Real Estate Investor Swindled 500k, Houston Tx
Throw away account. Located in Houston TX. Me and some friends pitched in half a million to invest in a business. One of the guys was in charge of looking over everything. Each of us has our own LLC. We partnered with a real estate investor to invest our money. We have an operating agreement contract (the only contract we have), that the one friend had a lawyer write up, where it states all the investors pitching in money and the amounts from each person. The investor list himself, no LLC. There is nowhere in the agreement about exact details on what to do with the money. The investor gets all the money. We invested in him to do real estate deals for a percent back. We were in talks to buy a property to flip. There's documented messages back and forth about a property we had our eye on. It's been three years and he never did, giving us the run around. He took the money and did his own projects and never gave us back any money. What legal action can we take? Not much money, so would like to have a lawyer on contingency. Also found out the statute of limitations for fraud, breach of contract and fiduciary duty is 4 years in Texas, so time is of the essence.
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