"Dare To Dream" Investment Program Results In Ghost Town, Leaving Investors Holding The Bag

In Grantsville, Utah, The Salt Lake Tribune reports:

• The ads said, “Dare to Dream,” and Jeff Denison was among dozens who did. Now his dream is a nightmare. All he had to do to get into Utah's red-hot real estate market in 2006 was sign a contract with Dare to Dream Investments. That signature allowed his good credit to underwrite the purchase of a building lot and construction of a house. He didn't have to lift another finger. Dare to Dream would do it all for him: Find the lot, hire the contractor, sell the house. He would get 55 percent of the profit right off the top. No muss, no fuss. Denison liked the program so much, he signed up for two houses.

• Now he's left holding the bag on two $300,000 mortgages beyond the one he owes on his actual home. [...] Making matters even worse, the structures have piles of liens against them by subcontractors who didn't get paid. [...] His houses are among 42 built in Grantsville's Silver Fox development by Dare to Dream investors. All but three remain empty, creating a modern-day ghost town.

For more, see Investors: 'Dare to Dream' real-estate deal became a nightmare (They say firm misled them with inflated land appraisals).