A small group of landlords who own hundreds of rental properties across the province have run out of money, owe over $144 million in unpaid loans and face dozens of lawsuits from creditors, according to documents filed with the Ontario Superior Court of Justice.
Dylan Suitor, Ryan Molony and Aruba Butt are behind 11 now-insolvent corporations that face a “liquidity crisis” with only $100,000 in the bank, the documents say.
The landlords and their corporations are based in the Hamilton area, but specialize in buying, renovating and in some cases relisting “distressed residential real estate in undervalued markets,” said a court factum.
Those markets are in Timmins, Sault Ste. Marie and Sudbury, as well as smaller communities, including Kirkland Lake, Temiskaming Shores and Val Caron.
Suitor is also a Realtor with over 200,000 followers on Instagram, where he shares business advice as a “self made” entrepreneur and real estate investor.
Last August, Suitor hosted a “Business Results Training Seminar” in Burlington, Ont., promising attendees would learn to grow their business up to 150 per cent over 12 months, according to his social media posts.
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😂
Sounds like Trumps grift
Actual footage from the seminar: https://www.youtube.com/watch?v=3Zx4ZeGjP3s
Seems legit.
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