Craig Adams, an investor who flipped homes in Florida was sentenced to 3 years in prison for ripping off more than 40 people. The final draw was receiving $400,000 from a long time friend to buy distressed properties to flip in which Craig did not use for that purpose. Instead, he used his friends money to pay his own bills. The friend was ultimately the one who forced him to turn himself in to authorities.
It is true that investors can risk their money to make money in any market, but when greed and selfishness takes over, the combination leads to a long trail of destruction. In Craig’s own words; I was greedy, arrogant, selfish and stupid, Adams said. I should have known how far from the right path I had strayed. This is what he confessed to everyone before his sentencing.
What really hit home is that he drug others into the mix as co-conspirators. The title companies closer and her assistant also received light sentences.
I won’t go into all the ways he defrauded people out of their money.
There is money to be made out there legally and ethically. If you have the desire to get into the Colorado Springs real estate market to flip homes or purchase homes for sale in Colorado Springs only to make large amounts of money. You might be getting in for the wrong reasons.
If you are getting into it because you enjoy the thrill of the hunt, the acquisition, the rehab, helping others out of their jams, the contracting, the sale and finally the close….you will do it so well that you will make money and people will be happy for you. If your only focus is money, you might find yourself in compromising positions ethically and legally that may result in wrong decisions. Those wrong decisions will leave a trail of devastation behind you that can bite!
To view the original article, click here: http://www.heraldtribune.com/article/20121031/ARTICLE/121039908/2055/NEWS?Title=Sarasota-title-agent-sentenced-in-flipping-case&tc=ar