Time for some proper due diligence/ independent auditing in our communities

[yomo]

read the piece. As much as I agree that it's better these articles don't get published since it certainly highlights aspects of our community that are less than ideal, I think the writer did a fairly reasonable job at giving an honest take of what's going on. Not sure what puretz wants with all this and he deserves the hate, but TRD and the author were okay.

🎯

[gubevo18]

All people named in article either live in NY or moved to Lakewood after already committing fraud.
Pity Lakewood gets the rap.

this is just factually incorrect. Some of them yes but certainly not all.

[Just A Jew]

All people named in article either live in NY or moved to Lakewood after already committing fraud.
Pity Lakewood gets the rap.

If you think this is about "getting the rap," you're in the wrong thread.

[jye]

Still a long way to go in this cycle. Hearing of guys with close to a decade of track record who basically have stopped paying vendors. Another with thousands of units who almost can’t put bread on the table. In hindsight, being in the right place at the right time can make one look like the world’s greatest investor. Extend and pretend is starting to run out of runway unless rates come down significantly really soon.

[Mordyk]

Still a long way to go in this cycle. Hearing of guys with close to a decade of track record who basically have stopped paying vendors. Another with thousands of units who almost can’t put bread on the table. In hindsight, being in the right place at the right time can make one look like the world’s greatest investor. Extend and pretend is starting to run out of runway unless rates come down significantly really soon.

not being able to pay vendors might be unfortunate, not necessarily bad business

[jye]

not being able to pay vendors might be unfortunate, not necessarily bad business

Absolutely. I think he is prioritizing essential cash flow which he needs to. This goes back to due diligence and the risk over leveraging up back when investors first signed on.

[Euclid]

Still a long way to go in this cycle. Hearing of guys with close to a decade of track record who basically have stopped paying vendors. Another with thousands of units who almost can’t put bread on the table. In hindsight, being in the right place at the right time can make one look like the world’s greatest investor. Extend and pretend is starting to run out of runway unless rates come down significantly really soon.

Isn't "not paying vendors" SOP for the industry?

[jye]

Isn't "not paying vendors" SOP for the industry?

I think it’s more common in healthcare definitely these were guys that who were paying their bills.

[gozalim]

Isn't "not paying vendors" SOP for the industry?

trump does not define industry standard
(ducks)