Barry Powell has a great dog and pony show. He approached me at one of his investment seminars and promised me he had several properties to purchase in Freeport, TX. I was looking for a place to put monies in a self directed IRA I owned. He promised huge growth in the Freeport downtown area. It was to be the next Kemah Boardwalk. On June 21, 2007 the real estate transaction closed. I purchased 34.78266% of a $115,000 investment. The property address is 112 W Broad St Freeport, TX. It was a small commercial building. The paperwork was drawn up in a trust named RH Reed Corporation 270 Wayne Drive Clute, TX 77583 Bobby Reed 979-482-0915. Trustee was Chris Foster 2823 Eagle Nest Lane Humble, TX 77396. The prmised return was a minimium of a 10% return. But that the investors would also split the upside of the equity after expenses. The term of the trust was 5 years. In 5 years I had not one single communication about the property. I assumed all was ok. Then I pulled tax records and it showed taxes on the property had not been paid. Then after a few calls to the guys listed above, I found that now they had brought in another investor to pay the tax lien. Amazing to me that when I asked for financials, none were avaialble. Yep! Barry Powell is the agent appointed to manage the property and not one item for fniancial records. However, Barry had a tennant in the building and he told me that he was having to drive and collect cash from the tennant so he could pay off the investor for the tax lien. I had many calls and emails with Barry and the others listed above. All fingers always pointed back to Barry Powell. So here we are seven years later and not one penny or updates on the property. Here is what my research shows 05/25/2007 warranty Deed Grantor David and Doreen Novistki Grantee RH REED CORPORATION 06/22/2007 warranty Deed Grantor RH REED Corporation Grantee 112 W Broad St Trust Value on tax rolls in 2007 $32,970 and we were told the value was $115,00. With the quick flip shown above, it is pretty obvious the flip transaction was very prfitable for the RH REED Corporation. Bobby Reed was the grantee on previous transactona nd the trustor on my transaction. So Barry Powell promises a good return and gets himself assigned as the managing agent. He then can decide not to carry any insurance on the building that his investor purchased. Not pay taxes on our property for years. Collect cash from the tenants and not keep any financial records. Never contact his investors and certainly never pay his investors. Here is where Barry Powell hadn’t paid taxes and then brought in another investor to pay the taxes and attach and additional lien on the property. This is from the Brazoria County Website. Yep, barry owed a whopping $5475 to the tax man. 2012-05-31 $5,475.03 2007, 2008, 2010, 2011 Payment INDEPENDENCE TITLE COMPANY At least now he has been paying the taxes but still owes money from 2013 taxes and 2014 taxes are due. Yes, It looks like I have been conned, scammed and my family really hurt by the loss of this money. But there are two other families hurt by Barry’s real estate game. These families had worked hard and saved money to help their families. Most likely I will never receive one penny from Barry Powell. Most likely Barry will continue scamming people as shown by the other reports. So if a guy named Barry Powell comes knocking on your door with a GREAT way to make money in the real estate game–RUN! Or Just smack him and send me a photo! I am not sure of the other guys listed as trustor and trustee. I will let you make your own decision on who you do business with. I do own a portion of the building–about 30% worth. HMMM-What can i do with my 30%. An attorney is hopefully going to tell me? Any attorneys wanting to go after this guy??? .
This complaint and/or review was posted on HolySmoke.org on 22:45 pm, September 19, 2017 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/barry-powell-review/.
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