Brad Smith, Jose Agualr, and Stephen Sanchez are a bunch of thieves. I used to work with them and help to open their company Horizon Mortgage and Horizon Executive Realty. They were supposed to be friends of mine.
I purchased two homes with them under a partnership agreement. The homes were bought by me but Mr. Smith the broker of Horizon Mortgage/Horizon Executive Realty did the financing. The only investment that was made by Mr. Smith, Mr. Aguilar, was to provide me with the good faith deposit reuired to purchase the home. Which upon the close of the transaction was redistributed back to them. So neither of them had any actual cash invested. Mr. Sanchez whom was a partner in the company was the listing agent for the builder so his contribution was a part of his commission made from the sale. I put my commssion fromthe sale in and the builder gave us cash for house payments atr the close. So we had some money in accounts to pay the mortgages taxes etc so that none of us would have to come out of pocket.
The deal was Mr. Smith and another employee of the company were to lease the homes from me (He needed a place to live). They were to pay a monthly rental fee and after a period of two years I was to sell the homes back to them for the amount owed or the appraised value, which ever was greater. If the properties had appreciated we were going to split any profits equally. Most importantly I was not supposed to lose any money.
During this time the money we received at the close was put in seprate accounts for each property. The partners agreed to loan some of the money to another employee of the company for which it was to be returned with 10% interest at the close of one of his transactions. I ended up leaving the company but we still had our agreement.
Mr. Smith paid rent for about the first three months and stopped paying rent. Then Mr. Sanchez, and Mr. Agular moved into the property with him. All the time still not paying any rent. While I was making the house payments trying to protect my credit.
I had to evict them from the property and upon filing the eviction they claimed they were part owners of the property which signifigantly lengthend the process. It took nearly ten months to get them out of the home. During which time I was making the payments out of my personal funds and was receiving zero money in rent.
I then under the advice of my attorney reached a stipulation for a judgment that Mr. Smith was to pay me $750 a month until I was paid in full in back rent. He again made one payment only and the judgment for almost $19,000 was filed.
In the other matter of the loan made to the employee I sued. We reached an agreement in court for them to pay me the amount is full withing 60 days and the judgment was stayed. They never paid a dime and the judgment was recorded for nearly $3500.
The former employees that were renting the other home also stopped paying rent and had to also evict them. I have a judgment agaist them also for $10,000.
During this whole time I basically spent all the money we received at close on the house payments. I also spent almost all of my personal money trying to get them out, taking them to court, paying my attorney etc. To the point that I simply ran out of funds necessary to keep the homes. I have lost one to foreclosure and will lose the other soon. My flawless credit is trashed, i lost two homes to foreclosure that we valued at the time of pruchase over $350,000 each and they lived for free for 10 months.
I beleive that these guys had no intention of holding up their end of our deal and I was left holdng the bag.
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