All Forum Posts by: Santosh Ameti

Just wanted to share update on my discussions with Chris from Summit Capital. Chris has been very responsive for the last week, we walked through the property i invested in and its currently under remodel. He acknowledged they were delayed for multiple reasons like crew shortages, financing not going through, delays in sales etc and that they could be more proactive on communication and updating the partners. Chris showed couple of other properties that they invested in, renovated and waiting on sale. Compared to all my previous discussions and meetings, this one was helpful. 

At this time, given the property is being remodeled and readied, I aligned on a payment schedule in multiple investments. Hoping all will fall in place, will keep the thread updated.

 Rayna - are your payments still on track? Our experience has been unpleasant so far.

I have invested around Oct 2021 and Summit Capital has missed their commitment. We were supposed to be paid within 8 months with 40% guaranteed returns and till date we haven't gotten a penny. They sold highly about the owner Jim, his experience and he even personally guaranteed the investment. We reviewed some of the past closures that were impressive.

After almost 2 years, we aggreed for an adjusted reduced guaranteed payout and even that schedule was not honored. An amendment was suggested by owner which was not honored too. I went to meet them yesterday at the location as they do not communicate or answer phone calls and the owner's voice while talking to me was not pleasant. We are discussing amicable resolution now and I will keep this thread updated if anything changes part of the ongoing dialogue.