I have always considered myself a cautious investor. My track record for success has for the most part been positive. At 53 years of age I thought I was smarter than the average bear.
I heard somewhere that Pride cometh before a fall. I am about to take my first substantial fall. This thanks to the group known as Loomis Wealth Solutions & its charismatic leader Lee Loomis. Now known to me as Lee Looser.
Loomis Wealth is about to fold up its business and leave a few hundred investors in the Sacramento CA area holding the bag while Lee runs off with the profits.
I would caution anyone considering doing business with them to RUN THE OTHER WAY. But, it is probably not necessary as the web site is down, the seminars have been cancelled, no-one answers calls at the office, and the local rep's have all been given a leave of absence.
It has become apparent to me that Loomis merely needed my good credit to aid him in buying more real estate, make some money on the difference between the distressed price actually and the price represented to the banks. That money helped him to prop up a debt laden company for a little longer. It leaves me holding a mortgage in my name on a property with an income way less than the payments, taxes etc. Either my credit will be ruined for ten years or I will lay out a considerable sum of money until the market eventually turns around. Loomis was supposed to be making all the payments & managing the properties. With him evaporated, I am on the hook for all the expenses.instead of having a few hundred dollars steady monthly income from Loomis Wealth I have several thousand dollars of outlay if I am to maintain my credit score.
Now I am checking all the facts. I should have done that up front. I am learning there was previously plenty of negative data on Lee Loomis. I am not the first individual he has hurt financially. Hopefully someone will learn from my very expensive lesson.
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