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Updated about 2 years ago on . Most recent reply

Beckstone Partners whereabouts?
Hello,
Has anybody bought properties, through Beckstone Partners.I have not received my monthly rent payment & I am unable to contact them, & feel I may have been fleeced, interested to know if anyone is in the same boat.
Most Popular Reply

Jay Hinrichs
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OK un packing this it sounds very much like what happened to Jerry Cohen investors in Chicago..
sounds like you did NOT buy a property but you made a loan to them NON recourse ( as is required by your IRA ). they have stopped paying so the only recourse is to foreclose on the property and take it over.. Now it gets interesting ( and I am just guessing here ) but I suspect there are multiple beneficiaries in the deal you and others. The company that wrote the note to you can just walk and your only recourse as stated is the property.. but there could be some securities issues here like what happened to the Cohen's .. These are called fractionalized mortgages and in some states they are legal in some states they are not.
Either way your probably going to need legal representation to figure this out.. and getting as many investors together to compare notes will also be critical.
someone should have the orignal note.. and you can find the mortgage at the county recorder hopefully these guys actually did a mortgage and note and recorded the mortgage.. this is classic set up with those that really dont understand how the transactions are or should be put together and your just trusting.
- Jay Hinrichs
- Podcast Guest on Show #222

JLH Capital Partners