Axiom Realty Capital releases $30M of Luxury Real Estate

For Consultant: you must be a Strategic Partner, making money on referrals. I too did that, lost a friend who was told, as I, that all monies were returned, protected in the event of a Builder failure. Of course, that Sales Manager is no longer there, nor the subsequent Sales Manager I was assigned.
You have seen two projects fail? KR, monies have been returned to investors on Park 1000 (no construction begun in more than 10 months), and now Teton Lodge has dropped off the map, but no one will answer any questions re: progress/lack thereof - Clermont just disappeared as did the Towers in Las Vegas.(that is 5 I can recall).
I am actively "in" a Fla Project, but get no updates or information from Axiom on that one.
They may have a "customer service dept" now, but are still not providing customer services (monthly updates as promised).
And, yes, they offer to hold your capital in-house BUT you cannot draw the whole amount toward a new project, only one-for-one and they are still using your money. And, I was told they have a new project a month - have not seen a new one for several months - only Atlanta where the market is 2nd worst in the country and projects overpriced (ACCORDING TO THEIR OWN in house RE people)........
I have tried to retain trust in the face of confusion, but now can not get any response from ANYone at Axiom - and I am a current invested, client.

Mr. Consultant. I have some questions? Who actually owns the company? What is His or Her name name, and experience? Who makes the real decisions? Why do so many people have so many unanswered questions? I am sure that people have very little idea what is happening to their investment and now would love to have some questions answered. Would you print your phone number? Maybe you can clear all this up? LOL. We both know you can't and you are a likely a party to fraud or accomplice to fraud. Are you sure that that you will be able to keep yourself out of jail? This is a fraudulant scheme and you are probably a party to it. Oh and by the way, 10-15000 bucks for an origination fee demands superior performance. That is way absent here.

Axiom doesn't seem to have a very good rap with the Utah BBB, either:

http://www.saltlakecity.bbb.org/commonreport....

Axiom isn't going to be around long, because too many people are finding out that they're a dishonest company that doesn't treat their 'joint venture partners' fairly. Michael Connolly is a piece of work. So is Trent Rogers and all the rest of them. These people are not to be trusted. And their karma stinks, big time.

consultant wrote:

The main issue / complaint in all of this is that someone who has done a deal that has failed, and isn't going to 'roll the dice' again, wants their fee back. Axiom charges the fee to begin with to offset their costs (they make their real money the same way their co-buyer does... when the real estate is 'flipped' to an end buyer, usually a year or two later), so the only way they can refund it is to dip in their company's pockets, which of course the company is reluctant to do. If you're one of the co-buyers, you say 'give me my money back or you're a scam / dishonest / don't care about your clients" / Axiom's point of vies is 'we care about our clients, but we're not going to eat 100% of the cost of a deal that doesn't proceed while you eat zero; we we're going to share the profits if it worked out, let's share the (modest) cost since it didn't. So they have said that they will refund half the fee (these fees are usually 10k, so we're talking about Axiom returning 5k of the 10.)

Hey Consultant,
I'm currently working on a story involving Axiom Realty Capital. I would love to speak with you about your impressions and experiences with them. Please e-mail me at beth.anderson at nuwireinvestor dot com

no return and no response wrote:

For Consultant: you must be a Strategic Partner, making money on referrals. I too did that, lost a friend who was told, as I, that all monies were returned, protected in the event of a Builder failure. Of course, that Sales Manager is no longer there, nor the subsequent Sales Manager I was assigned.
You have seen two projects fail? KR, monies have been returned to investors on Park 1000 (no construction begun in more than 10 months), and now Teton Lodge has dropped off the map, but no one will answer any questions re: progress/lack thereof - Clermont just disappeared as did the Towers in Las Vegas.(that is 5 I can recall).
I am actively "in" a Fla Project, but get no updates or information from Axiom on that one.
They may have a "customer service dept" now, but are still not providing customer services (monthly updates as promised).
And, yes, they offer to hold your capital in-house BUT you cannot draw the whole amount toward a new project, only one-for-one and they are still using your money. And, I was told they have a new project a month - have not seen a new one for several months - only Atlanta where the market is 2nd worst in the country and projects overpriced (ACCORDING TO THEIR OWN in house RE people)........
I have tried to retain trust in the face of confusion, but now can not get any response from ANYone at Axiom - and I am a current invested, client.

Hey there- I'm working on a story involving Axiom and would love to get your feedback- my contact info is listed in the forum thread, if you would like to e-mail me. Thanks so much!
~Beth

Let me ask a simple question, does Axiom do a lot of their own work in-house. Stuff like title work, appraisals, financing, escrow, etc...

If so, I'd say there's a 99% chance there is fraud at Axiom and investors are what are called "straw buyers"...i.e., they're just being used for their credit scores and their money.

Probably structured as a pyramid where some investors did/will get paid, others who come in later are screwed.

I speak from sad experience that Axiom is not a company you want to do business with. The principles in the company are Patrick (Pat) Brody and Michael Bishop. If you google them you will find a laundry list of information. In particular you will find that Pat Brody has an SEC indictment and has scammed people on previous companies. The origination fee that you pay to Axiom will never be refunded or repaid so don't waste your time calling. The company is about to tank and the current offerings are only a last ditch attempt by the owners to take some more money for themselves. If you want to file a complaint with the Utah Atty General to try to keep them from doing this to someone else that may help future investors. The best bet for most of us now is to either file a class action lawsuit against them (which will cost money and time) for lost origination fees that have already been spent by the owners or simply deal with the developers directly. The sad case is that in the current market the developers are not much different than Pat Brody.

HELP!! Axiom took my money for the Park 1000 Project, which never went to contract, now they won't give me my $ back. Any ideas?

been burned as well!! contact me sf_kevin at hotmail

Axiom is a complete fraud! I am surrenlty in a law suit with Axiom over LakeTown Wharf. They took everybody's money, let it ride a year or so, then all of a sudden said the developer is not doing what we agreed and your screwed. BTW: My $50,000 in escrow has been tied up for 2 years and now the attorney says we (48 people in the lawsuit) might NEVER GET IT BACK! I am sure that crook Pat Brody is loosing sleep over my escrow money, not to mentiont he $5,000 in fees he got up front. Go ahead, invest in Axiom, or better yet, just write a personal check to Pat, you'll get the same result.

'Axiom Consultant' you have been misinformed about Axiom refunding half of it's fees when projects fail.
I was told by Jared Hansen that I 'just couldn't lose' when I chose my Axiom investment. Maybe I misheard and he said 'Axiom just can't lose' because it's beginning to look as though I may lose the entire content of my IRA and my husbands IRA, whereas Axiom are keeping their fee.
I wonder why, despite indications of a 40-90% return, no-one at Axiom appeared to invest in this project themselves.

These guys are now offering 2 new developments, one in Costa Rica and the other is a fractional offering called Teton bla bla in the Driggs Idaho near Jackson Hole. If you put any money into them for deposits consider it gone. They ask for administration fees and claim they will be refunded or partially refunded upon sale of the unit. They have never refunded deposits. They use them to run the company. It is a simple ponzy where the owners of the company (Patrick Brody and Mike Bishop) take the money out and use it. Google them.... you will see
The company is on the verge of going out of business and they keep telling us they cannot pay us back any origination fees because of cashflow issues. BEWARE.. Run.....
Don't be caught in this trap.

Axiom has been active in the BULK REO "foreclosure"
brokering-buying and selling business for more than 6 months.

So, if your wondering what all this tied up money is being used for, now you know.

Google "bulk REO" for a run down on this shady world .

Also go to www.biggerpockets.com and look SEARCH Pinnancle (sp)? or go to the ask about a realty company section on the forum. That was a ponzi scheme and those defrauded banded together on that site for the last years as the sec appointed receiver liquidated the scammers loot. The investors will see about 40% of what they invested.

Go her and also check out the thread on Pinnacle partners.
Axiom:
http://forums.biggerpockets.com//post-29674.h...

PLEASE DON'T BE STUPID AND INVEST WITH AXIOM! My husband and I invested about a year ago in the Kavison Row project and Grand Panama Beach Resort. At that time, we asked how many projects had paid out and the and the answer was ZERO then, but also said that some were close to paying out. To my knowledge, it is STILL Zero. Last fall Kavison Row fell through for my husband, who has NOT been offered 50% of the origination fee as a refund. This week Grand Panama Beach Resort fell through--supposedly the builder was backing out, but what really is amazing to me, is that Axiom had a conference call with the investors to find out what we wanted to do and has not even begun to take legal action against the defaulting builder. Any other professional company would have had their lawyers all over them to protect their clients. Axiom just flat does not care.
One poor lady that was in the conference call tonight invested in 3 failed projects--The Tetons, the high rise in Chicago, and Panama Beach. She loses 3 origiation fees. I am not sure what her loses add up to, but I know that in 2 failed projects, my husband and I lost $24,000 in less than a year, AND NO Mr Axiom Consultant, we will not be "rolling the dice again" because in our opinion, Axiom is not a company with Integrity.
AXIOM IS A SINKING SHIP!

You said that money has been returned for Park 1000 investors? How and when did that happen?

no return and no response wrote:

For Consultant: you must be a Strategic Partner, making money on referrals. I too did that, lost a friend who was told, as I, that all monies were returned, protected in the event of a Builder failure. Of course, that Sales Manager is no longer there, nor the subsequent Sales Manager I was assigned.
You have seen two projects fail? KR, monies have been returned to investors on Park 1000 (no construction begun in more than 10 months), and now Teton Lodge has dropped off the map, but no one will answer any questions re: progress/lack thereof - Clermont just disappeared as did the Towers in Las Vegas.(that is 5 I can recall).
I am actively "in" a Fla Project, but get no updates or information from Axiom on that one.
They may have a "customer service dept" now, but are still not providing customer services (monthly updates as promised).
And, yes, they offer to hold your capital in-house BUT you cannot draw the whole amount toward a new project, only one-for-one and they are still using your money. And, I was told they have a new project a month - have not seen a new one for several months - only Atlanta where the market is 2nd worst in the country and projects overpriced (ACCORDING TO THEIR OWN in house RE people)........
I have tried to retain trust in the face of confusion, but now can not get any response from ANYone at Axiom - and I am a current invested, client.

I completely concur with all the angry axiom investors out there. We have been duped with a major fradulent company. If you try calling the company today, no one will answer the telephones. Most of the employees have left. I would like to know how I can join some existing class-action lawsuits - for I would like to see some of my money back.

- Very disgruntled investor!!

I have a few other investors who invested with me on one of the recent projects. We've also invested in the Verge project. It looks like we won't be getting our $100K+ back from the vintage project. I really think we should get together in a class action suit against Axiom. What a scam!!!

I'm compelled to respond to the person from Salt Lake City who is trying to defend Axiom. Here are the facts:
1) Customer service is pathetic. No one there is interested in the clients well-being. Most times when I call for information I am simply directed to voice mail with no return call.
2) Deception is the name of the game. The "refunding half the origination fee" game IS precisely a scam. I was promised a full refund but that it would sent in 2 installments in consecutive months. Needless to say, only 1 payment was made and then mysteriously, the "manager" who made the promise disappeared into oblivion no longer an employee of the company. Followup emails (no calls of course) simply state "we will honor our commitment to you ... but not right now."
3) Very little due diligence is employed. I have been involved in 3 projects and NONE have materialized as advertised.

Note to all... As of last week the owner of the company Pat Brody has laid all the remaining staff off and they are in the process of changing the company name or something. The amazing thing is that we continue to be sent solicitations from the last two people still there (the owners) to try and get us to buy something in another bogus development. For all of us with any origination fees with this company, kiss it goodbye and for those with properties the best bet is to contact the developer and title company directly to try and work out a withdrawal if the project is not moving forward. Personally, I know that the ball is round and the dishonest carma of Pat Brody and Mike Bishop will come full circle back to them.