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Updated over 5 years ago,

User Stats

27
Posts
1
Votes
Chris Yeung
  • Investor
  • Santa Clara, CA
1
Votes |
27
Posts

Legal help for flip gone wrong in Philidelphia

Chris Yeung
  • Investor
  • Santa Clara, CA
Posted

I was trying to see if there were options to resolve this, but I’m not going anywhere. I didn't know what else to do except to reach out to the BP community. Does anyone know if there’s a legal contact in Pennsylvania that handles these situations?

There was a flip opportunity that I participated last Summer that was introduced to me by a contact here in the Bay Area. I partnered with a guy in Philly doing some rehab. The guy in Philly seemed genuine. He's a founding member of a real estate investment company that's still around. I invested through my self directed IRA. The term was for only 6 months. I went through the document signing process and received the first payment in August. Then it went dark in September where I couldn't reach him nor did he send an update about the property being rehabbed. The Bay Area contact that introduced me to him tried reaching him and couldn't. I found out there was another investor that participated in the flip through the Bay Area contact and she couldn't reach him. She even tried calling his office, but he was always away and she left messages with his secretary.

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