Ambitious realtard fraudsters with a most odious and ambitious disposition.
1. RE Investor Fraud
2. Defrauding Lenders
3. Rent-to-own fraud
That leaves, well let’s see… weeell nooooo, actually I think that about covers it. Next victim!
“the accused deceived more than 130 investors with assurances of a legitimate and worry free investment system requiring little or no capital investment and virtually no involvement in the transaction or in the subsequent management of the investment.
“One such assurance, a rent guarantee, allegedly promised that the investor would receive rent every month, whether it was collected or not. Another alleged incentive was the low out-of-pocket cost to the investor – a maximum of $1,000 to purchase a property. “
Such a deal! Is it any wonder they had people lining up around the block with terms like that? Of course, if the suckers could be bothered to read the docs… ah, who we kiddin’, it wouldn’t have mattered one iota. They failed to apply the first test, the one of smell… and the second, requiring the ability to perform complex addition and subraction formulas such as:
mtg pmt + taxes – rent = profit(loss)
OH! My brain is all hurty. No way does my brain have enough power left to figure in depreciation, maintenance, vacancy.
Is it any surprise that RE ‘professionals’ <spit> were the evil-doers here?
I didn’t think so.
That is why around here we refer to them as realtards.
How many homedebtors read their loan docs? How many congresscritters read the bills they vote on? Exactly. We get the politicians we deserve.