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Updated 6 months ago, 07/10/2024
DO NOT INVEST with SCOTT CARSON (We Close Notes) or Inverse Asset
I have been reluctant to broadcast this information to the note investment community, hoping not to "hang out my dirty laundry" with colleagues or the note investment community. However, it is time to speak out and address this reckless and unethical behavior of SCOTT CARSON! It must be STOPPED!
After attending SCOTT CARSON's (We Close Notes) seminars, Master Mind programs, and listening to his podcasts, I decided to invest as a passive investor (joint venture partner) with SCOTT CARSON (Inverse Asset Fund) to acquire a number of defaulted real estate notes. SCOTT CARSON and (Inverse Asset Fund) acting as the lead investment manager to secure the notes and properly disposition. Not so dissimilar from most note joint ventures agreements.
Once funds transferred the joint venture immediately transformed into a bad movie! SCOTT CARSON never followed up, never shared information on the status of the investment (notes) nor paid out interest income per the agreement. After more than 24 months, following the terms of the agreement I gave SCOTT CARSON (Inverse Asset Fund) the appropriate notice to dissolve the joint venture, return principal and interest owed to me. I am still waiting for proper disposition and return of principal.
Naively, I thought SCOTT CARSON (Inverse Asset Fund) would do the "right thing" and meet his obligation if treated like a professional. No such luck!
After several attempts to address this obligation directly through legal counsel, I instructed my attorney to secure a judgment against SCOTT CARSON and Inverse Asset Fund, If you take the time to research Travis County, Texas county records you should see my approved judgement as well as other judgments awarded to other passive investors.
This is not how the "note investment business" works! In closing DO NOT INVEST with SCOTT CARSON (We Close Notes) and Inverse Asset Fund.
Thx. Bob Malecki. If some one is from another state, than Tx. It would be good to start there. Their state will start an investigation and will then contact Tx. the more involved, the merrier. I don't think we should leave out the FBI for "wire fraud" or the IRS For possible tax evasions. On one of the assets we JV on, I have found out that he has sold at least one of them. And has not payed off yet. I believe that If someone like that claims that as income and does pay taxes, that would show fraud. And if they don't claim it as income, and don't pay taxes. ????? Either way, not good! ???. Mike
Has Scott been paying his JV's back. Any news?
Originally posted by @Matthew Hell:
Has Scott been paying his JV's back. Any news?
NO!
He now hits over $1.5 million stolen; weclosenotesanddreams . com
I just received a default judgment on 7/2/20. Very disappointing to go through all this and see him to continue to hold his "note events" with people from the community participating. They are lending their credibility to his scams. Sadly, I was introduced to Scott by my local REIA President. I saw him speak at our REIA, so I took the next steps and did some webinar events, and eventually did a JV deal with a contract of course. Unfortunately, never saw a dime. I invested my retirement money, so I was not going to let it go, and finally had to sue him. The worst part is I still see posts from the REIA president (former now) on Scott's social media pages. Just yesterday in fact. He would not be able to continue his farse without the aid of these other influencers. I now have to consider how to collect my judgment. I would love to see all of us get together and hire a judgment collector to seize his assets. I would also support a fraud suit against him. He is out of control with zero accountability. He should be put in jail in my opinion.
@Chris Caye Sad to hear Chris, do you mind starting a fresh thread and lay out what happened? For those of you who Scott Carson ripped off
here is the name of an attorney that my other friend, also an ex-student, used to get a judgment against Carson.
Nathan White
Clark, Malouf & White LLP
Dallas, TX
Then he used this law firm to collect on the judgment!
Matt Garcia
Barnett & Garcia, PLLC
Good luck!!!!!!
@Chris Seveney I found this post while looking for some note training options. I am an experienced RE investor looking to build an auxiliary business in notes. I won't be using Scott for my training after reading the above!! Who would you recommend for performing and non-performing firsts, please?
Originally posted by @Leslie Schwab:
Who would you recommend for performing and non-performing firsts, please?
I'm not Chris, but I have found Donna Bauer's training to be worthwhile. She has a virtual conference coming up. Tell her I sent you and ask for a discount :)
Leslie
Originally posted by @Leslie Schwab:
@Chris Seveney I found this post while looking for some note training options. I am an experienced RE investor looking to build an auxiliary business in notes. I won't be using Scott for my training after reading the above!! Who would you recommend for performing and non-performing firsts, please?
- Chris Seveney
My husband is taking Scott’s courses and is really feeling a lot of pressure and really wants me to get into the Note business. I have been burned badly on my very first investment deal for a sum of around 50k and really have an awful taste in my mouth about RE investments. So I agreed to make some calls for my husband during the day and something just told me to look Scott up and lo and behold this is the first thing that popped up. I couldn’t believe what I was reading so much! Had I known first hand about my friend who burned me in my first deal I would’ve never went along with it. I called my husband to tell him and he says he has read all of this and is still trusting this crook!!! I’m not going to sit back and watch him get screwed by this man the way I was screwed. This is crazy!!
What's you husband's take on why he wants to continue?
Originally posted by @Tonya Ellis:
My husband is taking Scott’s courses and is really feeling a lot of pressure and really wants me to get into the Note business. I have been burned badly on my very first investment deal for a sum of around 50k and really have an awful taste in my mouth about RE investments. So I agreed to make some calls for my husband during the day and something just told me to look Scott up and lo and behold this is the first thing that popped up. I couldn’t believe what I was reading so much! Had I known first hand about my friend who burned me in my first deal I would’ve never went along with it. I called my husband to tell him and he says he has read all of this and is still trusting this crook!!! I’m not going to sit back and watch him get screwed by this man the way I was screwed. This is crazy!!
show him this website; http://weclosenotesanddreams.c...
If anyone has been ripped off by Carson, please PM me and I can share an attorney who has sued him, and collection agency that can garnish wages & seize assets.
Originally posted by @Christopher Winkler:
@Chris Caye Sad to hear Chris, do you mind starting a fresh thread and lay out what happened? For those of you who Scott Carson ripped off
here is the name of an attorney that my other friend, also an ex-student, used to get a judgment against Carson.
Nathan White
Clark, Malouf & White LLP
Dallas, TX
Then he used this law firm to collect on the judgment!
Matt Garcia
Barnett & Garcia, PLLC
Good luck!!!!!!
Hey, do you know if these cases were successful in getting funds back from Scott?
I have seen him active in social media again lately. Hopefully everyone will perform their due diligence. We talk a lot about performing DD on the people, property, and paperwork. When it comes to the "people" part of due diligence that goes beyond the payor/borrower on the note and extends to the integrity of the seller/note holder and anyone that you are going into business with.
A friend of mine was able to get the judgment and get relief, not sure if it was voluntary payments or garnishment. Let me ask.
I was looking for notes training and ran into his sites -- he's very active and has a webminar coming up in Jan 2022. Thankfully I found this post.
As a newbie to note investing that's terrible. But, all investing is rife with unscrupulous people. Just like you must do due diligence on a note; the same should be applied to Brokers, sellers, promoters and fund managers. Since the note industry is considered a small community, why is it that Scott Carson is still a dominate player and not shunned into oblivion?
I do have a judgment, but have not received any funds from it. My understanding is my attorney and one other have teamed up to try to collect/seize assets from him. But at this point, I don't hold out much hope. He's apparently very adept at hiding assets. He is also adept at using other influencers credibility to boost his credibility. I attended several of his webinars, mostly no/low cost where he books legitimate industry companies and speakers. I even used some of them; specifically an insurance company for insurance on my rental. It saved me quite a bit over my prior company. So, in this manner, he gains credibility, and then sporadocally defrauds some people while not others. He keeps enough happy followers and gets enough new to continue functioning. Unfortunately, I have not seen the legitimate companies/influencers speak out against him and his fraud. I guess maybe they feel that by speaking at his events and lending him credibility they were complicit in the ponzi that has stolen so much money? I wish some of them would take a stand and side with the investors that have been ripped off. He just needs to be put in jail at this point. He is not going to stop until forced to.
@Joe Daigle
there are two types of note investors just like real estate investors
There are those that go to conferences, post on social media and never actually buy anything and call themselves investors.
Then there are those who actually are out there in the business
If you were to ask the latter group I would guess that they would all say he is not a dominate force in the space. The term some would use would be “blackballed”. I have not heard of any seller over the past 3-4 years who has sold him assets - doesn’t mean he is not buying (not sure how he could owing that much money under receivership and let him acquire assets) but it’s a small space and word travels fast
But on the former side- if your marketing strategy is to get those not in the space to pay you money that is a much larger audience and 99.9% of those people never take it further than a weekend course and then the templates Facebook posts the Monday after the weekend course. Then a month later they are on to another investment strategy
As a note investor, money is made off of deals not off $99 training. And most note investors spend their time working on the next deal and don’t give a you know what about what someone teaching training with very low success rate.
- Chris Seveney
@Chris Caye I hear your frustration. It baffles me why a guy like that is still in business and still continues to victimize people. Maybe there's a victims group that can approach a US attorneys office or the FBI?
I agree with @Chris Seveney. I don't do business with him and nobody I knows does either. So, he's been blackballed on the buying notes side by everyone I know but he's continuing to operate on the capital raising side because he's good at attracting people who don't know his reputation.
On a personal level, Scott reached out to me a couple of times via BP and LinkedIn years ago. I never responded. My only knowledge of his exploits is from this thread. Whenever I talk to newer investors, I ask about their experiences and warn them if his name comes up.
Other than that, I'm not sure what else I can do or other other investors can do that don't have direct experience with him.
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Originally posted by @Andy Mirza:
@Chris Caye I hear your frustration. It baffles me why a guy like that is still in business and still continues to victimize people. Maybe there's a victims group that can approach a US attorneys office or the FBI?
I agree with @Chris Seveney. I don't do business with him and nobody I knows does either. So, he's been blackballed on the buying notes side by everyone I know but he's continuing to operate on the capital raising side because he's good at attracting people who don't know his reputation.
On a personal level, Scott reached out to me a couple of times via BP and LinkedIn years ago. I never responded. My only knowledge of his exploits is from this thread. Whenever I talk to newer investors, I ask about their experiences and warn them if his name comes up.
Other than that, I'm not sure what else I can do or other other investors can do that don't have direct experience with him.
Andy, I wonder if he is just working in the Seller carry back niche and not working with the type of notes you and Chris work with.
I know a quite a few note buyers that ONLY do private notes and have been doing it for decades. totally under the radar and sellers of those notes would not know who this guy is and as long as they got their money probably could care less as well.
Not that I am in your guys lane I am not.. but Carson contacted me through BP then was hounding me and wanted me to come to an event etc etc.. I finally told him take me off your e mails stuff .. he was pretty relentless at that kind of marketing.
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I just got this solicitation from Linkedin, fyi:
|
Hi Bob, I'm a fellow note investor for 20+ years and always looking to connect with other note investors. What states are you buying in? Do you have anything you are looking to sell as far as PN or NPN's? Let's talk at http://talkwithscottcarson.com |
Quote from @Chris Seveney:
@Joe Daigle
there are two types of note investors just like real estate investors
There are those that go to conferences, post on social media and never actually buy anything and call themselves investors.
Then there are those who actually are out there in the business
If you were to ask the latter group I would guess that they would all say he is not a dominate force in the space. The term some would use would be “blackballed”. I have not heard of any seller over the past 3-4 years who has sold him assets - doesn’t mean he is not buying (not sure how he could owing that much money under receivership and let him acquire assets) but it’s a small space and word travels fast
But on the former side- if your marketing strategy is to get those not in the space to pay you money that is a much larger audience and 99.9% of those people never take it further than a weekend course and then the templates Facebook posts the Monday after the weekend course. Then a month later they are on to another investment strategy
As a note investor, money is made off of deals not off $99 training. And most note investors spend their time working on the next deal and don’t give a you know what about what someone teaching training with very low success rate.
Hey Chris how's it going? We were at one of SC's events together a few years ago. I never went back after the initial fast track and one conference; I could smell something wasn't quite right. i guess you stuck with it huh? How's it working out? I shifted into tax deeds instead.
I worked with Scott for several years in acquisitions. My former company (the Note Buyer) still works with him. We exclusively purchased PERFORMING notes. Likely a difference there.