Singing Pig

Research there CEO Rod Neilsen, he has reportedly lost a court case for 1.7 million dollars in New Zealand by his brother.  All I can say is where there is smoke there's fire!

Research to the Land registry in Las Vegas confirms they don't have permits to build on the land yet. Is this odd since the project was to be delivered and done last December?

That said I am an investor on Fort Apache and Durago Lofts and at this stage would be pleased to see my deposit returned. I am confirming other points that may be true or not and have spoken to other investors since my first posting.

Has anyone out there been paid yet? I'm worried.

Of course if they had paid out things would be different but thats not yet happened.

As a seasoned property investor I have also invested in the Fort Apache development and was not too surprised that they exercised an extension within the contract. I have been in regular contact with them and I am reasonably comfortable with the situation.

Your comments led me to visit the Clark County website and I found that all their three sites have planning consents.

I am hopeful this is a delay caused by the tightened global credit position and not any fault of theirs. I expect my return albeit a bit later than I had hoped and I am aware they haven't breached our original agreement.

Your comments were interesting and your invitation to visit their offices may be tempting but at this moment in time I do not feel the need.

Thanks Hillary. 

I received the following response from WCP today.

These are very difficult times to raise finance. I'd be surprised if we get our money in September. BUT lets hope so!

Are you confident then all is ok?  I get mixed feelings from others I've spoken to. Its probably a result of the financial times.

Ever since the US market downturned, I have had my concerns over this investment. Who wouldn't have.

I was pleasantly surprised when the independent valuation didn't percieve a fall in value, and was looking forward to getting my money out of this. I was disappointed when the payment was delayed, but this was, of course, perfectly within contract terms. They can extend longer if they wish.

I'm very disappointed to hear that building work doesn't appear to have started on Fort Apache, since it seems unlikely that they'll be able to pay back options investors simply through re-financing, since the current market is a very hard one in which to raise finance.

So am I confident????  Mostly, but not entirely. There is certainly a risk investors will get nothing back! Obviously I hope this will not be the case, but I went into it knowing there was a risk on this investment. With high return  (80% p.a.) comes high risk. My safety net is a portfolio of investments accross a range of different international markets (fortunately for me this is my only one in the US).

To be fair to WCP, I've always found their staff friendly, helpful and professional. Lets just hope that is reflected in their (and investors) long term success. We'll have to wait and see!! 

I understand the high return means high risk but I was informed as little as 2/3 months before December 2007 that all was on track for a timely payout with ort Apache. So it didn't happen and they are covered in the paperwork to extend payment.

I've requested a friend visit the sites in Las Vegas and she is getting back to me soon.

I appreciate others may have safety nets in other investments and wish I could too, but I am only starting off. I thought my risk was not getting the 80% but am worried it might be my deposit to.

Considering this and that they may extend longer I am now preparing for this to be the case on Durago Lofts come this Decemeber.
 

An 80% return is NEVER given if you don't have the chance of losing the initial investment. 

I think we should consider ourselves lucky we are not in an off-plan type situation on this one. I think at times, people don't really consider the risk they are getting themselves into when they buy properties off-plan with small % down. They seem to ignore that fact that if the property markets fall they not only lose the whole of their initial investment, but also have to put more money in at a later date which is simply money down the drain.

At least here we are limited to the lost deposit should it all go belly up. I don't think it will, but it is a worry.

Please let me know what your friend says about the site  visit.

Do keep in touch since I think it can only help us if we work together to pursue this and share information on it.
 

The feedback from the site visit in Las Vegas was that nothing has been started on any of the 3 sites.

Its intersting you say we should count ourselves lucky we are not in an off-plan situation on this one. With off-plan the security of your money is held in a escrow account? Therefore if they don't deliver then your money is returned to you?

Off-plan I feel is not better or worse as an investment, just different. We are talking about an option with World Capital Partners and whether it goes up, down or stays the same if they don't build anything to start with can they pay us back? Even the deposit?

I contacted the AIPP company, who don't seem to be a regulator and don't seem to have much assistance to add. They did confirm receiving many enquiries about World Capital Partners of other interested customers expressing concerns over this company. If you know more about this company it would be appreciated.