@Syed Lateef; @Matt R.; @Sylvia Pomazak
You stated:- Christine is surprised about the expenses that occurs when renting a property, but thats how rental properties work. I have to pay for stuff that i never expected on my multifamily multiple times.
My take: Wendell assured me that a lease to own does not operate like a regular rental, in that the tennant buyer is responsible for ALL repairs & upkeep to the property. This is why I questioned why the driveway was re-done after the tenant buyer moved in, plus all those other maintenance expenses paid long after the move -in.
You stated:Wendell is keeping track of expenses and disbursing her with her share of the monthly net income. Where is the scam in that
My take: The promissory note states that I will get 12% p.a. interest, or 25% of the profits, whichever is higher. Why then did I get only $521 for 3 months, instead of $1200? That was actually one of the higher payments, as the other few were riddled with expenses, & I had to call & email him several times to get an appeasement check.
You stated:- Christines assumption she would be out of this deal within 12 months. Sometimes things to work out to plan.
My take: The Promissory note made it clear that I will be out of the deal in 12 months, else his company/another investor would buy me out. I've asked on several occasions for him/his company to buy me out, & he makes excuses after excuses. Bottom line - fi the lease to won isnt working - sell the house & return my principal. Its been over 2 years already!
You stated:- Christine is on the deed of the property. When it gets sold at some point in future she will get her money back.
My take: I trusted Wendell when he stated my investment was secured on the deed. Whether that is the case, I dont know for sure.
You stated:- She mentioned foreclosing the property, but that doesn't make sense either. The bank can foreclose if the mortgage was not being paid, but it is being paid by the renter.
My take:You are correct- I was frustrated & angry when writing about my experience. Looking back, that does not make sense.
You stated:- IMO you cant just ask for your money back whenever you want
My Take: I have asked for my investment back repeatedly, since the default in May 2016. Each time, he said he would check to see if he can get another investor to buy me out, or his company would buy me out. Neither happened.
I would see in the Marketplace here on BP that he has millions to lend. I referenced that & asked that he return my investment since he was in default of our agreement, & he does have the capital based on what he advertises.
Open message to Wendell:
Please return my Principal, as you are in default. Don't be greedy. Sell the house & return my money. The house can be sold right now at a discount & you can still make money after returning my investment.
To all naysayers: Like Sylvia, I came to trust this man, & he served as a real estate mentor to me. I researched him & did not see any red flags. I did not know he had a name change- & that he scammed people before. I visited the properties I had an interest in purchasing during the boots on the ground training. I was convinced he wanted to help.
I'm sure there are quite a few others that were scammed but are reluctant to come forward, fearing they will lose all their investment. I was one of those until now.
