The person, Omar Navarrete, whom I met in Orlando, is from San Diego (Chula Vista), California. He was a former Mortgage Banker and said he closed his company for lack of business. He is now RE Investment and Financial Director for Synergy Professional TS, LLC at 3435 Camino Del Rio south #203, San Diego, CA 92108.
Omar is also a Managing Member of same LLC. His Partner is also a Managing Member - Joey (Jose) Soriano who is a Licensed Real Estate Broker in San Diego. They interchangeably sign Promissory notes for the Company and share responsibility to buy distressed or foreclosed properties, rehab and resell them at a profit on their turf in Chula Vista. At least thats what Omar told me and promised to do with this investment as long I would invest with him and loan him all of the IRA funds I have to be secured by 2nd position Mortgages on number of properties. Omar said he doesnt need 1st position Loans because the Hard money lender would give him any amount of money he needs and had already been Vetted out as trust worthy Borrower that pays back. Omar also promised to sign personally on the Notes and would give me collateral on other properties but later convinced me to give up the requirements and to Trust him because his company never had a bad deal yet and promised BIG Returns of 30%-60% fixed interest and possibly more later and 50/50 partnership. U (probably knowing 10% annual is a maximum allowed by Usury Law-as I found out now). Omar later said that his lawyer recommended Shared appreciation to avoid usury laws and would still give me $15,000 in 60 days to what amounts 20% fixed rate on $75K. Omar provided all the documents prepped by his lawyer like promissory note and Deed of Trust. He said he would Never walk away from the Properties he buys because there is way too much equity left to walk away from and he needs to build up long term relationship with me and build his private lender network. He also promised me future partnership in San Diego and Phoenix, Az where his brother does the same business and where Omar frequently travels to help his brother (I think - Ivan Navarrete). Omar offered me to invest into 4 duplexes there.
When i visited San Diego and saw the property. (i didnt know yet i will invest here - I saw construction and Rehab work done by what i suspected were questionable status workers Omar Navarrete and Synergy Professional TS LLC contracted to rehab the property. When i asked him about his comment of how cheap it costs him to rehab the property. His repsonse was: Do you know how many of these workers and families he can feed with rehab work and can greatly benefit from cheap labor!
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