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Thursday, June 6, 2013

SAISD Board President Ed Garza’s Incredible* Real Estate Deals

Posted By on Thu, Jun 6, 2013 at 5:08 PM


*Incredible as in ‘not credible’


The blog Banker’s Anonymous is like a junkyard dog peskily tearing at SAISD Prez Ed Garza’s pant leg. A concerned SAISD parent and a “recovering banker,” BA has a knack for following the money. You may recall how he shed light on Garza’s hand picked Superintendent candidate’s questionable financial savvy and numerous (albeit minor) legal infractions earlier this year, assembling the information faster and in more detail than his major media counterparts. Would-be superintendent Manuel Isquierdo withdrew from consideration.


With Isquierdo out, BA appears curious that the man who vouched for him, Ed Garza, is still in. So he started digging.


The results, detailed on his fine finance blog Banker’s Anonymous, is a look into Garza’s several real estate deals. “I have to say, his track record on a number of real estate deals is incredible,” writes BA in a post highlighting some of the shadier findings, “By that I’m using the literal meaning of the word: Not credible.”


BA will be the first to say that much of his findings must be assumed to be mere coincidences until further proof is found (reporters, start your engines), and that nothing screams ‘illegal,’ but my, what coincidences they are. Among them:


  • The Garza-owned husk of a home causing consternation in the Monticello neighborhood, which gained notoriety in Brian Chasnoff’s E-N column earlier this year, sold for almost as much as it did before an questionable blaze gutted it. The buyer, listed as the owner of 20 different LLCs over the years, also had several Arizona bank judgments, and a California state tax lien, as well as a judgment in that state. This record coincidentally matches that of Manuel Isquierdo.
  • Another property, with U.S. Representative Joaquin Castro as a co-investor, sold in 2010 for $230,348.68 to a single purchaser who worked at a coffee shop for an approximately 1 percent down-payment. The assessed value had fluctuated between $114,000 and $130,000 for the years around the sale. Have you bought a house in the past five years? Let me assure you, as BA also does, that it’s easier to escape from Gitmo than secure that kind of mortgage for that kind of buyer.
  • Before the housing collapse, Garza purchased a property on West Magnolia for nearly 40 percent below its valuation in 2006. Again, maybe you bought a house in the boom times before the real estate bubble burst. If so, you would recognize that those type of deals were incredibly rare. Seven months later, he flipped it for 119 percent increase in price. That obviously wasn't so rare at the time.


Who knows? Luck happens, and when abetted by a keen financial knowledge, it can turn out quite lucrative. But with people like BA on his tail, Garza may find his luck is about to run out.

 Read the whole story here.

Check back to Banker’s Anonymous and for updates.



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