Jay Hutchison (Jay Hutchison properties)

Jay sounds like a great guy. But please be very aware that he is not what he appears. Not at all. We put our own money into a properties that we purchased from him. As a realtor, manager, and builder he told us that we would have 2 contracts, one with the back, then a separate personal contract with him that a lawer that he knows drew up. The one with him stated that we were to purchase these properties for x amount and would spend x amount remodeling them. We would get a loan from the bank for 80% of whatever they appraised for and he would give us back the difference (the equity) after closing. This, we did three times, each time he had an excuse on why he couldn't give us the money right away, but that he would agree the next closing. He was also managing for us during this time. He also kept rent staying that it was for repairs that when we checked on were never done, he also sold a new fridge, new stove, new stackable washer and dryer, and a new separate washer and dryer out of our apartments. We have had to spend over $40,000 out of pocket to fix what we already paid for and replace appliances on top of having loans that we never got the equity from that we were promised. I have been told by several professional people (property managers, state workers, etc.) that they know of several other families that he did the same thing to. He even shows fake leases to the appraiser showing that the properties are renting for more that they were. We found out about this after closing when the tenants contracts differed from the copies we had from the closings... PLEASE STAY AWAY FROM THIS MAN. We do not want this to happen to any one else.