All Forum Posts by: Alex Franzese

Aaron, 

When we met, you explained that you only made money when we made money on the investment, but when it came time to purchase the property you charged me a $5k finders fee(the property that you bought for $10k yet charged us $70k).  Then after that when your partner Sean explained the rehab process he told us that he charged a $12k fee for his services and also explained that we would not be able to meet with him during the project because he will be busy with other projects.  

After that, I explained to you that I didn't want to work with you any further.  When we found out that there was a problem with the "quit claim deed" that you recorded, you referred my partner, Izyk, and I to your lawyer, Dionte Stewart, who also made no effort to correct the quit claim deed.  And now, 6 months later, I have a lawyer that is working to help correct the mess that you made, all the while, my partner and I are paying our high interest loans down.  

On top of all this, we just found that my partner and I owe another $11k in taxes.

Say what you will but these are the facts. 

Like I said, I hope that nobody else has to suffer how my partner and I have already.  

I've recently gotten into a deal that has not gone well at all.  I was referred to a company called Chicago Action Investors who, in my behalf, took out a few high interest loans, and sold me a property with a promise to help guide me through the process.  After a few months, I had to split ways with them because Aaron Vaughn, the owner, was feeding me lie after lie about the process.  I started this deal last October and I'm still working with my lawyer to acquire the title because his lawyer documented the quit claim deed incorrectly.

The property seems to still have promise to possibly help me break even if I am able to complete the project, but I wanted to ask the forum for any advice for a newbie investor on what to do next.  Once my lawyer is able to get the zoning certification, I will be able to start working on the project.  The property is in Englewood, and it is a 3 flat.  Once I am able to rehab the property, should I hold onto it as a rental or should I try to sell right away?  

I'm trying to learn as much as I can about the Englewood area but if anybody knows the area well and has any advice for me it would be greatly appreciated.

Thank you.

PS.  Does anyone know if there is anything I can do to stop this Chicago Action Investors from continuing to do business?  I would hate for them to be able to do this to anyone else.

I'm just starting out investing and am looking to get into either rental properties or fix and flips.  Either way I would like to get something that I could fix up and raise rents with.  I could use the help of some good contractors if anybody has any referrals.   Thanks for the help.

I am Alex, I'm really interested in getting started with property investing, but am curious as far as where I should start.  I've gotten a wide range of advise ranging from its a mess dont do it, to "just buy a 6 flat".  I want to get more information on it, and hopefully learn from your guys' experience.  Thanks in advance for the help.