All Forum Posts by: Ritch Bonisa

Probably just seeing the tip of the iceberg on this. Most people are too embarrassed to tell others when things like this happen.

I think it's a great thing that there are those who have helped dissect this thing in a public forum. There have been very experienced people who have helped raise pertinent questions and given high level analysis on this thing. They didn't go into it with an agenda, a "bashing" attitude, and aren't trying to sell a book or some sort of a get rich system.  They have tried to assist and educate.

Thanks for that guys.  I'd mention names, but I'd be afraid I might leave someone out.  You guys know who you are.  I continue to read the comments on this every day, because the advice and analysis is so good. 

Every new investor should be forced to read these threads.  There is real education happening here.   

The fall out on these will hit contractors as well.  The next time someone goes to rehab one of these, the only way out is to pound the contractor into the sand. A desperate contractor might try to take one of these projects on, they get in the middle of the project and realize they are going to lose, then they walk.  It just becomes a self perpetuating mess for almost everyone who touches it. I'm sure someone will pick them up for nothing and make 5-20k selling them to someone else who can't make a workable deal out of it.  

I don't know what will happen, but the word is that the investigation continues on this thing and criminal charges are possible.  

@Jay Hinrichs those properties that can't be rehabbed will likely continue to be bought and sold over and over. Every time multiple parties will get burned. We turn projects down all the time because the numbers simply can't work.  

Is this happening in any other markets or did these guys just get their hooks into this particular market?

Just saw there is a new video series from Clayton Morris.  He's sipping Scotch and discussing how you can turn your 401k into a successful cash flowing portfolio.  He's not stopping. Same basic tactics. 

@Rob LaRovere I agree on the zip codes and street by street for Indianapolis.  I'm in and out of those areas all the time.  If anyone has questions, feel free to reach out.

I would definitely speak to a PM before you take the plunge.

absolutely

What city?

@John G.

I haven't heard much about them in a few years.  I don't know much about them, but I haven't heard any negatives.  

I certainly wouldn't recommend that area.  Who is the TK offering property in Devington?  There are areas in Indianapolis that are good.  Indianapolis is very street by street.  Feel free to reach out if you have questions.