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Trada Exit Strategy
Hi Everyone,
Would anyone know of an exit strategy or heard of exit strategy from other investors of Trada? I am scheduled to close on a property next month from Trada and no longer qualify for the loan since I am self-employed. Lenders are no longer offering stated income loans.
I am looking into assistance from an attorney (any recommendations would be appreciated for the state of Texas), but would like to find out my options. Current contract does not have a mortgage contingency.
Regards,
MP
Hi Thomas,
I am in a similar situation now. Do you want to get in touch with me and discuss. I am thinking about hiring a lawyer to sue them.
Thank you,
Wei
Vogt vs. Trada lawsuit in Kendall County Texas is set for trial Sept. 2,2008 after several years of delays from Trada. Issue of Trada building on a deeded easement and flooding neighbor. Past property delevopemnt manager has filed $75,000. mechanics lien, multiple other liens, etc.
would like too hear from past employees.
thanks
RIPPED OF BY TRADA? I would like to contact any one who has been ripped off by Trada. I have already filed complaint with a Superior Court in the Bay Area,but have been unable to serve Kevin Geddes. Anyone know his address so he can be served? Please help as his SF office is now closed.
ECC WONDER
Geddes appears to be in Nashville, Tenn at a project called Port Royal,
Registered agent for TRADA in Texas is Todd Prins, an attorney in San Antonio.
John Vogt is represented by an Attorney from Kerrville, Steve Schulte.
Trada's attorney for Texas is bailing on them, Marin, and other defendants.
Looks like bankruptcy for Trada VI so that the limited partners will be on the hook for the amount of their investment.
Also appears Boise office closing with their furniture being repo'ed.
S**t. I am screwed! Can you elaborate a bit? Are they in fact bankrupt? I bought their property in Caldwell, ID. Now what is going to happen to my deposit? I don't even know if they still have the deposit or they spend it. Will I be in line to collect something in bankrupcy?
It is very clear that Kevin got his hands on all the earnest money deposit. My question is, Is LandAmerica liable in this case since they release the deposit without buyers consent.
Folks, I'm going to make this the main Trada thread and make it sticky. Please continue the discussion of this bad situation here. I'll point the other various Trada threads here. If I'm missed one, please PM me.
Looks like Joe Nunley is bailing out too. Now it is John or Lori @ 415.515.3421 and [email protected].
I was also beguiled into investing in Trada's Faith Landing and want to keep track of the conversation
Here is the best course of action:
1. Call 415.515.3421 and ask for your money back.
2. Threaten to write California AG to investigate principals involved in Trada, better yet, threaten to get the feds involved
3. Followup and actually get the California AG and Feds involved.
4. Put the bastards in bar.
I bought a finished Trada Project in Boise, ID two years ago and not through Trada. The project was complete and a lot of the investors were turning their investments over. It was the Davenport Village with only 17 4-plexes. A nice small community. This property has given my a positive cash flow.
I believe Trada starting experiencing problems when they got into bigger complexes and wanted to still have their hands in the daily business of every project.
I bought through Trada at Keeneland in Boise, ID (44 buildings) and escrow closed July '07 with the completion of building without the project being done. They just had the investors buying the buildings without telling us that the landscaping, striping of parking spaces, pool, clubhouse, volleyball and etc. weren't completed too. That has had its own problems. Of course Trada Properties pulled out I believe March of this year as POA managers and building managers without enough info for the next managers to deal with(along with alot of tenants unhappy with the promised amenities that never materialized). Though the new ones have done a fabulous job. That's when we heard that Trada was going bankrupt. We have a POA board (5 people) that has been handling all of our.. material liens on our properties, whose responsible for what, how to get the complex cleaned up and so forth. Realtor Michael Hon [email protected] is on that board if you want to ask him anything.
Good luck. My advice: cut your losses and run unless you can straighten up the problem and go on. I believe Keenleland will survive, but as to Faith Landing - I'd run (my brother-in-law already has).
I am an owner of two fourplexes in the Keeneland Park development in Boise and I totally agree with the advice that Janice gives here. Be careful in spending a lot of money or time in going after them legally because I guarantee they have nothing. And whatever they do have is in someone eles's name. They are "naturally" bankrupt. Live and learn. I did to the tune of almost $800k.
I have a contract to purchase a Trada property at Forest Creek (TX). After being told of delays, (and multiple rate expirations) we were all lined up to close with Trada signing promises to pay loan rate extensions. After signing docs, the title co. advises of a mechanics lien. Bank wont close. Got lots of excuses from Joe Nunley about lien. I declared them to be in breech of contract, for lack of ability to deliver after issuance of cert of occupancy, not notifying me of any judicial or potential judicial proceedings (read your contract), and the fact that they tried to close on my property knowing full well that they had a lien on the property (how do you spell fraud?). The new "Trada: rep, John called me yesterday to tell me how great the property is and it is ready to go. "No liens" he says. I advise him of the above and my breech of contract letter and the whoas of Trada and Geddes. He goes on that Geddes has no money, the lending bank is holding all of the deposit monies and filing lawsuits would be no good, except for the lawyers. The stories and spins from the Trada reps continues. Hopefully a quick judgement from a Texas court and a lien on the property to secure the judgement might be the best way to see my deposit again from these guys.
Anyone have a contact # or email for Joe Nunley?
BURNED BY TRADA, CALL A LAWYER
I recommend contacting Richard Dwyer, Attorney at
1-800-372-9983. He is handling my case against Trada right now for fraud and is doing a terrific job. I invested in Forest Creek. I did also contact california attorney general early summer, but they were too slow in responding. But Richard is got Trada sweating bullets.
EC
I purchased at Forest Creek in texas. I was very dissapointed at first when some of the landscaping was not put in. I found out that it was because they had problems with the water draining wrong. They have now fixed that and the landscaping is in. I was just there a few weeks ago and was very pleased with what I saw. The community looks great. I have 3 tenants now and am very pleased with the management company. I was told that they fired the construction manager and Kevin has taken over and things are now happening. They also told me that Trada has lost everything and they are trying to do as much as possible with no employees.
They also told me that one of the big challenges at Forest Creek is that many of the investors that had contracts can't buy now because of the loans being harder to get. As an owner I hope more people will buy so we have a great community. After what I saw I am very opptomistic about this community.
I was going to invest in Stone Creek Village, Boerne, TX, but didn't go through with it. The terms of the loan were such that it wasn't going to make any money. The lender at the time was Indymac before they went bankrupt. My suspicion is that the title company and loan broker both knew what was going on and were trying to push things through to get as much money as they could before it all went south. At any rate I lost my $25,000 deposit. I've left a message for the attorney Richard Dwyer.
According to TRADA VI attorney Todd Prins, a bankruptcy attorney Jim Wilkins at 210-271-9212 (San Antonio) has been retained. I don't know whether to believe this or if it just another of their lies.
Trada VI prepares for bankruptcy by hiring bankruptcy attorney Jim Wilkins (210-271-9212) of San Antonio, Tx. Will leave eight people who they sold property to partially on anothers property holding the bag. Besides these eight there are many more "owning" property with mechanic/material liens. They were pretty smart using every trick in the book to walk away with big bucks.
We too put $25k in the Trada Caldwell project and I just found out that they skipped town with our money. For what it is worth I have been in contact with the developer who says he is owed $1mm plus by Trada. He says he will make good on any contract and sell the completed properties at the agreed upon price and credit the investor's earnest money. Thing to figure out is how much they are now worth in this market versus our contract price. Also he mentioned that he has condo'd the project and is entering into lease/purchase agreements in the amount of $118k per unit (2 plus 1 units). Seems a bit high to me.
Has anyone else heard about this?
Clare:
Some info. that may (or not) be of value. I've been in the market for a Boise-area short term lease (month-to-month, <1yr) and dropped by Faith Landing (a.k.a. your "Trada Caldwell", I'm assuming) this afternoon (15th). Faith Landing has been advertising 2+1 ($565-$595/mo) and 2+2 ($590-$620/mo) units. Decided to do a quick Internet check, and ran into your posting -- as well as all the wonderful bankruptcy information. I'm guessing this leasing tact is the developer activity you mention.
Sorry, I'm not familiar with condo. prices in the area, but it should go without saying that the housing market here is as bad as elsewhere -- and layoffs at the major employers (Micron and HP) are bringing more homes to the market.
I realize my interest in this is entirely different from those of you that have invested in this project, and might loose large sums of money -- I'm deeply sympathetic. My humble question to anyone that is moved to answer: "Any guesses at what issues I might run into in entering into a short-term leasing agreement with 'Faith Landing'?"
Regards...
Anyone know have the latest address of where to serve Kevin Geddes and/or Trada Partners? They appear to be staying one step ahead of us. Thanks
Ecc
I here many of you sounds like got screwed.
Word of advice for future endeavors. Check out the attorney and have him send you all his info. Such as his insurance number and others that he has done business with.
This way he holds all the money in his escrow account and can not release it unless it has been authorized by you.
These are the kinds of situations that make people sour and untrustworthy of the legitimate investors.
I am truly sorry to hear what has happened to many of you, but chalk it up to the cost of doing business.
Douglas
Geddes and Siekert are general partners in a partnership (Texas) called"Marin" in Boerne;Texas. They have a loan with IBC bank in Austin, Texas for close to $2,000,000. Will probably be coming due shortly unless renewed. Trada's attorney in San Antonio claims he does not know good address for either. This may help you trace them down. John Vogt