Let us Band together to stop the Scammers

Last week Jean Norton did a post on how she was affected by a scammer in our industry. Her post really tugged at me as I have spent the better part of last week trying to help a couple who was scammed out of their IRA money by a real estate "guru" named Travis Peterson and Todd Morgan. Their scam was simple. Sell houses for cash above market value to buyers who didn't understand the local market. They followed certain guidelines to not break every rule in the book. They used a title company, they sold on a warranty deed. The problem lied in their promises to rehab the house, find tenants, and led investors to believe they would be cash flow positive on these properties in no time.

Flash forward a year later. They have left numerous calls to Travis and Todd with no luck. Now this couple is stuck with two properties that they spent $42,000 out of their retirement accounts to purchase, that have a total value of around $4,200. 

I share their story to get the word out. I share their story because I want the opinion of the community. I share their story because we as successful businesspeople of biggerpockets need to reach out and help others when faced with a difficult circumstance.