FBI Raids ATL Apartment Management Company for Price Fixing Rents | Realtor Breakdown

[@theylied1776]

The game was up in 2020. This is when several large equity firms started to buy apartment complexes. In cities like Chicago, Boston, Philadelphia, Washington dc, and Atlanta. These were predominantly black cities where these predatory landlord practices were being implemented. People started to complain and these large real estate Management companies were all saying... (it's just a coincidence that the rental prices in these markets were ALL the same). But like in any large industry, you're going to have industry insiders who are going to be turning over internal emails and recordings to the SEC, FTC, and the Department of Justice. The Department of Justice has been collecting evidence for the last 3 years. This case over before it began. The Department of Justice has all the evidence they need.

[@jamesclark7547]

Maybe that's why rent is higher then mortgages

[@Clarktherealtor]

Yea, this is one of the reasons why rent has gone up

[@theylied1776]

The one thing that might come out is this so-called property rental software company might be related to Trammell Crow. I'm not saying that just because their offices are 10 miles apart, I'm saying this because Trammell Crow make large investments in companies like this. Secondly if you're a realtor in Atlanta then you more than likely know that several of these large companies use these apartment complexes for money laundering. How do you spell contractor for several large real estate Management companies and you wouldn't believe how many times we caught these property owners trying to use these properties for the purpose of money laundering.

[@Clarktherealtor]

I don’t know nothing about the money laundering. But tell me more…

[@theylied1776]

@@Clarktherealtor Yeah, that used to happen a lot with real estate investment groups that are Incorporated and licensed out of Florida or New Jersey but they owned properties in Atlanta. They had a vacancy rate of 40% and rented construction equipment would start showing up, several 30-yard dumpsters would be dropped on the property. Landscaping and construction material would start showing up. Surveyors would start showing up for the utilities and property line. And absolutely NO NOTICES or PERMITS from the cities anywhere. I had this happen on the property in Midtown, Alpharetta, and Buckhead. It was so bad at one property that the (asset manager), not the property manager, showed up and told me that they were dumping the client. I doubt if any of those properties are still owned by the same so-called "investment Group". I walked away from that around 2006. Most of the property managers I worked for are probably all retired by now.

[@Clarktherealtor]

@@theylied1776 Wow, one thing I always say is the real estate industry needs to be more regulated, but people always push back on that.

[@theylied1776]

@@Clarktherealtor You are 100% correct.

[@jamesclark7547]

Next should be new jersey

[@Clarktherealtor]

Yea, the prices need to come down.