72 Street property
We went to Daniel to discuss the condition of one property, 72 Street, and that went well...... NOT. He suggested we spend $25-30,000 to renovate and then sell it. WHAT? We bought it "renovated". AND, it was an IRA property and we didn't have any funds available in the LLC for this. So, we sold it at a big loss as a flip and sell. Did Daniel offer to help pay for the renovation needed, or even loan us the $$ to do it? Well, you all know the answer.
An interesting note on this property. It had previously been sold to and IPX investor, and under circumstances that investor is not allowed to divulge was bought back. IPX first bought it in 2012 for $80K sold to first investor for $130K., bought it back for unknown amount, then sold to us for $170K. WOW, for $90K it should have been "fully" renovated as IPX claims! Do the math, who made any money here?
What did that first investor, and Daniel, know about the condition of that house?? Yep, here's my sign! You idiot... go look at what you bought! But we all have heard this line: "How can I do business with you if you don't TRUST me?"
The wise words of Ronald Reagan : "Trust, but verify."