Newest Twist in Fast Cash Man Story
The Times is continuing to poke around the Kenny Rushing story. This time they are focusing one of his proteges,William Ondra Joel II, and a woman named Jill Jackson. Essentially the story is about how Ms. Jackson who had about $8,000 in assets (and a negative net worth) negative ended up purchasing almost 2 million dollars in property,
"The grand total for this greenhorn investor: 10 weeks, 10 purchases totaling $1.84-million, not a single penny down."
However, "Some of her properties are in disrepair. Others are in poor locations. Most are vacant." and "She paid 60 percent more for the properties than the property appraiser says they are worth — a premium of almost $700,000 paid for the portfolio." . . . ."But the rest of the purchases are far enough out of the realm compared to our values that you wonder if the sales are bogus."
Mr. Joel indicated he was just a consultant to Ms. Jackson. However some sellers indicated they did business with him and not her.
Very curious. Is Ms. Jackson someone who decided to take the real estate plunge and lined up some investors to help her get started? Or is something else going on?
12 comments:
Cue the pro-Kenny Rushing and "They must be racists" posts in 3..2..1..
Or... Could it be that the scientologists have new puppets to come in under the cloak of darkness and buy Tampa--one by one!
>Or... Could it be that the scientologists have new puppets to come in under the cloak of darkness and buy Tampa--one by one!<
Cool! Friends of L Ron Hubbard can have my 19th street joint for 300K - no questions asked...
This is an age old scam. Basically, Jackson will soon default on the loans after a couple of months of payments and the 10 different mortgage companies will be left holding the bag. This scam assumes that no one will catch on to a whole list of dead beats that it takes to get this scam to work. You need not only the shady people like Rushing and Associates but you need a corrupt appraiser. Now that the Times has turned this up, the mortgage companies should follow up and investigate. They should ask the FBI to look into this and prosecute. At this point, the rats will scurry into the darkness.
I didn't read anything that mention mr. Rushing having anything to do with these deals. The one he did take part in was totally legal. Mr. Rushing can show other where they can drink the water, but it's up to them to make sure they use the right cup. Let's hope that everything Ondre Joel did in his real estate transcation were above board. based on what i read it didn't appear to be fraud, an investor can buy as many homes as they want "with no money" down if they have a high becon score. It appears perfectly honest to me.
I've never heard something so ludicrous in my life. Number one, Jackson has no history of being an investor. It is highly unlikely anyone would loan her money to buy 10 overvalued properties WITH NO MONEY DOWN unless some deceit was in play.
As above, it's an age old scam. The properties are bought simultaneously so none of the mortgage companies catch on. Jackson may well be the dupe in all of this but she has to know what she is doing is wrong and very illegal. It's called fraud and someone will go to jail very soon unless those properties get resold to cover the debt.
It burns me up that mortgage companies could be so stupid as to fall for this scam.
It takes lots of malfeasants to create this type of rip off.
I would have to disagree. Unless the property values were inflated, or the loans went into foreclosure, this is a legal deal. Based on the article the properties were appraised at market value, and all of her rental payments are current. If this was a scam I doubt Mrs. Jackson, or Ondrae would still be in town. They would have taken the money and ran. If you are an investor, you too will agree that if a person has a high becon score 700+, you can buy as many houses as you like. However, let's just hope that everything was done legal, if not someone will go to jail.
The properties were inflated. The property appraiser said so. And you have to be an idiot to think that this deal is legit. No mortgage lender under the sun will lend zero down to an investor without history and a negative net worth. Buy as many houses as you like? You are a complete fool. If that was the case, why didn't they go to the same MORTGAGE COMPANY FOR ALL 10 NOTES? The reason they didn't is to portray Jackson as a first time buyer with no other properties, they probably took advantage of some first time buyer programs.
Jackson will make the first three payments to get the mortgage broker off the hook and then default. On 1.8 million you're looking at 15K/month p&i + escrows. They netted 700K in the sales, they might make about 100K in payments to throw the companies off and then it's down the drain.
Besides the leaders of this scam, it usually takes a very corrupt appraiser (who may well lose their license), shady mortgage brokers, blind title agents, and the evil "consultant".
I just hope they do jail time.
We all hope that Ondrae Joel didn't do anything illegal in this transaction. However, if he did I'm confident that Mr. rushing had nothing to do with it. Mr. Rushing helps hundreds of people learn how to invest, maybe even thousands, I'm sure the majority of them do the right thing, but you are always going to have the rotten apples in the basket, and they make it bad for everyone else who is doing the right thing. We believe in Mr. Rushing, and I'm confident that if Ondrae Joel did something illegal it was independent of Mr. Rushing. I know Mr. Rushing personally, and if you do bad business, he will never do business with you again. I encourage Mr. Rushing to keep up the good work, don't let one bad apple ruin the bunch. There are hundreds of us out here everyday investing in real estate, and doing it with honorably.
It to bad that people allow greed to overcome them . That is one of the principles that Mr. Rushing teaches, not to become overwhelmed with greed, this allows people to lose their integrity. In addition, Mr. Rushing teaches all his students "Never to set your clients up for failure, only success!" Last, always pay your taxes. Keep up the good work Mr. Rushing, we love you for being the man you are. Don't let the St Pete Times, or anybodu else get you down. We know what you stand for, and the community is behind you 110%! As for Ondrae Joel, if you are doing bad business, you know you are cut off! There are too many of us out here doing the right thing, and everyone needs to obey the rules, and do what Mr. Rushing teaches "to have good moral principles!"
I know this is WAY off topic, but at least another major paper got the real story on Kenny Rushing's mission. Hosue Hustling is now on the map, going national.
http://www.chron.com/disp/story.mpl/headline/metro/4018642.html
Also check out www.househustling.com (still under concstruction)
I hear a lot of jealousy. if you know how to buy property as an investor you'll know that it was a legal transaction( its called hard money idiots) thank you for listening good night
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