All Forum Posts by: Michael Williams

The company was Scottsdale REI LLC. It was Jay Tenenbaum and Seth Gerthsberg. They now have a company called Scottsdale Mortgage https://scottsdalemortgageinvestments.com/. I can't find any information in bbb.org. Is this the company that you mentioned?

That is who I was referring too. Sorry to be bearer of bad news but I am guessing your $ is long long gone and not getting any of it back. what exactly did you invest in? There is no syndication filings by the company - did you invest in a JV deal?

out of curiousity, what brought you to invest with them?

Hopefully its not a big loss. If you go to invest in the note space I strongly recommend you do a quick background check on the sponsor as there are numerous who have very questionable pasts. There are several texas who to me are not people I would want to do business with who took millions from investors and never returned it and still is out there raising $ and people are still giving him money for education and investing which is not gonna end well for them.

@Chad U. - anything you want to add?

@Michael Williams sorry to hear of your woes. I don't really have much to add other than I know the person mentioned, and have heard of similar feedback from others in the space. In fact, a common colleague of Chris and mine worked with them for a few years but departed once he learned of the issues outlined above.

Hi Chad,
Could you put the colleague into touch with me please? It would be of mutual interest particularly when I report this mess to the Attorney General of Arizona. Thanks!

0 Votes

Scottsdale, Arizona

Quote from @Richard Dale-Mesaros:

Hi Michael! If you need any connections/boots-on-the- ground stuff doing in NH, happy to asist if appropriate. I can look into the assets the notes are attached to, to see if they're in decent shape or even exist if you like...... hope you're able to navigate through this dilemma! 👍😊

Hi Richard,

If you can see a way to somehow get control of these assets and then recoup some money for the shareholders, please let me know.

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Scottsdale, Arizona

And, comment to all, is there any ability to track these assets and see who owns the notes right now? Interesting that one was just sold:

609 N. Main St, Fithian IL https://www.zillow.com/homedetails/609-N-Main-St-Fithian-IL-... Sold for $270 K on 10/4/2024

120 S. Cherry South Bend IN Off market - Zillow estimate $103.5 K

172 Carlson St, Westbrook ME Off market - Zillow estimate $362 K

13959 465th Ave, Wilmot SD Off market - Zillow estimate $231 K

Thanks!

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Scottsdale, Arizona

Quote from @Chris Seveney:

Quote from @Richard Dale-Mesaros:

Michael there may be opportunity either with the NH notes or the assets to which they are attached - do you want to explore me digging into this here in NH and potentially get you some of your funds back......?

He does not own the notes.. There is nothing he can do about it. The borrowers could be paying their mortgage to scottsdale or scottsdale most likely sold the loans - when you invest in a syndication you have rights to manage the specific assets unless he gets a court order which there are also many other investors involved.

Hi Chris,

The investment was positioned as a syndication. As you seem to be on top of scenarios such as this one, let me ask you a question. Is there a scenario where the investors could take over the assets and recoup some of the losses?

0 Votes

Scottsdale, Arizona

Quote from @Chris Seveney:

Quote from @Michael Williams:

Hi All,

I took part in a syndicated deal that bought notes in New Hampshire. The syndicator is based in Scottsdale and the lead partner is an attorney. It's been over two years and so there has been plenty of time to have closed the deal. The syndicator refuses to give me updates and does not return emails. Question is how can I apply pressure on the syndicator to update status and return my funds? I have sent a funds demand via email but have not gotten a response. Thanks to all in advance for your thoughts!

I just saw an email that was to someone else but they forwarded to me,I pasted it below, if you want this persons contact info let me know and I can pm it to you.

I wanted to reach out regarding a serious matter involving Jay Tenenbaum (and Seth Gershberg his partner), as I know you are an servicer/educator and wanted to make sure people that you surround yourself with don't fall victim to his bad business practices. I feel it is important to share my experience to ensure that no one else falls victim to what has been a deeply troubling situation.

Jay has taken significant sums of money from investors, including myself. I have since learned that the total amount across various investors may reach into the millions. After receiving these funds, he and his partner has completely disappeared, leaving us with no communication or updates for over 2.5 years. Neither I nor others have any idea what has happened to the money, and despite numerous attempts to reach out, there has been no response from him. We are now working with the best legal consul.

I am concerned that this could happen to others, and I feel an obligation to inform you of these actions in case you or anyone you know may be at risk.

If you have any questions or would like more information, feel free to reach out. I just wanted to make sure you were aware of this situation.

Hi Chris,

Yes, please put me in contact with the person that you mention. I'd like to join in the legal efforts. Thanks!

0 Votes

Scottsdale, Arizona

Hi All,

Apologies - NH was not the correct state. These are the property addresses:

Syndication:
Scottsdale REI - III - XXVI

Property Address:

609 N. Main St, Fithian IL

Current Property Status:

The foreclosure sale was successfully completed on the 14th of the month. Scottsdales is currently awaiting the deed recording.

Syndication:
Scottsdale REI - III - XXVI

Property Address:
120 S. Cherry South Bend IN

Current Property Status:

This asset is sub-performing, which means the borrower is due for July, and foreclosure is to be referred next month if the account is not brought current.

Syndication:
Scottsdale REI - III - XXVI

Property Address:
172 Carlson St, Westbrook ME

Current Property Status:

The borrower is currently in foreclosure, and the Fair Debt Collection Practices Act (FDCPA) letters have recently been sent to the borrower.

Syndication:
Scottsdale REI - III - XXVI

Property Address:
13959 465th Ave, Wilmot SD

Current Property Status:

Scottsdale was required to issue Service by Publication. The next steps are obtaining the Judgment, followed by setting a sale date.

0 Votes

Scottsdale, Arizona

Hi All,

After applying some pressure, I did get a report in October of 2023 that listed the assets and status. So, short of filing a lawsuit, would it be fruitful (and help warn other investors) if I:

- Submitted a complaint to the Better Business Bureau?

- Filed a complaint with the Attorney General of AZ?

- Contacted other investors from the previous investment round that completed (if I can find them)?

- Any other steps that you would recommend?

Thanks in advance!

0 Votes

Scottsdale, Arizona

Hi Chris,

Yes, I would like to connect with another investor who has issues. Please do DM me. (I'm still new to this email interface - will also DM you directly as soon as I figure out the right steps.) Thanks!

0 Votes

Scottsdale, Arizona

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Scottsdale, Arizona

Hi All,

0 Votes

Scottsdale, Arizona

All Forum Posts by: Michael Williams

Michael Williams has started 2 posts and replied 11 times.

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating

Post: Mortgage Note Syndicator Not Communicating