Jack Rudolph and Michael Huntley were chasing the American Dream for themselves and their families when they stumbled across a sixty-six-unit complex in Corpus Christi, Texas.
It was known as the Crestview Apartments, and even though it was listed at $1.73 million, it seemed to be a great deal as it not only boasted 95 percent occupancy but 95 percent paid occupancy.
That should have been the first red flag, but the partners ultimately bought the complex from Daniel and June Feng, two Chinese immigrants who held the property in their LLC, Shanghai Investments.
In this cautionary tale for real estate investors:
¿ If it sounds too good to be true, it probably is.
¿ Always insist on more than one piece of verifiable income.
¿ Do not enter into an agreement with a seller based exclusively upon his or her own self-generated financial statements, even if they are written in gold ink.
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