Several Chicago-area residents were left wondering if a popular home-flipping business was a bad business model or a Ponzi scheme as iFLIP Chicago has been…
Several Chicago-area residents were left wondering if a popular home-flipping business was a bad business model or a Ponzi scheme as iFLIP Chicago has been targeted in several lawsuits, accusing the company of luring inexperienced investors into predatory loans.Ameera Haamid, an emergency room physician, has a passion for home renovation and said that flipping houses is something her mother always wanted to do.
After boot camp ended, both women said they were approached by Ramo Bey and asked to join the iFLIP joint venture program. “Being in real estate, it's not something that's unheard of if you don't have a track record of doing, you know, fix and flips with lenders,” Barnett said. It was part of a"cross default and cross collateralization" clause’ that meant if Bey went delinquent on any of his own loans, the lender would charge what Bey owed to the loans he held with other iFLIP participants, like Haamid and Barnett.
Barnett said Bey would reassure her via email, telling her it “all works itself out in the end” and “sometimes you will receive less on the draw reimbursement than what was given. Other times, you will receive more than what you gave.”“Even though we had the money to fix the home and sell it, as we all planned to do, we couldn't actually use that money given the predatory language of the loan,” Haamid said.
Haamid then requested a pay-off letter from Envision Funding and learned she was on the hook for another $60,000. Despite the property falling into foreclosure, Barnett is fighting to keep her investment property and hopes her lawsuit against iFLIP helps.In social media posts for iFLIP Chicago, Bey speaks about his desire to bring development to Chicago’s Black neighborhoods.We created iFLIP Chicago about four years ago with the Black community in mind.
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