Creative Real Estate Investing Commercial Apartment Building Property Investment Reviews
Oct 11, 2014
The short of it? I Invested $400K, lost apartment building shortly later, Benitah went hiding, spent $100K in attorneys! Many lawsuits against Benitah for misrepresentation and fraud, in Los Angeles County, from other investors!
I was a first time commercial apartment investor. Prior to dealing with Mr. Benitah, I had bought and sold on my own a couple of single family properties. In early 2010 I heard a radio ad on KFB News 980 announcing how to double your money in a short time with safe commercial real estate in emerging markets like Texas and Oklahoma.
Benitah is NOT licensed in Texas or Oklahoma and presents properties from "emgerging" markets from California but never visits the properties. He cannot due that because he is only licensed in CA as a realtor.
At the time I first heard of Benitah he was an real estate agent with Keller Williams Beverly Hills. I met him at their offices. His wife/assistant took me to a conference room where a small TV was and said Mr. Benitah would be there shortly and, in the meantime, to watch a short video about their unique Find, Finance, Flip, & Fix Program. It was a 15 minute presentation of how Creative Real Estate 'system' allows investors to, as stated currently to this day on Benitah's LoopNet page [remax.com/realestateagentoffice/irvine-ca-92604-mauricebenitah-id25675057.html] to "Buy Below Market Apartment Buildings and and Resell for Full Market Value!" The video went on to explain that this "system" for finding, fixing and flipping commercial apartment building for large profits had been designed and refined by Benitah. There was one testimonial from a plumbing contractor who had bought and flipped a property for quick profits using Benitah as agent.
Later Benitah came in and introduced himself. He brought a folder and began a speech about his vast and succeful commercial investing experience and investor track record. Almost right away began he stated,"My system is the best out there and no one else is doing what we do. I have bird dogs everywhere who alert me to deals before they are on the MLS and I get a first chance for my investors to buy them."
He went on to explain that they do everything from running the numbers to pre-qualifying for financing and getting a loan for investors to having a team to fix and manage the property. [None of that happened --- quite the opposite]. The only thing I would need to do is take a look at available properties and decide.
I should have known better when he said, "No one else does is doing what we do." The FBI later told me that is classic con artist jargon. In April 2010 I took money from a refinance of my home of $400K, and with his persistent urging I invested in and [overpaid $2.5M] for a 84-unit 1971 built complex in Tulsa, OK [Red Fox Apartments].
Prior to that Benitah had me fly to several places in Texas to look at "gems." They were all dumps and in terrible shape [except one but that property was way, way over my budget].
Benitah promised me that "his team" led by James Engle, another agent in his office and President of Golden Estate Management,had property management staff in Texas and Oklahoma to manage the building. [Not true at all. He did have a representative in Dallas but none in OK]. I was informed that I had to pay a commission of $37.5K to Benitah from my side. I did that because I trusted Benitah on his advice that once I invested about $25K to "fix-up" some units I could later flip the complex for "easy $2.7M in less than 6 months, and then we go out and repeat the same for you, but this time we look for a building with more units!"
After buying building I met with James Engle in Beveryly Hills from the "management team" side to "fixing up and reseling property for full market value" as touted by Benitah. Benitah di dnot attend the meeting, even though he said he was going to be involved in very detail from start to finish [i.e., flipping the building]. When Mr. Engle found out who the seller was {lew McGinnis] he called Benitah on the phone and asked him how he could allow a client of his to buy a building from this seller since he has a horrible reputation. He further asked Benitah why he [Engle} was not advised BEFORE the purchase of the building. Benitah, it appears, gave him a babbling respons eand said he had to go.
In the end and to his credit, Mr. Engle said he was sorry but that he could not be involved in any building in which Lew McGinnis [the seller] had owned and would be involved in. So I was left out in the cold with no management oversight.
Benitah failed to do his homework as it turns out that the seller was a notorious swindler known in Oklahoma and Kansas banking and apartment investment circles for buying low-income housing, rarely maintaining them, hiking rents up, then doing very little cosmetic fix-up and placing them on the market for high prices. Lew McGinnis had in years prior been sued by the federal government in Utah for fraud. McGinnis had a long list of 1st time buyers he had conned into buying buildings from him and which he convinced buyers to allow him to manage the properties.
In my case and based on Benitah's recommendation, that is exactly what happened but with distastrous results. McGinnis companies nevelater r paid for prior year taxes and never made mortgage payments. When I found out I called Benitah and he immediately began to hide.
In the end, I lost the Tulsa building to foreclosure. McGinnis was/is under FBI investigation [FBI AGent Rebecca Edlin - Oklahoma City Office], been sued by more people than I can count, has filed for BK protection for all companies and I've had to pay close to $100K in legal fees.
Mr. Benitah is a true charlatan. STAY AWAY! You are much better dealing with a national commercial real estate brokerage firm [Google reputable ones] than to believe what he has to "pitch" you on his famous "show sheet."
Benitah was apparently run out of Keller Williams Beverly Hills because of complaints and lawsuits against him and KW Beverly Hills. You can go to the Los Angeles County Superior Court and find a list of lawsuits against him [it's public record]. He now works with REMAX/Premier Collection out of Irvine. Strange because in late 1990's he was sued when he was an agent at a REMAX office in Manhattan Beach for --- you guessed itfraud.
I had spent about $100K in fees in Oklahoma and did not have anymore to sue this scoundrel and KW BEverly Hills so I lost out BIG. If his lips are moving, he just might be lying. STAY AWAY! Find another licensed agent in teh state where you are thinking of investing in and keep your money safe and far from Benitah.
Creative Real Estate Investing Commercial Apartment Building Property Investment Reviews
The short of it? I Invested $400K, lost apartment building shortly later, Benitah went hiding, spent $100K in attorneys! Many lawsuits against Benitah for misrepresentation and fraud, in Los Angeles County, from other investors!
I was a first time commercial apartment investor. Prior to dealing with Mr. Benitah, I had bought and sold on my own a couple of single family properties. In early 2010 I heard a radio ad on KFB News 980 announcing how to double your money in a short time with safe commercial real estate in emerging markets like Texas and Oklahoma.
Benitah is NOT licensed in Texas or Oklahoma and presents properties from "emgerging" markets from California but never visits the properties. He cannot due that because he is only licensed in CA as a realtor.
At the time I first heard of Benitah he was an real estate agent with Keller Williams Beverly Hills. I met him at their offices. His wife/assistant took me to a conference room where a small TV was and said Mr. Benitah would be there shortly and, in the meantime, to watch a short video about their unique Find, Finance, Flip, & Fix Program. It was a 15 minute presentation of how Creative Real Estate 'system' allows investors to, as stated currently to this day on Benitah's LoopNet page [remax.com/realestateagentoffice/irvine-ca-92604-mauricebenitah-id25675057.html] to "Buy Below Market Apartment Buildings and and Resell for Full Market Value!" The video went on to explain that this "system" for finding, fixing and flipping commercial apartment building for large profits had been designed and refined by Benitah. There was one testimonial from a plumbing contractor who had bought and flipped a property for quick profits using Benitah as agent.
Later Benitah came in and introduced himself. He brought a folder and began a speech about his vast and succeful commercial investing experience and investor track record. Almost right away began he stated,"My system is the best out there and no one else is doing what we do. I have bird dogs everywhere who alert me to deals before they are on the MLS and I get a first chance for my investors to buy them."
He went on to explain that they do everything from running the numbers to pre-qualifying for financing and getting a loan for investors to having a team to fix and manage the property. [None of that happened --- quite the opposite]. The only thing I would need to do is take a look at available properties and decide.
I should have known better when he said, "No one else does is doing what we do." The FBI later told me that is classic con artist jargon. In April 2010 I took money from a refinance of my home of $400K, and with his persistent urging I invested in and [overpaid $2.5M] for a 84-unit 1971 built complex in Tulsa, OK [Red Fox Apartments].
Prior to that Benitah had me fly to several places in Texas to look at "gems." They were all dumps and in terrible shape [except one but that property was way, way over my budget].
Benitah promised me that "his team" led by James Engle, another agent in his office and President of Golden Estate Management,had property management staff in Texas and Oklahoma to manage the building. [Not true at all. He did have a representative in Dallas but none in OK]. I was informed that I had to pay a commission of $37.5K to Benitah from my side. I did that because I trusted Benitah on his advice that once I invested about $25K to "fix-up" some units I could later flip the complex for "easy $2.7M in less than 6 months, and then we go out and repeat the same for you, but this time we look for a building with more units!"
After buying building I met with James Engle in Beveryly Hills from the "management team" side to "fixing up and reseling property for full market value" as touted by Benitah. Benitah di dnot attend the meeting, even though he said he was going to be involved in very detail from start to finish [i.e., flipping the building]. When Mr. Engle found out who the seller was {lew McGinnis] he called Benitah on the phone and asked him how he could allow a client of his to buy a building from this seller since he has a horrible reputation. He further asked Benitah why he [Engle} was not advised BEFORE the purchase of the building. Benitah, it appears, gave him a babbling respons eand said he had to go.
In the end and to his credit, Mr. Engle said he was sorry but that he could not be involved in any building in which Lew McGinnis [the seller] had owned and would be involved in. So I was left out in the cold with no management oversight.
Benitah failed to do his homework as it turns out that the seller was a notorious swindler known in Oklahoma and Kansas banking and apartment investment circles for buying low-income housing, rarely maintaining them, hiking rents up, then doing very little cosmetic fix-up and placing them on the market for high prices. Lew McGinnis had in years prior been sued by the federal government in Utah for fraud. McGinnis had a long list of 1st time buyers he had conned into buying buildings from him and which he convinced buyers to allow him to manage the properties.
In my case and based on Benitah's recommendation, that is exactly what happened but with distastrous results. McGinnis companies nevelater r paid for prior year taxes and never made mortgage payments. When I found out I called Benitah and he immediately began to hide.
In the end, I lost the Tulsa building to foreclosure. McGinnis was/is under FBI investigation [FBI AGent Rebecca Edlin - Oklahoma City Office], been sued by more people than I can count, has filed for BK protection for all companies and I've had to pay close to $100K in legal fees.
Mr. Benitah is a true charlatan. STAY AWAY! You are much better dealing with a national commercial real estate brokerage firm [Google reputable ones] than to believe what he has to "pitch" you on his famous "show sheet."
Benitah was apparently run out of Keller Williams Beverly Hills because of complaints and lawsuits against him and KW Beverly Hills. You can go to the Los Angeles County Superior Court and find a list of lawsuits against him [it's public record]. He now works with REMAX/Premier Collection out of Irvine. Strange because in late 1990's he was sued when he was an agent at a REMAX office in Manhattan Beach for --- you guessed itfraud.
I had spent about $100K in fees in Oklahoma and did not have anymore to sue this scoundrel and KW BEverly Hills so I lost out BIG. If his lips are moving, he just might be lying. STAY AWAY! Find another licensed agent in teh state where you are thinking of investing in and keep your money safe and far from Benitah.