

Haha..yes! Difficult to get in but once you're in its a breeze...as is any type of schooling...in my opion anyway. hahaha. Hey, I guess it may not be a scam. Did sound to good to be true but I've not read the entire post so I spoke blindly

Never looking back or too far in front of me, the present is a gift and I just want to BE

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