Margie Casey's Blog:
You never know what youâ€™ll stumble across combing through public records. This week, we were busy mailing out property owner scorecards and discovered Pangea Real Estate Group based in Midvale Utah purchasing a high number of lots at Fairfield Glade in Eastern Tennessee, over 70 in 2011 mostly from Raymond Cooper and Lake Worth Properties LLC of Parkland Florida. I searched further to learn more about Pangea Real Estate Group and figure out why this company would be purchasing so many lots at Fairfield Glade and Tellico Village.
One of Pangea Real Estate Groupâ€™s websites states they provide â€œarmchair investingâ€ where â€œthey do all the legwork so you donâ€™t have toâ€. You can purchase lots in Fairfield Glade and Tellico Village on their website with a credit card. As I dug further, I discovered Co-Founder Ron Phillips operates Net Worth Real Estate Group teaching buyers how to purchase land and tax certificates for pennies on the dollar. â€œNo tenants, no toilets and Grandpa Joe acquired his wealth buying landâ€. The website states theyâ€™ve had over 5,000 clients purchase billions of dollars in real estate. Ron Phillips operates a real estate investment club at no cost to attendees. Sounds all good and dandy, until I reviewed the lots Pangea Real Estate Group purchased and are reselling because I know not all lots at Fairfield Glade are a wise investment.
â€¨Fairfield Glade is a well established master planned community in Eastern Tennessee, home to 5 wonderful golf courses and an extensive amenities. Development began in the 1970â€™s and about 4,500 homes have been built to date. Of the 12,500 acres, not all of the community has paved roads and utilities. Fairfield Glade is quick to inform buyers to avoid buying lots without utilities, obtain percolation tests for septic and confirm home size restrictions. Although these lots are considered part of the master planned community, some lots are less desirable and may never be functional as lots for single family homes.
I contacted Fairfield Glade to find out...
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