If you are looking to invest in real estate or need to do a 1031 exchange stay far away from David Lerner Associates and especially Stephanie Walcoe, the wife of the executive vice president of the company. Stephanie Walcoe will promise you the rosiest of scenarios with the lowest cost but unfortunately after the documents are signed and the check is cashed you find out it was anything but true. Then, after she has all of your money, Stephanie will disappear to the nail salon or the hair dresser and wont return your phone calls. These guys leverage real estate using over 90% debt, through first and second mortgages. Stephanie shows you how good the revenue stream is and the dividends youll earn so that the debt seems inconsequential. Well Im here to tell you its nothing like Stephanie Walcoe says it is.
The property I bought a share of was a complete bust, but her presentation was that it was the deal of a life time. All the generous revenue I was going to make never materialized. When I questioned her she gave me every song in the book until she wouldnt even take my calls. I cant begin to tell you how many thousands of dollars I had to come up with so I dont lose my investment. The other partners in the property are also disillusioned and angry.
I did a 1031 exchange. I had done very well on my own in real estate and this is my retirement nest egg. My wife and I are losing sleep wondering if well have anything left. I cant even sell my share although Stephanie made it sound like it wouldnt be a problem with her contacts and sources if I wanted to sell down the road. She babbled something about the bad market whenever I brought it up.
They say a fish stinks from the head well that must be true for David Lerner Associates. They tout their decades of experience which is laughable. They have a few guys and they added up each persons years in real estate investments. Heck if there was an office of 50 one year rookies they could say they had 50 years of real estate experience! If this report spares one person from the financial problems and the anxiety about losing your retirement nest egg to a shyster like Stephanie, then it is worth it. Stephanie has a Wall St. Background, maybe Bernie Madoff was her mentor. Im sure Bernie would be proud of her.
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