I never saw an advertisement quite like this!This ad was in the business section of the Miami Herald. Yes, a Florida Homebuilding Company's assets and business can be purchased. This guy Lewis Freeman is selling the business for the benefit of the creditors. Got any money?
5 comments:
This is the guy that Commissioner Joe Sanchez worked for? Isn't he a forensic computer guy?
Yes---he is a forensic CPA
You're gonna see a lot more of this in the very near future.
It's not just Florida.
The construction loans are now being foreclosed in my city, and there are suspicious fires in empty new subdivisions in expensive suburbs. One developer is being foreclosed on a $14 Million construction loan, that he personally guaranteed. This is becoming common everywhere.
The credit bubble of the past five years has created the worst credit fallout in the history of the world. This is really much worse than the 20s, when at least most buyers had 10% down and there were no ARM loans.
It will take us ten years to work through this and when we come out on the other side, the landscape will be much different. It will be a landscape of smaller homes, more modest dreams, and far less fake "wealth" all around.
smaller homes, more modest dreams, and far less fake "wealth" all around
That doesn't sound half bad . . .
Mr. Freeman is a man of many talents, and not a person to miss out on an opportunity. He also started his own REO and Special Asset firm recently. I think he also does work as a Receivor and for trustees in bankruptcy cases. The builder in question is America's First Home LLC, according to docs on Mr. Freeman's site. I'm tempted to call him and see what they are offering.
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