Complaint Review: Blackstone Real Estate Group

 In April of 2013 the business I work for was contacted by Blackstone Real Estate Group (via e mail) about the opportunity to buy real estate low and sell high in Detroit.  They buy it for you, sell it for you, you don't worry about a thing, just collect money.  They claimed the money stays in escrow and they don't make any money until they sell it for you.  They get to keep 20% of your profit for their services And it will happen in 30 days or so. 

On the first property, the hustle, it was true.  We bought a property for 15k, they sold it for 20k, 1k was for them 4k for the business.   This all happened in 45 days or so.  Then the hustle came, now that you know we're good guys and how the system works, buy 15 properties to make it worth our time and effort for you.  The company didn't care to do it but like a fool my wife and I did buy a property on my recommendation.  They sold it and I was stupid enough to buy 8 more. 

Appoximately 8-10 weeks went by and I was called by Jack Gibbs who told me the auctions were not going well in Detroit, can't make you any money here but I have a better deal for you.  We are putting this huge deal together for Asian buyers who want to own a piece of Detroit.  All you have to do is buy 7 more properties and you're in!  Like the rest, this will only take 30 days.  Well, that was September of 2013 and of course no one from their office involved in this deal are available or will return my calls.  Eventually, even liars run out of excuses.  Now, I'm supposed to come up with 60k for taxes to keep the property I didn't want in the first place.   

I'm 56 years old, normally not a stupid man, but as I write this I wonder how I could have done such a thing, so does my wife.  I'm thankful she hasn't thrown me out yet.  Just a reminder to everyone,  it seems the old cliche is true,  there is a sucker born every minute, and two to take him.  I cannot imagine doing something like that to people, going to bed at night, getting up and doing it all over again the next day.  More importantly, how do these people stay in business?

  Thanks for allowing me to share.