Thursday, April 1, 2010
Stonecrest Investments LLC Runs a Scam!
Post and photo by the Hawthorne Hawkman
As I was going through the EcoVillage today, I noticed a new sign that was posted at the former residence of the Devil, 3020 6th St N. A Google search of the phone number shown brings one to a company called Stonecrest Investments LLC. Stonecrest, it appears, buys up properties all across the country, and then resells them to other investors. This might be a sound enough business plan, except that Stonecrest wants to buy properties without EVER SEEING SOME OF THEM, and expects THEIR BUYERS TO DO THE SAME.
I wish I were joking about this, but one of the risks Stonecrest explains is that...
..."the building might have burned down, or NOT EVEN EXIST, leaving you with just the yard." (emphasis mine)
The rest of the risks that this company explains are all so ludicrous that you wonder how in the world anyone in their right minds would do business with them. I want to explain how terrible their ideas are, but if I use houses and mortgage terms, I'll get so wrapped up in the terminology that I'll bore people to tears. So instead of houses, or real estate, let's use a different example.
Let's say I'm Stonecrest and I wanted to sell you....okay, "rutabagas" is the first word that comes to mind. But here's the deal, Mr. or Mrs. Potential Rutabaga Investor: my rutabagas are all over the country, not just in one spot. But I'll sell you twenty at once, and at a steep discount.
But there's a chance that the rutabaga in Kansas City has gone rotten already.
And maybe someone ate half of your rutabaga in Raleigh.
You might want to make a casserole out of the rutabaga in Milwaukee, but they have a city ordinance that bans rutabaga casseroles.
I don't have the first clue what's happening to the rutabaga in Dubuque.
But maybe, JUUUUUST MAYBE, you'll get a prize rutabaga here in Minneapolis.
And THAT is precisely what you are purchasing by picking up bulk rutabagas at such a steep discount, my friends: the chance that you'll essentially win the rutabaga lottery and be able to sell that great one at such a profit that you can make up for your losses elsewhere. Once you've earned a pretty penny that way, I'm SURE you'll see what a great business opportunity Stonecrest Rutabagas presents and you'll--hey, where are you going? DAMNIT! What's WRONG with my business model?!
Sometimes I wonder if we've learned anything at all from the mortgage crisis.