Rudie still trucking and ducking?

Creative Commons License photo credit: johnnyalive
A reader has some news, potentially about Rudie Visagie and another Rudco-style plan. Neither I nor the reader are sure about the details yet, but the story sounds all-too-familar.

I read your article on the web when i googled Rudy Visagie.
How very interesting to note all concerns people are having about “RUDCO”.
So i guess the guy is using a different company name.
I just wanted to share with you what is happening in the area in live.

There is a company by the name of Grande Properties, owned/directed by RUDY VISAGIE.  He is also offering low-cost middle class houses in Kimberley, Northern Cape. Houses range from 2-3 bedroom, fixed interest rate on 8%, 10,000k deposit for securing your plot. For a 3 bedroom you will be paying bond instalment of 2,000k fixed for 20 years at that interest rate, for a 3 bedroom at a price of 450,000k, 3,000k fixed for 20 years.

Concerns are many and most are the same as of the people in your articles, like:

  1. no office setup
  2. no landline
  3. no working website
  4. no proper indication of board of directors of this company
  5. fakelike letterhead
  6. approval of almost every one despite their credit status,
  7. How can a property developer finance itself, and why is there no financial institution working with them
  8. After depositing your 10,000k, you don’t get a document as proof rather they just put you on  a list of people getting plots then wait till they start building the house then you’ll get a contract
  9. the land they apparently bought from our municipality was cheap but the agreement was that houses should be priced low for people on middle-class. Anyway they themselves bought it very cheap. The 450,000k is overpriced
  10. interest rates that are fixed for 20 years

There are still many questions, some were posed but still no clear answers was provided. I think something needs to be seriously done about this guy cause if its really a scam almost 310 people by today and still increasing have paid 10,000k = 3,100,000 so far pocketed (or he disappears).

Many will be left broke than ever before.

Where this all started

As readers may recall, my interest in Rudco started from a purely financial risk perspective (most of what is on this blog). The offer he made seemed too good to be true and didn’t make financial sense. The risks were too high to him and the rewards too low – unless there was something else going on. Rudco and their low, fixed rate mortgages were shutdown in the end due to lack of regulatory approval. Several readers have described how they ended up out of pocket.

Is their financial risk here?

The pure financial risk part of this story is less clear. The lowish fixed rate mortgage sounds a little suspect, but there could be sufficient other sources of revenue and profit within the business model to make up for that. The concerns raised by the reader above relate more to the potential for budding home-owners to be overpaying for property, and by paying a deposit upfront may also end up out of pocket.

What we know

  • Grande Properties has a website, presumably related to the company in question. It is still “under construction” but does include some contact details.
  • The website was originally registered in 2006. The current registrant is Megaserve Technologies, which sounds like an ISP rather than the end user.
  • I can’t seem to find any associated registrant with the NCR

If anyone else has any further info or details on this, please comment below or email me.

Published by David Kirk

The opinions expressed on this site are those of the author and other commenters and are not necessarily those of his employer or any other organisation. David Kirk runs Milliman’s actuarial consulting practice in Africa. He is an actuary and is the creator of New Business Margin on Revenue. He specialises in risk and capital management, regulatory change and insurance strategy . He also has extensive experience in embedded value reporting, insurance-related IFRS and share option valuation.

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  1. thanks for the eye opening information. my wife & i are planning to loan money to pay this R10K & we are struggling but because we are desperate we were going to do it.
    how does he do this without the municipality knowing or detecting anything, since they should be protecting citizens? i visited the municipality offices to enquire but no one seemed to know anything about Grande properties. i suspected something from the onset, how could a big company like this operate from one of the “sample houses”? without telephone number, without a board displayed outside about the future construction,without anything to show that construction will start at the end of march like they say?
    this guys know that people are desperate & they are taking advantage of this, this is cruel.


  2. Hi there I’m one of the people that paid the R1000-00 i would like to know how I will get my money back.

  3. I think Rudi needs to go to jail and the key must be thrown away cause these are poor people that he is trying to rip off.

    Anonymous Kimberley

  4. I am one of the positive people that really need an opportunity like to get my own house. I believe that I will get my house no matter what. I also think that people should be given a second chance. It seems as if business people are making it difficult for him, because they see a business opportunity for themself and wannt in on the deal. Is it really to good to be true or is it because many businesses including the bank will loose out when this development do work out like planned. Is there nothing good that you can say about Rudi that he has achieved or is it all really that bad. At the end God knows best.

  5. Ek is een van die mense wat baie belangstel in die huise wat hier in Hull Street te sien is. Dit is enige mens se droom wat al so lank van een plek tot die ander trek omdat hy nie ‘n huis kan beskostig nie. Dan kom die geleentheid om ‘n huis te kan own, maar dit word net so onder jou voete gevat. Baie mense het hierdie geleentheid nodig, want dit sal die enigste manier wees wat jy ooit aan ‘n huis gaan kom. Hoekom is dit dat die munisipalitiet nie hulle se gedeelte van die deal na kom nie en hoekom maak hulle nou asof hulle nie van die prossesse ken wat hier onder hulle se neuse aangegaan het nie. En moenie praat van die rooi hen nie.

  6. Mr. Schoeman you really are something. You did not know that your lies and rumours was going to bite you in the butt. We can only dream to own as much money as you are doing. The one dream that we do have it to have our houses as promised and that Grande Properties do the job as planned. We will never get the quality houses that we are getting now, if you decide you use another marketer. Rudi Visagie is a good man and was send by God to make the dreams of our ordinary people come true. We also deserve to have a decend roof over our heads and to sleep at night without having to wonder money is going to come from. The foundations of our houses could have been on the ground already, but not you had to interfere. I hope that you have learned a lesson. What you sow you shall reap.

  7. Rudi if there was ever a time to prove yourself it is now. Show the people of Kimberley what you can do. We the future residents of Hull Street are standing behind you 100%. Make the best of this development and make our dreams come true. We dont want the houses we need the houses. You will be rewarded ten fold. Also know that you have good people working for you.

  8. I stand behind Rudy Visagie and Grande Properties, if it is not meant to be, God would’nt let it happen. Cut the guy some slack.

    1. Call me strange, but somehow an anonymous poster saying Rudy’s A-OK doens’t give me much confidence. I also don’t see God’s hand in putting property deals together. Don’t get me started on whether being “meant to be” makes something good or not. I’m sure HIV doesn’t exist, we all live to be 102 and die peacefully in our sleep without ever knowing hunger of suffering.

      Please, comment again, but this time with some substance. Would be great.

  9. I’m one of the unfortunate people that was trapped in to the HULL STREET DEVELOPMENT IN KIMBERLEY. A couple of weeks ago i got an sms telling me of an meeting that was going to be held to discuss the way foward. The next day i phonend the lady that was employed by Rudi and Grande Properties and she told me that the meeting was postponed. Reason being that Rudi also wanted to attend the meeting. He was in Cape Town at the time. Today is the 22/07/2009. Still waiting for her to phone me and give me the new time and date for the meeting. Instead i heard today that the development is not going on anymore and that she is no longer employed by Rudi or Grande Properties. All i want to say is : Shame on Rudi and Schoeman. I don’t care who is to blame. JUST REMEMBER WHAT COMES AROUND GOES AROUND. I don’t even know where to start in getting my R10 000 back. Phoned Grande Properties they gave Rudi’s cell number. Phoned Rudi his phone is just ringing. IM DISGUSTED!!!

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