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Report: #1236731

Complaint Review: StoneCrest Income & Opportunity Fund - San Jose California

  • Submitted:
  • Updated:
  • Reported By: ATLINVESTOR — Georgia USA
  • Author Not Confirmed What's this?
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  • StoneCrest Income & Opportunity Fund 4300 Stevens Creek Blvd suite 275 San Jose, California USA

StoneCrest Income & Opportunity Fund Capital Income & Growth Fund LL, Private Capital Fund LLC, Secured Income Fund LLC, Strategic Realty Fund LLC They do not honor their purchase to sell real estate contracts, and they do not pay there property taxes on properties they own San Jose California

*UPDATE Employee: Looking into the matter further

*Consumer Comment: Maybe you can help guide me?

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For investors who invest in this company to purchae real estate, Do not invest, they acquire properties and then try to sell properties to unsuspecting homeowners without the taxes been paid or current. They also offer owner financing but do not record the notes. They are also notorious for not paying the property taxes on the properties they own, resulting in the properties being sold at a tax sale. My firm had an offer to purchase two properties from them, The first property we signed all the documents and our funds were with the closing attorney, and they never signed the closing package and didnt give us a reason as to why they wouldnt. Who now a days signs contracts and then do not honor them. Then on the 2nd property I asked if I should proceed because of course I didnt want the same thing to happen. They backed out of the contract as well. Get this both properties had a tax sale and the redemption period was nearing, Meaning once the redemption period ends they loose the property. These idiots would rather loose the properties than to sell and make a little profit. I delt with a Pierce Golchin, nice guy but I believe he is in over his head. They were very unorganized. This firm is a hedge fund so to the private investors who invest in this company, I suggest you get your investment and run. What type of company purchases properties and then doesnt pay the property taxes.

This report was posted on Ripoff Report on 06/19/2015 12:21 PM and is a permanent record located here: https://www.ripoffreport.com/reports/stonecrest-income-opportunity-fund/san-jose-california-95129/stonecrest-income-opportunity-fund-capital-income-growth-fund-ll-private-capital-fun-1236731. 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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#2 UPDATE Employee

Looking into the matter further

AUTHOR: Stonecrest - (USA)

POSTED: Wednesday, May 18, 2016

Hello,

So sorry you have had a negative experience with us. We have been in the business for over 30 years and with a great reputation. We currently manage a portfolio of over 150 million dollars and have had only great things said about us by investors, associates, vendors. So again sorry that you felt cheated. Pierce is no longer an employee of the company, and unfortunately since you list no property and no name there is no way for us to even answer to your accusations and look into it more in debt. Please feel free to reach out to us at 408-557-0700 if you would like to continue the conversation. Our Operations Manager Leigh would love to chat with you. 

Regards, 

Stonecrest

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#1 Consumer Comment

Maybe you can help guide me?

AUTHOR: Anonymous - (USA)

POSTED: Tuesday, May 17, 2016

 I bought a Stonecrest mortgage property in 2012 from a tax sale. I am now trying to get a mortgage on the property. This company is coming up in the title search and so is the free and clear from the sale. I may not be able to get it now. Any suggestions on how to resolve this? Thank you. If you can give advice.

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