Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Ask About A Real Estate Company
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago,

User Stats

511
Posts
220
Votes
Robert Rayford
  • Investor
  • Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl
220
Votes |
511
Posts

UNSCRUPULOUS INVESTMENT COMPANY ALERT!!!

Robert Rayford
  • Investor
  • Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl
Posted

So, I find a property out in Jacksonville, Florida that I would like to buy and flip. This property is in very bad shape and would need a contractor or a very skilled rehabber to get this thing repaired and resold. The entire floor in the kitchen is rotted away do to the roof being in such bad shape it leaked causing the floor joist and sub-flooring below to totally disappear, this is also common in 2 other areas of the house. I contact the seller and after a few modifications to the purchase agreement we came to a satisfactory structured contract. He signed the contract and emailed over to me around 8am his time ( Jax ) which is only 5am my time ( California ). While checking my email that morning another email came in from this seller stating that he had a better offer and would not honor our agreement. I responded by telling him that this was a very un-professional practice which he replied " wouldn't you do the same".... Well the story get's better read on! After about 2 weeks I noticed that the property was still active so I emailed him for a explanation. His answer was that a car ran into the building and the buyer is on board but can't close until the insurance company investigates or something is finished, some b.s... Karma.. Another 2 or 3 days later he emails me asking me to reconsider purchasing the property. I said I would do it if he is honorable this time and don't sell the property out from under me again. He stated that " you have my word" ...lol. Well we go into contract and both sign the agreement. I had a 10 day due diligence so I packed up the truck and started out to Florida from Ca, a 3 day trip. I needed a break so a road trip was a great getaway. The whole time I was in contact with this seller and he understood I was driving through 8 states to walk the property. I get there and noticed that the pictures did not show that the roof was a total lost including most of the roof framing. So I sent him a email requesting a $1000 discount to help pay for the materials I would need to reframe the roof. He replied " I am out of the country and the lawyer will change the pricing on the contract and reach out to me" , O.K great, I informed the Title Company about the situation. A few days went by with no contact by the lawyer after I inquire with seller it was stated that the lawyer was running behind and he would be contacting me soon. Now I know this was a stall tactic... I get back to Ca, did some investigating and found out that the property was sold via Quit Claim to another buyer and he did this while I was in town doing my walk through. What a sleazy person, knowing I was travelling all that way to close the deal. So much for his "word". What a idiot to open his self up the legal recourse. If you ever come across Marius Investments, LLC stay away. After years in this business, by far this is the most unscrupululous investment company I have come across.

My trip wan't wasted , I was able to check on multiple investment properties across the lower states on my way there and back.

Loading replies...