House Hustler
Does the Fast Cash Man take advantage of people? Or is it the white establishment reacting to a black brash upstart? Or is it the simply the background usual story behind an entrepreneurs doing well, who shades the truth a little?
Interesting article about Kenny Rushing, the man behind the Rehabber's Supertstore, whose billboards, bus benches and Hummers we see all over the place. The man behind the human Fast Cash signs on Nebraska and MLK. "Don't Let Them Other Guys Steal Your House"
"Its essence is this: Why can't black people get into real estate investing and make the money white people have been making? Why can't the young black men who push drugs apply the same business acumen to something legit, like real estate"
Good Point.
However:
"Records show that on Sept. 10, 2003, Bennett sold the house to Rushing and his father-in-law, John Floyd, for $20,187. There was an $18,458 lien on the home, money Bennett's mother owed the city of Tampa housing department. According to Bennett's closing papers, she netted $1,729 on the deal.
When a friend of Bennett's, Cohen Williams, found out that she had sold the home, he was furious.
"This was done in three days, like it was a race car," Williams said. "It was sign this, sign that, bam bam boom, fast and quick. I tried to tell her to wait, but she wouldn't."
Three weeks after buying the home from Bennett, Rushing and Floyd sold it for $70,000 - a markup of $50,000."
The story wonders if he is a front man for white developers. I guess time will tell if he is a showman or simply a shill.
I'd relate this story to a story about people facing foreclosure who were being taken advantage by predatory buyers but I can't find the link.
Added note:
I found the link:
Sale or Foregone foreclosure
" St. Petersburg Times investigation found that Heath and Wilson have acquired and sold numerous homes facing foreclosure throughout the Tampa Bay area, leaving former owners bitter and claiming they were duped"
"As many as 300 cold callers, consultants and investors in Tampa Bay are looking to turn pending foreclosures into profit, say those in the business. Hundreds more operate statewide.
These rescuers approach stressed homeowners when money is tightest and lenders are closing in. They offer to pay off the delinquent mortgage payments, allowing the homeowners to stay put. Relieved, they sign paperwork - often without realizing they have just sold their homes.
Deed in hand, the investor can evict the former owner, then sell the home for profit.
Other states have extended protections to those in foreclosure, but in Florida, special interest lobbies have stopped similar measures from becoming law.
"Florida has yet to realize the depths of our foreclosure problem," said April Charney, a Jacksonville lawyer known statewide for pursuing scammers. "The bottom line is that other states have taken steps to stop these home muggers, and we have not."
Seller beware - scammers abound.
What are those protection that others states have?
51 comments:
Whether he is an upfont business man or not, the fact that he tries to get business based on a camapaign of ill disguised racism is wrong.
My favorite comment:
"If I had known the house was worth $70,000, I would have paid her a lot more," he said. "In that case, I definitely would have paid her $60,000. Easy."
"I'm not about to say, 'Here you go, here's all I made on the property.' "
My grandpappy used to have a saying about those that talk the talk and those that walk the walk, sounds like Kenny's all talk to me.
Take this same scenario and have it be anyone other than an african-american "businessman" pulling it and the outrage would be enormous.
its business. no one made that woman sell her house in three days, in fact her "family friend" told her to wait. sellers and investors both have the obligation to do their due deligence. if she had, she would have known the house was worth more. however, there is no way Kenny didnt know what that house was worth, he's to smart.
Darwin economics aside, it's business certainly, but then again, that same logic should apply to Those other guys that would steal your house, its just business. It's all shtick and flim-flam to hoodwink, and bamboozle those folks.
Caveat venditor. It would be great if there were an education program to give them better information to help avoid fast-talkin Kenny.
Is it worse to sell your house to one of these scammers or to lose your house to a public auction? Both are humiliating and either way, you lose your house.
It's really no different than those loans for car titles scam that was going on a number of years ago. Poor person hands over their car title to get a small loan. Lender charges 25% weekly interest and when they can't pay it off they sell the car for a huge gain. And it took FL years to stop those businesses.
not all investors are bad people. some even provide money back to the seller at closing to cover rent deposits on an apt. or moving expenses. real estate ivesting is a LEGAL business and very profitable too.
Investing is perfectly ok, particularly those that buy a house, in an appreciating market, make improvements and pocket a nice return for their efforts, but this fellow, and other predatory purchasers who fast talk, pressure, or use insider information, to bilk unsuspecting people, particularly seniors, are lower than scum. Again, it would be nice to see a campaign that provided folks some information on where to go to see if they are getting a fair value.
Several satisfied customers were quoted in the St. Pete Times article on Rushing, but overshadowed by the Bennett story. Why is it that the St Petersberg Times decided to emphasize that one story on Bennett? In the article it was actually reported that Bennett's property was assigned to Rushing. Again, the St Pete's Times reporter slanted the story. If Rushing was assigned the property, the deal with Bennett was already made with Ryan and Rushing had nothing to do with the purchase price.
I went to one of Kenny Rushings free seminars. The paper missed the real story - the good he does.
If you ask me, the only reason he talks so fast is to keep ahead of reporter who tell half truths. God Bless Kenny Rushing
I seriously doubt he does any good except to his own bank account. but then again its a race thing i'm sure i wouldn't understand.
I'm a white american and I have been doing business with Kenny Rushing for four years. I have even attended his free bus tours. Kenny Rushing is a good person, and I think you all need to read between the lines. The St. Petersburg artice, does not portray him for who he is. There are alot of jeoulous people who I believe don't like him because he is successful. However, I can assure you that I know hundreds of people who adore him for all the great things he does to help others.
You'll will never hear about all the deals these guys loose there ass on. The seller made the mistake not the purchaser. It's business in a free market.
I'm also a former crack dealer. I met Kenny Rushing a year ago. I gave up on life. I was in and out of prison, when I heard about Kenny and the House Hustling Movement I had the chance to meet him. He showed me how to apply the sam street skills to legitamit business. If I had not met Kenny I wouls still be selling drugs, now I'm successful, pay my taxes, give back to the hood, and respect the hood. The white media always got a problem with a brother who is trying to help minorities. I'm hispanic, and I must say that I love Kenny, and everything he is about. I gave up on myself, but Kenny didn't. He is my hero, maybe one day you all will know the truth. Keep your head up Kenny, they just hating.
can I get an amen?
Kenny Rushing is a role model for thousands hopeless youth in the Tampa Bay community. His story gives them hope, and inspiration. Being a mother who is raising a teenage kid. I only prey that god can send us more Kenny Rushing's. My son attends Mount Pleasant Standard Base Middle School in West Tampa. I can remember like it was yesterday when he came home excited about meeting Kenny Rushing & Tiny Lister. They took out time from their day to come and give hope to not only my son, but many other children. These kids need a Kenny Rushing to look up to, or their role models will continue to be the pimps, drug dealers, and criminals some of them worship, but Kenny Rushing has showed them that you don't have to be any of thee above to be successful, and drive a bentley. I support Kenny Rushing, and if you don't know him, I encourage you to get to know him. He is the total opposite of what that racist reporter tried to portray him as. That was an injustice to all parent rather you are black or white who are trying to raise a son. They need role models, I vote for Kenny Rushing.
Kenny Rushing is successful at what he does. Unfortunately, his success has resulted in jealousy and resentment from others who try to make him look bad so they can feel good about their own lives.
A few weeks ago the St. Petersburg Times wrote a story about two local investors Heath & Wilson who were swindling people out of their homes by offering to "lease back" the home to them, and then forclosing soon afterward. There are alot of unethical investors out there who use this ploy to cash in on someones equity. They make the seller believe they are going to get a chance at buying back their home, however they are setting them up for failure from the very beginning. I'm a local investor, and I have done business with Kenny Rushing, he is by far one of the most honest investors that I know, and he is very good at what he does. You can not relate Kenny's article to Heath & wilson, those guys take advantage of people, Kenny is a class act. He can planket the city with "Don't Let thenm Other guys steal your house," because I know from working with him that is character would never allow him to take advantage of anyone, rather you are a seller, or a novice investor looking to learn the business. For the record, I am a white investor, and I don't think Kenny judges people based on color, but character. He is an out standing young man. Regardless of his past, I am a supporter of him. He has proven to society that the under dog can rise to the top. Keep up the good work Kenny, I am proud of you.
Kenny Rushing for President!
Though people sell their homes to Kenny willingly, he obviously uses race. Even his billboard uses a "black" face and a "ghetto" colloquialism: "don't let them...". He leverages the distrust of whites prevalent among the poor blacks to sell the homes to the same developers in the first place.
The obvious answer to all of this is to tell anyone who is buying a car to contact a few licensed real estate agent who is legally bound get the best price. There, if the house is resold in 10 days for twice as much, the agent is answerable. Unfortunately, the plight of the poor is not poverty but ignorance and their willingness to "buy" into a huckster who is selling nothing more than a mirage. "I'm keeping those white people from taking advantage of you. We're going to stick it to them."
Reminds me a little of how Don King will ruin fighters just to grab some of their cash. Tyson was on his way to being the greatest heavyweight until King talked him into firing his managers and hiring him. Convinced that "whites" had taken advantage of him, he hired some inexperienced black ring men and he lost to an inferior Buster Douglass.
Anonymous @ 11:33 agreed, I think the thing that doesn't sit well with me is the fact that Kenny Rushing is doing nothing differently than "Those other guys" he just has an in because of his race, and his willingness to exploit it.
While the article most certainly has a slant to it, Kenny doesn't help his image with a statement that if he had known what Bennet's property was worth he would have given her more, that's just assinine. Of course he wouldn't have and no rational person would believe he would have, so a statement to that effect sounds petty and defensive.
For the record, calling what these folks are doing "investing" is a bit of a misnomer, it's like calling the day-traders of the 90's investors. This is pure speculation, not investment. Investing in the community involves much more than just buying low putting a few bucks into a place and then selling high. It's having an interest in the community for the long term. Investing doesn't involve winners and losers, while speculation requires it. In a speculative market, ultimately someone buys at a price that the market fundamentals cannot sustain. Someone will always have to buy too high. Read Warren Buffet's remarks from earlier this year. While he was speaking in terms of the stock market, the same applies to the real estate market.
My point is lets call it what it is. That's all.
oh really Moose? its not investing? Thats not what you said in your post on 5/13. change your mind already?
5/23, sorry
Youre correct, I mispoke, using the term investing incorrectly at that time in response to the comment about not all investors are bad people, I dont think that people that flip houses are bad people, nor is housing speculation inherently evil, but I think people cloak themselves in the title "investor" to make them feel better about what they do. So I stand corrected.
There goes my stret cred.
What Kenny Rushing does is an entry point in my opinion. Flipping houses is a great way to accumulate cash so one can move on to bigger and better business and investments. The problem is most "journalist" and regular folks who are disgusted at the notion of entreprenuers(especially BLACK ones)and business are jealous because they(black and white) are not bold enough to make life changing power moves on their own. Instead they seek artificial fufillment by bringing others down.
I wish them good luck with social security and their 9-5 "job security" :(
whatever helps you sleep at night.
cash cow.... I agree!! finally someone who speaks the truth.
I have bought and sold over 350 homes in six years, I have never been accused of stealing someone's house until a shady journalist talks to an elderly lady who didn't even sell me the home. Again, ladies & gentleman, I bought the house from Ryan Khouri. The house was assigned to my company. I never negotaited with Ms. Bennett, didn't you all read the article correctly? I don't use color to buy houses, I buy from whites, hispanics, and blacks. Only nine or ten houses that I have sold in the last six years were to developers. Yes, i do educate drug dealers so that I can keep them from poluting the streets with drugs, who else cares? we all know it is a social problem but everyone ignores it. Why not invest some time into them, just maybe they will fly straight. If we give up on them, what happens? The society we live in gets worse, or we could just keep sending them to prison. Why not save ourselve tax dollars, teach them how to invest in real estate, and allow them to pay their taxes, instead of us paying them to help cage them. Sometimes we have to think outside the box. I ask anyone who is willing to join me at my free bus tours each month. it's totally free to the community, it's not a black thing. It's a people thing. Not only do I love houses, but people too. God bless all those out there who say bad things about me, but what take the time to get to know me. "a wise man changeth, a foolish man stays the same!
Anonymous at 12:06
What the article did not tell you all is that the house that was assigned to me by ryan Khouri was a 500 sq ft shot- gun house in distressed condition. In "as-is" condition it was worth no more than $35,000. After puttting a for sale by owner sign in front of it I received a called from mary Hernandez who was the President of the Tampa heights Civic Association. Mary asked if I owned the house with the For sale sign on Ross. I told her yes. She informed me that she knew a developer who was interested in the house. I planned to sell the house for $35,000, however when I found out a developer was interested in it, that price increased to $75,000. Developers have deep pockets, wouldn't you do the same? The developer presented an offer for my new asking price, and the deal was done. Yes, I would have paid Ms. Bennett more money if I had known the property was worth it, but I didn't. It was a lucky roll of the dice. Initially I though I would make $7,500- $10,000 on the deal after doing some rehab work. However, I made off better. I thank Mary Hernandez for her lead. Some deals you make money, but I assure all of you that there are many more where you don't. This is the full story, the one the journalist didn't want you to know.
Anonymous 11:33
I don't have to use a black face to sell my services. again, I buy from everyone, white, black, and hispanic. Let's not make this a race thing, everyone who knows me will tell you that I'm far from being prejudice. I don't have to scare black people into convincing them that whites are stealing their house. where do you come up with this idea? I can assure you that 80% of the investors out there are good people, it is the 20% like Heath & wilson who make real estate investing have a bad name. If you are not "stealing people's house," then you should just ignore the sign. If you are maybe it's your conscious that is getting to you. there is nothing wrong with making a buck, as long as you do honestly. My company employs over 12 people, and I have a zero tolerance policy, noone has ever been taken advantage of, we always encourage them to consult with their pastor and attorney before we buy their home.
I dont know who on here actually knows the real Kenny Rushing more than just the billsboards and busstop benches you see all over the City of Tampa. I think of myself to be very blessed to have even met Kenny Rushing. Kenny has done soooo much for me and many other people just like me all over the city. I use to live pacheck to pacheck barely making it on my dead end job and now I can live comfortable and enjoy life. I don't know where I would be without Kenny...he's my HERO.
When Kenny says he invest in the communinty, its more than just buying and selling houses. The article of course would not talk about the thousands of dollars he gives to charity, isnt that investing in the community. How about paying advertising for 10 black owned business owners every month in the Florida Sentinel because they cant afford it to help them promotr their business, insn't that investing in the community. Donating money's to Mount Pleasant Standard Base Middle School in West Tampa to ensure these kids get good education and also take time out to visit the schools and other organizations around Tampa to encourage kids to think big and follow their dreams and don't become products of the pimps and drug dealers who are their role models out there, isnt' that giving back to the community. Or better yet, how about teaching 200 blacks EVERY MONTH on how to create wealth through real estate FOR FREE, inspiring hope to those who feel they have no hope, getting single mothers a chance to stand strong and be independent, teaching men how to be real men, educating street hustlers to change their ways of selling drugs, applying the same skills they have of marketing, sales management and distribution and change their product and become house hustler and still live a comfortable lifestle, enjoying life. Everyone wants to be a hustler these days...watch MTV/BET/VH1. He's reaching them on their level, he connects with them, ins't that investing in the community. Getting these people off the streets when everyone else and society has turned their back on them, one man lets them know they can have a second chance, isn't that investing in the community. Maybe one day your son or you daughter may become a prodcut of this drug environment or maybe get robbed by one of these guys and you would wish there were more Kenny Rushings around to help clean up the streets. If that isn't investing in the community, then maybe you can educate me or better yet educate him and give him some advise, because obviously he must be doing something wrong, right?There is more to Kenny Rushing than this article wants you to believe. Now tell me what are you doing for the community?
The Kenny I know would NEVER steal someones house. I have done business with Kenny on numerous occasions and I have personally seen with my own eyes where he pays more for properties WHEN HE IS THE ONE DOING THE NEGOTIATIONS. I have havent even met anyone who bought a house from Kenny who wasn't successful in making money. From what I have seen everyone, sellers and investor were always treated fairly. In this industry you have to be superior and better than the rest if you want to be successful, there're alot os sharks out there, I assure you of that...Kenny is not one of them. In fact...I CHALLENGE YOU, to find someone who can ever say that they weren't treated fairly, never got their money, got their house stolen from them. I'll pay you a $1000 myself. I'm sure I can find many who well stand up and say they were never cheated or mistreated. It doesn't matter what his past consisted of, everybody makes mistakes, i sure have, everyone deserves a second chance, who are we to judge? I will put my life on the line for Kenny Rushing time and time again. I have never seen someone who cared so much for his community, his people and give so much of himself, than Kenny Rushing. I believe in what he is doing with the House Hustling Movement, I support him now and will forever support him which ever way I can.
As far as that Ms. Bennet situation, what is down played in the article is tha fact that, the house Kenny bought from Ms. Bennet was ASSIGNED to him. In the investor world it would have been unethical of Kenny to go around the gentleman who structured and negotiated the deal. All Ken had to do was bring the money agreeded upon to closing. Did you guys miss that part? C'mon lets see the srticle for what it is, these guys are just trying to sell newspapers.
Tell me the last time someone actually read a good article that wasn't slanted about a successful black person in the Tampa-Bay area who was doing something good and positive for the community? For those of you who are that narrow minded and cant read between the lines, I pity you. Like "Cash Cow said...good luck with social security and keep your 9-5 security cus thers no such thing.
Kenny keep doing what your doing, God will continue to bless you, I got your back and I know many many other's who do too. Put ya hater blockers on my man an keep on stepping. Jokes on you ST. Pete Times. HAHAHAHAHAHAHA
Bottom line is that anyone can do better by contacting a licensed real estate agent. Their cut is clearly listed in the contract and is limited by law. Any of these people who sold their house to Kenny could have made just as much or more selling it through a real estate agent.
These people just don't know any better.
Yes that is true. It is up to the seller whether they want money now or later. If a seller chose a real estate agent yes they may make the same amount or more as apose to Kenny buying their home. However, how long would they have to wait to see any money....2/3/6 months? I guess if someone is not in a rush to sell their home, then why not contact an agent and get the most money for their home, theres nothing wrong with that, but not everybody can wait and "hope" someone buys their house. Why not contact the Fast Cash Man and get cash in 3 days for my house. Heck, if he can pay what you're looking to walk away with, whats the harm in that? What really matters?
If I'm selling my house and not have to pay closing costs, commissions and Im treated faily, I get what I want for my house and can move on with my life, I dont care how much he makes off my property. He's a business man, people are in business to make a profit. Is there any harm in that?
...and by the way, white investors and developers have been doing this for years. Why is it a problem now?
That is true. Why are developers, people that own rental properties than sell, people that buy homes to fix up for profit, commercial builders, apartment owners, etc any different? The answer, they are not. They all use real estate for gain. Also, if you buy a bank foreclosure, are you taking advantage of the banks? If someone is in pre-foreclosure and you get that foreclosure stopped, are you taking advantage of the situation? No, you are helping the situation. Kenny is helping people who need to get rid of their home quickly, for whatever reason. Whether it be divorce, foreclosure, bad tenants, repairs, etc, it's all legit. Shame on most of you to say that investing is a crime. It isn't. I can think of hundreds of people just in Seminole Heights who invest in a home, flip homes, or build. Lucky them that they don't have 9 to 5 jobs and like what they do!
Keep up the good work, we love you Kenny
THE FLORIDA SENTINAL DID A STORY ON
KEN RUSHING A FEW MONTHS AGO. THE STORY QUOTES KENNY SAYING " I PAY PEOPLE $500.00 TO BRING ME A CUSTOMER." THAT'S ILLEGAL. WHAT KENNY DOING IS PROMOTING ILLEGAL REAL ESTATE ACTIVITY. THE FLORIDA REAL ESTATE COMMISSION CAN INVESTIGATE AND PUNISH ILLEGAL REAL ESTATE ACTIVITY.
PUT THE CRACK PIPE AWAY! its not illegal, its a finders fee. he's not a licensed realtor so he doesnt have to follow the same guidelines.
People pay finders fee's everyday in real estate. Just check the Sunday Tampa Tribune. There is a guy who advertises $1,000 for leads every week. Is he doing something illegal? You can pay cash for leads if you are not a license relator, if you are a realtor you are regulated by the real estate commission, as asn investor you are not. That is the good thing about being an investor. You still have freedom to be creative. Anonymous 11:40, you may want to get your facts straight.
HATERS ALL OF YOU.... You could care less about the old black lady who you seem to think was robbed, you're just upset it wasn't your brother or uncle who made a profit off the deal. Kenny is a business man people get into business to make money, just because he advertises his business and is not afraid to spend a little money to do so doesn't make him any diffrent than a quiet investor it just makes him more visible which is why he is so successful at what he does...Advertise haters get your hustle on and then you won't have time to sit around and worry about how high that mans money is stacked. Go to a seminar get a trade better yet get a life.
I just learned about this blog on Kenny Rushing. I am disturbed at all the negative press on Kenny. I have worked with his company several times, each of the deals have allowed me to make money. I never knew that Kenny had been in prison before. Would that have prevented me from doing business with him, probably not. I believe everyone deserves a second chance. Kenny has accepted this second chance and made the best out of it. Now that I know Kenny's back ground I am going to support him even more. He has proven that your future is not determine by your past. Thank you Kenny for the years of friendship, and support. Kepp up the good work.
We love you Kenny Rushing, keep your hater blockers on!
The newspapers are lies, lies, lies. I'm pro Kenny Rushing. Keep doing ya thang . . .!
at least another major paper ot the real story on kenny's mission.
http://www.chron.com/disp/story.mpl/headline/metro/4018642.html
The black community has never had a problem seeing the white man's attempts at exploitation. They do have a serious myopia when it comes to black hustlers such as Kenny Rushing swooping in and making off with large amounts of their hard earned money. Let's call Kenny for what he really is .... a Pimp. He takes advantage of his own people to line his pockets. It's a symptom of a larger cultural problems that exists in black society. Black society is obsessed with money and Bling Bling. And sadly enough the community often holds up as heros any black man that has the appearance of making money - regardless of the legality of the source of that money. As to house hustling as a long term business, economics teaches us that only manufacturing and other productive activity produce sustainable wealth over the long term. Kenny's game is essentially a zero-sum one. If he wins, someone else has to loose. Essentially he performs an arbitrage function. Arbitrage serves a very important, but limited nitch in capitalist markets. Economic theory teachs us that arbitrage can't exist on a large enough scale to provide a meaningful and sustainable income for more than a few , well healed players. A good parallel might be rock and roll music. Every teenager at one time dreams of crowds of fans screaming their name. Out of those millions of teens, what percentage actually grow up to be rock stars ?
Anonymous 10/05
I don't see anything wrong with a black man making money buying and selling real estate. If Kenny were white there wouldn't be a fuss, however because he is black some of you "losers" have a problem with it. Mr. Rushing not only buys and sells real estate in the hood, but he also invest back into the hood. Have you ever heard of the "Support Black Business Campaign" in the Florida Sentinel Bulletin, how about the thousands of dollars he donates to non- profits in the city. Have you heard of the "Get on the Bus Tours?" Well, what about the hundreds of guys he helps get off the streets by learning how to House hustle, instead of hustling drugs. Just think, if he didn't reach out to these youth that same kid could be the one selling your children drugs to shoot up her veins. I have also known of Mr. Rushing supporting hundreds of African American businesses in the city, Advertising agents, contractors, and other merchants. You all need to stop hatin' on Mr. Rushing's success. He is a great person, and a proven leader. House Hustling is national, there is nothing you all can do to stop it.
check me out!
http://hubpages.com/hub/Criminal-at-16-successful-entreprenuer-at-20
The Bennett Story. I found this to be very interesting because I didn't make a dime off of this property. Ms Bennett was very knowledgeable about her property and actually signed the contract with a gentleman/friend present. The one thing Kenny forgot to mention is that the house needed to be knocked down which would have cost $5000. Meaning there was no equity in that house. The ironic thing about all of this is that this property is now worth no more than $10,000. So Ms Bennett actually did well. Regards, Ryan Khouri
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