Losing 50 Investment Properties to Theft | David Greene
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- Опубліковано 1 жов 2024
- Losing 50 Investment Properties to Theft | David Greene
In this video, David Greene, the esteemed co-host of BiggerPockets, recounts the shocking tale of how he fell victim to a scheme where 50 of his investment properties were stolen. David delves into the intricate details of the ordeal, revealing valuable insights into real estate security and the risks investors face. Join him as he shares his harrowing experience and offers invaluable lessons on protecting your assets in the world of real estate investment.
Join us as we share our winning strategies, success stories, obstacles we've encountered, and most importantly, the lessons we have learned along the way. If you are ready to learn the ins and outs of the investing in Chicago and suburbs.
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Another lesson from this - diversify. When you're financial free there is no reason to continue leveraging up to the gills and doubling down on 1 asset class. Buy some stocks, bonds, businesses, etc.
Or he can just have a mortgage on those properties and if someone tried to steal the title the banks legal department would handle it.
David, only by the grace of God are you able to move forward without losing your sanity. Good job, and thanks for sharing.
This story is remarkable
Loved the brutal honesty in this segment
Thanks for listening!
Omg. This is scary as hell.
This is why i watch you religiously. No ego discussions about what can go wrong rather than worrying about what ppl will think of you. Thank you for sharing! In a couple counties I have homes in, you can go to the county website and sign up for notifications in the event one of your deeds is changed. It doesnt stop the crime, but at least gives you a jump on the fight. If you find a way to stop it from happening in the first place I look forward to learning how. Good luck🍀
Thank you for that
Is it me....or are people just getting super bold. Like they don't care at all that it is likely they will one day be identified and caught committing a serious crime. This thief was leaving a public paper trail ..and continued on completely unbothered until the law caught up with him. Smh.
America is becoming a lawless place. Nobody cares anymore.
Look around at all the examples of no consequences. Hell, U can try to OVERTHROW the entire country & coward Garland & entire US DoJ do... NOTHING !!
The criminals have all the advantages these days. Makes no sense to play by the "rules".
Yeah, people information isn't safe on the internet. Your parents and grandparents were right the entire time.
50 properties... and they were 100% committed to going to door to door. Getting notarized, going to real estate meetings.. just wild
Wow, David I’d definitely be naming and shaming these cities that are so ridiculous.Others should be informed that they’re not welcome here if they’re investors.
I agree, he should name the towns so other scumbag airbnb owners will get and go elsewhere.
This story is insane! Thanks for sharing your story David!
Did he say what state this was
The extent a liar and a thief will go to to cover their lie and thievery is astonishing..
What a nightmare. Thanks for sharing. What are you doing differently to prevent this from happening again?
Thank you David for your honesty
this is wild... LIFE LOCK and TITLE lock is NEEDED in the future.
Never heard of title lock but that’s interesting!
Title fraud defender does the same thing and costs half as much
David, you should write the book about it. The story is insane..I give you a lot of credit , you keep your sanity..
you should have been able to sue that government agency that would have made them move quicker on fixing it.
Omg dude that’s brutal. Just nightmare worst case scenario. Gave me anxiety just listening
This is one of the reasons why titles should be on the blockchain.. real estate and vehicle
💯
David, this situation is absolutely insane. I can't begin to imagine how frustrating this has been, and it's out of your control too. I would be curious to know what percent of your original portfolio's worth you lost because of all the fallout from this fraud.
Id like to become an investor myself one day but stories like this certainly are discouraging, albeit rare
So this happened in Illinois since he’s talking about Chicago
Did he say what state it was
@@straightupchicagoinvestor what state I couldn’t find online
Wow David. I have been listening to you for a while now and hearing you tell your story sounded a lot like Job (without the death of course). Way to power through and come out on the other side. Know that your testimony has helped someone.
Job didn’t die in that story but I was thinking the same wow david had a job phase but we know that he’ll get a double fold return as a result of leaning on God during horrible circumstances
Would the stealing not possible if you deed all property to a land trust with your LLC as Beneficiary?
Following
Curious.
Commenting to get an update.
I think this comment is correct. If your LLC is just the Trustee or beneficiary and not the owner of the house, knowing that name doesn't matter. The thief would have to know the names of all the land trusts to be able to find them in the first place.
Yes and also put a lien or memorandum on your property
Does anyone know the name of the crook that did this? Would like to look them up.
my jaw is on the f****** floor
I changed ownership of my car from the previous owner to myself all online with just pictures of the title. It was legit and gifted to my by the owner. Still tho...it could have been a forged and I never had to go to the county clerk in person. The title is in my name it says sold for $0. If I want to forge my title I could. I could sell my car cash with my forged title. If you look up the title number it's legit and they would probably be able to take that forged title and transfer it in their name In person.
Now pretend if I was a criminal and you live in Ohio. I can steal your car all from my computer and sell it for cash to whoever and they can probably end up getting it titled in their name. I'd just have to steal ur car which wouldn't be hard if I target specific cars.
Would the problem have been mitigated if you used a series LLC or having each property in a different LLC?
In what state was your LLC?
Classic tail wagging the dog rushing to complete a 1031. Just pay up and reset your basis.
Also something to note in Texas you are able to register an email with county when deeds or anything gets recorded you are notified. I recently got notified when I closed on some properties . Now it’s too late as those are getting recorded but better than waiting for 6 months to find out
How did you do this? I'm googling, but not quite sure how to register mine.
@@deltalovie first figure out how to do a deed search in the county you own property once you can get to that site then search for the name under which the property is held once you locate the deed etc usually at the top there is a property alert tab where you put in the names such as personal name or LLC or trust that your property is held in and provide your email address where to be notified if any changes happen for those properties . If you cannot find them then ask the county clerk office. Google could not find it for me either but go to the district website and search for the deed records. Be careful there are lot of aggregator sites who do this for you for a price but I would not use them. The site for deed records should be able to be reached through the main district website . Usually for Tx it will have Tx.gov in its website name
Figuring this out as well what’s the update
Commenting to get an update.
So each county is a little different but generally if you go to deed search on the county web page it will direct you to a page and in general at the top of the page there is a link for property alert or on one county it says property fraud alert . Click on that link and register the name or names that own the property . It can also be an
LLC name or trust name or
Whatever then also attach email you want the alert or be sent to . I ha be bought properties after I set up these alerts
And as the properties got recorded then the alerts came right away. If you have trouble then reply here with county you are interested in and I can try to find that link and post it here
Wow! This is an eye opener
That’s crazy! So what happened to the mother F____er that did this to you, how much time did he get?
I am very sorry you had to experience this ordeal, dear David. Your contribution to investors community is highly appreciated by all of us the fans of BP. Your case with title fraud is a nightmare of any real estate owner. We all need to be educated on how to fight and prevent this type of crimes against our ownership rights. It seems the system makes it very easy to commit such crimes. I wish you to overcome all the obstacles and at the end come out of this straggle strong and being able to protect your assets as never before.
Totally agree David. I had a similar situation. I had 2 property managers 2 different areas spend my rent cash every month on fraudulent or unnecessary charges while I paid the mortgages taxes insurance etc from my pocket. I eventually got the properties back in control but not without difficulty. Warning to investors, its your investment dont leave it to anyone to manage. People have lost everything trusting property managers. Make sure you protect yourself.
It is a trust but verify situation. To add another layer of complexity, but assurance is the ability to obtain recourse. You don't give responsibility to people that have nothing to lose.
i love how he tries to act like a victim when he explains how neighbors dont want investors moving in and call him out on his airbnb operations lmao they just want real neighbors moving in. Him and his goons at bigger pockets are the bad guys.
And this is why I build and sell, get my money and run. Rinse and repeat. Fuck owning and holding. The only thing I would hold is a 200 unit apartment complex.
I’ve been studying for 2 years i have a spread sheet, would you mind looking at it ?
Omg😢 tjis story gave me anxiety
Holy shit!
Thank you for this! I appreciate the transparency. Everyone neglects the different exposures at play when it comes to residential real estate investing and this anecdote from a prominent investor like David Greene proves that we can all 'get got' at some point. It also shows that if you're doing well enough for yourself, there will always be people who don't care to see you continue to succeed or have sense of urgency or empathy when it comes to helping you fix your problems. I can not emphasize the final 30 seconds of this clip enough. Thanks again!
Thank you for sharing your experience. I told my wife I want to write a book titled, "Do I Own The Property I Own?" This given the amount of control mortgage lenders, insurance companies, and municipalities have over a property. And that's without all the issues you had with being scammed.
I'd buy that book.😮
David should have done a lazy 1031 to give himself more time
I still wonder how you are able to just transfer title on a piece of property when it requires ID and Notaries and Lawyers. Is he just signing a fake title and having his brother notarize it and filing it.
there are many cases that crooks just change their names and steal the title. it is the incompetent city and government enable these crooks to steal so easily.
Wouldn’t a high leverage property scare scammers since the mortgager would have been impacted?
You sold to a hedge fund because that was your only option at that point. Now, you've just done what they want you to do. And you now see how these destructive policies have contributed to your inevitable sale. It's not just what happened, it's why.
New fear unlocked as a investor. Insane story
Remember sometimes it’s easier just to pay the taxes on the gains and move on. There is nothing wrong with taking profits.
I think it is Taxes AND depreciation recapture, all claimed and unclaimed depreciation (30 years) has to be paid back too.
That’s why block chain technology like the company propy will change real estate due to problems like this with title fraud
So is this his current situation or is there more to this story?
Law Enforcement eventually caught up with the guy, but it took some time.
Basically, lawyer should have been involved immediately, lawsuits brought up against the gov offices for allowing the illegal changes (just to get them to change it back), and wire fraud charges brought to the FBI. Sherriff's office was sleeping while the offender was running around causing imminent harm.
Fantastic video. I love to hear the difficulties that investors go through and how they claw their way out of them. I’ve had to claw my way out of a few doozies myself.
What state is David discussing? No sense in others being hurt because of this state.
I love it when attorneys who are friends show up, colluding to run up auctions against outsiders and end up getting trashed like this guy. Free money isnt so free after all. Most of these millionaires on paper dont have 2 quarters to rub together in equity. Hahaha when the greed bug gets them, bye bye.
This is insane...
All these sequence of terrible events because of some crook stealing title to his properties....
So sorry this happened to you David, a lifelong of work ruined by a criminal.
The big problem with this vid, is him not telling us what markets did this mercantilistic nonsense so others can nope out
Oof dude caught some felony charges for that database breach
I'm really sorry this happened to you. Some real resilience there my friend.
Hi David @biggerpockets
Thank you for having the courage to share such a painful story - not taking the "asking for a friend" route. It was disappointing that your 1031 intermediary was not more helpful, first explaining the three identification options (identify 3 properties, the 200% rule or the close 95% rule). Second, I wish someone had mentioned the DST options at least to buy time, when time is needed.
Next time you want IPX1031 - which is the best of both worlds backed by Fidelity and good people (including numerous full time attorneys fully focused on 1031s) that give a small high level sevice feel. Their St Augustine, Fl office will take good care of you. In which state did this happen?
This would have destroyed me.
Agree…. I’m not at that level of mental toughness yet for sure
This is what happens when you feel the need to grow for growth sake.
This is now _the_ real estate nightmare for me. Kudos to Dave and his team for overcoming, what I would have previously defined as, an insurmountable challenge.
Your story is helping so many people be aware. Thank you.
Finally got one to say it. Always keep savings. At least half of the down payment you've put into all properties. You can always expect other people to ruin everything you have going for you. Here you are doing the right thing and every one in society, including the criminals and citizens, are tearing your bytch ass up, and there's nothing you can do about it. I would have just paid them taxes and took the hit because its less headache and you have clearer decision-making moving forward. When you rush, you tend to make bad decisions. I learned that by getting into multiple car accidents because i was rushing. You have a lot of wisdom to learn. A LOT!!!
I was totally with him up until he said squatters came to his vacant properties. That is such a piss-poor excuse for modern capitalists. Socializing costs and privatizing profits. If he has a rentable property that goes vacant and he understands the chance of squatters, it is extremely easy to hire an individual to daily visit the vacant properties. It would cost him barely anything for someone to walk through the property.
Dude i am so sorry for you 😢 my dad sacrificed his life for this country and its just crazy our justice system and the cops and the community are so horrible yo others like you when they would be non existent without the sacrifice of others.
Such a great story. Real Estate investing is the best thing I have ever done; yes there is stressful parts to it but we learn and keep growing.
i Would "DELETE" That Person if the Law didn't put them Under prison!! it's going on in Atlanta Big Time Right now!!
Agree. If the law doesn't give justice, then you take the law into your hands.
class D neighborhoods!!!
I’m in all class D with section 8 state paid. Is that good or bad? They are ridiculously lucrative but appreciation over time (generational wealth building) isn’t there. Your thoughts?
only in republican jurisdictions @@nickfazzio5277
My hate for government just became greater. I have so many horror stories of how government screwed me over I should write a book. Government only makes things worst. This is a perfect example.
Thank you David for sharing.Sometimes it seem life is not fair and i knew that some people are very bad but this guy was a real crook.
Holy cow
Blue states
That’s crazy. I can’t believe that happen to you. I kept thinking this was clickbait but not only is it real but what happen to you is actually worst than the title
The government? Unreasonable? No way.
Crazy, are you ever gonna get anything from this guy?
I had the issue of not being able to close on one of the seven properties I identified in a 1031. I was able to close on the six as a 1031. The 7th fell out, that amount uncovered became boot. I paid the taxes, added to what was left over and bought a 7th property.
So you are not able to complete 1031?
@@minihoneybee I was able to. If one property doesn’t close, it doesn’t mean the entire 1031 is ruined. It just means you end up paying capital gain on the failed portion. In my case it was one out of seven properties. That’s why my QI said that it’s always important to at least try to 1031 rather than just paying the gain.
You invested in Chicago… shocker
🤯🤯🤯What????? This sounds like insanity, but I appreciate you sharing your truth.
If the properties were stolen, how were you able to sell them to a hedge fund? And if you somehow got them back, why did you decide to sell them then?
What is going on! I feel like I'm hearing insane stories like this every other day.
Damn! This dude is HELLA chill for all the crazy, frustrating, stressful shit he's been thru !! Wow!
This is another reason why we need tokenized digital deeds.
OMFG you poor bastard do you think that lifelock would have prevented this. I’m sorry to hear that this happened
What in the 🤬🤬🤬🤬🤬 Man I thought I had seen it all.
sue the goverment for their website
It’s amazing how horrible people can behave when there’s no rule of law
I'm so sorry, David! People can really suck sometimes but it's inspiring you seem to be keeping a level head about it.
Wow…. I’m soo on track and have been aiming for what you described in the closing seconds. Get a couple duplexes. Be retired at financial independence, setup property management…. And go into coast mode. That’s what I’ve been aiming for, for the last 2 years and I’m about 3 months away….. ahhhh. Thanks for imparting your wisdom David!!!
My old landlords did that. Not gonna lie, I thought it'd be fine but it was frankly awful. We didn't have screens the entire time because they were damaged when we moved in and now that we have them, they are the wrong size.
It was so bad that it convinced my fiance to be on board with buying.
That sucks brotha. Screw that guy.
The True Chronicles of Real Estate.
Even when you plan for ABCD plan z and prayer is needed.
What a horror story! Life has a curve ball reserved for everyone.
I'm favoured, $60k every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
Wow! Kind of in shock you mentioned expert,elizabeth ann graney. What a coincidence!!
Elizabeth Ann has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of life's
Life is easier when the cash keeps popping
in, thanks to Elizabeth Ann graney services. Glad she's getting the recognition she deserves
I use to work 3 jobs, full time at Walmart, a server at night and Lyft on the weekend, untill Elizabeth Ann graney change my story.
Such a genuine personality!!, Sincerely speaking. I will continue to trade and stick to Elizabeth Ann daily signals and guides as long as it works well for me.
This is why I do Reits and don't get involved with the headaches that go with owning real estate.
I've heard of some of these things (especially the real estate theft), but never anything like this! As a new, would-be real estate investor, I'm begin to rethink my life's choices.
Glad you didn’t start doing coke
Holy freaking $hit... my freaking heart rate went up just listening to this!!!! I'd go mad. I need to get a STR but where to buy is the question. So many people are complaining about them. Wow... I'm exhausted... but I won't give up. Thanks so much for sharing your experience.
This is why voting for Property Rights, and for Politicians who support property rights, and are hard on criminals is important. You can't vote against yourself. #California
I HAVE 35 PROPERTIES AND THEY ARE ALL IN THE SAME TOWN!!!!!!!! THEY ARE ALL RENTED EXCEPT 2 !!!!!!! I GO TO THESE PROPERTIES EVERY DAY!!!!!!!!! EVERY TIME I SKIP A DAY SOMETHING ALWAYS HAPPENS!!!!!!!!! I DONT KNOW HOW YOU OUT OF STATE INVESTORS DO IT!!!!!!!!!! THE CITY OF ELRENO OK KNOWS ME VERY WELL AND THEY DO ALL CRAZY THINGS HERE TOO!!!!!!!!! GOOD LUCK BUT I AM STAYIN IN TOWN AND KEEPING IT SIMPLE LIKE GOD INTENDED!!!!!!!!!!!! JESUS IS LORD!!!!!!!!!!!!!!!!!
Air B&B's are a nightmare for neighbors. Always having a streams of partiers playing loud music with no respect for others. Best to just buy Bitcoin. No tenants, No Home Depot trips, No eviction, No 911 calls, zero bullshit , zero drama, zero maintenance, walk out of country with your wealth.
You can get addicted to the stress of owning stuff, and real estate is the worst.It's not that hard to make a living off of owning just a few properties. Spreading yourself too thin and owning huge debt is toxic.
How to protect your home; build enough housing. Can we make that step 1? Can people in their 20s have the right to dream about theoretically owning a home before we die? No? Then no one cares if your second property gets used by people with nowhere to go. Get off your high horse and HELP people, then they won't have to resort to less palatable options! If I can work for food, I won't steal yours. If you lock ALL of the food in a box and laugh while you watch me starve, you have NO right to criticize how I get fed.
Thanks for sharing. 1031 is a complex process. But when you have a capital gain more than 1M there are other strategies you don’t have to do 1031 exchange but you can set up in a way you transfer all your funds to that account or LLC and use to invest when ever you want , there is no timeline and you don’t pay capital gain Tax. It cost around 60 to 80k for setup. And further to that there is a strategy you don’t even pay taxes on the income you earn from that investment still you can claim all deductions.
This is the strategy used by all billioners in our country USA
Wow, this is crazy
That thief did all that work. Going to renters. Getting notary done. Strategizing and coming out with tactics. Man can you imagine if he put that energy into running a business or creating something value, he'd be rich anyways.