Report: #654825

Complaint Review: Renewal Investments

  • Submitted: Mon, October 25, 2010
  • Updated: Sun, May 29, 2011
  • Reported By: Kevin — stone mountain Georgia United States of America
  • Renewal Investments
    3003 Summit Blvd, Suite 1500
    Atlanta, Georgia
    United States of America

Show customers why they should trust your business over your competitors...

In May this year I entered into an agreement for Renewal Investment to find an investment home for me, in which they would then renovate the home that either could be rented out or sold. My position was for the sale of any home they found for me. The company would receive 7500.00 for the service.

The program was meant for 0 down. Which in turn would be a 65k hard cash loan for the project that which would then be re-financed for an additional 12,500.00 thus making the loan an 85k conventional one.

Renewal promise you won't have to make one payment as the refi would happen before first payment is due. The project was only suppose to take 90 days. But after 90 days my home wasn't completed. I received one excuse after another.

It has turned out that the bank did give Renewal almost 20k for the construction loan, but it wasn't used for the project. This left me with an uncompleted home, which is earning a 15% interest rate. I had to use my own funds in efforts to complete the home. While still paying the loan.

Renewal claims problems arose, but the only problem is them keeping my money and not giving the amount left from the incomplete renovation of the home. This has happen to other people also.

Be aware. Don't believe the lies Renewal tells you. If you are a victim take action. If you are thinking about doing a deal. Don't do it. I have emails to prove the words I am saying. I tried to handle this behind closed doors, but this is the best way to protect other people.

In theory the program is perfect. But I see that greed has been the downfall with Renewal. I have also found out that the bank Renewal claimed they had an "agreement" with was a lie. I will be more then happy to share more information.

Before my integrity can be questioned. I have a Top Secret/Secret Compartment Information clearance by the government with a Counter Intelligence Polygraph. I have also graduated with honors from Park University in Criminal Justice. I am also in a Master's program for Disaster Management. I am a professional in my job filed and no way I would file such a claim without evidence to back it up.

BEWARE BEWARE BEWARE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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This report was posted on Ripoff Report on 10/25/2010 08:57 AM and is a permanent record located here: http://www.ripoffreport.com/reports/renewal-investments/atlanta-georgia-30319/renewal-investments-renewal-investment-stole-construction-money-that-was-suppose-to-be-use-654825. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
3Author
2Consumer
1Employee/Owner

#1 Author of original report

hillkevin79@hotmail.com (Renewal Victim)

AUTHOR: blckman2 - (United States of America)

Anyone who wants to contact me please feel free so at hillkevin79@hotmail.com
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#2 Consumer Comment

I was also scammed by Renewal Investments

AUTHOR: Adrian - (United States of America)

My co-worker and I entered into an agreement with Renewal Investments.  Everything that was said about Renewal Investments is absolutely 100% true.  Renewal Investments made a lot of promises but failed to follow through.  I had to spend my own money to finish renovating the properties even though Renewal Investments received the construction money from the bank. 

As the previous email reported, things kept coming up and there was one excuse after another.  I bought two houses through the program but fortunately one was able to be rented.  Since I am out of town, I had them manage the property and later found out from the tenant that Renewal Investments had not completed the property.  They were suppose to put new HVAC, fix the roof, and other things that come with home renovation.  Come to find out that they put a used HVAC in the house that did not work.  I ended up replacing it with money from my own pocket.  They used unlicensed contractors to do work around the house and well as try to fix the roof.  I know this because I conducted a GA contractors license search on the names they gave  the tenant and could not find them nor their license number.  In fact the tenant informed me that whenever work needed to be done, they sent someone new all the time.  Renewal Investments should be avoided at all costs.

I subsequently took legal action against them and have a judgment in which I am still waiting for payment.  I have another case against them.  My co-worker also has a case pending.  Renewal Investments is not a company anyone should get involved with.  To re-iterate what a previous complaint said...BEWARE BEWARE BEWARE!!!!!
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#3 Consumer Comment

Kevin I know you are telling the truth

AUTHOR: Renewal Problems Also - (United States of America)

Kevin,

Please reach out to me at (((REDACTED))).  I would like to hear what you have to say.


CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#4 Author of original report

Response To Renewal (Komichel Johnson)

AUTHOR: blckman2 - (United States of America)

Well Renewal.

To the naked eye one would think I was just out to bash the company. However, we do know the truth. The home was 80% done. By who's standard? When my mom went to the home it was left unsecured, windows broken, vagrant living in it, no water heater, NO HVAC, Missing pimping and coils for furnce, hardwood floor not done. No appliances, and to list other things. The bank has only apprx $3000 left from the account to renovate the home which means you have the rest so yes its stolen. For the items listed above cost thousands to replace or fix. Yet you want your company viewed as an honest company. And Mr. Komichel Johnson, you yourself can't be trusted. I noticed you didn't address the issue of being kicked out of your office due to lack of payments for your rent. And let's look at a couple of links.

This is you pleading guilty to a felony for a scam on senior citizens. Right?

http://www.accessnorthga.com/detail.php?n=201852&c=7

This is you having a lawsuit brought on you by a financial insitution. Right?

http://dockets.justia.com/search?court=gandce&judge=Harold+Murphy&noscat=2

This is another person who participated in your program accusing you of the same thing you did to me. Right?

http://www.ripoffreport.com/real-estate-services/renewal-investments/renewal-investments-llc-komich-75885.htm

For a company and person who is talking about integrity. They are quite a few things going on with the president.

Everyone beware of Renewal Investments, or any company assoicated with Komichel Johnson. Feel free to mail me at ((((ROR redacted))) I can answer any questions and have the documentation to prove my claim against the company, Komichel Johnson, or any affiliates
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#5 REBUTTAL Owner of company

Resonse to Kevin Hill

AUTHOR: Renewal Investments, LLC - (United States of America)

Kevin,

We appreciate your comments. It is our goal to meet all of our clients needs. Should we fall short, we make every effort to rectify the situation and ensure that any issues are corrected and improvements are made.  Unfortunately, there was no direct communication with Renewal Management (the parent company) about your concerns and inquiries until the damage was done. The two consultants are no longer affiliated with Renewal because of this incident.  We dont doubt your character or integrity; we do however have a different scenario of events that took place.

Most importantly, we did not steal any funds from you or any of our clients!

You are correct, it is a great program! Our turnkey program is unprecedented and we feel that weve delivered on what we promised.

Lets recap:

Identification and Selection of a solid Property in a great area yes

Provide great value with equity in the property yes

100% Financing yes

Renovation The funds that you assert as being stolen were used to renovate your property. Your property was 80% complete when we began our communications via email.  We sent you a video of the renovation and what was remaining to complete the property with a time line via email. Instead of agreeing to meet with us via conference call, you rejected our requests.  In actuality Kevin, there was a balance remaining in your budget.  You may verify this statement via your lender. It was your decision to forgo our plan and you hired your own contractor (which over charged you by $8,000.00).  

As our marketing and advertising developed, we were fortunate to have enormous growth and as a result, we experienced growing pains.  

Our improvements since the summer have been very successful.  We have replaced our consultants with new staff and added a new construction manager to our team.  We now require each consultant to provide weekly updates to our clients and other policies that will forever prevent this type of scenario.   

We are in no way, shape or form blaming you for the delays or lack of communication.   We do feel that all parties involved could have taken other actions that would have produced a different outcome.

Again, we thank you for your comments. You have every right to voice your concerns about the delays and communication, but please let your comments be supported by facts.  WE HAVE NOT STOLEN ANY FUNDS!  

 

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#6 Author of original report

Renewal has moved

AUTHOR: blckman2 - (United States of America)

I have found out that Renewal Investments LLC is no longer at their business location. Was told by the building manager that they were kicked out for not their lease fora  few months. Unknown location for Komichel Johnson or Robert Jackman
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