Tuesday, December 13, 2005

I was scammed awhile back, about two years ago, and I've been paying for it ever since. My husband and I were finally on our feet financially and we were ready to start preparing for the future. We looked towards investing. It's really a long story that still hasn't ended. Just when we think we may have gotten out from under our burdens we realize that we're still just as stuck as before. We bought a few fixer-upper rental properties in a city a few hundred miles away from where we live. A friend of mine did the same as did a close family member. We all ended up losing thousands of dollars. Up until today (well, tomorrow when we officially close), we had these properties that were sucking the life out of us (me and my husband, that is). We had renters from hell every single time. We ended up spending over a thousand dollars to get the various renters out. The eviction process took longer than I would have liked. These people were living in MY house for free for months and months and they acted like we should feel sorry for them while they jepordize MY family's food. They made me so angry. And I was just as angry at the con artist who sold us the properties "under value" when really he had the appraisers and title company in pocket. (The title company has since been shut down.) Anyway, the past six months have been the hardest financially. We were forced to either borrow more money or foreclose on the properties and lose everything we had put into them. Timing so had it that my mother was able to help us. Great. Now I owe HER thousands of dollars for all the months the properties were vacant but the mortgages had to be paid. Today should be a joyous day since we're finally getting rid of the last property but it's not because I have to contemplate selling MY OWN house to get out of the quagmire I've found myself in. There are too many dynamics for me to explain here, but I'm sure you can understand that this is not an easy decision to make. I'm frustrated, I'm angry, and to top it off I'm broke. God is still good because my family is healthy, and we still have it better than lots of other people who don't even have a house to sell in the first place. Still, while I feel sorry for them I'm just as sorry for myself. We have learned a lot in the process, so if you're considering investing in rental property go ahead and ask me. I'll tell you everything we did wrong so you don't do the same. There really are people out there who don't care about using you to boost themselves up. Case in point, said con artist now lives in an exclusive gated community at the expense of me, my family, and my friends. CAVEAT EMPTOR - BUYER BEWARE!

8 comments:

princessdominique said...

Ouch! It happened to my mom, I know the feeling and the courts drag their feet because they don't have to come up with the mortgage every month. It sucks. In NC what I find that apartment complexes do is they start the eviction proceeding once you are 10 days late with your rent, that way the ball is rolling before a month passes and hardly ever gets to two months or three.

Aziza said...

Oh Shelly, I'm sorry to hear that this happened to you and your family. Something similar happened to a friend of mine. He was constantly having to go to court to have folks evicted from his second home that he rented out. Folks were just living up in there without paying any type of rent. Not even half or part of the rent. Nada. So, now he only works with a program through Uncle Sam that ensures that he gets paid by them and not the individuals.

Brotha Buck said...

I am very sorry to read this. I know what financial stress feels like. I've been wanting to propose to my wife about purchasing a rental property, but with my schedule, and what Im reading here, that may not be a good idea.

NeenaLove said...

wow... i'm sorry to hear that!

why not sell the home, at cost? pay off the note just so you don't have to pay it anymore.

don't worry... EVERY successful person has failed their way to success. do not be discouraged! choose another avenue and carry on. i know you can do it.

i could put you in touch with folks that can clear out your credit card debt without bankruptcy.... and a host of other financial education that can put you in the "know".

cheer up shellyp... you will do fine!

SP said...

Girl! I knew it was bad, but I didn't know it was that bad. I know you'll pull through and be back on your feet in no time.

benthebald said...

Just so that you all properly put into perspective how bad this guy was, he currently owns about $3million worth of property. He owns THREE homes in that gated community with the cheapest being $700K. With one of my investment properties, he made $45K at my expense in a matter of a day or two. I actually met the guy who he bought the property from and he wanted to go over to his house and burn it down for what he did to him. Remember peeps, if it sounds too good to be true, it probably is. Shelly - Romans 12:19.

notyouraverage.... said...

shel - i didn't know it was that bad either. is there any way that you guys can go after him and have him prosecuted? Regarding your house - I hope you're able to find the best solution - even if it happens to be the hardest one to make.

Proactiff said...

Sounds like God is trying to get the glory out of this one. Discern the season you are in. As I recall, you were toying with the thought of moving away.

I'll keep you and your family lifted up. . . .