So this Sunday I decided to surf a little an see what kind of goodies I could find and came across this ad in the well-known Craigslist website. I thought this was worthy of a “WTF?” I was reading Craigslist ads and came across this post:
Contractors be very careful of Property Management companies. Many Have local Banks funding them to repair and restore Bank Owned Properties. As many people have lost their homes in this recession and properties become vacant and owned by the Banking industry. There is a rise in Scams, Fraud, and theft being committed by the banks using agents in the Property management business to rip off contractors to fix these banked owned properties.
Many of these Scamming Property management companies are real estate firms and associates all working on the behalf of the banking industry. What these criminal property management companies are looking for are contractors that fit the following criteria.
1. Under 5 years in business.
2. Working for low pay.
3. Good line of Credit as you the contractor will be using your credit line to purchase required materials.
The most important factor is that you have a good line of credit. The reason for this is that the Property Management firm will be using your Credit to purchase the required materials for the job. This is what the bank is counting on. For the bank is hoping to use a line of credit to bring down your pay eventually, by having you the contractor have to pay for the materials that end up on your credit.
The Property Management Company for Banked owned property is responsible to insure you are compensated for the materials and labor. Yet will stagger your jobs so that slowly but surely your Credit is being used up. As the payments for your services have to go to paying to run your company, License and insurance, and you have to pay for you and/or family living expenses. The Bank is Managing this strategy to the point that the bank is trying to ruin your credit line and have you owing money to the bank. This is why the jobs are being staggered by the Property Management Company that is working under direction by your local banks.
The end result is that you may be forced out of business due to your credit being ruined by this Scam the banking industry is pulling. The next step in the plan is that the Banking industry will force you to work for another company because now your in debt.
This opens you the contractor to having to work for less money and sent back to an apprentice wage. However it doesn’t end there. For the Bank now has a credit debt in your name and will get the money by putting a lien on your workplace earnings. This driving your wage to near minimum wage.
The end result is that the banking industry using Property Management firms as bank agents. Have been able to force a Master Trades person into a life of slavery and servitude at minimum wage.
This is a real SCAM perpetrated by the banking industry. Be careful Contractors. Never use your own credit to purchase materials unless your jobs are paying enough and constantly that you never have to worry about your credit.
There’s a lot of work out here, don’t let the banks scam you to pay for the repairs of the bank owned properties.
What do you guys think?