I am often asked about investing in properties that were purchased at a trustee's sale (foreclosure).  I warn any purchaser to be careful.  Investing in this type of property is truly  "caveat emptor".  In my opinion, there is far too much to lose and too many situations that could lead to financial disaster for anyone, except the most sophisticated investor with a very deep pocket (lots of money).  Even these sophisticated investors appear to be willing to spend a good portion of their "return" on attorney fees and bad properties.  Good for attorneys - bad for investors.

I ask the potential investor/purchaser to analyze their own question like a good business person.  Would any investor (person who purchased property at the trustee's sale) sell the real estate for less than what it is worth?  If so, why?  A good business person always maximizes their profit and dumps their problems.  Any investor, new to the this process and the games, needs to have enough capital to be able to lose the majority of their initial investment without financial harm.  Purchasing property in foreclosure, trustee sales, tax foreclosure or agreement for sale forfeiture is gambling "Las Vegas" style.  The only thing missing is all the glitz and noise of the whirring slot machines.

I also warn the potential investor/purchaser that selling properties in this "post-trustee sale" process has become a fad.  Fads equate to big dollars for those first to learn the system, but not for those who come later.  In this situation the fad is selling properties after a trustee's sale.  I have yet to hear from any newcomer investing in these post-trustee sale properties that they made as much money as they had been promised.  Contact me if you know of such a person.

So you still want to "give it a try".  Then make sure you know the rules and who you are dealing with.  I suggest that the potential purchaser check out the person or entity offering the properties.  Are they licensed? Are they filing the appropriate Deeds conveying the property?  What is their reputation?  Do they have complaints filed with their licensing agencies?  What does the Better Business Bureau report? Do they have several references from others who have purchased properties in the past few months?  But make sure that these references are not from those related to the sellers.  Question whether or not the laws governing the sale of real property are always complied with.   Make sure that the seller of the property is deeding directly to you, not the trustee who sold the property to the bidder at the sale.  Make sure that you file all the necessary tax forms with the IRS so that your purchase price is not later challenged by the IRS.  Make sure that the proper taxes (income and real estate) are being paid by the seller when they transfer the property to you.  Is the seller making all the required disclosures - condition, title, environmental, possession, etc?  These disclosures must be in writing and signed by the proper party.  Many people try to avoid personal liability through the use of entities.  Make sure that you get written, personal guarantees from both the entity and the person that you are dealing with.  After all, it is the person who is making the assurances, not their corporation.  If the seller refuses to honor the law governing the sale of real property or will not offer some type of written guarantee then look for someone who will.

Other warnings from Terry Miller (an experienced investor) are:
(1) Terry states that  he is told by his tax guy that if an "assignee" (purchaser of the property) fails to file a 1099 with the IRS listing the "wholesaler" (seller of the property) as receiving monies, that the IRS may disallow that expense. It is his understanding that some of these "wholesalers" try to avoid receiving 1099's and ask to be paid in cash rather than by check. ("Not that they would consider avoiding taxes on such untraceable income or anything.")
(2) One investor "assigns" his high bidder's position to another investor after the trustee's sale is concluded, but before the purchase price is paid.  The first investor must pay taxes on the assignment (See "Assignment of Bidder's Rights. Should Trustees Allow It?" by Terry Miller in the ATA's Trustee Times, Summer, 2000)

Sometimes it is very confusing to find out who is related to whom and how people or entities are licensed.  Check the Arizona Corporation Commission, Arizona State Banking Department, Secretary of State, and the Arizona Department of Real Estate and web site registration.

The following are just a few entities or companies that are actively involved in the sale of post-trustee sale properties.  If you know of more please let me know.  The information was found at the sources listed above and I do not warrant the accuracy.  From the listed resources I was not able to ascertain whether or not there have been formal complaints filed with the licensing agencies, but I did find several lawsuits (see list at the bottom). I would recommend that you personally contact any entity or individual's licensing agencies to determine the status of complaints and the accuracy of the licensing.

The following entites/persons appear to be interrelated:

ww.valleywideforeclosures.com
Foreclosures-4-investors.com
Freg.net
NBI, LLC
Joe Cook, IFMC Mortgage and Focus Real Estate
402 Property Wholesalers
FRE Focus Redevelopment
Sweetheart Properties
Clifton L. Burgener
B. Frank Berry
James Scott Bond

Clifton L. Burgener

First Name: CLIFTON
Middle Name: L
Last Name: BURGENER
Status: Active
License Type: Real Estate Broker
License Number: BR026449000
Original Date: 8/16/1985
Expiration Date: 3/31/2005

Legal Name: CLIFTON L BURGENER
Business Name: BONANZA REALTY
Status: Active
License Type: Real Estate Self Employed Broker
License Number: SE026449001
Expiration Date: 3/31/2005
Business Address: 132 S. CENTRAL AVENUE
PHOENIX, AZ 85004
Mailing Address: 132 S. CENTRAL AVENUE
PHOENIX, AZ 85004
Phone: (602) 307-9699
Responsible Broker: BURGENER, CLIFTON

Entities:
402 Property Wholesales, L.L.C. (incorporated 8/25/98)
Statutory agent: Clifton L. Burgener, 402 W. Roosevelt, Ste C., Phoenix, AZ 85003
Member: NGIRI, L.C. – member – same address (incorporated 5/6/94)
Statutory agent: Clifton L. Burgener, 402 W. Roosevelt, Ste C., Phoenix, AZ 85003
Member: Clifton L. Burgener, 219 West Denton Lane, Phoenix, AZ 85013
Bonanza Realty Management, LLC (5/3/00)
Statutory Agent: Clifton L. Burgener, 402 West Roosevelt, #E, Phoenix, AZ 85003
Member: Clifton L. Burgener, 402 West Roosevelt, #E, Phoenix, AZ 85003
Trade Name:
Bonanza Realty, (12/24/90), 1480 E. Bethany Home Rd, #220, Phoenix, AZ 85014
Tigerlilly, LLC, (incorporated 1/14/2000)
Statutory agent: Clifton L. Burgener, 402 W. Roosevelt, Ste C., Phoenix, AZ 85003
Wasabi, LLC, (incorporated 9/07/2001)
Statutory agent: Tigerlilly (see above), 402 W. Roosevelt, Ste C., Phoenix, AZ 85003
Officer/Director: AUSBO Holding, LLC and Tigerlilly, LLC
Goldfinger Investments, LLC (incorporated 11/25/1996)
Statutory agent and member: Clifton L. Burgener, 402 W. Roosevelt, Ste E., Phoenix, AZ 85003

James Scott Bond:

AUSBO Holdings, LLC (incorporated 9/6/01)
Statutory Agent and Member: James Scott Bond, 402 West Roosevelt, #A, Phoenix, AZ 85003
Goldfinger Investments, LLC (incorporated 11/25/1996)
Statutory agent and member: Clifton L. Burgener, 402 W. Roosevelt, Ste E., Phoenix, AZ 85003
Member: James Scott Bond, 402 W. Roosevelt, Ste E., Phoenix, AZ 85003

Joe L. Cook, Clifton L. Burgener and B. Frank Berry:

NBI, LLC (10/9/02)
Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
Members:
1) Coyote Run, Inc. (12/12/00)
a. c/o Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
i. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
ii. President/CEO/Secretary: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
2) Jethro Peabody Investments, LLC. (1/14/00)
a. c/o Clifton L. Burgener, 402 West Roosevelt Ave., Ste E, Phoenix, AZ 85003
i. Statutory Agent: Clifton L. Burgener, 402 West Roosevelt Ave., Ste E, Phoenix, AZ 85003
ii. Member: Clifton L. Burgener, 402 West Roosevelt Ave., Ste E, Phoenix, AZ 85003
3) Malamute, Inc. (10/9/02)
a. c/o B. Frank Berry, 132 S. Central Ave., Ste B, Phoenix, AZ 85004
i. Statutory Agent: David Knapper
ii. B. Frank Berry, 132 S. Central Ave., Ste B, Phoenix, AZ 85004
4) 132 Property Investors, L.L.C (4/5/01)
a. c/o Raymon O. Wisely, 2025 N. 3rd Street, #160, Phoenix, AZ 85004
i. Statutory Agent: David Knapper
ii. Member: Karay, L.L.C. (7/22/99)
1. Statutory Agent: Ray Wisely, 110 S. Central, Phx, AZ 85004
2. Member: Raymon Wisely, 110 S. Central, Phx, AZ 85004
3. Member: Karen Wisely, 110 S. Central, Phx, AZ 85004.
5) Kodrantes Capital, Ltd.
a. c/o Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
6) Flynn Powers Investments, Inc. (( AKA Flynn Powers Investments, LLC)
a. c/o Flynn Powers, 402 W. Roosevelt Ave., Ste E, Phoenix, AZ 85003
7) 402 Property Wholesalers, LLC
a. c/o NGIRI, LC, 402 West Roosevelt Avenue, Ste E, Phoenix, AZ 85003
8) Renee Walton, 132 S. Central Ave, Ste B, Phoenix, AZ 85004
a. c/o Renee Walton
i. Renee Walton, P.C. (5/10/1994) 14419 N. 29th Street, Phoenix, AZ 85032
1. Statutory Agent: Renee Walton, 14419 N. 29th Street, Phoenix, AZ 85032
2. President/CEO/Secretary: Renee Walton, 14419 N. 29th Street, Phoenix, AZ 85032
GOHSAG, L.L.C. (11/13/02)
1) Statutory Agent: Lawrence K. Lynde, 10240 N. 31st Ave, #105, Phoenix, AZ 85051
2) Member: 132 Property Investors, L.LC., 132 S. Central Ave, Suite B, Phoenix, AZ 85004
3) Member: NGIRI, LC., 132 S. Central Ave, Suite B, Phoenix, AZ 85004
4) Member: Sweetheart Properties LTD, 132 S. Central Ave, Suite B, Phoenix, AZ 85004

Joe L. Cook:

First Name: JOSEPH
Middle Name: LOUIS
Last Name: COOK
Status: Active
License Type: Real Estate Sales
License Number: SA500441000
Original Date: 1/24/1997
Expiration Date: 1/31/2005
Responsible Entity:
Legal Name: FOCUS REAL ESTATE & INVESTMENTS, INC.
Business Name: FOCUS REAL ESTATE GROUP
Status: Active
License Type: Real Estate Corporation
License Number: CO521210000
Expiration Date: 3/31/2004
Business Address: 2737 W. SOUTHERN # 8, TEMPE, AZ 85202
Mailing Address: 2737 W. SOUTHERN # 8, TEMPE, AZ 85202
Phone: (602) 748-7355
Responsible Broker: BRYAN, GREGORY
First Name: GREGORY
Middle Name: S
Last Name: BRYAN
Status: Active
License Type: Real Estate Broker
License Number: BR107027000
Original Date: 3/1/2000
Expiration Date: 3/31/2004

JLC Consulting, Inc. (incorporated 8/12/1991)
Statutory agent: Joe L. Cook, 741 W. San Marcos Drive, Chandler, AZ 85224
President/CEO: Joe L. Cook, 741 W. San Marcos Drive, Chandler, AZ 85224
Secretary: Debbie J. Cook, 741 W. San Marcos Drive, Chandler, AZ 85224

Entities:
1) Focus Redevelopment, Inc. (7/01/00)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. President/CEO: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Secretary: Shane M. Cook: 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
2) Focus Real Estate & Investments, Inc. (12/27/99)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. President/CEO/Secretary: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
3) Focus Realty, Inc. (1/9/97)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. President/CEO/Secretary: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
4) Buckles Management, LLC (10/28/02)
a. Members:
i. JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
ii. Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
5) Equity II, Inc. (4/19/99)
a. Statutory Agent:
b. President/CEO: Joe L. Cook, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
6) Equity Capital Funding Group, LLC (9/23/02)
a. Manager: Joe L. Cook, 2727 W. Southern Ave, #8, Tempe, AZ 85282
b. Member: Joe L. Cook, 2727 W. Southern Ave, #8, Tempe, AZ 85282
c. Member: JLC Consulting, Inc., 2727 W. Southern Ave, #8, Tempe, AZ 85282
7) Fox Den Land Holdings I, L.L.C. (5/26/00) (see also: Kempton Land Holdings and Suntree Partners I & II, LLC )
a. Statutory Agent: Alfred J. Olsen, P.C., 301 E. Virginia Ave, Phoenix, AZ 85004
b. Manager: Joe L. Cook, 2727 W. Southern Ave, #8, Tempe, AZ 85282
c. Manager: Martin D. Kempton, 2727 W. Southern Ave, #8, Tempe, AZ 85282
d. Member: Kempton Living Trust, Martin Kempton and Suzanne Kempton (Trustees), 2727 W. Southern Ave, #8, Tempe, AZ 85282
e. Member: Cook Family Trust, Joseph L. Cook and Debra Jean Cook (Trustees) 2727 W. Southern Ave, #8, Tempe, AZ 85282
8) Inhouse Asset Management, Ltd. (4/19/99)
a. Joe L. Cook, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
9) Kronco, Inc. (4/19/99)
a. Statutory Agent:
b. President/CEO/Secretary: Joe L. Cook, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
10) Morgan Capital of Arizona, Inc. (FN) (01/12/01)
a. Statutory Agent: Morgan W. Smith, 102 S. Honeysuckle Ln, Gilbert, AZ 85296
b. President/CEO/: Morgan W. Smith, 2727 W. Southern Ave, #8, Tempe, AZ 85282
c. Secretary: Joe L. Cook, 2727 W. Southern Ave, #8, Tempe, AZ 85282
11) Morgan Equity Group, LLC (2/11/98)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. Manager: Focus Realty Inc, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
c. Manager: Focus Realty In, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
d. Member: Manager: Focus Realty Inc, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
e. Member: Manager: Focus Realty In, 1255 W. Baseline Rd, #292, Mesa, AZ 85202
f. Member: Morgan Capital of Arizona, Inc. 1255 W. Baseline Rd, #292, Mesa, AZ 85202
12) Blazer Properties, Inc. (12/01/00)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. President/CEO: Morgan W. Smith. 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Secretary: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
13) Investors First Mortgage Corporation (2/1/98)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. President/CEO/Secretary: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
14) JJ's I-17 Opportunities, Inc. (2/4/02)
a. Statutory Agent: David Kozak, 22047 N. Black Canyon Hwy, Ste A, Tempe, AZ 85027-1969
b. President/CEO: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Secretary: James P. Moos, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
15) Woodglen Opportunities, Inc. (7/31/01)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. President/CEO: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
16) Talon Holdings, LLC (6/26/02)
a. Manager: Focus Realty, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. Member: Devin C. Warren, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Member: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
17) Amberwood (Horne/McKellips) Partners, LLC (6/26/02)
a. Manager: Focus Realty, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. Member: Focus Realty, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Member: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
18) Eagle Nest, LTD.
a. President/CEO: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. Secretary: Shane M. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
19) Fairways Sub-Partners II, LLC (4/23/02)
a. Statutory Agent: JLC Consulting, Inc., 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
b. Manager: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Member: DL Management, LLC, (10/01/98) 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
i. Statutory Agent: Devin C. Warren, 722 West Gary Ave, Gilbert, AZ 85233
ii. Manager: Leilani A. Warren, 722 West Gary Ave, Gilbert, AZ 85233
iii. Manager: Devin C. Warren, 722 West Gary Ave, Gilbert, AZ 85233
d. Member: Donald C. Adamson, 5035 Valene St, Salt Lake City, UT 84117
e. Cook Family Trust: Joe L. Cook and Debbie J. Cook (Trustee), 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
20) MJS Ventures, Inc. (10/01/01)
a. Statutory Agent:
b. President/CEO: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Secretary: Shane M. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
21) Suntree Partners I, LLC (5/26/00) (see also Fox Den Land Holdings)
a. Statutory Agent: Alfred J. Olsen, P.C.
b. Manager: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Manager: Martin D. Kempton, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
d. Member: Kempton Living Trust, Martin Kempton and Suzanne Kempton (Trustees), 2727 W. Southern Ave, #8, Tempe, AZ 85282
e. Member: Cook Family Trust, Joseph L. Cook and Debra Jean Cook (Trustees) 2727 W. Southern Ave, #8, Tempe, AZ 85282
22) Suntree Partners II, LLC (5/26/00) (see also Kempton Land Holdings and Fox Den Land Holdings)
a. Statutory Agent: Alfred J. Olsen, P.C.
b. Manager: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Manager: Martin D. Kempton, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
d. Member: Kempton Living Trust, Martin Kempton and Suzanne Kempton (Trustees), 2727 W. Southern Ave, #8, Tempe, AZ 85282
e. Member: Cook Family Trust, Joseph L. Cook and Debra Jean Cook (Trustees) 2727 W. Southern Ave, #8, Tempe, AZ 85282
23) Kempton Land Holdings II, LLC. (5/26/00) (see also Fox Den Land Holdings & Suntree)
a. Statutory Agent: Alfred J. Olsen, P.C.
b. Manager: Joe L. Cook, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
c. Manager: Martin D. Kempton, 2737 W. Southern Ave #8, Tempe, AZ 85283-4243
d. Member: Kempton Living Trust, Martin Kempton and Suzanne Kempton (Trustees), 2727 W. Southern Ave, #8, Tempe, AZ 85282
e. Member: Cook Family Trust, Joseph L. Cook and Debra Jean Cook (Trustees) 2727 W. Southern Ave, #8, Tempe, AZ 85282
24)  IFMC Mortgage (2/11/1998)
a.      Statutory Agent: Investors First Mortgage Corporation
b.      Member: Focus Realty, Inc. 1255 W. Baseline Rd, #292, Mesa, AZ 85202
c.    Member: Joe L. Cook Company Profit Sharing, 1255 W. Baseline Rd, #292, Mesa, AZ 85202

Trade Names:
1) Focus Development Investment Group 9/23/2002 – Joe L. Cook, 2737 West Southern Avenue, #8, Tempe, AZ 85282
2) Arizona Rentals for Cash Flow 9/23/2002 – Joe L. Cook, 2737 West Southern Avenue, #8, Tempe, AZ 85282
3) Focus Real Estate Group – 3/1/2001 - – Joe L. Cook, 2737 West Southern Avenue, #8, Tempe, AZ 85282
4) Lepta Capital – 9/19/2002 – Joe L. Cook, 1255 West Baseline, #292, Mesa, AZ 85202
5) Investors First Mortgage – Joe L. Cook Company (does not exist), 3140 N. Arizona Avenue, Suite 107, Chandler, AZ
6) Morgan Capital of Arizona (1/11/2001) MORTGAGE BANKING, 2737 W. Southern Ave, Ste 8, Tempe, AZ 85282
a. Owner: Morgan Capital of Arizona, Inc. (FN) (01/12/01)
i. Statutory Agent: Morgan W. Smith, 102 S. Honeysuckle Ln, Gilbert, AZ 85296
ii. President/CEO/: Morgan W. Smith, 2727 W. Southern Ave, #8, Tempe, AZ 85282
iii. Secretary: Joe L. Cook, 2727 W. Southern Ave, #8, Tempe, AZ 85282
b. State Banking information:
i. Morgan Capital of Arizona, Inc. (FN) , SUITE 12, 2741 W. SOUTHERN AVENUE, TEMPE, AZ 85282, (602) 748-5626  branch #0104241home office #0903998, Started: 04/03/2002
ii. Morgan Capital of Arizona, Inc. (FN), a branch of Morgan Capital of Arizona, Inc. (FN), SUITE 285, 1811 S. ALMA SCHOOL ROAD, MESA, AZ 85210  (480) 831-9031 branch #0105555
home office #0903998, Started: 04/09/2004
iii. Morgan Capital of Arizona, Inc. (FN), a branch of Morgan Capital of Arizona, Inc. (FN), 8559 E. Cortez Street, Scottsdale, AZ 85260, (480) 905-1843, branch #0105556, home office #0903998
Started: 04/09/2004
iv. Morgan Capital of Arizona, Inc. (FN), a branch of Morgan Capital of Arizona, Inc. (FN), Suite 189, 3055 N. Red Mountain Rd, Mesa, AZ 85207, (480) 905-1843, branch #010555, home office #0903998, Started: 04/09/2004
v. Morgan Capital of Arizona, Inc. (FN), a branch of Morgan Capital of Arizona, Inc. (FN), 7236 E. Norwood Street, Mesa, AZ 85207,(480) 206-6802, branch #0105558, home office #0903998, Started: 04/09/2004
vi. Morgan Capital of Arizona, Inc. (FN), a branch of Morgan Capital of Arizona, Inc. (FN)
Suite 207, 4920 S. Wendler Dr., Tempe, AZ 85282 (602) 431-4600, branch #0105628, home office #0903998, Started: 04/29/2004
vii. Morgan Capital of Arizona, Inc. (FN), a branch of Morgan Capital of Arizona, Inc. (FN)
1323 E. Geronimo St., Chandler, AZ 85225, (888) 884-8353

Limited Partnerships:
1) The Merrill Place Limited Partnership, Joe L. Cook, 700 N. Gold Kay St., Ste A-5, Gilbert, Arizona

Misc:
1) www.FREG.net (licensed by Joe Cook/Focus Real Estate Group and JLC Consulting, Inc.) 1255 W. Baseline, Rd, Suite 292, Mesa, AZ 85202
2) www.foreclosures-4-investors.com (licensed by Focus Redevelopment Inc, 2737 W. Southern Avenue, Suite 8, Tempe, AZ 85282)

Jonathan Rosenberg:

First Name: JONATHAN
Middle Name: M
Last Name: ROSENBERG
Status: Active
License Type: Real Estate Sales
License Number: SA033562000
Original Date: 10/25/1988
Expiration Date: 10/31/2004

Responsible Entity:
Legal Name: LEVROSE INVESTMENT, INC.
Business Name:
Status: Active
License Type: Real Estate Corporation
License Number: CO002789000
Expiration Date: 9/30/2004
Business Address: 7329 EAST 6TH AVENUE

SCOTTSDALE, AZ 85251
Mailing Address: 7329 EAST 6TH AVENUE

SCOTTSDALE, AZ 85251
Phone: (480) 947-0600
Responsible Broker: CHITWOOD, MARY

Levrose Investements, Inc. (9/16/92)
Statutory Agent: BARRY MARKSON HERZOG AND O'CON
President/CEO: Jonathan Rosenberg, 7329 E. 6th Ave, Scottsdale, AZ 85251
Secretary: Mary Chitwood, 7329 E. 6th Ave., Scottsdale, AZ 85251
Valley Wide Foreclosures aka LR Partners
Jonathan Rosenberg, 7326 E. 6th Avenue, Scottsdale
Bankon Real Estate Investments, LLC (4/21/1997)
Statutory Agent: BARRY MARKSON HERZOG AND O'CON
Member: Jonathan Rosenberg, 7329 E. 6th Ave, Scottsdale, AZ 85251
Member: Brian Frank Berry, 7329 E. 6th Avenue, Scottsdale, AZ 85251
Member: Robert I. Levine, 7329 E. 6th Avenue, Scottsdale, AZ 85251

Brian Frank Berry:

First Name: BRIAN
Middle Name: FRANK
Last Name: BERRY
Status: Active
License Type: Real Estate Sales
License Number: SA109946000
Original Date: 5/31/1995
Expiration Date: 5/31/2005

Responsible Entity:
Legal Name: CLIFTON L BURGENER
Business Name: BONANZA REALTY
Status: Active
License Type: Real Estate Self Employed Broker
License Number: SE026449001
Expiration Date: 3/31/2005
Business Address: 132 S. CENTRAL AVENUE, PHOENIX, AZ 85004
Mailing Address: 132 S. CENTRAL AVENUE, PHOENIX, AZ 85004
Phone: (602) 307-9699
Responsible Broker: BURGENER, CLIFTON

Sweetheart Properties Limited (Incorporated 9/4/96) PO Box 7646, Phoenix, AZ
Statutory Agent – David Knapper
President/CEO – Brian Frank Berry, PO Box 7646, Phoenix, AZ

Huron Investments Company (9/04/96)
Statutory agent:
President/CEO/Secretary: Brian Frank Berry, 132 S. Central, Ave B, Phoenix, AZ 85004
BLR Real Estate Holdings, LLC (4/21/97
Statutory Agent:
Member: Jonathan Rosenberg, 7329 E. 6th Ave, Scottsdale, AZ 85251
Member: Brian Frank Berry, 7329 E. 6th Avenue, Scottsdale, AZ 85251
Member: Robert I. Levine, 7329 E. 6th Avenue, Scottsdale, AZ 85251

Bankon Real Estate Investments, LLC (4/21/1997)
Statutory Agent:
Member: Jonathan Rosenberg, 7329 E. 6th Ave, Scottsdale, AZ 85251
Member: Brian Frank Berry, 7329 E. 6th Avenue, Scottsdale, AZ 85251
Member: Robert I. Levine, 7329 E. 6th Avenue, Scottsdale, AZ 85251

Wolverine Funding, Inc. (9/4/96)
Statutory Agent: David Knapper
President/CEO/Secretary: Brian Frank Berry, 7329 E. 6th Avenue, Scottsdale, AZ 85251

Trade Names:
Wolverine Funding (5/14/99)
Wolverine Foreclosure (1/25/99)

Law suits:
1995-000986: Transamerica Commercial Finance vs Berry's Appliance, Inc. and Brian F. Berry
1989-090041: Ahlers & HK Rust, Inc. vs Brian Berry and Alan Cox
Krohn vs Sweetheart Properties (AZ Supreme Ct) CV 01-0246-CQ, BK 00-10623-PHX-RTB
2000-020408: Sweetheart Properties Limited, Brian Frank Berry vs City of Phoenix, Raymond and Amelia Espinoza
2002-007857: 7th Street Gas & Liliana Stoianova, GOHSAG vs Sweetheart Properties, Frank Berry, 132 Property, Wisely, Burgener, et al
1998-19598: Sweetheart vs Thomas and Carol Ann Head
1999-006041: Sweetheart vs Ron Schultz, Lance and Deborah Lambert and Nancy Murray
2000-020833: Scott Elder vs Sweetheart Properties and Advanta Mortgage
2001-0211673: Sweetheart vs Charles Bartkiewicz
2004-090799: Zions First National Bank vs Sweetheart and Gohsag, LLC
2000-019923: Sweetheart vs Orlando Diaz, Scott and Greg Elder
1998-020692: Sweetheart vs Orville Duncan
1998-023113: Sweetheart vs Joseph and Jeanne Brown
1998-023110: Sweetheart vs David Grale, Shawn Wagner and Martha Graston
2002-011600: 402 Property, Brian Frank Berry and Clifton L. Burgener vs Gregg Reichman & Capital Realty Services
2002-011651: Robin Scoins vs Witherspoon, Bocchicchio, Security Title, 402 Properties, LLC.
1998-011951: Joe L. Cook vs James and Opal Brown
 

The following entites/persons appear to be all interrelated:

Gregg S. Reichman:

www.buyazforeclosures.com
www.hardmoneyavailable.com
KMA Associates, LLC, incorporated 4/7/03, Stat Agent: Andrew Abraham
  Members: Capital Realty Services, LLC - Manager/Member, 3200 N. Central, 20th Fl Phx 85012
                  EZ Homes Inc. 3210 E. Georgia Ave, Phoenix, 85018
                  E Investment Properties Inc. 14602 N. 7th Place, Phoenix, AZ  85022

Capital Realty Services, LLC, incorporated 11/13/2000
  Members: Gregg Reichman, Manager/Member, PO Box 15034, Scottsdale, AZ  85267-5034
                  Gordon R. Follmer, Manager/Member, c/o Follmer Rudzweicz & Company, PO Box 5004, Southfield, MI  48086-5004

EZ Homes, Inc., Incorporated 10/19/2000, Stat Agent: Eric Weinbrenner, 3210 E. Georgia Ave, Phoenix 85018,
     Eric Weinbrenner, President and CEO

E Investment Properties, Inc. (not found at AZ Corporation)

Law suits:

CV1993-024884  Gregg Reichman vs Chuck and Tammy Bozzani
CV1995-017226  C & H PROPERTIES VII LLC  vs 1ST CROSSROADS PLAZA LIMITED PARTNERSHIP, VITAL PROPERTIES INC , PACIFIC COAST DISTRIBUTING INC, COVENANT ENTERPRISES INC, Gregg   Reichman
CV2002-070212 , Derek  Stamper vs CAPITAL REALTY SERVICES INC, Gregg   Reichman
CV2002-009644, Derek  Stamper vs CAPITAL REALTY SERVICES INC, Gregg   Reichman
CV2002-011600, 402 PROPERTY WHOLESALERS LLC, Briand Frank Berry, Clifton Bergener vs Gregg Reichman and Capital Realty Services, LLC
CV2002-015855, Gregg   Reichman vs Arthur Thomas  Morris
CV2004-005222, Bobby J  Jones vs Fairbanks Capital Corporation, Bank Of New York, Tiffany & Bosco P A, Michael A  Bosco, Capital Realty Services Inc, Gregg Reichman
CV2002-010883, Robert Heber  Barron vs Bradford   Diana, Valley-Wide Productions Llc, Capital Realty Services L L C,  Gregg Reichman,  Hope Reichman