Financial Advisor Jayson Thornton, CFP — REACTS — A Chicago house-flipping venture is under fire for allegedly scamming small-time investors and preying on them through social media.
Several people have sued iFlip Chicago, claiming it lured inexperienced investors into hard-money loans, WMAQ reported. The alleged scheme has had serious financial consequences for dozens of Chicago families, and its alleged victims include a licensed real estate agent and family members of iFlip’s co-founder.
The firm’s social media accounts promoted boot camps for prospective investors. Two women who attended the boot camps said iFlip co-founder Ramo Bey asked them to join iFlip’s venture program.
The program was supposed to offer them up-front capital and identify distressed property, they told the outlet. iFlip allegedly used lender funds to buy and renovate properties, then oversee the projects and take 30 percent of the profit from the home sales.
“You don’t have to worry about hiring the contractor because they have it. You don’t have to worry about real estate attorneys. You don’t have to worry about any of this stuff, because they have all of these relationships,” said Ameera Haamid, an emergency room doctor who said she was scammed by Bey, her cousin.
In reality, she signed onto a high-interest short-term loan from Envision Funding, she said. Bey told Haamid his name needed to be on the loans for the lender to approve them, the alleged victims said.
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