How can I make sure I don't get scammed?
I've just finished reading the popular books (The book on Rental Property Investing, Long-distance Real Estate Investing, etc.) and I'm ready to start investing out of state with $100,000.
I want to buy homes with cash, but I want to make sure I don't lose money from getting scammed. A situation I'm imagining is my agent running off with my money, not getting a clean title, etc. I'm currently looking for reputable agents in the areas I'm trying to find deals in, but what other steps should I take to make sure that I don't wire my money to a scammer agent or title company?
I'm "okay" with losing money from business mistakes (e.g. contractor overcharging me), but getting scammed is the one thing I want to avoid at all cost. Any advice would be appreciated!
Most Popular Reply
Don't give money to agent, wire funds directly to the title company and triple check that it is their bank account. Wire fraud happens all the time. How will you manage far away? Who checks the tenants or collects cash rents?