I was part of a group that purchased condo convertions in Florida based upon their recommendation in a place called Clear Lake in West Palm. He claimed they did the same deal with this developer in orlando that every body was able to make 30K in a short amount of time.
Except this time the developer did not finish their work and looted the bank accounts and the waiting list of people to rent these units does not exist. The on site manager was working for the developer and not to be trusted. So now we have a unit that needs work that we paid too much for and the association has no funds to do the work.
But Mike was not the realtor of record as the Florida realtor paid him a finders fee or some other method of getting paid? Some body called Rodrigo that you will never get to talk to or meet. He has a record with me and it is bad!
The Countrywide LO also thought this was a good investment.
Units are worth $40K less than what we paid for them.
I hope they all choke on the commissions they made from us. Took a builder or developer, countrywides loan officer and a handfull of realtors to screw a bunch of us.
Run away.
ATS
Minneapolis, Minnesota
U.S.A.
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