Real Estate Investing in the Real World
Real Estate Blog
TUESDAY, OCTOBER 16, 2007

I grabbed this YouTube video from Chris Lengquist's real estate blog.  This one is a little different from the real estate scam that I recently wrote about but you could consider it a variation on the general theme. 

A couple of rules of thumb:

  • If it looks lucrative and easy then you're about to be taken for a ride.
  • Beware of "package deals" where an advisor delivers the property, the lending, the appraisal and the tenants.  These parties, if delivered as a combo deal, will always collude against you. 
  • Don't sign anything you don't understand.  Loan documents can be intimidating for new investors - but if it smells fishy then ask questions until your gut tells you everything is ok. 
  • Any counterparty who is willing to be dishonest on your behalf will cheat you in the end.
  • These people in this video aren't necessarily dumb.  The scam artists are pros, and they look for amateurs as their victims. 
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Comments(32)
posted by: Chris Smith
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October 17, 2007
07:08 AM
I think the two main guiding principles should be do not look for quick and easy money and the understanding. Sometimes I feel that someone purchasing a home has been scammed simply because they did not comprehend what they were getting involved with. (This is probably what was happening at these aggressive mortgage originating firms). As for package deals, I think we could come into a transaction where a package has been set up, but not meant as a scam. Some sellers (investors and others) have asked me to inspect a property to produce a report, so that a potential client will not have that expense to make the purchase look better. I have noticed that sometimes that they have contacted a loan originator for material. I did not think that my role was that of a scam, since I did not collude to modify my report. We should go into deals by being observant.
October 17, 2007
09:31 PM
Frank,

I don't disagree that it is possible for some "package deals" to be non-fraudulent, but I do think that any individual who is approached with such a package (investment property plus appraisal plus financing plus tenants) should be viewed with great scepticism.

An investor needs to be comfortable that anyone offering advice is truly working in his or her interest. If a seller, an investment "advisor" or a broker provides me with an appraisal I might take a look at it, but I'm always going to go out and get my own guy to validate it.
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I think the two main guiding principles should be do not look for quick and easy money and the understanding.
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