This guy claims to be a Dr. Of something but got his degree online from some diploma mill. He gives presentations on "wealth building" through real estate investments. Funny howits such a great deal that he needs to go out of town to find new investors.
What he does is promise exorbinate returns on real estate investment groups in which he organizes. The reality is this, he is the only one makng money on the investment at no risk to him using your money. He gathers all cash investors and then pools their money. Before he buys the property, he takes 25%-upwards of 100,000 for a consulting fee he discloses at signing in the eleventh hour and the escrow company hides the number.
The investor, you, then gets a equity position in the property/project that is much lower than the percentage you actually gave money for. Then, he drags out the process and charges "management fees" against the project and thus sucking the profit out for his own benefit. He will also use third party vendors that charge way over market prices for their services while getting a kick back on the side.
He's not even licensed with the DRE and has to keep giving these scam presentations in different cities to find victims. This guy is a professional con-man and needs to be investigated. Or should I say, is being investigated. He also uses a guy by the name Tim Owens out of Utah to complicate the paper trail.
Please email back if you have been a victim of this guy as well. My attorney might want to make it class action
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