Flip This House Scam - Reality TV Not Reality

By
Mortgage and Lending with Cognicorp Mortgage Banking Advisory

After seeing the story of Sam Leccima’s Atlanta renovations on "Flip This House," hopefully people will understand wealth accumulation is rarely an overnight process and that reality TV is not necessarily reality.

It's well worth watching the two part investigative reports by Fox 5 Atlanta (see hyperlink below)   

Fox 5 Atlanta investigated "Flip This House" flipper Sam Leccima and found countless dupped investors that have filed complaints to state regulators. They further document numerous lawsuits against Leccima claiming he took their money and ran. This series of investigative reports will also provide fuerther details behind what really happened with his so-callled renovation flips broadcast on Flip This House and and why he lied about selling houses on the popular A & E show.

According to  press release from A & E, Sam  and his crew have been taken off the air, pending an internal investigation.

Take a look at the two part Fox Investigative reports by clicking the hyperlinks below:

Realty TV Is Not Realty TV - Part 1

Flip This House - Part 2

You can also view the stories at http://www.myfoxatlanta.com/

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
47,172
Jeff Fulgham
T.U.P. Realty - Tupelo, MS
Broker E-Pro ABR
Ouch that is a stinging report. Yeah they tell you about all these great deals and you gotta know some of them are crap. Now everyone thinks that they can flip houses. For those that know what it takes we are mostly sitting on the side lines till these guys go bankrupt.
May 19, 2007 02:22 PM #1
Rainer
16,327
Andy Kaufman
Better Homes & Gardens Mason McDuffie Real Estate - Berkeley, CA
East Bay Sales & Investments

Thanks for posting that.  I admit that I do watch sometimes, but I cringe when I do.  Those jokers in San Antonio aren't much better.  The only team that was worth watching was Richard Davis's crew and they got the axe.

May 19, 2007 03:18 PM #2
Rainer
47,758
Tony Gallegos
Cognicorp Mortgage Banking Advisory - Marietta, GA

Jeff - When they give the profit breakdown, I always wonder where the realtor fees and other costs are...looks like their costs are the same as ours (but we already knew that).

 Andy - Agree, I liked Richard's crew much better. That Armando team in San Anonio are complete jokes and their business practices sicken me!

May 19, 2007 07:05 PM #3
Rainer
32,785
David Doerr
Utah Community Credit Union - Spanish Fork, UT
Thank goodness Trademark properties didn't have a contract with A&E and are now on TLC! Monteluongo's and Leccima are examples of what is wrong with flipping, and I wrote A&E about it soon after they debuted.  It is sad that A&E didn't want to pony the cash to Richard.
May 19, 2007 08:37 PM #4
Rainer
47,758
Tony Gallegos
Cognicorp Mortgage Banking Advisory - Marietta, GA

David - Absolutely true regarding Trademark Homes.

See you are a govie loan guy? Govies have taken care of both my clients and family for a long time. Looks like FHA is making a major comeback...national endorsements are up 40% over last year and if FHA Reform passes like most think, production should increase three fold.

May 20, 2007 12:55 PM #5
Ambassador
2,034,842
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

That was some good viewing and I think A&E will be doing some background check on some of these people.

May 24, 2007 12:31 AM #6
Rainer
47,758
Tony Gallegos
Cognicorp Mortgage Banking Advisory - Marietta, GA
Todd - Think you hit the head on the nail!
May 24, 2007 09:03 AM #7
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainer
47,758

Tony Gallegos

Ask me a question
*
*
*
Spam prevention