Wow, this one was scary!

[Kevin Kaczmarek]

Had an investor approach our company this morning on wanting us to buy their land contracts. He came in and showed us the thick packets of paperwork that showed all their due diligence on the deals and a red flag hit me right away.

They were selling properties on land contracts over 50% higher than what we would sell the same property for, and not only that, they were only asking for a small downpayment of $500 - $1000 and then asking for the tax credit. Of course all of these properties were magically selling for $81,000 or $83,000 or $79,900 back in March. At that same time, we would have sold the same property on contract for around $40,000 and require a min. $5000 down payment.

It was clearly a pump and dump using land contracts. Important for us to see these things so we distance ourselves from shady people who do those deals, and very sad for the people who are thrown into these deals.