Buying a property from Stone Equity Group has been the biggest investment mistake I’ve ever made in my life. In a nutshell, they buy bulk foreclosures, rehab them, sell them to investors who carry the paper then sell the homes to low income people so they can realize their dream of home ownership. It’s a wonderful program. But somethings gone terribly wrong.
Here’s the highlight of my experience. I was pushed to complete the final closing documents before the rehab was complete. After escrow closed, there was little support. They haven’t fulfilled the agreement. I have yet to receive my $1,000 deposit back (it was charged to my credit card) and the property manager they’re using has questionable ethics. (She sent me an estimate for debris and hauling for the backyard for $650. There wasn’t anything in the backyard. My father-in-law drove by and verified it for me.)
I’ll give just one example of the attitude (and I have many)I’m getting. My father-in-law tried the lock box code. It didn’t work. I’d requested a key and never received one. When I asked about the lock box and once again requested a key, the response was that I should hire someone to come out and fix the code and rekey the house. It was their rep that installed it and they had to have the key for the rehab. What gives?
We haven’t been inside yet, and having read some of the other experiences, I’m holding my breath. The property manager (the one with questionable ethics) told me that there will be things that haven’t been done that I’m now responsible for.
I will say they’ve kept their agreement for rental reimbursement and I’m very appreciative of it, especially given the property manager situation. But I just want a reliable property manager who can get my property sold.
Actually, I really just like my money back and they can sell it to someone else. I’m a disabled woman who has invested half for IRA funds and not that far off from retirement. I’m scared.