Quote:
Originally Posted by fizzle
This dude, with a straight face, is telling people to transfer their investments from RRSPs into this thing. And his reasoning? Your RRSP is making you "0.5 to 1%" annually, versus the "10 to 12% or more" you'll make off this project.
Listen, you can call me a hater or whatever. This dude is a snake oil salesman. The ENTIRE premise of this builder buyback thing is that he will be able to flip units after construction for more than what they're listed at today. And he'll do it within 3 years.
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I've said it once and I'll say it again- giving him your money for '3 years' is a fools game. And it bothers me that he's targeting RRSPs and investors and possibly bilking people out of retirement savings. But whatever.
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If this guy were selling securities, the OSC would have his license in a heartbeat. I'm not informed enough to make comments about his claims or the quality of his developments, but you can not compare investments with different risk levels, and you can not talk about specific returns over specific (short) periods. You must explain the risk of lower returns or losses. Well, that's true of people who promote stocks, but not real estate. People selling real estate are basically without regulation, and can say whatever they please.