WFMJ.com News weather sports for Youngstown-Warren OhioYoungstown BBB warns of real estate ventures

Youngstown BBB warns of real estate ventures

YOUNGSTOWN, Ohio - The Better Business Bureau sent out a release warning consumers to beware of any real estate ventures that promise a big return.

According to the Better Business Bureau, seminars are being held throughout northeast Ohio that promise to show how the average consumer can become wealthy by flipping houses.  The BBB has seen exaggerated claims stating individuals can make upwards of $10,000 a month flipping houses.

The Youngstown Better Business Bureau's Melissa Ames says the bureau has not had any complaints so far but there have been advertisements.  Ames says this is just a general warning to be cautious before you get into any venture like this.

The BBB offers the following advice to consumers that are considering entering a real estate investment opportunity:

- While the initial seminar is free, additional seminars and training materials can cost thousands of dollars.

- Don't fall victim to high-pressure sales tactics.  Take the time to carefully research the opportunity and don't sign a contract until you fully understand all of the terms.

- Check out the refund policy and be sure to get all promises in writing.

- Many inexpensive homes on the market have been empty for long periods of time or may have been vandalized, which will make for costly repairs and will make it difficult to sell quickly.

- If you purchase a home with violations, you could face fines or criminal penalties for failing to fix them.

- If you plan on financing the purchase of a house, be sure to budget for the appraisal, filing fees, insurance, taxes and maintenance of the house until it is sold.

- Check out a company with the BBB before doing business.  Be sure to check out a company's BBB Grade and complaint history.  BBB Business Reviews can be found at www.youngstown.bbb.org.