Investors, Tenants, Potential Tenants, Contractors - BEWARE - this
company and it's ownership should be avoided if you value your
investments, good credit and personal or business security. Here are a
few reasons, please feel free to do your own research - JUST BE SURE
YOU DO - Lance Puig and York Street Properties, York Street Homes, York
Street Investments and the numerous LLC's this organization operates
under have caused 100's thousands of dollars of loss, 100's of wasted
hours and countless heartaches for good people:
1) Debts and returns on investment are not honored in a timely fashion, if at all.
2) If you're tenant don't believe if you rent a home expecting to buy
it that you ever will. It's a false promise - ask existing tenants.
3) If you're an investor; don't believe you are getting a safe, reliable, well maintained investment - ask past investors.
4) If you're a contractor; don't give this company or Lance Puig any credit - he does not pay.
5) Don't believe what you read on the website(s), in blogs or on radio
shows. Icons are unauthorized, statements are false & exaggerated.
6) Don't believe mortgages (in your name) will be paid or debts for services will be paid - they won't be.
Here's a few examples of fact:
a) There are numerous lien filings, small claims filings and court
filings against this company and Lance Puig. The subjects are wide
ranging (non-payment, fraud, etc). He gets contractors to remodel
houses, then doesn't pay them - $1 Mil of examples cab be given
b) Investors have lost their investments due to non-payment of mortgages.
c) The BBB has not been paid and the "Online Accredited Business" icon is misleading at best.
d) The numerous bank links on the website are being used without authorization.
e) The claim that Lance Puig comes from 3 generations of real estate investors is pure embellishment.
f) Lance Puig hires people in the Philippines to write comments and compliments in blogs. They are not real.
g) An leading figurehead of the company and personal advisor to Lance Puig is an federal ex-con:
This shows in everything they do, Lance Puig just hasn't been
imprisoned - yet.
h) Lance Puig/York Street Properties is not a member of the TAA or
local apartment assoc. That makes all leases signed with the TAA
lease agreements invalid. According to law, the tenant has a right not to honor agreement/no legal protection for investor.
i) A majority of properties remain vacant because they're in bad, un-leasable condition. The company is broke.
j) Houses are purchased at REO prices (50%), then sold to investors for 90% with minimum remodeling to justify that price.
k) Resale, should the investor be faced with that, is impossible at 90% - not to mention the probable liens on the property.
l) The 40% profit (j, above) is used to support Lance Puig's unjustified lifestyle and foreign online labor (paid at $5/hour).
There are many cases of fraudulent and/or misleading business practices
utilized by Lance Puig and York Street Properties, et al. Do you
homework before doing any sort of business with this man or his
companies. Better yet, why take the risk? In today's economy it's
difficult enough to make your hard earned dollars and credit work for
you - why add dealing with a broke, unscrupulous and unethical partner
to the mix? Don't believe what you read - Lance Puig is a professional
at making things look one way, when his representations don't paint the
real picture. Last reports have he and his family hiding in their house
to avoid process servers.
Do your homework - there's too much to list here - don't leave any
stone unturned if you need to prove to yourself that investing with
Lance Puig/York Street Properties is a bad move. Don't leave any stone
unturned before deciding to do business of any sort with this man and
his companies - and if you do; get your money in advance - get your own
attorney to verify all contracts - be sure you are protected to
minimize loss when the "good faith agreements" are inevitably broken.