Get Rich Quick Real Estate Lawsuits

Real life examples:

Trash hauler with no savings was given four no-money-down mortgages worth $800,000

28-year-old white-collar renter from Arlington acquired mortgages worth $1.3 million with no collateral or money down

According to Boston Herald, Jenkins through networking, would meet young inexperienced local investors who had excellent credit ratings. He’d sell them the promise of a business relationship where they would not have to do anything, except lend their credit, name, and perhaps down payments on loans for cheap investment property. He would take care of the business side including financing, paperwork, collecting rents, maintenance, renovations, etc., and after one year the homes would be sold for a quick profit.

The investors say they were often promised $20,000 at the time of closing in exchange for their good name and credit rating for these real estate transactions. They would receive half of the money at closing and half at resale. Jenkins is reported to have collected some rent, but reneged on many promises.

The Boston Herald has been doing a special report for the past few days, dedicating two to three full pages on this story, I had barely scratched the surface with details. Jenkins maintains he did nothing wrong, all parties were fully aware of the risks. In many cases the investors did not receive copies of any agreements, and Jenkins liked to meet them in Dunkin Donuts.

He also claims he learned his methods from Get Rich Quick Real Estate Infomercial Guru John Alexander. If you aren’t familiar with this specific program, you are familiar with the pitch. Investors will give testimonials on how they made x-amount of thousands of dollars in one month.

I guess it is really true, because Jenkins appeared in his testimonials as a million dollar money maker. Alexander runs a program called : John Alexander’s Real Estate Riches In 14 Days, and appears in the ad below. I often wondered how these people made that kind of money, just read up on this series by the Boston Herald, and your eyes will be opened. Follow the jump to read the series.

If it smells like a duck, quacks like a duck, looks like a duck, then...