All Forum Posts by: Kevin Tillery

I'm writing you to save you and yours from dealing with a thief, a liar and a fraud. Read the entire message and inform everyone you know to prevent others from experiencing such financial loss.

On 3/26/19 Sean Richway (who was fined in March of 2019 for violating real estate related laws in Essex County [https://newyork.cbslocal.com/2019/03/27/forgotten-families-landlord-2/]) entered into a joint venture agreement to share in profits upon the sale of an asset located in Roselle, NJ. Sixty percent to the me, and forty percent to Sean Richway. Prior to this ratified arrangement, roughly around 11/1/2018, I was contracted to purchase the above mentioned asset solely, without the “partnership” of Sean Richway. Ultimately, Sean Richway persuaded me to allow Sean and his company, CFRE Investment Flips I NJ Corp to become the buyer. Now, I see this was done with the intent to defraud and steal.

Once the property was acquired, I renovated the asset to the point of bearing a fair market price. In addition, I sourced a buyer that ultimately purchased this asset. Approximately a week prior to settlement, I asked Sean Richway via email for just compensation on the day of close. Sean responded very arrogantly and denied payment. I responded by sending Sean Richway appropriate wire instructions, which was never requested at any point from Sean, which gave me proof of Sean's intent to commit the fraud and theft I'm dealing with now. I also informed everyone associated with this transaction, including Sean's appointed title company, that the JV agreement and the addendum between Sean Richway and myself will be recorded at the county recorder to make sure my funds aren't stolen. Sean's response was that my profits gain for rehabbing and selling the Roselle asset will be used for Sean's legal fees and losses on another property not associated with this deal.

On 10/29/19, Sean's lawyer mailed a letter that violates false or misleading statements, hiding evidence, failing to disclose all relevant facts, and arguing a position while neglecting to disclose prior law which might counter the argument in an attempt to retain my portion of the JV profit split. This letter was coincidentally sent around the time I requested payment for my lawful profit share... The premise of these letters state his client, Sean Richway of CFRE Investment Flips I NJ Corp and Infinity Capital Finance is essentially lawfully allowed to commit multiple crimes within the jurisdiction of New Jersey. One of these crimes are theft by unlawful taking, committed on 10/29/19. On this day, Sean Richway and I should have concluded our signed contractual obligation by wiring me 60% of the net proceeds; $25,388 (which includes $2,600 that I paid out of pocket, which hasn't been reimbursed) from the sale of the asset on 10/28/19. Or, $39,596 when eliminating the unconscionable 3% management fee clause (a very sneaky way to increase Sean's equity split even though he did not manage the asset in any month from purchase to resell...). These figures are derived from the HUD/CD net proceeds Sean Richway received in the amount of $108.086.41 on 10/28/19.

At his point, Sean’s unlawfully and illegally withholding money not owed to or owned by him. Sean’s desire to commingle funds, pay for his lawyer fees, offset different property expenses, satisfy debts or investment losses, etc is wrong, unethical and more than enough for you to avoid him and his companies at all costs. There's absolutely no such signed document in existence to support Sean’s choice of taking and keeping my $25,388-39,596.

Rather than figuring this out like men - Sean chooses to hide and not respond to text messages or emails. So, I'll have to use the government to find him and bring him justice... Speaking of an unscrupulous act, Sean Richway agreed to allow a woman to go without heat in her apartment during a Jersey winter...See article above.

DO NOT waste your time with this guy. Sean Richway, CFRE Investment Flips I and/or Infinity Capital

Finance isn't honorable. I’ve never dealt with such a person and company...I urge you to STAY AWAY! Hopefully, I've saved you and your family, friends, colleagues, partners, contacts, affiliates, etc. from dealing with such drama, deceit, fraudulent dealing, stealing and being unresponsive during times of concern. Real estate is too lucrative and fun to deal with such scumbags and crooks like Sean Richway and his companies.

Happy investing! If, you avoid Sean Richway...

INVESTORS BEWARE!!!

I recorded it after closing, and when the title company pulled title. Hind sight is always 20/20. I didn't want to record it prior because I had no proof he wouldn't pay, and delaying settlement on assumption could have back fired. Also, opinions really don't apply in court. Now, with it being roughly 2 weeks, there's a signed contract saying I'm owed and he sent an email saying he owes me - I have legs to stand on at trial and win judgment to get my money. 

INVESTORS BEWARE!!!

The first and last 60/40 JV deal I closed with this company (see below) settled on 10/28, Monday morning. It's now Saturday afternoon, 11/2, and I still haven't received my money (over $25K). An amount sent via email in a spreadsheet, 2 days after the date we agreed I would receive payment, was equal to 12% of the net profits...Vastly different from the 60% split I was anticipating after rehabbing, managing and selling the property...This calculation included doubled the closing costs, recouping revenue and expenses that were already subtracted from the HUD/CD. Prior to closing, I had a feeling Sean Richway, the president of this company, would do this. So, I asked to be paid at closing. That was denied with all types of excuses. My wire instructions were sent without the company's request, which was questionable. Responses from Sean prior to receiving the settlement money were within the hour. Now, that Sean is in receipt of the closing funds, responses take 24 hours...Before experiencing this very unprofessional way of handling business - I knew there wouldn't be a second time at bat with Sean and this company given the persuasion of becoming the buyer instead of the lender, and the 3% monthly management fee outlined in the JV agreement. This clause is a very sneaky way to turn his 40% split to upwards of 50%. Sean, when discussing this transaction at least, did not manage the subject property in any aspect. Yet, he stands to generate $37K in management fees. Roughly, 1/3 of the net proceeds...That's a straight rip off! The money I've earned should have been wired at this point, period. Any amounts in question north of this payment, could be hashed out and negotiated at a later date. If I do not receive payment Monday, a full week after closing - I will be contacting the authorities and taken appropriate action to receive payment. Hopefully, I've saved a few people from dealing with Sean, Infinity Capital Finance, its affiliates and this drama...Real estate is too fun and profitable to deal with individuals like this.

Fellow investors, BEWARE!!!

Sean Richway, President

Infinity Capital Finance

srichwayatcfrejvflipsdotcom

srichwayatinfinitycapitalfinancedotcom

www.infinitycapitalfinance.com

@Account Closed Right. That was my intention initially. I was actually going to purchase the property myself and just have this company be the lender. Figured the signed JV agreement would secure my interest after Sean persuaded me to allow his company to be on title as the buyer. I did record the ratified JV doc before closing. If I'm not compensated Monday, I'll reach out to the lender, letting them know there's a cloud on title dated prior to their recording. Not sure how this will turn out...

INVESTORS BEWARE!!!

The first and last 60/40 JV deal I closed with this company (see below) settled on 10/28, Monday morning. It's now Friday evening, 11/1, and I still haven't received my money. An amount sent via email in a spreadsheet, 2 days after the date we agreed I would receive payment, was equal to 12% of the net profits...Vastly different from the 60% split I was anticipating after rehabbing, managing and selling the property...This calculation included doubled the closing costs, recouping revenue and expenses that were already subtracted from the HUD/CD. Prior to closing, I had a feeling Sean Richway, the president of this company, would do this. So, I asked to be paid at closing. That was denied with all types of excuses. My wire instructions were sent without the company's request, which was questionable. Responses from Sean prior to receiving the settlement money were within the hour. Now, that Sean is in receipt of the closing funds, responses take 24 hours...Before experiencing this very unprofessional way of handling business - I knew there wouldn't be a second time at bat with Sean and this company given the 3% monthly management fee outlined in the JV agreement. This clause is a very sneaky way to turn his 40% split to upwards of 50%. Sean, when discussing this transaction at least, did not manage the subject property in any aspect. Yet, he stands to generate $37K in management fees. Roughly, 1/3 of the net proceeds...That's a straight rip off! The money I've earned should have been wired at this point, period. Any amounts in question north of this payment, could be hashed out and negotiated at a later date. If I do not receive payment Monday, a full week after closing - I will be contacting the authorities. Hopefully, I've saved a few people from dealing with this drama.

Fellow investors, BEWARE!!! 

Sean Richway, President

Infinity Capital Finance

www.infinitycapitalfinance.com

Has anyone got approved for and closed on a property using Finance of America Line of Credit? If so, how was the process (fees, timelines, restrictions, underwriting, communication, etc.)? If not, what happened? Thanks! 

Good day. This letter is to inform you about Marcus Mullings, and to ask that you spread the word about Marcus Mullings so he won’t steal from anyone else! Rather than spending time finding and closing real estate deals - I have to set aside blocks in my day to perform detective work because Marcus Mullings made a conscious and premeditated decision to cheat me out of thousands of dollars. Below is what I’ve found thus far, outside of the money he kept:

Marcus entered into our JV Agreement fraudulently with the intent to manipulate. His name is Marcus A. Mullings as proven by a public record search, which matched is DOB, phone number and other information. However, he entered into the agreement, initialed and signed as Marcus W. Mullings. This is ethically and statutorily wrong.

The address Marcus used on our JV Agreement was knowingly false, and wasn't tied to him. The current resident of Phelps Avenue Englewood, Suzanne, said on May 17, 2019 at 2:45PM, "No one by that name [Marcus Mullings] lives here." She states, "It's either her father who has not lived here in 30 years or her brother who has not lived here in 20 years." She states, "She has no contact with them and does not know where they live." This information was gathered by Alexander Vays, Esq. More recently, the Bergen County Sheriff Department provided similar details from a relative who lives at a different address in Hackensack. This is a spiritual and a legal transgression.

Marcus is a repeat offender in respect to taking advantage of people in the real estate industry. Attorney General Porrino filed charges in November 2016 against Marcus and his company for real estate fraud via Docket No. C-317-16. Marcus entered into a contract with these homeowners, funds were exchanged, fraud was committed and the State filed charges against him. This is a social and a commercial infringement.

Watch out for Marcus Mullings! Not only did he steal $20,000+ from me via a JV Fix & Flip deal I brought to the table - he stole money from at least 3 other people based on lawsuits they filed in NJ courts. This is the 1st time in 2 years of successfully transacting with 10 other people doing similar JV deals through my investment group that I had to deal with such an unscrupulous person. Now, I'm the 4th person to file a NJ lawsuit against Marcus Mullings...

Be aware of Marcus Mullings! Any dealings with him will more than likely cost you one way or another; as evidenced with people in the past and me currently. Sound the alarm to prevent your family members, friends and/or business partners from engaging with Marcus Mullings, Leverage Plus Group, LLC or any of Marcus' affiliates. Hindsight is always 20/20. Knowing who Marcus Mullings really is, I would not have accepted him into my investment group, entered into any agreement to conduct business with him or even allowed him to step foot in my office. How can, and why would any sane person entertain real estate or monetary agreements, verbally or in writing, with Marcus Mullings considering all of the above facts?

INVESTORS, HOME OWNERS, LENDERS, CONTRACTORS, ETC. BE AWARE!!!

https://www.facebook.com/marcus.mullings/timeline?lst=100000024171551%3A569623921%3A1562770776

https://www.biggerpockets.com/users/leverageplus

@Pat Marco

Question: Does the seller pay taxes on an increased purchase price that's being used for buyer's closing costs via concessions?

In other words, I'm buying a 4-unit and proposed raising the purchase price 6% to cover 6% of my closing costs. However, the seller is reluctant because she thinks she'll pay additional taxes. As result, we're at a stand still.

@Diana Muresan

Good day.

Do you lend in NJ?

I have a fix and flip deal in Roselle with a recent and rather conservative appraisal at $250K.

The purchase price is $180K, rehab is $15K and the ARV for a 4/2 should be around $265K.

I've flipped 3 properties in the same city over the past 24 months. 

@Kim Tucker

Good day.

Do your private lenders fund NJ deals?

I have a fix and flip deal in Roselle with a recent and rather conservative appraisal at $250K.

The purchase price is $180K, rehab is $15K and the ARV for a 4/2 should be around $265K.

I've flipped 3 properties in the same city over the past 24 months.