Golfer Tom Watson
misses a chance
to make history,
losing the British
Open to Stewart
Cink, right. 1C
MONDAY, JULY 20, 2009 ❘ 75¢ HERALDTRIBUNE.COM
ON GULF COAST:
HALF A BILLION
LAKEWOOD RANCH CONDOS
Mark Riley stands next to the $300,000 Mercedes Maybach
he leased during the boom. Unhappy former clients say he
orchestrated flips in Lakewood Ranch, rarely selling to
outsiders. The toll: $30 million in defaults. 7A
A HERALD-TRIBUNE INVESTIGATION: IN SARASOTA AND MANATEE COUNTIES, 37 GROUPS
OF PROPERTY FLIPPERS NOW ACCOUNT FOR NEARLY HALF A BILLION DOLLARS IN
SARASOTA INVESTMENT SEMINARS DEFAULTS. REAL ESTATE INSIDERS ARE AT THE HEART OF MANY OF THE GROUPS.
Arthur Seaborne leaves his office in downtown Sarasota.
Former clients say Seaborne recruited investors into By MICHAEL BRAGA, CHRIS DAVIS and MATTHEW DOIG, Staff Writers
property-sharing ventures that guaranteed him a profit and
left investors with mortgages they could not pay. 8A ll across Sarasota and Manatee counties, the price increases defied logic.
More than 100 properties from Palmetto to North Port doubled in price in a single day during
the recent real estate boom. Proposed condos — no more than ideas on paper — flipped two or
three times before anyone moved in.
Some investors bought up dozens of houses within a few blocks. Within weeks or months, they
flipped them at a profit.
A yearlong Herald-Tribune investigation has found that many of these sales cannot be explained by
shrewd deal-making or as an innocent consequence of the real estate boom. Instead, they were manufac-
tured by property flippers who found ways to drive up housing prices so they could make money at the
PALMETTO INVESTMENT CLUB
Marc Mailloux outside his home in Palmetto. The real estate
The Herald-Tribune examined more than 3,000 property flips that occurred since 2000 in Sarasota
agent and his associates bought at least 158 properties. But and Manatee counties. Based on interviews with more than 100 investors and real estate professionals
when the market cooled, they started selling to each other as
a way to get more bank loans. 6A and a review of thousands of pages of deeds, mortgages, foreclosure filings and other public records, the
■ At least 37 groups of property flippers operated in Sarasota and Manatee counties. The groups
bought hundreds of properties worth more than $350 million and sold them to associates for inflated
■ The flippers identified by the Herald-Tribune — and the people who ultimately bought their prop-
erties — have so far defaulted on more than $450 million in mortgage loans. Their defaults account for
$1 in every $13 lost to foreclosure in Sarasota and Manatee counties from 2005 through 2008.
■ Nearly 40 percent of the people involved in questionable flips in Sarasota and Manatee counties
GULF COAST EASY TARGET FOR FLIPS
The Herald-Tribune identified 37 groups of property flippers were industry insiders — real estate agents, developers, lawyers and mortgage brokers. Of the 37
operating in Sarasota and Manatee counties this decade. 9A
groups discovered by the newspaper, 21 were organized by real estate agents or mortgage brokers.
■ Most flipping circles were organized by a leader who either recruited investors on the promise of
only profiles of more than 100 people in Sarasota easy money or conspired with friends and associates to sell properties at inflated prices. Some of these
and Manatee counties who were involved in property
flips. Plus an interactive map that lets you drill into the
investors did not realize they were buying properties at inflated prices; others willingly lied about sales
details on each of the 50,000 suspicious Florida flips. prices to obtain mortgages that more than covered the actual purchase.
YESTERDAY: A Herald-Tribune investigation of flip- ■ Some of the people who organized or participated in flips were considered leaders of their profes-
ping fraud finds $10 billion in suspicious Florida deals.
Find yesterday’s story at heraldtribune.com/flipping. sion. One was recognized as one of the top 50 Re/Max real estate agents in the world. Another won mul-
TOMORROW: One Sarasota real estate agent orches- tiple awards from the Mortgage Bankers Association of Florida. Some flippers identified by the Herald-
trated more than $100 million in questionable deals.
Tribune were seen as key clients by local banks and were allowed to pick their own appraisers or had
WEDNESDAY: Law enforcement ignored flipping
fraud as it happened — and may not punish it now. loan approvals expedited to quickly close deals.
THURSDAY: Bankers made flipping fraud possible. ■ Widespread flipping occurred in neighborhoods of all kinds. Some groups focused on new develop-
SUNDAY: How to prevent mortgage fraud. See FLIPPING on 6A
INSIDE 40th ANNIVERSARY OF THE FIRST LUNAR LANDING
HOSPITAL MAY UP RATE
The increase would cover grow-
ing expenses and fund building
projects at Sarasota Memorial. 1B
Before a giant leap, plenty of anxiety
1931-2009 APOLLO 11: Local man was the right questions and run the
FRANK McCOURT DIES right tests.
His Pulitzer Prize-winning book, part of the team that put Astronauts Neil Armstrong and
“Angela’s Ashes,” told of his Buzz Aldrin were riding the most
impoverished Irish childhood. 4A the moon within reach thoroughly inspected flying ma-
chine in the history of flight as it
Classified ........6C Obituaries ........4B By BILLY COX approached the moon’s Sea of
Comics .............6B Opinion .........12A email@example.com Tranquility. But with memories
Lottery .............2A People ..............5B of astronauts consumed by a pad
Movie Log .......5B Sports ..............1C ANNA MARIA — On the day
the Earth stood still for the Apollo fire and colleagues obliterated in
11 drama on July 20, 1969, a Grum- a rocket-engine explosion, Mo-
man engineer who tested and re- rash knew the high frontier was
tested the lunar module was on smeared with the debris of past
the edge of his seat. Powerless to miscalculations.
OUR 84TH YEAR change things now, Dick Morash “It was nail-biting,” recalled Mo-
NUMBER 284 4 SECTIONS
could only hope he had asked all rash, 76, now retired in Anna Mar-
ia. “I guess I was like a zombie,
hoping it would work.”
A NICHE An estimated 500 million people
See APOLLO on 2A
IN TIME APOLLO 11: A look at how the
A new Sarasota historic mission was executed. 2A
company helps the AT SEA: A man linked to the Apollo
lawyers helping 11 mission couldn’t watch it on TV. 2A
homeowners in ONLINE: See more historic
foreclosure. photos and watch NASA’s
Business Weekly restored video of the July 20, 1969, Astronaut Edwin E. “Buzz” Aldrin Jr. poses for a photograph beside the
moon walk at heraldtribune.com. U.S. flag deployed on the moon on July 20, 1969. ASSOCIATED PRESS ARCHIVE
6A Monday, July 20, 2009 www.heraldtribune.com
HERALD-TRIBUNE INVESTIGATION: FLIPPING FRAUD
Flipping hot spots
Herald-Tribune reporter Paige St. John mapped the amount of real estate flipping
in each square mile of Sarasota, Manatee and Charlotte counties and found that
suspicious flips occurred in nearly every residential neighborhood. But as the dark
$73 million just
clusters show, hot spots emerged in some communities. Flipping was most
intense in areas with a lot of new construction, such as Lakewood Ranch, and in
Bradenton, North Port and other places where housing prices were lower.
French Creek Court
at local banks
Sarasota mortgage broker Arthur 75
21 homes in one
Seaborne bought about 20 homes
North East Manatee County
on thisManatee County neighbor-
street and quickly flipped them
hood and quickly flipped them
to investors for what appear
to be inflated prices. Many 41 FLIPPING from 1A THE DIFFERENCE BETWEEN
are now in foreclosure. ments in Lakewood Ranch. Others pre- LEGITIMATE FLIPS AND FRAUD
ferred luxury waterfront houses on Bird Property flipping is perfectly legitimate when
and Siesta keys or duplexes in the work- transactions are arm’s length — when buyers
ing-class neighborhoods in and around and sellers act independently. It becomes
Bradenton. fraud when buyers and sellers conspire to
■ When the market cooled, flippers artificially drive up prices. And if they inflate
64 and their business partners stuck lend- sales prices to get larger mortgage loans,
ers based in Southwest Florida with they commit mortgage fraud.
about $73 million in bad loans. Although
Sarasota-area flippers got most of their
70 loans from national lenders, their mort- against the equity. Banks fed that belief
gage defaults hit aggressive local banks by approving deal after deal.
especially hard. Those defaults helped But others identified by the Herald-
doom Bradenton-based First Priority Tribune tricked investors into buying
MANATEE COUNTY University Parkway Bank. overpriced homes or conspired with as-
SARASOTA COUNTY The Herald-Tribune found that some sociates to fraudulently drive up hous-
of those involved in flips were nothing ing values.
Bradenton more than naive investors. They paid far Many arranged sales with fake prices
In working-class neighbor- Fruitville Road more than they could afford believing so they could get loans that more than
hoods in and around they could sell the houses before the covered the cost of a house. Then they
Bradenton, one group bought at bills overwhelmed them. pocketed the extra money.
least 158 properties and Others were irresponsible specula- The following pages have deeper
legitimately flipped many to Bee Ridge Road tors who bought house after house with looks at several of the local groups
outside buyers. When the market little or no money down and no clear whose real estate flips have led to the
slowed, they sold properties to each way to pay their mortgages if the houses most defaults.
other, allowing them to obtain bigger Clark Road
could not be resold. Tomorrow, the newspaper takes a
loans from the banks. Flipping schemes uncovered by the closer look at the area’s most prolific flip-
41 Herald-Tribune were so common that ping group.
Waterfront property some investors who participated be- Online at Heraldtribune.com/flip-
A Sarasota real estate agent working with 28 75 lieved they did nothing wrong. ping, read profiles of more than 100 local
investors bought and sold dozens of properties They viewed flipping as a legitimate fi- people involved in suspicious property
along the Sarasota County waterfront. In some nancing tool, an easy way to demon- deals — some of them organizers, some
cases, properties were sold from one investor to strate that property had increased in val- of them occasional participants and
the next several times. ue so that banks would lend money some of them innocent victims.
Demand in some new Lakewood Ranch
developments, particularly the WaterCrest
condominiums, was so high that banks
approved loans on properties that nearly Venice Ave.
doubled in value in a year.
Although the Herald-Tribune did not find the same type of organized
flipping schemes in North Port that it found elsewhere, few places in the
region experienced more suspicious flips per square mile than the
residential neighborhoods that largely make up this city. Many of the flips
displayed classic signs of fraud, including foreclosure soon after purchase.
In Southwest Florida, North Port was among the communities with the most
new houses built during the boom.
Dig into property flips in your neighborhood
Online at heraldtribune.com/flipping, an interactive map displays
all of the more than 50,000 suspicious Florida real estate deals
uncovered by the Herald-Tribune analysis. Click on the map button, then 75
double click on the map to zoom in and see specific sales. Or type in a city
(Sarasota, Fla.) or a street address to see flips in your neighborhood. 41
By clicking on the dots, you can view the details of any of the 50,000 suspicious
transactions. The size of each dot represents the sale price of the property. The
dots are also color-coded so at a glance you can see how big the price increases
were in your neighborhood.
During the boom, the number of suspicious property flips soared
As the real estate market boomed in 2005, suspicious property flipping intensified in Sarasota, Manatee and Charlotte counties. The charts show the number of suspicicous flips in each county for
every month this decade.
90 90 90
Manatee County Sarasota County Charlotte County
80 Property flipping intensified in 80 In June 2005 alone, there 80
In summer 2005, more than
Manatee County as it did across were 89 suspicious property 200 suspicious property
70 70 70
the state during the height of the flips. That is about the same flips occurred — nearly as
60 real estate market. In summer 60 number of flips that 60 many as occurred in all of
2005 there were 155 flips in occurred in all of 2001 in 2002 and 2003.
50 Manatee County, nearly as many 50 Sarasota County. 50
as occurred in all of the previous
40 year. 40 40
30 30 30
20 20 20
10 10 10
Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Feb. Jan. Jan. Jan. Jan. Jan. Jan. Jan.
’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07
SOURCE: Herald-Tribune analysis of Florida property appraisers’ sales data STAFF GRAPHIC / JENNIFER F. A. BORRESEN
them into foreclosure. within the law and never intended
Bradenton area ‘club’ Since April 2008, the group has
defaulted on 70 loans. In addition,
group members have ceded 16 oth-
er properties to a private finan-
cier, Alan P. Richards of Sarasota.
to inflate values. He pointed out
that banks had their own apprais-
ers review each deal and always
signed off on the mortgages.
“Did we do anything to their ap-
bought 158 properties That means people associated
with the investment club have de-
faulted on 86 loans totaling $17.1
million in the past 16 months.
Dennis Black, a Port Charlotte
praisers? Did we do anything in-
correct?” asked Sirois, a Realtor
who once worked at Vantage Real-
ty of Florida in Palmetto. “We
would buy a property for $80,000
By MICHAEL BRAGA cooled in the second half of 2005, ing three years, the club sold 25 real estate consultant and apprais- and put $30,000 in and then the
and CHRIS DAVIS the investment group, including properties among its members, all al instructor, said the rash of fore- bank would send an appraiser to
Staff Writers Marc Mailloux, Tony Toledo, at escalating prices that allowed closures is the result of bad lend- reappraise the property. Some-
Drive a few miles through the Brian Sirois, Vincent Bower and them to get larger bank loans. ing practices by banks. Lenders times the properties were double
residential neighborhoods around Danette Bloomer, began strug- After receiving the new loans, should have looked at how much appraised to make sure the value
downtown Bradenton or along the gling to sell their houses to out- club members kept making inter- rent could be charged for each was there. We didn’t care.”
waterfront in Palmetto and chanc- side buyers. est payments for years, hoping property and written loans only Mailloux, another Vantage Real-
es are you will pass a house that Sirois said it became more diffi- they could eventually sell the for amounts that could be justi- ty agent, told the Herald-Tribune
was once owned by a self-de- cult to get banks to approve refi- properties at a profit. But that nev- fied by the rental income. that he and his fellow investors
scribed Palmetto “investment nancing as the real estate market er happened, Sirois said. Instead, Black said, he believes were legitimate investors who
club.” slowed, so club members began “I was losing money the whole lenders wrote oversize mortgages found themselves in a desperate
Since 1998, the investors have selling properties to each other to time I was paying those mortgag- based on the belief that property situation.
purchased at least 158 properties get back some of the money they es,” Sirois said. “Trust me, we all values would continue to rise. He said their property flips
in Manatee County. Their goal had invested in improvements. took a beating on this.” “No lender was basing their de- were not designed as scams, but
was to buy, fix up and sell proper- If one group member renovat- Because the houses the group cision on investment criteria. were the only means they could
ties as rapidly as possible. ed a house and no one would buy bought were primarily duplexes They were basing it on the hope find to avoid foreclosure.
When they could not find buy- it, the price was marked up and a and houses at the most affordable that the borrower could sell at a Mailloux said he depleted his
ers for the houses they fixed up, sale arranged to another member. end of the housing spectrum, the higher price,” Black said. bank account, spending several
they would get mortgages, rent That sale was used to apply for economic downturn hit them espe- “Some people didn’t believe it hundred thousand dollars paying
out those houses and wait for an fresh loans. cially hard. would end. But bubbles always mortgages on properties until he
opportunity to sell. Before summer 2005, property Their pool of renters dried up as end. The primary function of hous- could no longer make payments.
The investment strategy worked deeds show, investment club mem- construction workers and laid-off ing is shelter. If rents you obtain do “I was just going down this road
for years while property values bers rarely sold properties to each manufacturing employees left the not support the purchase price, that was a financial train wreck,”
were increasing. other — on average two a year area. Then the banks froze their ac- then something has to give.” he said. “It turned into the Ameri-
But when the real estate market from 2000 to 2004. In the follow- cess to fresh capital, which pushed Sirois said the group operated can nightmare.”
www.heraldtribune.com Monday, July 20, 2009 7A
HERALD-TRIBUNE INVESTIGATION: FLIPPING FRAUD
In March it was moving day for Mark P. Riley, left, and Richard S. Waid at their Westchester Circle home in Lakewood Ranch. As a real estate agent during the boom, Riley benefitted from
repeated flips he helped arrange among his friends and neighbors. Today, Riley and many of his clients are in foreclosure. STAFF PHOTOS / THOMAS BENDER
was part of the greed factor,” Ri-
Riley: agent ley said. “Everybody from age 20
to age 80 wanted a quick return.”
But a Herald-Tribune analysis
of every condo sale in WaterCrest
shows that sales prices among Ri-
ley’s associates were often higher
at the center than the going rate. Riley said that
can be explained because many of
his condos had special amenities,
such as high-end flooring and
The Herald-Tribune found that
of $30 million Mark Riley’s clients were among the many who flipped condos at
in 2005 and 2006, when the vast
majority of WaterCrest sales oc-
curred, deals arranged by Riley
were on average nearly 20 per-
cent higher than the norm.
The gap is even wider when
in defaults WaterCrest in Manatee County. Today, one in four units is in foreclosure. you consider only the prices Ri-
ley’s buyers could control. Ignor-
ing the original purchase from the
developer, Riley’s average sales
values were 38 percent higher in
2005 and 31 percent higher in
2006 than the total average for
WaterCrest condos a microcosm WaterCrest in those years.
of everything that went wrong LAWSUITS AND DEFAULTS
With money from WaterCrest
deals flowing in, Riley and Waid
By MICHAEL BRAGA ited. Investors made several mil- began living the high life.
and CHRIS DAVIS lion dollars selling property, pri- Records from one of Riley’s
Staff Writers marily in the WaterCrest condo former employees show he leased
Just a few years ago, Mark P. Ri- development. Riley made hun- an $83,000 Land Rover, a $63,000
ley was a rich man. dreds of thousands in commis- Porsche and a $43,000 BMW at
On the back of the real estate sions on the repeated sales he bro- about the same time.
boom, he earned enough money kered. But it all crashed with the But by late 2005, it was clear
to buy a $2 million home in Lake- fall of the real estate market. that something was wrong with
wood Ranch. He and his life part- In interviews with the Herald- many of the WaterCrest deals.
ner shared a fleet of luxury cars, in- Tribune, Riley said he did nothing The final buyers on several con-
cluding a $300,000 Mercedes wrong. He said he was merely a fa- dos were having trouble getting
Maybach with recliner rear seats cilitator, helping sellers find buy- banks to finance their loans, ac-
and a built-in champagne refriger- ers and vice versa. cording to several lawsuits filed
ator. If there was any collusion to against Riley in Manatee County’s
Riley made so much money flip- drive up property values, he was circuit court.
ping homes that he pledged to pay not a part of it, he said. In fact, he Starting in late 2005, a string of
nearly half a million dollars to put said, sale prices in each deal were Riley’s clients filed lawsuits claim-
his name on a hockey arena set for set by the seller and backed up by ing he convinced them to partici-
construction in eastern Manatee an independent bank appraisal. pate in real estate investments
County. Riley said that all the transac- without explaining the risks and
Today, all of it is gone. tions he arranged as a real estate that he took money from escrow
The house has been seized by agent were “arm’s length” and deposits before the final contracts
the bank, the luxury cars returned that he did not recruit his buyers. were closed.
or repossessed. The hockey arena “All of these people came to In one of those lawsuits,
is a half-finished shell, abandoned me; I didn’t seek them out,” he Stephen Smith alleged that the
when the economy began to said. James W. Scalici at the Lakewood Ranch house he originally bought as unit he bought was worth substan-
slump. But deeds filed with the Mana- an investment with real estate agent Mark Riley. Scalici later bought Riley tially less than what he had paid.
And Riley has left a trail of finan- tee County Clerk of the Circuit out. He said he was told to lie about his income to qualify for a loan. In another, Phil and Elizabeth
cial ruin and unhappy clients. Court show that sales brokered by Greenwell alleged that Riley
Interviews with Riley clients, Riley in Lakewood Ranch primari- failed “to disclose that banks and
along with public records and oth- ly involved about a dozen people, partner, Richard Waid, had start- more on a single unit by the time mortgage companies would not fi-
er documents obtained by the Her- many of whom knew Riley before ed their own real estate company it was built. nance or would place severe re-
ald-Tribune, reveal that from the sales. and mortgage brokerage — Mark Unit 201 at 6406 WaterCrest strictions on an assigned contract,
2004 to 2007, Riley acted as the Buyers involved in the transac- P. Riley Luxury Real Estate Group Way followed a typical path. In generally known as a ‘flip.’ ”
real estate agent and organizer of tions included Riley’s neighbors and Mortgage Concierge — giv- November 2005, one of Riley’s cli- Today, about four years after
repeated flips in Lakewood Scalici and Genaro Epifanio; a ing them the ability to broker ents bought the condo from the de- WaterCrest was completed, one
Ranch. friend and neighbor, Linda Maugh- their own deals and navigate the veloper for $550,763. Three weeks of every four condos has gone
The flipping seeded specula- an, and her sister, Milene Moses; mortgage industry on behalf of cli- later, Riley’s neighbor, Linda into default. Sixteen of the 46 de-
tion in the growing community. and Mike Shackelford, a real es- ents. Maughan, bought it for $675,000, faults belonged to Riley clients.
To date, it is one of the most finan- tate agent who worked with Riley. It did not take long for an oppor- a 22.5 percent increase. Deed Across Sarasota and Manatee,
cially damaging groups to operate Other buyers were referred to Ri- tunity to present itself. records show she sold it the same Riley’s clients, including Maugh-
in Manatee County, leading to ley through his employees or had The year before, Homes by day to Scalici for $825,000, a 50 an, Moses, Shackelford, Epifanio
more than $30 million in defaults. previously used him as their real Towne had put nearly 200 new percent increase over the original and Manoj Bhattacharjee, have de-
The basic premise was simple: estate broker. condo units on the market in its price. faulted on 17 loans totaling $12.1
Identify investors, flip the same In a 2005 Herald-Tribune story, WaterCrest development in Lake- Riley said that the dates on million since June 2007.
properties several times from one Riley described himself as a real wood Ranch. Moderately upscale, many of the deeds are misleading “I made a mistake,” said Bhatta-
to the next and cash in on real es- estate agent with ready investors lakefront and well-located, the de- because the sales occurred over a charjee, a Manatee County real es-
tate price increases driven by the waiting for the next opportunity. velopment became a microcosm longer period of time and the tate investor and neighbor of Ri-
speculation. “I get calls from builders and de- for everything that went wrong deeds were simply filed all at once ley’s. “I should not have gone
In three lawsuits filed against velopers because they know I during the housing boom. when the condo construction was with him, and I am paying a penal-
Riley and his company in Mana- have the buyers,” Riley said at the Demand was so high that the de- completed. Even so, the time that ty for my foolishness. At times we
tee County’s circuit court in 2005 time. veloper had to hold a lottery to de- passed between each sale could lose sight and try to earn some-
and 2006, former clients describe In his recent interviews, he said cide who would get a unit. Hope- be measured in months. thing extra. This was a situation
him as a flipping orchestrator sales among friends are perfectly ful crowds were stocked with Riley’s ability to make such like that.”
who promised to flip under-con- legitimate. speculators who planned to flip sales happen earned him a reputa- Riley filed for Chapter 7 bank-
struction properties before the “What could be more normal their units before they were even tion as Lakewood Ranch’s master ruptcy protection in November,
bills came due. than that?” he said. “You have built. of the flip. In 2004, when Curtis claiming $51 million in debts and
Riley and his company “en- three or four friends. You call Each new flip generated a new Shaw was frustrated by slow con- only $3.5 million in assets. It is the
gaged in a scheme to flip condo- them and tell them you just sales commission for whoever struction of a condo in East Mana- largest personal bankruptcy filing
minium units at WaterCrest nu- bought and sold condos and made brokered the deal. tee, he sought Riley for help. to date by anyone who invested in
merous times in order to collect a pile of money, and they say “Mark made over $1 million in “I went to him because some- local real estate.
repeated commissions,” Stephen they’d like to do that, too.” WaterCrest flipping condos back one told me he was a master at flip- In February, a tow truck driver
Smith alleged in one of those law- and forth to the same people two ping unfinished condos. He could attempted to repossess Waid’s
suits, filed in January 2006. FLIPPING WATERCREST or three times,” said Scalici, the sell it before it had gotten out of car. Riley began shouting at the
According to several of Riley’s Just as the real estate market onetime Riley neighbor who par- the ground because he had all driver and continued arguing
investors, including former neigh- was heating up in Sarasota, Riley ticipated in deals with Riley. these investors,” Shaw said. with a police officer dispatched to
bor Jim Scalici, Riley would con- left his agent’s job at Michael Saun- Closing documents from one Riley says he was not doing any- defuse the situation, a Sarasota
vince people to buy a condo, ders & Co. and struck out on his transaction show that Riley made thing unusual. Especially in 2005, County Sheriff’s Office report
promising them riches with no own. a real estate commission of as the Sarasota-Bradenton market says.
risk. Then Riley arranged sales Confident and charismatic, the much as 7.5 percent on sales in was a frenzy of speculation. Wa- Riley was arrested on misde-
from one investor to the next, rare- 48-year-old rapidly joined the top WaterCrest. Riley’s clients terCrest prices increased rapidly meanor charges of resisting arrest
ly if ever selling to outsiders, Scali- ranks of local society, winning the bought and sold the units as many from month to month because so without violence. In May, prosecu-
ci said. trust of people of means. as three times within a year, mean- many people wanted to buy. tors agreed to withhold prosecu-
In the beginning, everyone prof- By early 2005, he and his life ing Riley could collect $150,000 or “Everybody in this community tion.
8A Monday, July 20, 2009 www.heraldtribune.com
HERALD-TRIBUNE INVESTIGATION: FLIPPING FRAUD
40 f lips as
Promises of ‘no money down’
Arthur Seaborne outside his Sarasota office. Seaborne gave up his mortgage broker license last year after state
turned into big losses for investors regulators said he secretly lent money to clients so they could qualify for loans. STAFF PHOTO / CHIP LITHERLAND
By MICHAEL BRAGA, CHRIS DAVIS
and MATTHEW DOIG
Back in 2001, Sarasota mort-
Rising prices during
a downturn Willows Bridge Loop
gage broker Arthur Seaborne was
Halls M C
Halls Mill C
Arthur Seaborne bought
Forced to give up his real estate 21 newly constructed
license years before and more houses (in red on the
than $2 million in debt, Seaborne
filed for bankruptcy protection photo) in the Covered
Bridge Estates neighbor-
for the second time in 13 years.
None of that stopped him from hood of Ellenton in 2006
harnessing the real estate boom to and 2007. At a time when
remake himself into one of Saraso-
prices were starting to
ta’s most prolific property flip-
drop, Seaborne sold most
of the properties to his
From mid-2006 through 2007,
Seaborne bought and sold more clients for tens of
than 40 new homes worth $11.6 thousands of dollars more
million in Sarasota and Manatee than he paid. At the same
counties. Along the way, he made time, he sold houses to
more than $1 million in profits, himself and his wife at
court records show.
He did it by recruiting more higher prices than he
than 30 investors into a property- originally paid, allowing
sharing venture that guaranteed him to obtain larger loans.
him a profit and left his so-called
partners to bear the brunt of the
SOURCE: Manatee County Property Appraiser
OURCE: Manatee County Property Appraiser
SOURCE: Manatee County Property Appraiser STAFF GRAPHIC / JENNIFER F. A. BORRESEN
real estate collapse.
In summer 2006, when prices
were already declining, Seaborne Claeys said Seaborne stopped for mortgages.
started buying dozens of new paying his share of the mortgage Beyond the houses he sold to in-
houses in Ellenton and Venice. He and he found himself with a house vestment clients, Seaborne
marked up the price by $8,000 to he could no longer afford. bought property through his cor-
$75,000 and, within a few months, “Like a lot of scams, this one is a porations and transferred them to
sold them to people who came to hundred years old,” said Dennis himself or his wife at increased
his real estate seminars. Black, a Port Charlotte real estate values.
He promised his investors they consultant and appraiser instruc- He and his wife bought 11
would pay no money down and he tor. The organizer cannot qualify houses in 2007 for $2.8 million
would pay most of the monthly for mortgages to buy dozens of and then, in essence, re-pur-
mortgage bills by finding renters. houses, Black said, “so he goes out chased each one a few months
All they had to do was take out a and finds people to borrow for later for a total of $3.4 million.
loan in their name. him. He does a seminar and tells Based on the sale prices, banks
Seaborne even lined up financ- them he will help them get loans. or private lenders gave the
ing through his own mortgage bro- If the market goes down, he bails.” Seabornes $2.6 million in loans.
kerage, directing buyers to exotic Seaborne said his investment Seaborne says that all of his
mortgages that paid him a higher program was intended to make property sales reflected the mar-
commission up front and reduced money for everyone involved. He ket at the time. Sale prices on his
the monthly payment he had said the only reason it did not homes increased only because he
promised to pay, eight of his inves- work was because the real estate originally bought the houses in
tors told the Herald-Tribune. market declined too fast. bulk and the builder gave him a
By using his brokerage, South- Seaborne said he has attempted discount, he said.
east Capital Mortgage, Seaborne to help his clients refinance debt, But a Herald-Tribune compari-
was able to deposit his own cash but said he does not have the mon- son of Seaborne’s sales in two
in at least seven investors’ bank ac- ey to bail them out. neighborhoods to other houses in
counts so banks would approve those same subdivisions shows
loans, according to a 2007 state li- WAVE OF FORECLOSURES otherwise. Seaborne’s houses, on
censing investigation that led Seaborne used a number of tech- average, sold for 8 percent more
Seaborne to surrender his mort- niques that allowed him to inflate than the going rate, regardless of
gage broker’s license. Advice Arthur Seaborne offered to real estate investors through his Web real estate values and make mon- what he originally paid for the
Seaborne paid his share of the page can still be found on the Internet. SOUTHEASTCAPITAL.COM ey on property flips. property, the Herald-Tribune
mortgages at first, but stopped in By buying houses and selling analysis shows.
late 2007 as the real estate market ured she had nothing to lose. debt now,” she said. them to investment partners, he In one of those neighborhoods,
worsened. The widow of a police officer Leis and seven other investors was able to mark up the prices on Covered Bridge Estates in Ellen-
“He’s a pretty slick charac- who died from injuries sustained told the newspaper that Seaborne houses that might not have sold ton, Seaborne flipped more than a
ter,” said Dr. Mark Walter, a con- during a 1990 rescue, Leis had a put them in negative amortization on the open market. In 2006 and dozen houses for an average of
nective-tissue specialist who nest egg to invest. Real estate loans without telling them. Such 2007, when real estate prices $140 per square foot in 2006 and
bought a Palmetto house with seemed like a smart choice. loans reduced Seaborne’s mort- across the region were falling and 2007. The average sales price of
Seaborne. “He comes off as very So she gathered with a handful gage payments so they did not cov- many new houses could not be other homes in the subdivision
nice and very up front — like he of others in Arthur Seaborne’s er the interest owed each month sold, Seaborne was able to buy 41 during the same years was about
has nothing to hide. But he end- downtown Sarasota office and lis- and the borrowed amount actual- and quickly resell at a profit. $130 per square foot.
ed up stiffing a lot of people. In- tened intently to his “no money ly increased over time. In addition, four former clients Today, Seaborne’s mortgage
stead of acting in our interests, down” investment pitch. Bradenton resident Gerry told the Herald-Tribune he direct- brokerage is closed. Records
it turned out he was only out for An hour later she was hooked, Claeys said he attended a ed them to lie on mortgage appli- show Seaborne and his wife have
himself.” convinced she could make money Seaborne seminar and bought a cations so that they would qualify defaulted on three mortgage loans
Nearly half of the homes with no financial risk. house on the promise that he for loans on properties he was sell- in recent weeks. Manatee County
Seaborne sold to investors are “He kept saying ‘no money would only pay $200 a month to- ing to them. Sheriff’s spokesman Dave Bris-
now in foreclosure. All told, peo- down’ and I kept thinking I can’t ward the mortgage. Claeys said “He falsified my income and tow told the Herald-Tribune that
ple who bought into his invest- lose,” Leis said. “I think some Seaborne directed him into an in- the amount of money I had in the sheriff’s detectives have been part
ment plan have defaulted on 16 women want someone to take terest-only loan, which reduces bank,” said Bart Borriello, who in- of an multi-agency investigation
loans totaling $4.9 million. care of them and I was definitely monthly payments but give larger vested in two houses with into Seaborne since April.
More defaults may be coming, suffering from that. Here was this upfront fees to mortgage brokers. Seaborne. “He said he was doing Seaborne’s business phone still
according to Anthony Lefco, a Sa- nice, rich man who talked about “I asked how he was making that to keep the payments down.” operates and offers callers exten-
rasota attorney whose client, Jessi- how he made his wife rich and money on this and he said all he In the 2007 complaint that cost sions to reach his property man-
ca Leis, sued Seaborne in 2008. how he wanted to make us rich, got was a real estate commission,” Seaborne his mortgage license, agement and real estate divi-
As part of the suit filed in Sara- too. And I wouldn’t have to think Claeys said. “But later he told me the state Office of Financial Regu- sions.
sota County’s circuit court, or do anything.” that the bank paid him a sizable lation concluded that Seaborne Since an interview earlier this
Seaborne stated in a sworn deposi- Leis bought her first house with fee for arranging the financing failed to tell World Savings Bank year, Seaborne has not returned
tion that he recently stopped pay- Seaborne on French Creek Court, through him. He came out like a he had lent the required down pay- repeated calls from the Herald-
ing his mortgages, Lefco said. a quarter-mile stretch of North bandit.” ment to seven people who applied Tribune.
That could lead to another $5 mil- Manatee suburbia where
lion in defaults. Seaborne bought at least 15 houses THE REPORTERS
Seaborne told the Herald-Tri- he planned to sell to investors.
bune that every real estate deal he Within a year, she bought two
has been a reporter at
struck was legitimate, backed by more houses from Seaborne. Not
bank appraisals and paid for by long after she closed on the last
since 2001, and has
willing investors. one, in August 2007, things start-
covered real estate since
He denied inflating property ed to go wrong.
2004. He is also an assistant business
values and said his financial trou- Leis’ deal with Seaborne re-
bles came from an unforeseen quired her to buy a house from
downturn in the real estate mar- him for a set price — as much as Matthew Doig
ket that forced him to stop paying 30 percent more than Seaborne has been a reporter at
his investors’ mortgages. paid a few months before. the Herald-Tribune since
“We certainly would not have Seaborne retained part-interest in 2001 and has been on the
done some of the buying we did if the house. In return, he agreed to newspaper’s investigative
we knew we’d be where we are to- find renters and to pay most of the team since 2004.
day,” Seaborne said. monthly mortgage. Chris Davis
But in late 2007, Seaborne is investigations editor
SELLING THE FLIP stopped paying his bills, Leis at the Herald-Tribune,
When a trusted friend told Jessi- claims in her lawsuit. Leis told the where he has worked
ca Leis in 2006 about a seminar Herald-Tribune she has been as a reporter or editor
that could make her money, the struggling to avoid foreclosure. Jerry Claeys says attorneys have told him he has little chance of since 1997.
57-year-old Sarasota resident fig- “I’m almost a million dollars in recovering money from Arthur Seaborne. STAFF PHOTO / THOMAS BENDER
www.heraldtribune.com Monday, July 20, 2009 9A
HERALD-TRIBUNE INVESTIGATION: FLIPPING FRAUD
T he Herald-Tribune identified at least 37 groups of property
flippers operating in Sarasota and Manatee counties during
this decade. Several people involved in local property flips
are profiled on this page.
Real estate agent and mortgage
the same last name of Makki,” he
said. “It’s like Smith.”
Online: interactive guide to flips
broker Lawsuits and counter suits filed The people involved in proper- real estate agents, for example — name. Click once on the dot to re-
Defaults – 9 – $3.9 million between the two in Sarasota Coun- ty flipping in Sarasota and Mana- involved in the transactions. configure the network with that
Brester formerly worked as an ty’s circuit court show that Da- tee counties did not operate in iso- Some people on the list were person at the center, showing the
agent for Florida wood was Hussein Makki’s girl- lation. In some cases, key players merely speculators hoping real es- others who that person did busi-
Sun Realty Corp. friend. within each loose group social- tate prices would continue to rise. ness with. Double-click on an indi-
and was once the ized or conducted business with Others knew they were bending vidual’s dot for more information.
strength and con- RICH BOBKA people in other groups. the rules but played the game any-
ditioning coach Real estate agent To track the connections, the way. CIRCLE
for the Cincinnati Defaults — 13 — $7.8 million Herald-Tribune built an exten- Hover over a name to see a per- Think of this as the “six degrees
Reds. More re- Bobka, who worked at Re/Max sive interactive guide to flipping son’s connections. Double-click of separation” analysis. Click the
cently, he worked Properties and at Paradigm in Sarasota and Manatee coun- to read more details about the in- circle tab to see how any person
for Executive Property Manage- Group in Sarasota, bought rental ties. Go to heraldtribune.com/flip- dividual’s involvement. in the database is connected with
ment. properties during the boom with ping for: the others. Connections are
In an October 2004 Sarasota little or no money down. NETWORK drawn between buyers and sell-
Magazine profile, Brester recom- Between 1993 and 2007, Bobka LIST Click the network tab for a so- ers of flipped properties and be-
mended borrowing as much mon- bought 24 properties for $14.3 mil- Click the list tab for the names cial network analysis. In this tween flippers and the real estate
ey as possible to make money in lion. He sold a half-dozen of them of more than 100 local people view, you can choose any name in professionals they hired to com-
the real estate business. for a $600,000 profit and kept refi- who were involved in property the database and find who they plete transactions.
“The more you can leverage the nancing the rest until he had $1.6 flipping, the people who some- did business with — the direct Hover over an individual’s dot
money, the more property you million more in loans than he origi- times innocently bought their connections between people in- to see how they are connected.
can control,” Brester was quoted nally paid for the properties. properties and the real estate pro- volved in Sarasota-area flip deals. Double-click on the dot for more
as saying. “If you are making 10 At the same time, Bobka acted fessionals — closing agents and Hover over a dot to find a information.
percent, it’s better to make 10 per- as a real estate agent for his broth-
cent on someone else’s money.” er, George Cavallo, helping him to
Though most of Brester’s de- buy 15 properties for $5.3 million. to $2.7 million. money down, according to two at- were partners in corporations he
faults result from buying proper- Cavallo financed the purchases Brivik has disputed the Herald- torneys who handled the closings. controlled.
ties at the height of the boom, with $5.6 million in loans. Tribune’s characterization of him Couch bought 30 units for an av- In one deal, Reynolds and his
court records show he defaulted During his 13-year real estate in- as a “flipper.” He says he always erage price of about $300,000. He brother-in-law, Donald Golder,
after buying a property being re- vesting career, Bobka bought and reinvested borrowed funds into then marked up the price as much bought a property at 217 N.E. 22nd
sold by his one-time business part- sold properties with associates and the properties he purchased. as $400,000 and sold them to in- Court in Bradenton through their
ner Richard Dear. family members at higher prices 12 But Sarasota County and Long- vestors he recruited. Deed company for $82,600 in Novem-
Dear bought a house on Suntan times, records show. Five of those boat Key government documents records show that the units were ber 2000.
Avenue in Sarasota for $125,000 in deals involved three properties show that Brivik spent $1.2 million sold to those investors for The company sold the property
June 2004 and sold it to Brester that were bought and sold between improving the properties he pur- $450,000 to $700,000. to Golder and Reynolds in April
for $179,000 six months later. Bobka and his brother and sister-in- chased, while extracting $9.3 mil- The higher prices allowed 2001, years before the height of
Brester financed his purchase law. All ended in default. lion in loan proceeds above what Couch and his investors to obtain the boom, for $167,000. Golder ob-
with $161,100 in loans and default- In one of the deals, Bobka he paid. loans that more than covered the tained a $125,250 loan.
ed in December 2007. bought a house on Southpointe Brivik said he used much of the actual sale price. “We would buy a property
Brester also made money by Drive in Sarasota in February extra money to make interest pay- According to attorneys who through our investment company
buying and quickly reselling prop- 2003 for $1 million and sold it a ments and to pay for architectural handled some of the initial clos- and flip it into one of our names
erties. The Herald-Tribune identi- week later to his brother and his and engineering fees and other im- ings, the extra money was sup- and then take equity out that we
fied more than a half-dozen indi- brother’s wife, Paula Hornberger, provements that were made to his posed to be put into an escrow ac- would use to remodel the house,”
viduals — including his sister-in- for $1.15 million. investment houses without the count and used to build amenities Golder said. “Then we would sell
law — who bought a flipped prop- The couple borrowed $1.0325 need of a permit. and turn the complex into a senior it.”
erty from Brester and later default- million, $32,500 more than Bobka Brivik has since defaulted on living facility. Golder said he has long since
ed on their loans. Those defaults originally paid for the property. eight loans and filed for bankrupt- But neither of the attorneys — split with Reynolds. “He’s a hack,”
totaled more than $4 million. Cavallo and his wife later built a cy, listing $16 million in debts and Will Schlotthauer of Williams Golder said. “He took $140,000
In one of those deals, Brester house on the property and ob- $2.7 million in assets. Parker and Chad Gates of Tyler from me. I just washed my hands
bought a three-bedroom house at tained $3.125 million in fresh He defaulted on two loans Betterton & Gates — knew where of it and walked away.”
5310 Matthew Court in Sarasota in loans, on which they defaulted in worth $6.9 million from First Pri- the amenity fund was located or Reynolds declined to comment.
July 2006 for $275,000 and sold it 2008. ority Bank. Brivik’s defaults repre- who controlled it.
on the same day to Doug Knipper In May 2004, Bobka bought a sented about 15 percent of the One investor — Couch’s bother- TODD KOLBE
for $385,000. Knipper borrowed four-bedroom house at 1614 An- bank’s nonperforming loans in-law Christopher Woods — said Mortgage broker
$385,000 and defaulted 16 months chorage St. in Sarasota for $1.1 mil- when it was shuttered by regula- there was never an amenity fund Defaults – 5 — $5.5 million
later. lion and sold it the next day to tors in July 2008. and no amenities were ever built. Kolbe helped to manage Affini-
After the real estate market Hornberger for $1.35 million. Couch and 21 investors bought ty Homes, a home-
cooled off, Brester bought nine Hornberger borrowed $945,000 NEIL MOHAMMAD HUSANI the 30 units at Bermuda on building company
condos at the 238-unit Vintage and eight months later refinanced Real estate investor Osprey from November 2006 involving Kolbe
Grand complex in Sarasota in ear- the loan to $1.4 million. Defaults — none through September 2008. In the family members.
ly 2007 for $1.9 million. He sold In December 2005, Hornberger Husani, along with Manatee ensuing months, they defaulted Kolbe was also a
them the next day to Michael sold the house back to Bobka for County builder on all 30 loans, totaling $13.5 mil- mortgage broker
Chadwick at a $300,000 profit. A $2 million. Bobka borrowed $1.5 Michael Tringali lion. at CTX Mortgage,
year later, Chadwick filed for million from Countrywide, and Sarasota attor- In the midst of buying the units, where he met and
bankruptcy and defaulted on all $400,000 more than he had paid ney John Couch and Cheng were charged interacted with a number of other
nine units. for the property 18 months earlier. Yanchek, is ac- in March 2007 by the Orange property flippers identified by the
Brester could not be reached for A year later, Bobka added another cused by federal County District Attorney’s Office Herald-Tribune.
comment and did not return phone $250,000 loan from Branch Bank- prosecutors of or- with running a brothel from a mas- Kolbe organized a group that
messages left with his relatives. ing & Trust. He defaulted on all chestrating some sage clinic they operated in the bought and sold houses among
the attached loans in 2008. of the largest fraudulent flips in Anaheim, Calif., area. Couch was themselves in Sarasota and Mana-
HUSSEIN MAKKI Bobka told the Herald-Tribune the state. acquitted but Cheng was sen- tee counties to get inflated mort-
Real estate investor all of his deals were legitimate. If Between June 2004 and March tenced to 60 days in prison. gages. Kolbe and four other mem-
Defaults – 7 – $1.9 million laws were broken, he said it was 2006, Husani bought nearly 2,000 Couch could not be reached for bers of his group were sentenced
Makki is a property investor done by associates he trusted and acres of land for $42.3 million. He comment. Woods said Couch was to prison for their roles in 27 fraud-
who flipped hous- without his knowledge. then sold the properties, often on “missing in action” after all the ulent flip deals that defrauded a
es with Zeinab “I don’t lie, steal or cheat,” he the same day, to Tringali for a to- loan defaults. New Jersey mortgage company
Makki and Zahrah said. “Is it hard to believe you tal of $117 million. The flips en- Woods said the defaults were out of $1.8 million.
Dawood in Mana- trusted the people you worked abled Tringali to borrow $83 mil- caused by the economic down-
tee County. with?” lion, $40 million more than Hu- turn. He also said the excess mon- TINA VALENTE
Together, they sani originally paid. ey group members borrowed af- Real estate agent
sold at least 10 MARK BRIVIK Prosecutors estimated that Hu- ter flipping the units went to mak- Defaults – 5 – $2.2 million
houses back and Disbarred lawyer and real estate sani took the bulk of the proceeds, ing interest payments on outstand- Valente and Hubert Steenbak-
forth to each other between 1997 investor while Tringali and Yanchek ing debts. kers work togeth-
and 2001, raising the value of Defaults – 17 – $14.9 million wound up with about $7 million “Everything went to keep the er in the same bou-
those houses from about $1.3 mil- Brivik bought 14 houses with each. project afloat,” Woods said. tique real estate
lion to more than $3 million in partners. But in- In July 2008, Husani, Tringali Just after Couch started flip- agency, Gulf Real-
deals that occurred just weeks stead of selling and Yanchek were indicted along ping the units at Bermuda on ty in Sarasota.
apart. the houses to out- with Tampa mortgage broker Lar- Osprey to his family and business They also have
The increased value allowed side buyers, Briv- ry Nardelli on charges of mort- associates, he filed for a protec- sold four proper-
the trio of investors to obtain at ik cashed in on gage fraud and money laundering. tive order against Shane Unruh in ties to each other
least $1.6 million more in loans the booming mar- Tringali and Yanchek pleaded Sarasota County’s circuit court. since 2001.
than they originally paid for the ket by increasing guilty. Couch claimed that Unruh had In February 2007, Steenbakkers
properties. the debt he car- Husani, who fled to Jordan after threatened him and said he feared bought a property in Sarasota for
By May 2001, banks had fore- ried on the properties, or by find- the Herald-Tribune exposed his for his life. A judge denied the peti- $324,300. At a time when real es-
closed on 11 of their loans worth $3 ing investors who would take on a deals, was arrested by Jordanian tion. tate prices were in decline, he
million and Zeinab Makki had greater share of the debt. law enforcement officials and sold it to Valente two months lat-
filed for bankruptcy protection. Brivik said that when a new then released on bail. Federal pros- JASON REYNOLDS er for $585,000. Valente received
Land records show that the law partner came in, he would ar- ecutors say he is awaiting extradi- Home builder $526,500 in loans that she default-
firm of Sarasota attorney John range a sale or a no-cost property tion to the United States. Defaults — 15 — $1.8 million ed on eight months later.
Yanchek closed more than a half- transfer to that person. Using a Reynolds and his wife, Melissa, In another deal, Steenbakkers
dozen of the property transac- new appraisal, the partners would JOHN EDWARD COUCH have been active bought a property for $135,000 in
tions involving the Makkis and Da- get a larger mortgage. Those mort- Real estate investor real estate inves- July 2003, when the market was
wood between December 1997 gages created a steady flow of Defaults — 3 — $1.9 million tors in Sarasota starting to heat up. He sold it to
and June 1998. cash — just like homeowners who Couch and his wife, Yu Mei and Manatee Valente for $290,000 in June
Reached by telephone in No- take out home-equity loans to tap Cheng, were invit- counties since the 2007, long after the market had
vember 2008, Makki said all his into the rising value of their home. ed to Sarasota by mid-1990s. Over peaked. Valente borrowed
deals were legitimate and he Brivik could pocket the money or another California that time, they $252,000 and defaulted 10 months
agreed to explain each in detail spend it improving his properties. investor, Shane bought 28 proper- later.
when he returned to Bradenton. The continual refinancing also Unruh, who had ties for $4 million and resold 19 Experts say defaults within a
He has not returned five calls allowed Brivik to shift risk to the been contacted by them for $1.4 million more than year do not necessarily indicate
since then. banks that lent money and to his Sarasota real es- they paid. mortgage fraud, but they typically
In his brief conversation with partners, who took on more and tate agent Warren The couple borrowed $1.9 mil- trigger a close review by banks.
the Herald-Tribune, Makki de- more debt. Hickernell. lion against the remaining proper- Court records show Valente ul-
nied that he was related to Zeinab Brivik flipped one of his proper- Hickernell was trying to sell the ties and later defaulted on those timately defaulted on five loans to-
Makki, with whom he shared sev- ties back and forth to partners and units at his Bermuda on Osprey loans. taling $2.24 million. Valente and
eral addresses and participated in companies he controlled 12 times condo conversion project in Sara- Among their deals are at least Steenbakkers did not return four
seven flips. over a 10-year period, increasing sota and Couch came up with a five in which Reynolds bought or messages left at their real estate
“There are a lot of people with the attached loans from $406,000 way to finance the sales with no sold properties with people who company’s answering service.