I am a current investor with Southern California Properties, Inc. operated by Dan Murillo, Managing Director . I know firsthand how their scam works. They con you into giving them your money with the promise of providing “Cherry Picked” REO properties in the value range of $45, 000 to $120, 000 at a cost to the investor of $30, 000 each. The investor does not have the ability to view the prospective properties as their inventory is supposedly to fluid to do so. Please see link to verify if you wish (http://genuinemillionaire.com/our-products.php). They promise you will not receive an undervalued property or you will receive a “Swap Out” for a property that does fit their promised criteria. After they have your money, Southern California Properties, Inc. will assign a property that is free and clear but is worth much less than the money provided or is completely worthless. (Condemned, unlivable, terrible condition etc.) They will then tell you that it doesn't matter because they are going to sell it for much more than what the actual property value is. Dan Murillo informed me of this personally! Who in their right mind would believe purchasing a property at a value well below the purchase price is a good investment? I call it what it is, a SCAM! Southern California Properties, Inc. will then place a buyer in the property who usually does not make the payments. I know this because I have spoken to many other Southern California Properties, Inc. investors.
Southern California Properties, Inc. sold one of my homes in November of 2008 and I have yet to receive a single payment. My other home which has never been legally transferred into my name has yet to be sold. The purchase funds for these properties was submitted in September, 2008. Both of the homes I was assigned were and are worth much less than the purchase price. One of which I chose not to complete the purchase contract and Southern California Properties, Inc. still removed my money from the so called escrow account.
Contrary to what Southern California Properties, Inc. claims the eviction process is extremely time consuming and expensive. I will not have access to my property until September, 3, 2009 by court order. Dan Murillo informed me when I made a complaint that this property was quote “Squared Away”.
These people have ripped me off to the tune of $60, 000 and are completely indifferent. They will, without a doubt take your money and not even come close to providing what they promise.
I have filed a complaint with the Orange County County District Attorney’s Office Real Estate Fraud Division. And am also currently working on a class action. Anyone wishing to do so I have the District attorney complaint forms scanned into PDF format and can forward them to you.
The complaint has been investigated and resolved to the customer’s satisfaction.