Calling All ABC Capital Investors: Updates on Investments
There seem to be a good number of investors here that have purchased a property from ABC Capital whether through Maverick or directly. If you've dealt with them, can you please post your experiences with them?
I purchased a shell of a SFH last December in Philly through Maverick from ABC Capital for 43k with a 55k renovation cost separated into 3 draws. The 2nd draw came in July, which I promptly paid after they sent photos of progress. We're now 6 months past the 120-day renovation period and I haven't received a 3rd draw request and I'm actually starting to think the photos of the rough-in and plumbing were fake. I'm now 80k into this property with deep regret looming over me. They seem to have over-promised and are trying to dig themselves out of quicksand. I have suspicions that my 2nd renovation draw went towards another property higher on their priority list which seems illegal, but I could be wrong.
The rent guarantee was supposed to start in April, but I didn't actually start getting checks from them until July. They were able to dodge actually paying me by invoicing me for things they haven't actually done yet....
-Utility turn on - House isn't done so they haven't actually had to do anything
-Tenant placement - House isn't done so they haven't actually placed a tenant
-Property management - They're still renovating the property (allegedly) so there's nothing to really manage.
I've had to request the rent for literally every month I was owed, but since they've been paying when requested, I let that go. Well they haven't paid this month and haven't responded to any of my request for updates this month. Not sure what I should do at this point...