Legal help for flip gone wrong in Philidelphia

[Chris Yeung]

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.

[Irfan Raza]

For all those investing in Philly that are promised a 6 month term.  That should be your first clue not to invest with that person!  By no means do I have my systems perfect, but I do have some efficiencies.  I am generally 9 months settlement to settlement and will only take lending at a 12 month term.  Our properties are originally built in the 1900s! Everything is wrong with them!  I really hope he was "genuine" enough to record a mortgage.