Hello, i was wondering has anybody has a bad experience with the group Chicago Action Investors? Im a newbie investor and i was looking to get into the game a couple years ago. I reached out to this Group who is led by Aaron Vaughn and he gave a whole spill on how they help newbie investor become credit partners with them on property renovations. When you become a credit partner with them on a property they pretty much guide you through the who reno process. This is after you secure a high interest loan yourself to start the reno
Problems came when my partner wanted out from the Chicago Action Investors umbrella and we went to try and reno it by ourselves(bad move).
Me and my partner failed to do our due diligence( i know stupid move). Chicago Action Sold us a Shell 3 flat property they bought for 10k and sold it too us for 70k that even wholesalers wont touch now. We been getting offers for 8k at best.
Aaron Vaughn and his group claim to be about community empowerment but sold a shell of a property and pocketed 60k. Aaron was eager to get out of the deal because of the fallen out he had with my partner. Even though he pocketed 60k upfront from this deal. i feel this group duped a couple newbie investors on this deal but not selling us fair trade value. Has anybody else experienced bad dealings with this group? Only thing i have is my voice so nobody makes the mistake i did. This is a learning experience and ive grown tremendously from it.
That sucks. But that is what a "guru's" job is....to dupe newbie investors. It's very easy to do on the south side where it is common for $10K properties to sit next to $200K properties. It's easy to make the comps look like whatever you want.
Did they wholesale it to you (flip you the contract) or did they actually buy it for 10K and resell it to you? If they bought it, there would have been a public record of the transaction that you should have been able to see.
Illinois is wanting to crack down on excessive wholesaler fees and now requires wholesalers to be licensed. It might be worth a call to the state's attorney office or Attorney General to tell your story. They might be looking for test cases to show they are serious about eliminating this kind of stuff.
@Account Closed Unfortunately, this happens often with companies offering a turn key or credit partner model.
Eric they sold it to me. With a quit claim deed(i know i know). They got us good!!
True scammers beware. Just get a lawyer and sue.