Real Fake Sales

[Renee Healion]

Are the LLCs composed of different parties? Sometimes the same people have a different LLC for each purpose.

 

[Mike Garrett RAA]

i got involved with a similar flipping scheme a number of years ago. Was hired to appraise all of the townhomes as part of an FBI investigation. The real estate agents, appraiser, and lender all were charged and convicted of fraud. One of the agents went to prison.

 

[CindyR]

Are the LLCs composed of different parties? Sometimes the same people have a different LLC for each purpose.

well all the holding LLCs seem to have different people associated with them. they all look like real french names with real french addresses in new caledonia. and the ones i looked at with multiple properties do buy them and hold them. one bought 2 in 2014, one in 2015 and 2 in 2016. the other bought 5 in 2015 and one in 2016 and both still hold them all. and i checked the recorded documents and between them they only had one other property they bought and sold back to an investor and it got trransferred on the same day to yet another LLC.

this sure is interesting.

 

[CindyR]

i got involved with a similar flipping scheme a number of years ago. Was hired to appraise all of the townhomes as part of an FBI investigation. The real estate agents, appraiser, and lender all were charged and convicted of fraud. One of the agents went to prison.

this one is sure different in many ways. these are all very low dollar cash sales so there are no lenders or appraisers involved. but i researched the agents and all 12 of the sales i referenced earlier all had the same agent who was buying them for herself to put into one of these asset buyer LLCs which the other gal (Statutory Agent for all the LLCs) then transfers off to the foreign investors.

 

[Renee Healion]

Straw buys are not necessarily illegal.

 

[Meandering]

When they are used for market manipulation in the stock market, the SEC thinks they are.

But real estate isn't the stock market,

Or is it? (bundled securities).

.

 

[CindyR]

And, wait, There's MORE!! This is a family business. These 2 ladies had the same last name before one of them got married and got a new last name. Some of the older Corporation Commission records show the hyphenated last name....

This is more fun than a movie or fishing...

 

[Eli]

Remember market value and each requirement of it, especially "most probable". The red flags are 0 days or 1 or 2 DOM when similar sales and listings are on the market way longer and don't sell.

Again, "most probable price". It usually happens here in low to moderate or maybe middle income areas. Not usually in middle income or high income areas. Always LLCs. Same old RE agents.

 

[Meandering]

And, wait, There's MORE!! This is a family business. These 2 ladies had the same last name before one of them got married and got a new last name. Some of the older Corporation Commission records show the hyphenated last name....

This is more fun than a movie or fishing...

And are they of French origin?

Or does one have a French husband, which gives them

The French Connection.



.

 

[Terrel L. Shields]

Or does one have a French husband, which gives them

You're talking about my Huguenot relatives now??