ED Magedson – Founder
Robert Shemin - Robertshemin.com5940 S. Rainbow Blvd. Las Vegas, Nevada United States of America
During the mid 2000's I attended several real estate seminars in which Mr. Shemin was a featured speaker. The seminars I attended were Wright Thurston's, San Jose Real Estate Investment Club and the Learning Annex in San Francisco. In each of these venues Mr. Shemin promoted a new development in Las Vegas that his team was organizing in which both novice and seasoned investors could purchase brand new homes for little to nothing down. The idea was that the investor would partner with Mr. Shemin and his organization My First House. Mr. Shemin's group would provide the leasing and management of the property and at the end of two years the houses would be sold and the profit would be split between the investor and My First House.
Unfortunately real estate tanked shortly after these houses were purchased. Seeing as how there would not be an upside to these homes in the near future Mr. Shemin lost interest in the program and so did the support of his management company. The management office would never, ever return calls. Rent checks although collected by My First House were late and in many cases never turned over to the owners. As the economy grew worse in Vegas the management company began fillling the properties with section 8 tenants at half of the rent of the good paying tenants. Many of the HUD families had latch key children that ran around the block terrorizing the good paying tenants that were on lease options with the homes. Most of whom ended up leaving out of concern for their safety.
About a year and a half into my ownership of my houses at Solano Terrace I contacted Mr. Shemin about the conditions in the development and the problems with the management company and at that time Mr. Shemin told me he sold his interest in My First House and that he was no longer involved with the project. I asked him who the new owner was and he said that was confidential.
Shortly after this conversation we were contacted by a loan modification specialist by the name of Anthony Cutuli who was referred to us apparantly by Robert Shemin who told us he could get our loans modified to a level that we would no longer be experiencing negative cash flow. Mr. Cutuli required a several hundred dollar deposit up front which many of us paid and then started working on the loan modifications. We were getting regular emails during his investigations and as the details of our situation became more clear Mr. Cutuli was becoming convinced that a potential crime had taken place and that Mr. Shemin was involved. Mr. Cutuli was threatening to expose Mr. Shemin and go public. Shortly thereafter all communications with Mr. Cutuli ceased and could no longer be reached.
A large percentage of the homes in this development are in foreclosure and many of the people involved are now facing bankruptcy as a result of Mr. Shemin and his cohorts. If anyone is considering attending any of Mr. Shemins or worse yet investing with him I would strongly discourage it. Mr. Shemin is a person of questionable integrity.
This report was posted on Ripoff Report on 06/05/2010 09:12 AM and is a permanent record located here: http://www.ripoffreport.com/reports/robert-shemin-robertshemincom/las-vegas-nevada-89118/robert-shemin-robertshemincom-my-first-house-las-vegas-nevada-610630. 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.
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