Investigation: Valley Families Fall Victim to Home Financing Scheme

Posted: Updated: Nov 22, 2016 05:42 PM

WESLACO – Thousands of dollars are taken from some Rio Grande Valley families investing in their dream home.  

However, those families are left in debt and with no home.

“From what I heard there’s like about 30 that already made a report… 10 in like Mission and the other one in McAllen. There are a lot of people out there,” a woman said.

The single mother wanted to keep her identity hidden. She provided a folder with contracts, receipts and bank statements.

“I’m stuck without a house. I’m stuck without money to buy a new house. I’ve been saving that money for like five years already, trying to save up for this day,” she said.

She envisioned a new home for her daughters to grow up in.

“I didn’t have the right credentials to obviously go through a bank. I saw on Craigslist and I got recommended to this company TG & Wealth that they were doing 10 percent down. No credit check, no employment history,” the mother recalled.

She said she gave the company a check worth $12,000 to TG & Wealth, the group she believed she would work with.

“Found a house, I gave him a cashier’s check in that amount and he gave me a receipt with his letterhead on it and the whole time I’ve been thinking I was working with the company itself, and it turns (out) I’m working with Infinite Properties,” she said.

Infinite Properties took over after the sale.

“After that my paperwork was at the title company and we’ve been trying to close on it and they never finished signing any paperwork and now the guy, owner, must have disappeared,” she said.

CHANNEL 5 NEWS called the owners, Rogelio Ramos Jr. and Luis Rodriguez, of Infinite Properties. Ramos did not answer.

When we called Rodriguez, we got a dial tone. We also visited their homes to see what we could find, but neither owner seemed to be home.

Rodriguez’s father said he was unable to reach his son.

We went looking for Infinite Properties. We found them doing business on North 10 Street inside a business called Me in 3D.

We also wanted to find out if Infinite Properties was licensed by the state. We learned they aren’t.

A neighboring businesswoman explained.

“Honestly, they would hold these seminars. So they would have groups of people in there and they would talk to them. And I never knew what they were doing in there,” she said.

A couple of weeks later, we checked back on the store front and learned Ramos and Rodriguez were locked out for not paying the rent.

Many of the victims we talked with couldn’t afford the homes they were sold. The victims were both on the buyer and seller side.

“It’s a very unfortunate situation that people will go to these extents to hurt and steal from families and innocent victims here,” Jorge Alvarez said. He tried to sell a home to a client of Infinite Properties.

“The couple that was buying the home, found these people and they offered to finance their home. They (were) told they would give them financing if they gave them at least 10 to 20 percent down. So they gave them $20,000,” he said.

Alvarez thought the home was going to be sold. He let the buyers move in.

(For Information About Properties For Sale: Hidalgo County Real Estate Locator)

“They figured it was done deal. So they did a lot of things to the home,” he recalled.

Infinite Properties failed to give the family the promised money to buy the home. They couldn’t close and the family was forced to move out.

“So it put us in somewhat of a financial difficultly as well, because I had to… come and repair a lot of stuff and repaint the home. And the family couldn’t pay the rent,” Alvarez said.

Alvarez and the single mother, who hoped to own a house, aren’t the only victims of the unscrupulous business. Other people lost anywhere from $7,000 to $60,000.

According to Hidalgo County records, four people filed lawsuits against TG & Wealth, a private wealth group associated with Infinite Properties.

Four construction companies also filed lawsuits against Infinite Properties, San Jacinto and Wells Fargo Bank.

In the lawsuit, it stated Infinite Properties was working with a title company called San Jacinto. The lawsuits claimed San Jacinto hosted a meeting with other construction companies telling them they would provide financing to build people’s dream homes.

Some construction company owners gave in. They handed over money and that money was never returned.

“In this case, for example, the first red flag that pops up is that the people had to pay their 10 percent down payment upfront,” Dina Puente, a realtor with BIC Reality, noted. “Normally, in a real estate transaction the down payment is paid at the time of closing.”

Infinite Properties sent out a statement in June trying to calm fears. It said in part, “Our point of contact in the hedge fund has told us that we will be funded soon in approximately 10 days.” It went on to say Infinite Properties will receive ample funding to close all current and future deals.

Five months later, the mother of two still doesn’t have her money.

“Just to whoever else got scammed, come forward, let me know what kind of information they have and that way maybe we can work together to try and get our money back because I know there’s several people,” she said.

Some victims said they will wait to see what the court decides.

“Well, I’m just trying to get my money back,” she said.

A law enforcement agency confirmed several local police departments asked for help looking into many complaints placed on their desks in the Rio Grande Valley. 

Another Business by the Same Name

CHANNEL 5 NEWS found out another business goes by the name of Infinite Properties in the Valley. JRMV Property Investments, LLC, a state registered limited liability company also goes by the name of Infinite Properties.

They said they are not connected with Luis Antonio Rodriguez and Rogelio Ramos Jr. A member of JRMV Property Investments, LLC, Raymundo Valdez sent us a statement.

It reads:

"JRMV Property Investments, LLC is a state registered Limited Liability Company that holds an assumed name (d/b/a) under the name of “Infinite Properties” in Hidalgo County, with the intention of providing quality homes at reasonable prices to our clients. We are aware that there are persons by the names of Luis Antonio Rodriguez and Rogelio Ramos, Jr. who are using the name “Infinite Properties” in an alleged effort to defraud the public in real estate transactions. However, JRMV Property Investments, LLC is in no way related to Luis Antonio Rodriguez or Rogelio Ramos, Jr. and in no way connected to the dealings of these individuals. Additionally, these individuals never held any authority to represent JRMV Property Investments, LLC in any dealings, whether through our legal name or our assumed name. We denounce their actions in defrauding the public and are seriously considering pursuing legal action against these individuals for damages caused by their unauthorized use of our registered assumed name.”

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