I have just purchased a million dollar property few months ago from a florida corporation.international Venture LLC.international Venture LLC had an existing loan of $950000 from Fidelity Bank of Florida. Ist loan of $700000 and 2nd loan of $250000.international Venture LLC showed me all the paper that this property is making $16000 gross in monthly rent and since tenants are paying their own electric, water, sewer and trash.
The monthly expenses on the paper were very low. It had a potential of making more money if it was at the right neighborhood.international Venture LLC showed me that they have a $950000 on this property from Fidelity Bank of Florida for almost one year. They have a manager at the property who is running the business and all the monthly payment to Fidelity Bank of Florida including manager expenses and all other running expenses are paid through the income genrated from this property.international Venture LLC also mention me that the manager running this property want to stay with this property. She is a very honest person and she can run this property alone.
I checked all the paper many times for two months. Every paperwork they had was suporting to their statements. I met with the manager many times and she did show intrest in staying with this property.
I just moved from California few years ago and to see a property of this size going for one million was a very good deal to me.
I was unfamiliar with this neighborhood, but after meeting peoples for almost a month I decided to purchase this property.
Later I found out that the manager was an agent of the seller. She made a very good picture of this property and gain my confidence.
As soon as I closed the escrow, The manager left the office and stole about $1000 rent money, computers and some tools and machines.
Later I went under detail and found out that International Venture LLC had purchased this property for $250000 a year ago. They had it appraised for $750,000 at the same time and got a loan of $950,000 from Fidelity Bank of Florida NA. According to International Venture LLC. They got this loan from Fidelity Bank of Florida before they spent any money on improvement.
They spent about $100,000 after they purchased this property.
This property is worth about no more than $500000 according to local appraisar.
The reason for property value to be so low is crimnal history of this area, which I was not familiar with.
I am filing a lawsuite against Internatioanl Venture LLC and Fidelity Bank of Florida for being a partner in this fradulent act.
This property is making about $8000 per month from the first month. 20% tenants were paying no rent, the other 30% were paying partial rent.
International Venture brought peoples from all over to live for free or pay a minimal amount of rent. But they showed in the paper that every one is paying full rent.
When I wrote a detail letter to the president of the bank I was been told I have two option. Do a friendly forclosure or non friendly forclosure
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