Re: Partner Opportunities by SummitCapital Partners

[Bala Anirudh Kurakula]

I am planning to invest with Summit Capital Partners LLC, a company in seattle who provide partnering opportunities. Here are some of my questions.

1. Has anyone worked with them in the past that can vouch for them? I have met them in person and when to their office but still would like to know if someone worked with them personally 

2. How do I get the agreement reviewed by an attorney? Can I just find a WA state attorney online and get the agreement reviewed?

3. I am planning to invest in a venture that is an office location. How do I go about researching that? Houses I understand but no idea how to research about office location. 

Thanks ! 

[Santosh Ameti]

Just wanted to share update on my discussions with Chris from Summit Capital. Chris has been very responsive for the last week, we walked through the property i invested in and its currently under remodel. He acknowledged they were delayed for multiple reasons like crew shortages, financing not going through, delays in sales etc and that they could be more proactive on communication and updating the partners. Chris showed couple of other properties that they invested in, renovated and waiting on sale. Compared to all my previous discussions and meetings, this one was helpful. 

At this time, given the property is being remodeled and readied, I aligned on a payment schedule in multiple investments. Hoping all will fall in place, will keep the thread updated.

[Jamie Rose]

I went out to do some due diligence meeting at Summit Capital. They also were advertising as Lakehouse Capital - then before that Northlake capital... the following links show that the main founder has lost investor capital before. etc. 

https://dfi.wa.gov/documents/securities-orders/S-20-2995-22-...

https://workersadvisor.com/2019/01/24/multiple-asbestos-viol...

[Rolando Villanueva]

Quote from @Jamie Hatleberg:

Quote from @Rayna Hahn:

Santosh, 

In our deal, we are receiving interest payments and they have been paid every month although I have to send an email almost every time to remind them. Only two payments I did not have to send a reminder and it was never set up for ACH although I have asked several times. You can also send me a personal message if you would like. 

I have also invested with them and it has been two years of run around. I am currently looking at having a lawyer review all previous contracts. The  last agreement which I didn’t sign was monthly payments. This didn't included interest payment just the principal which he borrowed. The contract vaguely stated interest payments would be paid at a later time. After properties sold. However the last conversation was that summit would like to hold properties. 

I too have been giving the run around and nothing yet. Would like to talk to you about what they have been doin

[Rolando Villanueva]

Quote from @Santosh Ameti:

Just wanted to share update on my discussions with Chris from Summit Capital. Chris has been very responsive for the last week, we walked through the property i invested in and its currently under remodel. He acknowledged they were delayed for multiple reasons like crew shortages, financing not going through, delays in sales etc and that they could be more proactive on communication and updating the partners. Chris showed couple of other properties that they invested in, renovated and waiting on sale. Compared to all my previous discussions and meetings, this one was helpful. 

At this time, given the property is being remodeled and readied, I aligned on a payment schedule in multiple investments. Hoping all will fall in place, will keep the thread updated.

Hey bud Chris has given me the run around he is a shoddy guy to say the least. Would like to speak with u. I sent u a PM

[Rolando Villanueva]

Quote from @Mary Ann Unger:

What is your experience dealing with Summit Capital? I'm very interested in also investing with them?

 Do not do it!! They are doing shaddy things!!

[Rolando Villanueva]

Quote from @Doug Stankavich:

@Rayna Hahn, thank you. First person to say they’ve invested. Interested to hear any updates. You’re feedback is very much appreciated. 

 I invested w/ them and it is all bad. Do not do it!!

[Rolando Villanueva]

Quote from @Mary Ann Unger:

What is your experience dealing with Summit Capital? I'm very interested in also investing with them?

 Walk away. Don't look back. Horrible people 

[Carlos Ptriawan]

The home was initially purchased by Seattle company Northlake Capital & Development, owned by James Thorpe. Northlake is a real property company that primarily focuses on house flipping. After the purchase, Thorpe created 3917 Densmore LLC and established Walters, a Northlake employee, as the sole member of the new corporation, claiming that Walters was the homeowner, and that he intended to live in the home.

During parts of the investigation Walters and Thorpe shifted responsibility from LLC to LLC and from person to person. Eventually, L&I cited both men and the companies they oversee for the same violations. The fines vary, primarily due to the number of workers each entity was responsible for. Thorpe and Northlake each received $214,100 in fines and Walters and 3917 Densmore each receive $180,500.

--> man this guy is funny.

[Michael Haas]

I'm not surprised. This is SO important BP - if you are an all star investor you will have access to TONS of capital. If someone is marketing hard and fast to raise $50k investments from beginning investors it means that they are not an all star investor. Its way easier to take a couple million from a bank or credit union through a Line of Credit than it is to please 100 small time investors with $50k invested. They likely do not have access to those easier sources of capital though because of their shady business history and practices.

Good investors do not need your money or partnership.

[Carlos Ptriawan]

Quote from @Michael Haas:

I'm not surprised. This is SO important BP - if you are an all star investor you will have access to TONS of capital. If someone is marketing hard and fast to raise $50k investments from beginning investors it means that they are not an all star investor. Its way easier to take a couple million from a bank or credit union through a Line of Credit than it is to please 100 small time investors with $50k invested. They likely do not have access to those easier sources of capital though because of their shady business history and practices.

Good investors do not need your money or partnership.

 same s**t to syndicator as well, if they do lot of marketing, run away ..... chase syndicator that doesn't need new investor lol

[Eddie Bryant]

Quote from @Rolando Villanueva:

Quote from @Doug Stankavich:

@Rayna Hahn, thank you. First person to say they’ve invested. Interested to hear any updates. You’re feedback is very much appreciated. 

I sent you a PM

 I invested w/ them and it is all bad. Do not do it!!

[Peter Sauerwein]

@Jamie Hatleberg I sent you a connection request, I have experience with Summit Capital as well, happy to share and discuss.

[Christian Ditter]

I guess I am late to the party.. anyone else work with Chris on a "positive solution" yet? 

TIA! 

[Melanie P.]

Summit Capital. Another failing syndicator with many prior failures in their past. And yet, people are still attracted to the marketing. Make no mistake: syndications are highly speculative investments in a PROMOTER with limited upside, but the very real chance of losing your entire principal that are suitable ONLY for highly-experienced investors who understand the risk level and what it means to have no access to your capital once invested for 5 or more years after the investment.

If you are new to investing and it seems like the investment promoter's website is tailored to you that is a HUGE RED FLAG!!!! First, most syndicators websites sell laziness and greed. There's pictures of liquor, golf clubs, palm trees, etc. If those images make you want to send money and not look further, try to understand why. Look inward and reflect. 

When you're only dealing with a small amount of investible capital - what do you think the end result will be? Turn $5,000 into $10,000 in 5 years? Best case scenario? Not. that. great. And certainly not worth the risk that you're sending your hard-earned money into a Ponzi scheme. 

Please note I removed the tags because this post isn't intended to embarrass the author. It's to demonstrate to others how slick this marketing is. That in the face of hearing about other investors losing money people still consider these "investments." 

[Michael Haas]

To close the loop - hope all of you who invested find a way to get some or all of your money back. I stand by what I said earlier about access to capital - as an investor I know that its pretty easy to access large amounts of capital, and anyone who spends a lot of time, money, and energy marketing for capital is a red flag.

I believe Summit has filed for bankruptcy, but as this has happened multiple times already expect them to resurface soon with a new name & new website. Hope when they do folks find this and the many other threads talking about them and know what they're getting into.

[Melanie P.]

@Michael Haas Their website promises it will be so: 

https://summitcapital-partners.com/partnership-opportunities...

So much to look forward to.

[Mychi Nguyen]

Quote from @Rayna Hahn:

@Doug Stankavich and anyone else that might be interested. I invested with Summit Capital in late October of 2022 as a 50 percent owner. The property closed in early December. They were offering interest payments of 7.5% until construction is completed. They took our initial investment and have never paid any interest yet. It's almost time for the third payment due. It's always a runaround excuse if I can even get a hold of anyone. They do not answer the office phone at all and hardly can get a response by text or email. Summit Capital approaches sellers that have owned their properties for a long time, so they have a lot of equity or own the property outright. They get seller financing with a low down payment. Today, I reached out to the seller of the property we have invested in and they have not received their monthly payments yet either. I had my attorney review the LLC agreement before hand, which we made a few changes to, but nothing really stuck out as a red flag individually. Now that I am digging deeper, I would not recommend this company to invest with as we have had a poor experience. I would love to hear from anyone else who has invested and hopefully there are some positive ones out there!

[Melanie P.]

@Mychi Nguyen There are no good stories about investing with this, or many other, promoters/syndicators. 

[Mychi Nguyen]

Quote from @Rayna Hahn:

@Doug Stankavich and anyone else that might be interested. I invested with Summit Capital in late October of 2022 as a 50 percent owner. The property closed in early December. They were offering interest payments of 7.5% until construction is completed. They took our initial investment and have never paid any interest yet. It's almost time for the third payment due. It's always a runaround excuse if I can even get a hold of anyone. They do not answer the office phone at all and hardly can get a response by text or email. Summit Capital approaches sellers that have owned their properties for a long time, so they have a lot of equity or own the property outright. They get seller financing with a low down payment. Today, I reached out to the seller of the property we have invested in and they have not received their monthly payments yet either. I had my attorney review the LLC agreement before hand, which we made a few changes to, but nothing really stuck out as a red flag individually. Now that I am digging deeper, I would not recommend this company to invest with as we have had a poor experience. I would love to hear from anyone else who has invested and hopefully there are some positive ones out there!

 Only negative

[Joseph Spada]

WARNING!
I am prevented from disclosing details due to a settlement gag order. The company owes me (and a friend) over six figures each. They owe millions and have many lawsuits.  WA Securities Division is investigating (2024).

A skilled scammer and con artist, everything is well-hidden through a maze of compartmentalized LLCs. Principal is just 'the manager.' Your cash will likely go to pay their other debt!

[Joseph Spada]

Quote from @Santosh Ameti:

Just wanted to share update on my discussions with Chris from Summit Capital. Chris has been very responsive for the last week, we walked through the property i invested in and its currently under remodel. He acknowledged they were delayed for multiple reasons like crew shortages, financing not going through, delays in sales etc and that they could be more proactive on communication and updating the partners. Chris showed couple of other properties that they invested in, renovated and waiting on sale. Compared to all my previous discussions and meetings, this one was helpful. 

At this time, given the property is being remodeled and readied, I aligned on a payment schedule in multiple investments. Hoping all will fall in place, will keep the thread updated.

Usually very responsive to get your investment, then you may never hear from them again - or perhaps in court.

[Peter Sauerwein]

DO NOT invest with Chris Walters or Jim Thorpe, they are repeated and known scammers who have been issued fines by the WA State Department of Financial Institutions and are currently under investigation.  There are many lawsuits filed against them, and they have failed to repay many past investors - I personally know of at least 20 people who are collectively owed millions.  They operate under multiple names - Summit Capital, Bayview Build, Off-Market Properties, and many others.  Stay well away.