All Forum Posts by: Yashar E.

@Joe Splitrock  I guess it's no coincidence that you are right on point with your description of the character.  He was always a fast talker and it sounded like he knew what he was talking about, but now that I have a little more experience I realize it is quite the opposite actually.  

Even to this day the whole situation is my problem and I am not taking the necessary steps to recover my money, according to him.  Although if I ask him when can I pick up my check, the answer is either nothing or he claims that I never responded to a previous message of his so i lost my opportunity, or strings me along, etc..  It also absolutely seems that he either believes his own lies he knows law more than the attorneys and he acts in a complete narcissistic manner.  For me it is really hard to imagine that people can purposefully act this way.

What is even worse is that Cama Plan IRA has brought him in to do talks such as "flipping 101", etc. I am sure that any new comer would believe that he is properly vetted just based on that alone.

Thank you @Chris K.  Unfortunately, the note was unsecured. I blame that on my ignorance of the situation at the time.  His name is under very few of the projects.  They are actually under a different company Hogar Community Reinvest, and typically I see the junior lien under DLP Funding. I am absolutely going to reiterate the suggestions to my attorney.  Thank you for all of the suggestions

Ah ha!  In the end it was a valuable lesson.  I have never been involved with such an elaborate scam unfortunately I pulled the short straw on the investor gamble.  I assume it's better to think that this could have always been worse such as a larger multi-family deal and such.  It's unfortunate because I see various agents in both states working with him from time to time, I probably won't be the last suspect.  I am interested to know if anyone else has fallen for these types of cons or was I one of the lucky ones here on BP.    It definitely is a type of experience that will sharpen the due diligence process.

The thread you linked is great @Steve Babiak .  You are correct @Matthew Kadash is on biggerpockets.  He is probably boasting his company and the returns you can get by investing with them.  I also noticed that @Dave Van Horn actually interviewed him at one point.  Maybe at one time he was a good guy, but i doubt it.  Thank you for the link

Thank you @Jim K. I was surprised that one of his first comments was to protect himself for being "defamed".  I have never encountered anything like this before.   For sure a very expensive learning experience I suppose. This is once again for all of the new members that join this site specifically in the New Jersey and Pennsylvania areas.  95% of the people on this forum are here to help but triple check everything.  Even if they have a company website and supposed references, and if they are currently in the business the background check is essential. 

Thanks @Marc Winter he absolutely well schooled at what he's doing.  It's ridiculous people get away with this stuff but what goes around comes around.

Thank you @Yonah Weiss obviously it would be great to get my funds back but at the same time as you said I think it's equally important for others to realize that people like this are out here on the forums and out there.  While they may be flipping houses or syndicating deals they may not be doing it lawfully and it is best to always get an attorney involved before hand. 

Hello BPers,

This is sort of a case study and a call for help. In the beginning of 2017 I had been befriended by a gentleman by the name of Matthew Kadash. Owner/president of BMRE Holdings. We had been talking because he claimed he had flipped several houses and he worked with fellow BPers one in specific @Dave Van Horn at his Note PPR company (BTW I have listened to David's podcasts and they are very inspiring so I am not taking anything away from him). He instilled confidence in me and I figured it would be good to gain as much knowledge I can from him. He took me from site to site on several properties at all phases, bought me lunch, took me out for a drink once, etc. Meanwhile he was throwing me offers or “opportunities” to invest with him. Eventually I bit, and he proposed a note for me to sign, the note was due in July of 2017. Needless to say, the note was overdue and he stated there were issues with the contractors working on the particular site. At the time I thought this was fine and I was working for his company going from site to site to take pictures and hire contractors and manage the flips.

Fast forward to October 2017, after several occasions of my bringing up the note and him pushing it back over and over, as well as, trying to convince me to roll the money over to the next investment, I finally the demanded the note be due (as per agreement written in the note). Instantly, I was threatened by him that I cannot demand the money (as per his lawyer). Keep in mind he copy and pasted something from the internet that he indicated his lawyer sent him. He also immediately stated that he will press charges if I defame him? Needless to say, I immediately called my lawyer and sent her all of the documentation and statements he had made to me, and all of his promises and instances where he pushed back the owed money.

My lawyer next sent a demand letter with the total amount, and after weeks of no response, he finally at the deadline dated by the lawyer, indicated that the wire transfer was put through to my lawyers account. He obviously had lied to my lawyer as there was never any wire transfer put into place. This was in December right in time for Christmas. To top it off he request my tax information through my lawyer and said it was the only way I would get paid. So foolishly I complied and now I am afraid that he has any personal information he needs on me.

Unfortunately, I had finally done my due diligence on Mr. Kadash and realized that 1. He has court records indicating he has done this before and 2. Even the note he asked me to sign was a copy and paste note from the internet, so obviously it didn’t cover a lot of the scenarios that came into play.

At this point I keep trying to remind Mr. Kadash that I have 3 kids and a family, and I work a couple jobs, still digging out of the hole he put me in. I keep asking for my payment, and I keep getting steered in another direction by him. He states that he can’t help me and my lawyer because we are ignorant. Then he states that I should wait for the next house to sell, then the next, then the next. I simply want my money and my return that he stated is owed to me. I offered to come pick it up in person but he blocks every avenue of communication at one point or another. At this point I feel as if there has been identity theft, and clearly several other issues.

I made a lot of mistakes throughout this experience and I am aware. Obviously, this will not stop me from achieving what I set out to do but at the same time I have decided I should reach out to the BP board for any advice on the matter. If anybody on this board has had the same experience with this company or the next OR has been able to resolve these sort of issues, or has any insight whatsoever on which direction I could take please let me know. 

Just an FYI some Brokerages will not allow this due to the liability and consequences at stake

Hey @Joe P. I can give you some insight into Gloucester City if you'd like to chat sometime.  I currently reside in town and it is safe to say that the plans and happenings currently that are in place will effect the city in a beneficial way.  I mean, let's be real, Drake Bell is performing a free concert at a festival held in proprietor's park late June.  That's only the tip of the iceberg.  PM me if you need anything.