Ricardo Rosales Renovating Riches LLC Took loan from me to fix/flip the house but never paid me back and never fixed the house. Katy Texas
In October 2018 I lent money from my IRA retirement account to Renovating Riches, represented by Ricardo Rosales, in the amount of $130,000.00 for a period of one year.
The purpose of this loan was to obtain a residential property, fix it and then sell it. On October 2, 2018 a Real Estate Lien Note was signed (Renovating Riches was the owner and I had the first lien on the property) where monthly payments and interest were specifically stated.
The first installment/payment was scheduled for November 2, 2018, but it didn’t get paid then. Ricardo Rosales never made payments on time. The first actual payment was deposited into my IRA retirement account on January 17, 2019 (3 months behind). Then he made 2 more deposits, the second one being on June 14, 2019.
After that day, he didn’t deposit any scheduled payments and didn’t pay back the last balloon payment of $130,000. He didn’t even pay property/school taxes for 2018 and 2019. I had to seek legal help and foreclose on this property. The property is in a very deteriorated condition since Ricardo Rosales never used my money to actually fix the agreed upon property.
So what was my money used for? I believe Ricardo Rosales never intended to repay the money that I lent him. Ricardo Rosales is a fraud and I hope someone will stop him from scamming more people and their retirement accounts. This situation resembles a lot like Enron spending people’s retirement savings.