I was told by other investors here in ca. that "Red Door" or "Right Place" was a great place to invest. I checked them out and they had a good record so instead of getting 2% from the bank they said I would help someone out with
their credit. I originally put down $27,000 which consequently now caused my payments to increase greatly.
The condo has been supposedly re-done and Red Door paid for prop. manager, Hoa and taxes plus I received 12% for 6 months and got 6% for only 5 mos.
I was promised that by Dec.08 the tenants would pay me back. The Red Door just sent 2 letters 2 weeks ago saying that condos dropped in price but not to worry since they would share other tenants mortgage and still be our prop. managers. Now, one week later, they are saying "Sorry it is yours now we can't help you". We, the investors had a contract with them. While dealing with Red Door they would never give me my tenants name,or keys. A local real estate agent went to check my condo out for me. She found it in shambles by peering through only the windows.
Things were torn apart, and probably the kitchen too. I am devastated. I still owe over $90,000 and the Red Door or Right Place knew about what was going on for 8 months now. They shut down everything and will not answer me. They are frauds & I found that out too late. Today, Tues. Dec 30th,08 someone went to the "Graybriar Maryville Pkway".developement and told me on the phone there were lots of people there and my condo (now apt.) is still in a mess. If some of you reading this complaint are in a similar position as I am with the above party - please respond to this ASAP.
Thank you very much.