Charles Lee/ Realty 103 LLC

Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes

Hello, fellow investors!

I feel compelled to share my experience with Charles Lee and his business, Realty 103 in Birmingham, AL.

After we were unsuccessful in closing the deal Charles and I had agreed on: we cancelled the expired purchase agreement. I asked that the EMD and appraisal fees be wired back into my account as agreed. He advised me the transfer would take a few days. That was on November 11th.

Charles owes us $10,150. He's not answering my emails or phone calls at this point. But he seemed not have any problems posting on here.

Take this information as you will...

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Anastasia Jordan

Investor · Birmingham, AL · Member since 2016 · 446 posts · 305 votes

15 Reply

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John Patton
Investor · Birmingham, AL · Member since 2016 · 315 posts · 206 votes
9y
George, I have seen some of these listings posted by this person and have thought who would buy these properties in these area for the prices he is asking. In my humble opinion, these homes were way over priced and at best C type SFH's. Sorry about your experience in the Birmingham area. Their are some good folks here. I don't do that but if you need someone to eyeball some property let me know.
Good luck. JP
2 Reply
George Carrasquillo
OP
Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes
9y
Most of the listings are overpriced but the bundle we agreed on was a decent price. Thanks for the message @John Patton
0 Reply
Account Closed
Lender · Birmingham, AL · Member since 2009 · 207 posts · 11 votes
9y
George, call me I am back in Alabama,
0 Reply
Santosh Bhor
Engineer · rockville, MD · Member since 2016 · 82 posts · 15 votes
9y
@George Carrasquillo : Thanks George for pointing this out...
@Rachelle Rodavia: Rachelle Is there a current way that we can check trustworthiness of a person on his/her profile ... This would really help us to flag people....
1 Reply
Rachelle RodaviaPro Member
BiggerPockets Support · Manila, Philippines · Member since 2015 · 1k+ posts · 148 votes
9y
@Santosh Bhor
Accounts with verified sign simply confirms that the person whose name appears is real or that he is legitimate but as to trustworthiness we have no way to confirm that though, always transact with due diligence.
1 Reply
George Carrasquillo
OP
Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes
9y
@Account Closed
You can talk to Shay Reynolds at Massey Stotser & Nichols. You'll owe the firm $1,000 as they're sending you a demand letter.
1 Reply
Account Closed
Lender · Birmingham, AL · Member since 2009 · 207 posts · 11 votes
9y
Will you call me? I dont know whp Shay Reynolds
1 Reply
Anastasia Jordan
Investor · Birmingham, AL · Member since 2016 · 446 posts · 305 votes
9y
<grabs popcorn>
15 Reply
Jerry Miller
Virtual Assistant · Hollywood, FL · Member since 2016 · 60 posts · 11 votes
9y
Originally posted by @Anastasia Jordan:

<grabs popcorn>
came in late... 'scuse me, 'scuse me, sorry "what did I miss?" That being said I hope an amicable solution is found.
2 Reply
Account Closed
Real Estate Agent · Mesa, AZ · Member since 2016 · 1 post · 0 votes
9y
@George Carrasquillo, when you say that you were unsuccessful in closing the deal you and Charles had agreed on, do you mean that he had agreed to one thing and then it ended up being a bait and switch type situation? Thanks for sharing your experience. Please post a follow up and let us know if the law firm got you your money back.
0 Reply
George Carrasquillo
OP
Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes
9y
UPDATE- Many people have written to me to see if the matter with Charles Lee has been resolved...
He has delayed a $3,000-5,000 wire transfer about 5 times (he owes us a total of $10,150).
He hasn't responded to emails or calls since January 6...
No satisfactory resolution as of today on this.
@John Patton @Santosh Bhor @Anastasia Jordan @Jerry Miller @Account Closed
0 Reply
George Carrasquillo
OP
Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes
9y
@Account Closed
The appraisals did not support the original forecast of financing. The lender Charles was working with was controlling the entire process and moved at a very slow pace.
When I couldn't get direct answers from Charles regarding the appraisals after several weeks, we cancelled the expired purchase agreements.
That's where the money problems began...
0 Reply
Jerry Miller
Virtual Assistant · Hollywood, FL · Member since 2016 · 60 posts · 11 votes
9y
@Anastasia Jordan Pass the popcorn
2 Reply
Anastasia Jordan
Investor · Birmingham, AL · Member since 2016 · 446 posts · 305 votes
9y
How does 10k get transferred before the appraisals are evaluated?
2 Reply
Julia Tse
Professional · Cupertino, CA · Member since 2015 · 62 posts · 5 votes
9y
I have bad experience with Charles Lee as well. He is unable to find me a loan to purchase 4 houses in SC and he should return me the EMD($4000) and the un-used appraisal fee($900) for total of $4900. He is the whole seller, but he authorized the closing attorney to give my EMD to the home owner without my consent. He also said that $900 deposit to his account that he will return to me asap. It has been a month now. I am working with the SC attorney now to get my money back.
0 Reply
Anastasia Jordan
Investor · Birmingham, AL · Member since 2016 · 446 posts · 305 votes
9y
(spills popcorn everywhere.....................)
2 Reply
George Carrasquillo
OP
Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes
9y
@Anastasia Jordan
We transferred $7,000 EMD for 7 properties. I flew out to Birmingham to see them and we decided to move forward with appraisals.
We transferred $3,150 for appraisals but it took months to complete them.
0 Reply
James Rodgers
Investor · Birmingham, AL · Member since 2016 · 135 posts · 42 votes
9y
@George Carrasquillo I am glad I saw this! Thanks for making the Birmingham and BP communities stronger! I hope all goes well for you.
James
2 Reply
Kris Quinones
Investor · Sant Clarita, CA · Member since 2016 · 15 posts · 6 votes
9y
Grabbing popcorn
2 Reply
Anastasia Jordan
Investor · Birmingham, AL · Member since 2016 · 446 posts · 305 votes
9y
I want to know where these 7 homes in Birmingham are located.
1 Reply
Shelby Pracht
Property Manager · Mammoth Lakes, CA · Member since 2014 · 262 posts · 229 votes
9y
I had a similar experience with Charles. I lost the money for my appraisals, which I figure to be the cost of doing business. I was able to get my earnest money back as I insisted on using an attorney that I'm familiar with to conduct the escrow.
1 Reply
Dominique Jones
Nashville, TN · Member since 2016 · 65 posts · 18 votes
9y
Wow, I am glad to see this post as I have contacted him as well.
0 Reply
Dominique Jones
Nashville, TN · Member since 2016 · 65 posts · 18 votes
9y
Has there been any updated on your situation?
0 Reply
Tiffani Baggett
Rental Property Investor · Birmingham, AL · Member since 2016 · 97 posts · 51 votes
9y
Oh my! Thanks for updating us!
0 Reply
George Carrasquillo
OP
Realtor · Los Angeles, CA · Member since 2016 · 61 posts · 24 votes
9y
UPDATE: As you may have noticed, Charles Lee has "disappeared" from BiggerPockets. I'm not sure if he cancelled his account or if his account was revoked by the site.
He has stopped communication with me with no resolution.
Apparently, there is another attorney looking for him as well in addition to mine.
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