Originally posted by MitchMan
The real liars, I mean developers, would take the down payment money, pay themselves a great salary, pay the other liars, I mean sales people, a
commission for getting the down payment money and then they would spend a little bit of the money to actually do minimal construction to buy more time
to get more down payments to pay more developer salaries. The developers never ever had enough money from their own capital nor construction
financing to complete the project or even the initial buyers' homes. These development were nothing more than Ponzi Schemes with buyer deposits.
It's obvious, it's been going on for decades in every baja town, and is still going on wherever you see a resort in progress.
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