More victims speak out against iFLIP Chicago after NBC 5 Responds report
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- čas přidán 14. 06. 2024
- For months, NBC 5 Responds has been digging into an alleged “real estate Ponzi scheme” that has financially devastated dozens of South Side families.
NBC Chicago’s PJ Randhawa reports.
When these crooks say "generational wealth ", flee
😂😂😂 they always work and lurk with choice keywords.
You took the words out of my mouth!!!!!
Agreed.. "Financial freedom" is another. These are buzz words that trigger people's emotions.
Moral to the story, don’t believe everything you hear! DO YOUR RESEARCH!!
Well.most people dont know how to
You think it is easy but if you dont know you dont know
Also sometimes you have to take a chance
But something like this
You hire a lawyer
I hope they catch this fraud and throw him in jail, & give those people back their money. If it sounds like a good thing it isn't always get a lawyer to look over ur paper work before u sign and give ur coins away.
@@ralphpal You never have to take a chance, and if you choose to do so, recognize that you are risking losing money.
@@ralphpal Yes take a chance , but understand what you are getting in to - they could have spent 500.00 for an attorney to review the documents before you sign - an independent attorney- I feel for these people they thought they were doing something to help themselves, and this con-man messed them over, karma will get him.
@@ralphpalIts your Job to do your Research BEFORE putting your cash down! There are too many scammers out there! 😖🧐
"Generational Wealth"; "Legacy" = Run Away!!
For damn sure! Those terms are beyond cliché.
PERIOD
It takes a generation to build it, not 6 weeks. Be patient, do your homework.
@@snucam78THIS!!
🏃 🏃 🏃
If someone is telling you about how they’re gonna help you get rich, the probability that you’re about to get scammed is through the roof.
Exactly!
this, only 2 people that will say you are going to get rich are either scammers or bank robbers trying to recruit you
Not understanding the business you're gonna invest in is always dangerous
FACTS!
Real Estate Lawyer BEFORE you sign!
SHAME ON HIM! He WILL REAP WHAT HE SOWED 🥹🥹🥹
And more than he sow
That’s the truth!
No he will not because we just sit back and wait for someone else to intervene
If they had the money to flip the houses, why would they deal with him in the first place? They could've did it without him.🤷🏾♂️
They have the money but they didn't have a clue on how to do it. They didn't know how to find and assess a deal, or how to find good contractors to complete the job.
The exception to this is the realtor who got scammed. I don't understand why she felt that she needed those folks because she works in the industry and should be able to assess a good deal and know decent contractors.
They wanted to take a chance with someone else’s money and got fucked over
@@YOKOStormClan-zi7qr 😂
@@mcjon77 realtors are not trained in the eye of an investor. Its a different language.
They thought they were getting a deal, thinking he need to out and a lot of flips with the same contractors. They thought that the contractors would do it as a whole sometimes when you buy book it saves you more than just trying to do separate homes so if you buy granite, can you buy a couple of slabs instead of just one or two that would cost you more than if you got like seven or 8/for three or four homes that’s why a lot of investors and builders make their money they’re doing more than one home where they actually buy in bulk with manufacturers and the place that they get their product from
Our own people can be our worst enemy
😐. Truly sickening!
trusting people based on their race is stupid. its business, race/gender doesnt matter, what matters is the numbers and the fine print. the fine print showed this was a scam. if you are picking your deals based on race you are ignoring the actual important things in business(the money) in favor of some silly, arbitrary thing.
You MUST not be Black!!!🥱
We ALL know WE are NOT to be trusted when it comes to ANYTHING regarding a home!!!
Whether it's construction, repairs, financing, maintenance, landscaping!! Etc etc
Keep believing it's NOT a race issue and see if you don't get done dirty!!!🤷🏿♀️🤨🙄@@nullnullnullvoid
Investors Had Money For Everything Except Lawyers To Review The Documents, Ouch!
Message!
THANK YOUUUUUUUU!
@estcverbalmarketing Some lawyers are happy to take your money and then they don't want to answer when you ask whether the document might contain language that is unfavorable to you, when you ask what certain terms in the contract mean, etc. I remember once having to go through three different ones before I found one who was willing to say something of substance to me. Thankfully, I already knew something about the issue or I could have really been taken advantage of by the other party because of an unhelpful lawyer.
Chile it's Chicago they're probably in on it too!!! 🙄🤷🏿♀️
When you hear Passive income, generational wealth, financial freedom 🏃🏽♂️💨
I would have been in the wind when I saw that their last name is Bey.
All of those are very valid terms, but WHO is providing the information, and HOW can they prove what is being said?
@@greaterishe7197 Those terms are never used in investing. Investments aren’t 100% guaranteed
No City of Chicago permits for Electrical, Plumbing? RUN!
SKINFOLK DONT MAKE KINFOLK!!!
That's right ✅️ 👏 👌 💯
@@brendajohnson9798 i don't trust certain people that they they ar entrepenuer people.. if they say word like legacy and generational.. i stay away
I bet he is a Trump supporter to wouldn't surprise me
@@kennyroberson6216 I bet he doesn't like veggies like carrots..
@@kennyroberson6216nice sarcasm 😂 we all know you mean the opposite ✌🏽😵💫
Such idiotic comments. What happened here is that the investor worked with the lender, contractors and attorneys to commit fraud.
How do you know? You don’t, you only think you know yet you free to accuse “lenders and attorneys”. Easy scapegoats, always.
@@doliver5447 What do you think happened? Yes, it was the lenders, contractors, the owner of the company. It cost these people hundreds of thousands of dollars. I hope the sue and get their money back. The next time, perhaps, they will do their research and have their attorney to view and explain the contracts.
Apparently you have read the notes, mortgages and loan closing packages? Because if you haven’t you don’t know what you are talking about and you should not be accusing anyone else. I doubt you know anything about what happened except what you saw on the evening news or some short video. In other words, you have heard a small amount of biased and incomplete information and from that you have derived a strong opinion base on little in the way of facts. Being opinionated and being informed are two very different things. So on what basis do you make blanket conspiracy-style accusations of fraud against lenders, attorneys or contractors.
@smith 7388 your comment was dumb
@@doliver5447they will accept anything the media feeds to them without any research.
No body is giving away wealth, greed will not allow it
Read your contracts or have your lawyer read them for you. Do research and read About the business you want to get into. Find a Trustworthy mentor that is already doing what you want to do.
It is not necessary, but a real estate license would not hurt. It would give you a more indepth understanding of the process and property.
@@Imissyoulou agreed
I am representing buyers in GA who were harmed in a similar scheme. I wish they'd hired me to read the contracts and research the "guru" before they signed and paid.
Never trust just because the person is the same race or just because they are family.
That is "PREDATORY" and Criminal . I am so sorry for these good people. They were tricked.
No one victimizes a community than those from within
Let's play a game.
Did you catch the smoke detector?
Hahaha yes. And they always act like they didn’t hear it.
At the 2:40 mark…
@@amerylavail8185I actually can’t hear it
Everyone is an expert!!🤦🏾♀️
Don’t ever sign anything you can’t read and understand. Step onw
There’s a sucker born every minute
That chirping fire alarm is hilarious and an accurate stereotype
Im white, I absolutely would not choose an investment based on color period. And If someone approaches me with that as a selling point, I will walk away immediately. So foolish.
They weren’t educated on it. Yes, they should’ve done research but give them some grace.
I am black and I agree.
Have you watched the series “American Greed”? 98% of the scammers are white. 90% of their victims are white. All scammers know who to target first.
Some folk just think that everyone that doesn’t know the scams and angles they know, is a dummy. So they’ll approach you with psychology and gestures that’s been used in the past to cripple your thinking.
You’re whyte so you should know that most of the business you’ve conducted up til now has been based off race!
Why lie?
1:27 😂 see with social media, propaganda is 10x stronger. Scammer is done tho
He treated he’s own ppl thats sad
Literally, one of the people they defrauded was their cousin!
Folk still buy into “own people”. There’s no such thing……valuable and trust worthy people are your own. Not some random Joe Smo whose tidings resemble vomit.
So, it's okay when Wells Fargo does it? That should be expected? And what's the gov't's excuse for going back to Wells Fargo to give them more money to scalp white folks?
Always always always have your own lawyer!!
I would never sign a document with someone else name on i
It’s sad and very horrible that a black couple ripped off black investors that was they were just trying to come up in life.
Once someone mentions their race
No matter which race
Its a scam
The point is it don't take much for ppl to part with their money once they believe they can get rich quick
Crooks come in every shade…
@Heyu7her3
Very true. Years back an uncle of mine who was in charge of my grandparents bank account, "borrowed" a large sum of their money after they sold their house. From what I remember he tried buying a storage place and ended up not being able to come up with the rest of the money and lost I think around 80K. He committed suicide after it happened. Luckily my aunt was able to get 30k back after explaining to the people that was not his money, but it was his parents.
This is why can’t trust my own people, sick o it.
Nah, this happens to the Palm colored people too, people hear get rich and just see dollar signs- we all need to use common sense
The key is to generally just don't trust anybody
Your own people 🫵🏿
Notice how no other race/ethnicity fell for this scam.
Everybody scams everybody... What does race have to do with it?
Do a story on Jay morrison
Who?
Get rich quick? Where do i sign up?!!
If something sounds too good to be true, it usually isn't!
The loyalty of small men can be bought cheap. Greed has no pride.
Your own words?
Dj Envy Chicago
It's always your own people who take advantage
💯 correct, just like Tulsa funding with Jay Morrison. I only invest in established companies where I see my dividends add up exponentially.
Change those batteries on your smoke detector
Heartbreaking 💔
😂😂😂,when you dont listen to who you're suppose to, you get GOT!!!.
Y’all wasn’t paying attention to DJ Envy tricking people the same way? These people aren’t trying to help, they’re trying to step on your shoulders.
They should ask the mayor for help lol
Shameful
Ok... they were wrong, but where's the buyers accountability to do their due diligence
Why set someone up for bankruptcy and be this malicious towards people?!
Idk how scammers sleep with themselves
Dave Ramsey always says to NEVER buy anything unless it's paid for in full. Laugh all you want but at the end of it all you will find out that he was right!
Most people can’t afford to do that… so they will likely never have anything… even businesses have debt
Housing market is trash 🗑️ now so why even invest in other scammers 🎉
So sad 😞 to do this to hard working women/men,
Hard to believe these intelligent people fell for this...
Just like Tulsa funding by Jay Morrison.
@@Stringfellowhawk346 Perhaps...
Listen as someone who gives and sell real estate information. When ever these people start talking about general wealth and saving the black community. Then its time to RUN..
Shameful!!!
For everyone hollering hire an attorny they did. So are attorney's perfect i think not which is why they have a board that overseees them and professional insurance for errors and ommission. You can go see a doctor and still be mishandled its called malpractice. Thats why this is outrageous. There was an attorney involved and paid on each closing statement
Hire an independent attorney that has a Fiduciary responsibility to provide you with the best advice!!! Also, hire your own architect as well 😅!!!
They had to hire his attorney to do this. They should have had their own real estate attorney.
Song too good to be true.So many Scam artists
These people got into a business and had no idea what was going on. Now they are crying.
As soon as I saw the couples speaking I immediately knew they were crooks.
I either didn't understand the cross-collateralized clause or the full implications. When i missed payments on one vacant rental, the bank called the loans on 4-5 other properties. All separate loans, but with the same lender. This impacted my ability to refinance on a couple of projects with a different bank. Ended up losing about 8 rentals. Years ago. And I read my closing docs. Ya live, ya learn, i suppose.
@katrina, Wow!
I’m sorry that this happened to you, but before you sign any contract you don’t understand even if you do, always have a lawyer to review, like you said Ya live, ya learn.
Any scam is bad but when you play upon your own community it's just a little more disgusting.
Any quick rich games is a scam people!!!
Come on people change the smoke detector batteries 😒
Spend $250 and ask a real estate attorney to look over any loan documents. Why would anyone enter into an agreement where they'd be responsible for someone else's loan repayment? They wouldn't if they understood what cross default and cross collateralized meant. Basically you're tying up YOUR property until every dollar is repaid on every property connected to a collateralized group loan. That's crazy on top of allegations of predatory loans. A predatory loan doesn't mean just high interest but step ups built in loan repayments if not satisfied by certain dates. You can get a loan for 3.5% but if not paid by certain date it would go to 12.9% causing monthly payment almost triple.
I cannot stand scammers. Go get them , and lock them up🇺🇸
who even invest with a real estate company like iflip chicago anyway, sounds bogus as hell😂
i am always honestly more interested in how people get all this bread to take risks with lol
You have to read and research for yourself. When it is too good to be true - it’s too good to be true!
I dont wanna hear that "tap in and lock in" BS
I thought a real estate lawyer was the law…. Maybe just where I live.
You know its a scam if the terms "generational wealth" and "leave a legacy" are used.
How ? Can this happen? Government 😮DUH!
Greed trumped logic in this case
You want to have some knowledge about any business investment…
Shotty and shady contractors and the flipping company, or dishonest partner(s) real estate agents, and appraisers will drain you and leave you in a mess!!!!!
They should go to jail
If it’s too good to be true….. it probably ain’t true….. especially with “US”
This is why i cant trust people
Hire a real estate attorney to view all paperwork.
Proverbs 10:22 says The blessings of the Lord it maketh rich, and addeth no sorrow to it.
It's even worse that this crime was against his own people! We don't have wealth like others, so these people worked harder than anything to scrape up the money and try to do something not common in our community. But always always get a lawyer to review before you sign. My father used to tell me...baby girl, if he sounds like a pimp, don't stick around to find out why he loves you.
Sometimes it's your own people. All skin folk ain't kin folk.
Houses are basic human needs, not investment tools. The whole reason nobody can afford rent now is because greedy people want to get rich quick. No sympathy for people who try to exploit others for a basic human need.
Last name Bey.... 🏃🏾♀️➡️
This is foul! 🤬
3:23 IYKYK
This is infuriating
I've never trusted that home flipping stuff from the start.. Something about that always seemed scammy and shady and fraudulent.... Guess i know why know
Read your documents people!!
People read the documents, the points is they don’t understand words and concepts of the contracts so they go ahead and sign it anyway . Therefore they don’t to do there due diligence and refuse to have a lawyer review their documents
The owners of iFLIP should be charged & jailed.
Hey yall you need to invest in Prepaid legal and time shares. !!!
When will people learn... if it was THAT easy to make money... they wouldn't tell YOU about it. They'd just do it themselves.
Like all those radio ads that claim the person has a lock of the week for sports gambling. If it is a SURE THING... why would they tell you about it?
Must’ve been trained by Jay Morrison. Lock these folks up!
Greed was the motivation for them getting scammed. If something sounds to good to be true, that's your cue to step back and walk away. All these people saw were dollar signs. Get rich schemes never work. If someone is telling you they have a secret to getting rich overnight, you have to ask yourself, if it's a secret why are you sharing it with everyone.
USUAL SUSPECTS!
There is the problem. Chicago
Those nickels thought they could get something for nothing. 😂😂😂❤❤❤
If it’s easy it ain’t legal!!! Crooks crooks crooks
That’s so sad I hope he go to jail
This is a dangerous game to play! 🔫
Well to be honest...... All these people should have looked those contract's over with there lawyer's. Be4 deciding on anything... Period
Sucks to be them....