Hi,
Does anybody know anything about Pinnacle Development Partners, LLC? I saw their ad in Newsweek and the return they promise investors for buying Atlanta foreclosures sounds too good to be true.
Thanks!
I have 3 accts. with Pinn. and several rolled into different properties.....I have a long list of properties my money was supposedly attached to. I wonder if I'm required to fill out a claim form for each acct?
On the form it asks in what Partnership(s) are you a member? It's plural so I'm putting both of mine on one form. I can see where it can get messy if there's more than 2 or 3.
NET LOSS $68,500 two accounts
poplar falls
old alabama
3 referrals $1500
total invested $70,000
I don't think anyone should worrie at this time how much you lost
"WE LOST IT ALL"
Have faith in the receiver and be thankfull he is their doing his JOB he was appointed by the courts!!!
Investors take a few days off and be thankfull for what you still have. FAMILY FRIENDS HEALTH.
Quit stessing and leave the receiver alone to do his JOB.
Spend some quality time with your family and friends.
WE'LL HAVE MOST OF ARE ANSWERS IN A MONTH OR SO!!!!
The best thing investors can do at this time is look at the back of your cancelled checks and verify that your funds were deposited directly into a Pinnacle account at Wachovia Bank. In many cases like these, we have identifed funds that never made it to the company's bank accounts. If you see a different bank on the back of your check, please let us know ASAP so we can identify and freeze that bank accout. Mail copies of front and back of your checks with yout claim form.
In my opinion, there are too many wild assumptions about the estimated professional fees and estimated distributions. Such assumptions are not helping other investors understand and cope with this loss. We are diligently workig to identify the total assets and total claims and I am not certian of either number as this time. As soon as we develop good numbers, we will share them with you.
Well I think it's time that we face the facts. We can sit and wait in anticipation but I think we all know that NONE of us are going get all of our money back. So I have been looking at other alternatives.
A friend of mine keeps telling me of a company called Trinity Consulting Services. My best understanding of this company is they will basically teach you how to find, aquire, purchase, rehab and sell foreclosed property. They claim to be "America's Largest Private Forclosure Network" My understanding is also that there is no bank financing required as all deals you find are funded by the investors in their network.
Now I have been hesitant about going in with them because of their startup fees, around $10,000, but now I'm thinking of biting the bullet and going in with them after all, depending on how much I actually do get back from Pinnacle.
My question is, has anyone ever heard of this company before? If you haven't it might be worth checking into. Their website is http://www.trinityconsultingservices.com/ and their phone number is 800-341-0130. They are based in Irvine, CA but they do deals all over the USA and Canada
Now before all of go off and accuse me of working there and trying to recruit some newbies, let me tell you right now, I am not affiliated with them in any way. I'm just a poor schmuck just like the rest of you that lost a money too. I am a truck driver. I drive a truck all over the country and one of the reason I went with Pinnacle instead of Trinity is because at the time I thought Pinnacle did all of the legwork of flipping the properties, and the investors provided the funds to do so. With Trinity, it pretty much the opposite, the investors in their network provide the funding and you do all of the legwork, and as a truck driver I just don't have the time to do that.
So I asking all of you to check them out, do your research and post your opinions about them here.
i would love to start an investing club--
we have gone through such an education process that we will be pros in no time! i know here in nyc there are tons of properties id love to grab but dont have the equity to get them before the big pockets(no pun intended!) get them-
perhaps we can all use our own areas as a base and work from there--every once in a while we will all meet in a central place(make a wknd of it) and brainstorm--a chance to help each other profit(and lick our wounds at the same time)
this can be quite profitable if done right--
i will collect the data(names, emails, locations, etc} just like we did on here for pinnacle--
it is only my opinion, but this will keep our minds off our losses and we can start to focus on recouping losses as well as going forward in our lives--
am i crazy? if i am, please tell me--- i think this just might be something big-
feel free to pm me or post responses
After a decade of hard labor trying to make a dime flipping fixer properties in the WRONG market at the WRONG time I can tell you one crucial thing;
It is much easier (& much more profitable) to "ride the wave" and invest in expanding, appreciating markets. Buy a copy of "Timing The Real Estate Market" by Craig Hall and try to buy properties in regions poised to turn around and expand. Right now I understand the Triangle area of North Carolina and most of Texas are looking favorable. Maybe Albuquerque. People are moving out of the midwest & into the south and southwest.
Find out what areas are projected to lead job and population growth.
Why bother buying property in an area that is depreciating? By the same token don't be late to the party and jump into a "hot" area that is due to top out and start declining soon. Real estate value runs in cycles. Educate yourself, talk to the pros and jump in. You can leverage yourself up rather quickly.
I was able to retire at 45 following this approach in less than ten years. Nowadays I'm trying to work smarter rather than harder.
When it comes to real estate "Live where you want; invest where it makes sense."
Receiver,
I have 3 accts. with Pinn. and at the time they suggested sending cashiers check to invest with.
The cashiers check only have a carbon as my receipt, so I can't send a copy of the front and back. Also, I have no idea of what bank it was drawn on since there's nothing that gets sent back to me from my bank.
We will want to verify all cashiers checks were deposited into the Pinnacle account. If you can send us copies we may be able to do that with available records, but you can also take your copies to the bank and request copies of the front and back of the cleared checks. Thanks for your assistance.
If one account was opened with funds from two different family members, is it important to indicate it on the claim form? I understand there are some tax deductions that can be taken against the loss. Do you need proof that second individual issued a check before funds were sent to Pinnacle, even though Pinnacle only got 1 combined check?
Attn: Nealhope
On my copies of the checks they send everyone. They have removed the route numbers and account numbers, the bottom of the checks are blank. We just invested at the end of August. Maybe they realized the threat of having the numbers advertised.
Now that I am looking I am seeing the real estate agent names, sellers names, inspector and appraiser names. ??? Just a thought. The lender was Wells FargoBank.
Receiver,
The last check I sent Pinnacle in the amount of $35,000 was dated 6/12/06. I never received an acct.# or a property attached to it. It seems as summer rolled along they got very slow in sending out information. I did get a phone call from them saying they received the funds, and the signature page to sign with alot of other pages showing everyones contributions, but that was all. I'm sure the latest investors didn't get any kind of paperwork showing acct.#'s or what properties their money was attached to. How should we fill in the area on the claim form asking for acct.#'s or properties attached to the acct.# ?
Some folks complained about the reveiver's end of this deal but they seem to be on Pinnacles funds like Matlock... :mrgreen:
Do what you do Mr. Receiver. I will feel better when Gene & Robert are sleeping outside downtown with the rest of the homeless people telling stories of what they had.