Sunday, July 22, 2007

Real Estate Investing Gone HORRIBLY Wrong

This is a tragic story out of the St. Petersburg Times in Florida. Of course, deepest sympathies to those who this doctor left behind.
With millions in debt and no way to meet the bills, the feeling of failure, isolation and the depression were obviously overwhelming for this "doctor's doctor". It was a hopeless situation, but that's what bankruptcy is for even if he was earning $25k a month. It's a shame that this person forgot about all of his accomplishments as a doctor along with the love, respect and admiration he had from others and focused on ultimately valuing his worth in the world on his track record in real estate.

"He purchased a 2,700-square-foot home in Valrico for $208,300 in 2000. Amid the booming real estate market of 2005, he bought two more parcels in a gated, 32-home Brandon subdivision called the Vineyard and paid more than $1-million to build two houses on Vintage Way.

Then the market slowed.

"I knew he was having some financial difficulties," said Steve Bristol, a real estate agent who sold Francis and his wife the Valrico home where they lived for seven years.
Francis' wife, Rosanna, could not be reached by the Times.
Recently, Bristol said, the couple moved to one of the Vineyard homes. They put the Valrico house up for sale, then took it off the market and decided to refinance, Bristol said. Francis was found in the second Vineyard home, at 510 Vintage Way.
Records show that over the past six years, he took out nearly $2-million in mortgages on the three homes. But none of the lenders had initiated foreclosure proceedings.

According to court records, Francis was scheduled to appear in court last week in a child support case involving his 13-year-old son. In a financial affidavit, he said he earned $25,000 monthly."

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