- Report: #313209
Complaint Review: Cornerstone Investment Group LLC - Cashflowandequity.com Chris Stroud - Marietta Georgia
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Cornerstone Investment Group LLC - Cashflowandequity.com Chris Stroud
2470 Windy Hill Rd, Ste 461 Marietta, Georgia, U.S.A.
Phone:
800-959-3815
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Cornerstone Investment Group - Cashflowandequity.com FRAUD ALERT - SCAM - STAY AWAY FROM THESE JOKERS AND TELL ALL OTHER INVESTORS Marietta Georgia
This is only the begining of my internet campaign to dismantle this fly by night, work from garage, internet real estate [business]. If you have begun a transaction with these bozos (Chris Stroud and his partner Don) get out now. If you don't, you quite possibly could lose your shirt. Here is my story...In early October 2007 I invested money with these clowns to rehab, rent and sell a property to another investor.
I purchased a distressed home from them for 18k and signed a contract for them to rehab it (approx 20k), place a renter, and sell to another investor for 59k...great return on my investment right? Well if these were reputible investors it would have been. After I purchased the property, I never heard from them again....it was like pulling teeth to get information on the status of the rehab. Never responded to my emails, were frustrated when I called the office asking for updates and failed to answer simple questions like may I please have a copy of the deed. Well it was obvious why they were not responsive...they never recorded the deed in my name, not only that, they sold the property to someone else after they sold it to me, thus the property was sold TWICE!
I paid for the house and the rehab, they then sold it to another investor. Because they never deeded it over to me, they were able to use my cash to finance evrything then sell my house under their name, saving transfer costs etc. This wouldn't have been that big of a deal had they paid me when the house was sold, but they didn't.
Oh yeah, did I mention they rented the home out during this time and were keeping the rent for themselves? It gets better....after they rented the place, had it sold to someone else and were collecting rent, they told me I owed them $1500 for a busted pipe!!!! What????? The house wasn't even deeded to me, you are pocketing my rent, and you were SUPPOSE to have rehabbed the place...that includes the plumbing....and don't they adverstise a 3 month warranty on their properties? Long story short, they kept making excuses why they wouldn't pay me for the sale of MY property, pay me rent from MY tenants, or return my emails and phone calls.
After I hired an attorney and threatened them with a law suit they offered my capital back if I signed a General Release. I just needed to get out and lock something in so I took my cash back and ran.
So in essence I funded their entire rehab project and they stand to make all the cash from the sale of the property...about 20K. Do not do business with these clowns. they will hold your cash randsome, keep rent from tenants in your home and try to double charge you for work they were suppose to do in the first place...CROOKS!
Oh yeah...one last thing....during the rehab I asked for "before" photos and an itemized list of the work they completed with photos when the rehab was completed.
The itemized list indicated they replaced the bathroom sink and vanity....well guess what, the after photos of the bathroom had the vanity and sink as the before photos...they tried to charge me for work they didn't do.
John
Omaha, Nebraska
U.S.A.
I purchased a distressed home from them for 18k and signed a contract for them to rehab it (approx 20k), place a renter, and sell to another investor for 59k...great return on my investment right? Well if these were reputible investors it would have been. After I purchased the property, I never heard from them again....it was like pulling teeth to get information on the status of the rehab. Never responded to my emails, were frustrated when I called the office asking for updates and failed to answer simple questions like may I please have a copy of the deed. Well it was obvious why they were not responsive...they never recorded the deed in my name, not only that, they sold the property to someone else after they sold it to me, thus the property was sold TWICE!
I paid for the house and the rehab, they then sold it to another investor. Because they never deeded it over to me, they were able to use my cash to finance evrything then sell my house under their name, saving transfer costs etc. This wouldn't have been that big of a deal had they paid me when the house was sold, but they didn't.
Oh yeah, did I mention they rented the home out during this time and were keeping the rent for themselves? It gets better....after they rented the place, had it sold to someone else and were collecting rent, they told me I owed them $1500 for a busted pipe!!!! What????? The house wasn't even deeded to me, you are pocketing my rent, and you were SUPPOSE to have rehabbed the place...that includes the plumbing....and don't they adverstise a 3 month warranty on their properties? Long story short, they kept making excuses why they wouldn't pay me for the sale of MY property, pay me rent from MY tenants, or return my emails and phone calls.
After I hired an attorney and threatened them with a law suit they offered my capital back if I signed a General Release. I just needed to get out and lock something in so I took my cash back and ran.
So in essence I funded their entire rehab project and they stand to make all the cash from the sale of the property...about 20K. Do not do business with these clowns. they will hold your cash randsome, keep rent from tenants in your home and try to double charge you for work they were suppose to do in the first place...CROOKS!
Oh yeah...one last thing....during the rehab I asked for "before" photos and an itemized list of the work they completed with photos when the rehab was completed.
The itemized list indicated they replaced the bathroom sink and vanity....well guess what, the after photos of the bathroom had the vanity and sink as the before photos...they tried to charge me for work they didn't do.
John
Omaha, Nebraska
U.S.A.
3 Updates & Rebuttals
Rtyree
Cincinnati,Ohio,
U.S.A.
I got ripped by them as well
#2Consumer Comment
Fri, July 25, 2008
I did some work for Cornerstone in Cincinnati Ohio. They have a kid named Eric Howard who was running some jobs for them here. I finished my project only to have Eric Skip without paying. I have attempted to reach Eric Howard as well as Cornerstone needless to say all attempts have failed thus far. Luckily there were several other contractors that had the same experience here and we will be filing suit if we don't get a response. So hopefully no one else gets taken.
Steve
chino hills,California,
U.S.A.
Response to Rebuttal
#3Author of original report
Wed, April 02, 2008
Maybe this time you could explain the following to other potential investors: 1. Why was the home sold to me (signed contract/both parties) and never entered into escrow or recorded wth the Recorders Office; and no attempt to do so made? 2. Knowing the above to be true, why then during rehab did you sell the home to another investor after a signed contract between you and I, and after receipt of all monies (purchase and rehab costs). Certainly at this point you had to know the home was not in my name. In fact a new contract was drafted between Cornerstone and the new buyer, not me and the new buyer. Certainly I should have been kept in the loop if you believed the home was recoreded in my name.. ....hhhhmmmmm. 3. If you believe you legallay transfered the home to me, why then after a renter was placed did you keep all the rent collected for yourself, and not send it to me? 4. Why during the rehab did you attempt to charge me for work you didn't complete (want to see the photos again?) Any investors interested in discussing these allegations with me personally, you are welcome to contact me. I can share all corespondence, and documents with you.
Cornerstone Investment Group
Marietta,Georgia,
U.S.A.
Response to False Allegations
#4REBUTTAL Owner of company
Fri, February 29, 2008
There are two sides to every story. Here is our rebuttal.... Our response begins with the fact that the gentleman that posted this report is not named John as he would have you believe and, he is not from Omaha, NE. His name is Steve and he is a Police Officer in CA. Steve purchased a property from us in Oct '07. We were to rehab the property and sell it on his behalf to one of our investors. The rehab was completed and the property was pending sale, awaiting the financing to come through for the new buyer. Because of the current mortgage crisis, the financing for the new buyer fell through and he could not purchase the property. When we contacted Steve to inform him of this, he could not understand this and he freaked out and accussed us of being criminals. He claimed he had a huge tax bill he had to pay and used his position as a police officer to threaten, intimidate and attempt to extort additional monies from us. We had to get our Attorney involved to defend us from his activities and threats. We had a contract with Steve that we had to terminate because of the threats he was making. Turns out we gave him EVERY Penny back of his investment. He lost nothing. Now because he made the choice to give up on his investment, and potential profit, he is angry with us. We explained to him that we have a back up buyer for the property, but he needed his money back to pay his IRS debt, and couldn't wait any longer. There are many more lies that Steve has put in his report that I will not bore everyone with the details of. You may contact us if you care to hear our side of the story. We have sold over 300 properties to investors all over the world in the past with very minimal complaints. We stand behind what we sell. If anyone has questions about our honesty and integrity or for further details surrounding this situation, feel free to contact us. Chris Stroud Cornerstone Investment Group
