Complaint Review: Ricardo Rosales

Ricardo Rosales through his registered LLC (WF4U Holdings LLC) conivinced me to lend him money form my retirement savings (IRA) to buy houses needing repairs, flip them, remodel and sell at a high price. The agreement was to pay me 10% annual interest while he had my money. Then after the house/ property was sold, he would pay me the loan amount plus 30% of the profits made and pay me back the entire loan amount. Everything worked well as per the contract for the first 2 properties bought, repaired and sold. Then ne convinced to reinvest the money and lend him more additional money to buy other properties which I trsuted and lent me more money.

He bought 3 houses in 2015-2016 but unfortunately he breached our contract, never paid me any interests, never flip/ repair the houses, never pay property taxes and fell behind with the county tax offices (Matagorda County). One house was lost because another debtor suit him and got the house. Another house was sold "as it is" ane ended up losing money (interest were never paid) and the 3 rd house was almsot lost in law suits from the county tax offices for past due /delinquent taxes for more than 7 years. During alll thes years, he never padi me anything and kept lying saying he was going to pay the property taxes which he never did forcing me to foreclose on him, sell the house "as it is", paid the delinquent taxes (more than $20K), paid lawyer for the foreclosure. fees, etc and ended up losing close to $100,000 just on this last property. All together, I lost $155,000 just loans, plus all unpaid interests, lawyer fees, and other expenses. As to the best of my knowledge, he used the same fraudulent scheme to 6 other lenders which they either foreclosed on him, repossed the properties and flip/ sold them on their own to avoid losing all their money.

This guy, Ricardo Rosales, continues to do business, using other registered businesses and i seen trsveling to Miami, Orlando, San Antonio, Las Vegas, Austin, living up, spending money, giving webinars, podcasts, online training courses on how to make money in real estate.  He still lives in Houston but since last year opened some new business in Venezuela (https://www.topofthelineva.com/sales) where he does remote business support to different countries