A Federal Court jury on Tuesday morning found Mark Wilkins guilty on two counts of wire fraud and two counts of giving false statements.
He faces up to 20 years in prison on the wire fraud and up to five years on the false statements.
Wilkins remains free on bond pending sentencing on April 5 by Judge Curtis Collier.
Prosecutor Gary Humble had told the jury that Wilkins "put $127,998.15" in his pocket from the use of an illegal "double HUD" technique in buying houses to fix up.
The prosecutor told the jury that Wilkins conspired with his then-girlfriend, mortgage broker Jay Snyder, in giving inflated sales figures so the finance company would loan more than the house was worth.
He said Wilkins would not have to put down any down payment and would get cash back.
The prosecutor said the title company would prepare two HUD settlement statements - one with the actual price that went to the seller and one with the inflated price that went to Wilkins and to the finance company providing the money.
A house at 3905 5th Ave. was bought for $37,500, but the finance company was told the sales price was $54,000.
Ms. Snyder has entered a guilty plea and is set to be sentenced on March 29 by Judge Curtis Collier, who is overseeing the Wilkins trial.
The prosecution called Angela Byrd, who ran Executive Title Company with Donovan Jean Barnes-Bass from December 1999 to April 2002. Both just got out of federal prison last Friday after serving 18 months.
Ms. Byrd told about handling 10 different properties in which Wilkins got extra money. That also meant extra fees for the title company, she noted.
She said she was taught how to do the double HUDs by mortgage brokers named Mike and Phil.
Ms. Byrd said Ms. Snyder "heard we did them" and asked her to start doing them for her and Wilkins.
Prosecutor Humble said Wilkins used some of the cash to buy ATVs and take trips.
He said Wilkins got into trouble when he fell behind on the loans.
Defense attorney Chris Lanier said Wilkins is an electrician who worked on the houses he bought. He said he got into financial trouble when he rented the houses and some of the renters did not pay or vandalized the houses.
The attorney said Ms. Snyder mainly handled the paperwork at the title company.
Wilkins did not take the witness stand.
Ms. Snyder testified in his behalf, saying she handled all the transactions.