- Report: #425586
Complaint Review: Mili Group AND Gulfstream Realty & Development - San Jose, & Bay St. Louis, MS California
-
Author Confirmed
Why?
Mili Group AND Gulfstream Realty & Development
2272 Quimby Rd # B San Jose, CA 95122 San Jose, & Bay St. Louis, MS, 95122 California, U.S.A.
Phone:
408-532-3210
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Mili Group AND Gulfstream Realty & Development Are you also a victim of lies and deceptive practice by Mili Group? San Jose & Bay St. Louis, Missouri California
A year ago, I was approached by a friend who worked with the Mili Group and was presented a real estate investment opportunity in Mississippi. I was told that the home was in the Go Zone which provided tax benefits, there was a waiting list of tenants because of huricane Katrina, instant built-in equity because I would be getting the house thousands below appraisal value. A new home would be built for me if I bought with only about $16,000 down including closing cost. I was shown figures showing a positive cash flow, instant equity, Go Zone benefits and again told long waiting list of potential tenants.
With all this information, I decided to purchase a home. I thought it was a good investment as well as being able to help people who I was told were "living in FEMA trailers." THE PROBLEM IS THIS: 1) All the figures I was provided didn't include any cost to convert the construction loan into a mortgage which added another $15,000 in cost --- totaled over $30,000 instead of $16,000 , 2) The mortgage program through United Mortgage supposedly went away because of the credit crisis which were at least reasonable and I didn't have to come in with additional money, 3) I found out after the property was built that there was no waiting list of tenants, 4) The appraised value I was given was inflated, 5) All the companies referred by the Mili Group rep such as Gulfstream Realty & Development, United Mortgage, and Douglas Realty are either sister companies or have a very close relationship.
I have owned the property since March 2008, the home was completed around July and I was told I HAD to convert the construction loan into a mortgage. I've had to pay a mortgage approaching 4 months and the property has been vacant because their property management company has not been able to find a tenant. With me being across the country and not knowing any other resources in MS, I'm stuck. The only factor they told me that was true is that the property is in the Go Zone, EVERYTHING else was a LIE. Is there anyone else out there who is in the same predicament? Beware of these companies....I don't know what else to do right now...
Investor
San Jose, California
U.S.A.
With all this information, I decided to purchase a home. I thought it was a good investment as well as being able to help people who I was told were "living in FEMA trailers." THE PROBLEM IS THIS: 1) All the figures I was provided didn't include any cost to convert the construction loan into a mortgage which added another $15,000 in cost --- totaled over $30,000 instead of $16,000 , 2) The mortgage program through United Mortgage supposedly went away because of the credit crisis which were at least reasonable and I didn't have to come in with additional money, 3) I found out after the property was built that there was no waiting list of tenants, 4) The appraised value I was given was inflated, 5) All the companies referred by the Mili Group rep such as Gulfstream Realty & Development, United Mortgage, and Douglas Realty are either sister companies or have a very close relationship.
I have owned the property since March 2008, the home was completed around July and I was told I HAD to convert the construction loan into a mortgage. I've had to pay a mortgage approaching 4 months and the property has been vacant because their property management company has not been able to find a tenant. With me being across the country and not knowing any other resources in MS, I'm stuck. The only factor they told me that was true is that the property is in the Go Zone, EVERYTHING else was a LIE. Is there anyone else out there who is in the same predicament? Beware of these companies....I don't know what else to do right now...
Investor
San Jose, California
U.S.A.
