Sometime In September I received the Charles and Kim Petty The Ultimate Turnkey Wholesale Systems. As part of receiving a full refund for the course, I agreed to lend them $50,400 money from my IRA account. It was for Mr. Charles Petty to purchase a residential home to rehab and then sell it. The loan was for 14% interest payable every quarter until the property was rehabbed and sold. I offered to loan him the purchase price first and then make increment payments as the property was being rehabbed. He convinced me to give him 70% upfront of the After Repair Value for a particular property. Due to his reputation as a wholesale guru, I gave in. He set up a trust named after the address of the property with him as the Trustee.
He has made only one payment. He made numerous promises by e-mail to make payment and now he has not made any payment for almost two years.
I recently learned that he has abandoned the property and was condemn by the city. I am out my retirement money. I also spoke to a elderly woman in California and learned that he had borrowed an unsecured note from her for $10,000 about two years ago promising her 18% interest but never paid her back.
My advice. Please do not buy or lend money to Charles and Kim Petty, or any of their companies.
They also operate as Visionary Publishing, Visionary Property Investments, Visionary Property Group. Look out for these names.
0 comments