CONNER AFFILIATES INC

Well, the initial refinance of the first building went fine. He suggested we pull out most of the equity and use that for repairs and to pay off cards we used to renovate several units. We did that and went back to zero debt (credit card debt) with money in the bank. Then, he contacted us several weeks later that he had another client with a building for sale. (Don't get me wrong here, we made a lot of naive decisions along the way but there was a lot unsaid on his part which is the reason for this poor report.) He "sold" us on how great this building would be and how it was profitable and "doable" for us. Of course, he knew how much money we had in cash. We bought this building on what he said was a lower interest rate because it was locked for 7 years. He said if we sold early, it was something like a 5% penalty. Well, it's not just a 5% penalty, it's 5% of the remaining balance of the loan AND ALL the interest unpaid for 7 years! For this building, it's an over $100,000 penalty to sell in the next 5 years! Yea, yea, yea, read the fine print you say. Well, how many of you have read your mortgage documents cover to cover? I trusted him to want my future business and give us a fair loan. Now we're stuck with a building where we've turned over all the tenants for non-payment or they've trashed the place. We've run up debt and incurred costs that we did not anticipate doing so. I believe that he had protected his other client while sacrificing us. (Oh! Not to mention, that when he set up our LLC, he listed himself as managing partner under his office address! We had to have that corrected when we received the paperwork weeks later!) One more thing both mortgages had the escrow amount wrong. The monthly payments were underestimated by over $500! We are still paying this off to the mortgage company 18 months later!