Hey investors,
I give credit where credit is due and look for opportunities to help businesses grow by giving them great google reviews. It is not in my nature to go out and give bad reviews, but I feel obligated to warn people about a group based in SoCal who sell rehabbed and rented properties in Alabama. Their company name is: 3 Fives, a real estate partnership.
Let me be clear- they are not scammers, but also not a great group to do business with. My main issue is Nick Weaver, one of the 3 partners at this group. In november of 2022, I loaned private money to them for a term of 12 months. It was my first PML ever, and I was assured that I would get my money back in 12 months, no later than 15 months. Well, 18 months later, I am still waiting for my money.
Here is why I feel the headache of being their lender was not worth it at all:
-I had to check in to get updates on the property. Nick never volunteered it, though he did respond to my emails within a week usually, when I checked in. I checked in once monthly and things were cordial during the first 12 mos.
-When we got passed the 15 month mark of the loan, Nick started getting more and more curt with me in communications. I asked how he wanted to structure late fees since there was no language in the contract about that (newbie mistake big time!!). He said he would honor the JV contract...which has no mention of what to do if his loan goes beyond being 3 mos late. He was basically saying to me- "sucka, there are no late fees so I don't have to pay" (even though he was 6 months late on a 12 mo loan).
-When I asked for him to wire the money back to me via a 3rd party (like a title company) he refused. He said he would write me a check or wire me directly. Since he was 6 months late on the loan, I had urgent needs for the loan and wanted a wire for many reasons (my bank- bank of America puts holds on all large checks, so I am blocked from access to it for a week) and I didn't trust him with my wire information as he told me point blank "I'm not going to give you that information" when I asked who the closing attorney was.
-The week leading up to the day I was supposed to get paid back (6 months late) he ignored all my texts over a 10 day period. His partners Emily and Derrek ignored my emails and neglected to act as a team and get involved.
- I finally said that I was going to hire a mediator, per our JV agreement if we came to a deadlock (he kept telling me I'd get paid back every month, then every week over and over again, refused to respond to my texts, calls or emails in a timely manner or at all, and refused to agree to any reasonable compensation for being so late on his loan). Once I said that I was getting a mediator, he responded to me.
Anyway, I'm so glad to be done with them soon and warn against this group because they looked out for #1 instead of looking out for their private money lender in addition to their business. Instead of being grateful that we worked together to grow their business with my capital, I was made to feel like a nuisance because I asked for information about my loan and evidence to support his claims. 0/10 would recommend these people.
