All Forum Posts by: Dale Stevens

Yes you can QC back to the LLC, but YOU PERSONALLY have your name all over a mortgage that is publicly recorded. So there is ZERO protection for liability if you have the loan in your name. Yes, the loan is cheaper, but is it worth it, if you have no liability protection?

Just have the tenant throw a party and have underage drinking? Maybe someone slips on the ice.. falls down the front steps, etc. Your own home, car, bank accounts, etc are now all liable. 

Spend sometime before buying properties setting up your business and finding BUSINESS Lenders that will give you loans in the name of your entity.  This is part of building your business. Further, putting the loan in your own name, you can only do so many properties. I think the current one now is 10? I could be wrong, but that sounds right. And at any time, the Federal policy makers can change that number as that have in the past decade a few times.

@Gerard Schmitt - I appreciate your post. At least he was making payments for a while. After I posted this originally, I found out that Bob had paid a "Mentor" and he was part of that team. That team was part of a company called "Mentor Mastermind, Inc". It was operated by a man named David Culver. That man had nearly 100 or so students from what I can gather. The VAST majority have flopped, failed, owe tons of money, filed BK, etc.

The strategies put forth by this Culver character were devious, questionable, and borderline Ponzi. Sadly, it seems that Bob put forth these plans. So he had to borrow from new investors to pay off old investors, but eventually ran out of investors. Yes, that is classic Ponzi.  Which is also probably why he couldn't give you properties nor can he divest them, because he is over leveraged and there is a spiderweb of paperwork of liens on all the properties.

My issue is that when things start to go south, people should be forthcoming, honest and not hide. But rather than run for cover, hide, deceive, deflect, and obfuscate. That seems to be an ongoing plan for Bob and GD. I just hope the stories being posted are enough to prevent new people from losing money with these so called "Expert Investors". 

Please keep us informed of any progress, discussions, legal maneuvers, etc.

I am sorry to hear of your issues with them @Celeste Wehrmeister , @Gerard Schmitt and @Emily Guido . 

In the past I too lost money by investing with the wrong person. I took them to court, got a judgment and then they filed Bankruptcy. In the end, I got some money, but it didn't even cover my court costs. 

I was down and out for a while, but then realized that there was a reason I wanted to get into real estate. Just like dating, we are after something. We are going to have bad experiences, but there are good people out there. 

I hope you guys don't give up on Real Estate, or Lending/investing with others, simply because these two con-artists. It is good now we can post your stories, and hopefully prevent others from working with them.

Have any of you contacted the Illinois States Attorney office about these two?

One aspect that most people do not consider, is the increased water and sewer usage bills due to the laundry. Your income has to cover that, plus any maintenance to the machines, as well as your time to collect the money.

For a single pair of machines, a speedqueen could cost $1000 per unit or $2000. If you set it at $1.50/cycle, how much are you really making? THat CCR is low isn't it.

Do you have a signed and executed lease? Hard to really give you advice without knowing if you have a lease in good standing, or if it is a verbal and month to month.

@Ashley Pimsner I see you have had a few responses, that is terrific. Throwing another name out there. I have my IRA with Midland, and they also do 1031s. They have an office on Adams in the loop. I haven't fully done a 1031 with them as of yet, but getting closer to it. They have always been great to work with on the IRA side though.

https://www.midlandira.com/midland-1031/

I have never used either, but have heard not so great things from others about Letts.

Seems as though Mr. Collura is realizing he may be in bed with a couple of frauds. He covered 1/3rd. If he felt they were good for the money, he would cover the entire thing to you and have them pay him back the other 2/3rds.

Not sure why you want to cut out an agent. When a seller lists a property with an agent, they usually agree to give a % of the sale to the agent. The agent then agrees to give some of that to the agent representing the buyer. If there is no buyer's agent, the seller's agent gets to keep all the money usually. So you may just as well get an agent, have them do all the work, leverage their time as you find another deal. Since it won't really cost you any more money.

@Drew Veeneman I am not sure you will ever see the money again. About 3 weeks ago I was at a RE Club meeting. The person running the meeting stepped out and the meeting hit a "pause". Seems a woman who met Bob Bock and GD at that meeting years ago, had returned "looking for them".  They owed her money from a deal gone bad, and were not being honest and communicating with her. 

 From the scuttlebutt I could make out, seems she is recently divorced now a single mother, needing to buy her own home. She was wanting her money back or at least some of it, to use as a down payment for a home for herself and her kids.

Here are these two guys, paying money for radio ads, promoting new projects, acting uber successful, and they are hurting a woman just attempting to put a roof over her kids heads.

I have never met these two personally, but the number of people I have met that they have been less than honest with is growing everyday. As they say, where there is smoke....

I was bothered by this as I drove home that night to be with my family. I felt sadness, compassion, then a tad bit of rage towards these 2 men that are obviously not good human beings.

ON a separate note, the video you made is really nice.