Tell Your Story > Beware if You Are Leasing or Going to Lease These Libonao Properties
Now that Libonao /Slevin is out of bankruptcy with his LLC that holds his properties, he has to either abide by the terms of the BK agreement, or his creditors will be in a position to foreclosure. Remember, this is after dozens of people lost millions of dollars by him, due to his over-leveraging of his properties. For example, a Notice of Trustees Sale was posted on 10/26/20 for his property on Brad Ave. in Huntington Beach. BTW, it shows $999,000 in mortgages, and a value of $918,000. Libonao is the the only "real estate investor" we know of that can lose money in this unprecedented real estate market. Unbelievable.
The nexus of greed and stupidity gets you to Libonao /Slevin. Watch out, it is likely that he is still offering third and fourth Trust Deeds on his properties with very high interest rates to his investors. His modus operandi is to pay a few payments back to his investors, then disappear.
Jacob Marley
If you are living in -- or considering leasing -- the following properties, think twice about it. All of these 13 properties are currently part of Libonao's bankruptcy filing, and have been since January of 2017:
700 Paularino Avenue; Costa Mesa, CA
770 Paularino Avenue; Costa Mesa, CA
778 Paularino Avenue; Costa Mesa, CA
6501 Brad Drive; Huntington Beach, CA
2630 E. Omaha Avenue; Fresno, CA
1116 N. 3rd Street; Lompoc, CA
1120 N. 3rd Street; Lompoc, CA
215 Warren Avenue; Bakersfield, CA
205 Princeton Place; Lompoc, CA
1111 Forest Trail, #404; Mammoth Lakes, CA
12582 Josephine Street; Garden Grove, CA
3067 Yellowstone Drive; Costa Mesa, CA
128 W. 5th Street; Yuma, AZ (6-Plex)
I suggest you do a Google search of the addresses. Or, check out websites such as Foreclosure.com prior to entering into any type of lease agreement -- annual or month-to-month.
Libonao has reportedly asked tenants for several months of rent upfront, in addition to a security deposit.
Please note that some of these properties are already under a Stipulation for Entry of Judgment, which will greatly expedite the foreclosure process.