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Listen to this.This guy buys 3 houses (handyman specials) renovated them on a shoestring( with credit cards)a hope and a prayer.
When the houses were rented out, he doesn't pay off the credit cards,or attempt to pay down the mortgages, he decides that he now wants to run a large equipment business ( Backhoes, excavators, front end loaders, etc. ) without any background in this business.
, He takes the profits from the house rentals, he buys the equipment used " fixes" the equipment, which continually breaks down and never makes any profit.
When one of the pieces of equipment is stolen, it is then discovered that he never had insurance on this "junk" , so he can't report it stolen because the "paper work" was not in order.
Now a large part of his "livleyhood" has been taken. He is and has been in the red for the last 9 years. He has mortgaged his house to the hilt (the wife left with one of the houses 5 years ago and he has lost the other) and spent every cent.
Now that the large equipment business has not worked out. He has decided to refinance once again.
His credit is messed up so he has devised a scam in which he will get 100k off of the house in someone elses name. Take the money and go into the real estate business in another state where the market is ripe.
He is looking for a "good business partner" to go into the real estate business. Any takers?LOL
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