My daughter was invited to do a "house flip" with a woman named Vita Stramaglia Shannon. My daughter knew this woman for a few years so she trusted that it would be a good partnership. Vita drew up a contract that she emailed to my daughter and the contractor.
As the project progressed our family helped out but Vita did none of the work. She also knew that my daughter had a large home equity line and perfect credit so she had my daughter, Sadie, pay for most of the materials for the renovation. In the end Sadie put in close to $28,000 and Vita put in $7,000. Since I did the spread sheet for the project I have all the receipts and the paperwork.
As we were finishing the project Vita had her parents come in on the project. They seemed nice at first but then started getting really nasty and before my daughter knew it, we were locked out of the house. The house is 2 doors down from my daughter's home so they sold the house without putting a FOR SALE sign in the yard. The only reason we knew it was sold was when we saw a moving truck in front of the house. This was early in September of this year.
I called my Realtor and found out that they had sold it in early August for $280,000 (originally Paul Decker, Vita's stepdad bought it for $140,000 and then signed it over to Vita). So, since we do not know if they had to give the sellers any concessions, we will go on the assumption that the price was $280,000. Allowing for realty fees we figure they walked away with at least $90,000. My daugher has received $0 - not even her expenses on the house which was extensive.
Do not, and I repeat, do not go into a renovation project with these people. We know they have done it at least once before and who know how many other times. They are bad news. Remember their names - Vita Shannon, Annette Decker, Paul Decker.