Complaint Review: WPI WholeSale Properties Inc Carl Ferrel Lee

Wholesale Properties International claims to help investors find properties(specializes in multifamily) at discounted prices through the bank.  My dealings have been nothing but a headache and one lie after another. Last February I called because I was looking for a multifamily property in Charlotte, I spoke with Lee who told me they could help with the whole process, finding the property to getting tenants and management in place. Lee informed me that in order to look for properties I must give them a $10,000 deposit to hold a property which is 100% refundable if they don't find anything in three months.

                Three months have gone by and they kept showing me the same beat up properties. I flew down to Charlotte to look at 3 different properties. Finally we found one of interest and I made an offer. Lee said I must put down another $10,000 for a total of $20,000 refundable if the property doesn't close. I stated that the only way I would move forward is if we could have the property traditionally finance(no hard money) which he assured me we could. As we are going through the final stages of underwriting the loan get's denied because the property is distressed(in foreclosure). I have great credit and make a good living, qualifying for the mortgage isn't an issue. It was totally the property. I requested my  $10,000 back and he blew it off said it would take two weeks but we'll keep looking for other properties. This was in July mind you.

                In August he showed me a property of interest and I had a trusted advisor go down and look at it. Reports came back that it was in total disarray. Now I requested the full $20,000 back again. At this point I lost all trust in their operation and I looked for a different broker. This broker happened to show me one of the properties I visited prior 320 Hamilton DR Concord NC.  Well he was trying to sell me the property saying it would cost between $400k-$420k. This same property was listed at $350k.

                These guys are just brokers trying to sell properties much higher than the banks and listing agents have them listed for. They still have my deposit and I have a lawyer working to get it back. They claim it is tied up in the property and that's why they haven't returned it. They claim to have added $2,000 to the debt. At this point if I don't gain traction trying to get the money back we will go to litigation. Carl Ferrel is the owner and he has been informed of what is going on. Nothing has been resolved and it's been over a year. Be Careful.

Jon, Charlotte, New York