Hey what do you guys /gals think of this for real or a scam

36 Replies

seems suspicious.   earlier today I got a FAUX e mail from A FAUX closing attorney wanting me to wire in multi thousands for a closing that was a fake.  I mean someone must be falling for this stuff

Hi Jay,

Im Fresh out of college and I m currently looking for a breakthrough into the real estate world I am interning at Eastern Union Funding Do you have any deals in your pipline which require a million dollar **** or more Please let me know so I can get a crack at it

thanks

Crazy what what people will fall for and scary how legitimate some scams are.  We recently applied for a trademark and shortly after it was filed received very official documents with our trademark and trademark images saying they required an additional $7500 to complete....hand signed.  They asked for too much!

@Jay Hinrichs I just partnered with a guy from Nigeria. He said he will wire several million into my bank account. All I had to do was give him my bank account number and PIN. So if you or anyone here has an investment opportunity needing financing, please put me and my new found wealth on your short list.

seems like scammers have run out of Nigerian princes and are now looking at newbie real estate investors as the next playing field.

But wire fraud is rampant..  I got a fake e mail yesterday with a settlement statement .. wire 150k to this account please to close this deal.

@Jay Hinrichs I don't understand what the play is here, but if it is real they need to work on that grammar. Would you mind if I sent this to Marc Belsky with Eastern Union to give him a heads up?

Originally posted by @Grant Rothenburger :

@Jay Hinrichs I don't understand what the play is here, but if it is real they need to work on that grammar. Would you mind if I sent this to Marc Belsky with Eastern Union to give him a heads up?

Not at all I was unclear if they were a real lender or not.. sounds like they are and they have some bird dogs working BP and probably linkdin and other sites 

Originally posted by @Jay Hinrichs :
Originally posted by @Grant Rothenburger:

@Jay Hinrichs I don't understand what the play is here, but if it is real they need to work on that grammar. Would you mind if I sent this to Marc Belsky with Eastern Union to give him a heads up?

Not at all I was unclear if they were a real lender or not.. sounds like they are and they have some bird dogs working BP and probably linkdin and other sites 

Eastern Union Funding is legit, Joe and Ashcroft have used them, maybe still do. They also sponsored the podcast for a while. Idk about the person that messaged you, but yeah it does seem like what you suggested.

Originally posted by @Grant Rothenburger :
Originally posted by @Jay Hinrichs:
Originally posted by @Grant Rothenburger:

@Jay Hinrichs I don't understand what the play is here, but if it is real they need to work on that grammar. Would you mind if I sent this to Marc Belsky with Eastern Union to give him a heads up?

Not at all I was unclear if they were a real lender or not.. sounds like they are and they have some bird dogs working BP and probably linkdin and other sites 

Eastern Union Funding is legit, Joe and Ashcroft have used them, maybe still do. They also sponsored the podcast for a while. Idk about the person that messaged you, but yeah it does seem like what you suggested.

its just tough with all these fake lenders trolling social media these days..   

It's a numbers game. Eventually, someone may fall for it unfortunately. 

And there's almost no way to catch them. 

Not exactly the same but...

A good friend (part-time contractor help) fell for the rich Sth African princess story who needs cash to retrieve her wealth. He actually met her after flying her in from down south & paid the return fare 1st class. After we strongly advised him NO, he blocked us, dropped us & then his sister tells me he was out $12k before she ditched him. He's now back texting us looking for WORK!!!

I guess virtual unrequited LOVE can be expensive.

^ I would be extract careful dealing with people from Africa since fraud and identity theft is high there.

So, one of the very real and sophisticated scams we should all be aware of, and I am sure most are, are the wire transfer scams. This is when we go to close, and the scammer somehow intercepts the email chain, inserts their own account/wire instructions and presto, the money is not where it ought to be. Not funny.

Always verify the wire instructions personally, not through an email or any other electronic means. That also includes verifying the phone number you are calling to get those instructions from a trusted third party source. I generally google the business nine times sideways to make sure I am calling the right number. Even better would be to just make a trip to the office in person. Even better would be to not use a wire, but I guess cashiers checks have just as many issues.

"Can I just pay with 100000 chickens?"

As an appraiser, I have had countless closing documents sent to me out of nowhere, from parties and transactions I have nothing to do with. I have no idea why on Earth I would be part of the chain, but I never open any of the docs and always personally look up and then call the people involved. Most of the time they say thank you and we are already aware. Again, not funny.

Originally posted by @Merritt S. :

So, one of the very real and sophisticated scams we should all be aware of, and I am sure most are, are the wire transfer scams. This is when we go to close, and the scammer somehow intercepts the email chain, inserts their own account/wire instructions and presto, the money is not where it ought to be. Not funny.

Always verify the wire instructions personally, not through an email or any other electronic means. That also includes verifying the phone number you are calling to get those instructions from a trusted third party source. I generally google the business nine times sideways to make sure I am calling the right number. Even better would be to just make a trip to the office in person.

As an appraiser, I have had countless closing documents sent to me out of nowhere, from parties and transactions I have nothing to do with. I have no idea why on Earth I would be part of the chain, but I never open any of the docs and always personally look up and then call the people involved. Most of the time they say thank you and we are already aware. Again, not funny.

we have had fake wire instruction e mails twice.. and intercepted them.. there is some big money gets stolen this way.. think average home owner sending their 200 to 500k down payment in .. thinking its going to escrow and it ends up off shore.. that's why title companies have big disclaimers.. and the State of CA came out with a mandatory disclosure doc for all us brokers.. warning the buyers and sellers.. 

What I do personally is get the address of the closer.. then I google it..  then when I have someone on the line I say HEY is that a mcdonalds on the corner.  when I know its a burger king :)

I also make them pull the settlement statement and read me a number from one of the lines.. etc etc.. we are very careful.. 

but you can see how these guys just hammer us here.. so many folks rely on e mail and text its really too bad.. e mail is great and all but you have to be careful.

title closers went to wired funds some time back because of all the forged Cashiers checks. So we may just have to go right back to personal checks and wait for them to clear the bank. 

Originally posted by @Merritt S. :

So, one of the very real and sophisticated scams we should all be aware of, and I am sure most are, are the wire transfer scams. This is when we go to close, and the scammer somehow intercepts the email chain, inserts their own account/wire instructions and presto, the money is not where it ought to be. Not funny.

Always verify the wire instructions personally, not through an email or any other electronic means. That also includes verifying the phone number you are calling to get those instructions from a trusted third party source. I generally google the business nine times sideways to make sure I am calling the right number. Even better would be to just make a trip to the office in person.

As an appraiser, I have had countless closing documents sent to me out of nowhere, from parties and transactions I have nothing to do with. I have no idea why on Earth I would be part of the chain, but I never open any of the docs and always personally look up and then call the people involved. Most of the time they say thank you and we are already aware. Again, not funny.

A few years ago, when i was a banker, i had a client bring me a wire instruction for close to a mill. I don't remember what it was, but something spooked me. It wasn't the amount because I've dealt with numbers like that on the daily but something about the letter itself. Maybe it was the logo or the font, but the letter was off.... And ive dealt with that escrow company in the past....

Called them up, just to find out that this poor lady was about to give away a million of her husband's hard earned dollars to a wire scammer LMAO.

Anyway, the CEO (or owner, i dont remember) was in our building the next day trying to figure out what the hell happened there.

Moral of the story is - Visit your escrow office, get a business card, use that phone number for all verification.

Originally posted by @Pavel Shemyakin :

A few years ago, when i was a banker, i had a client bring me a wire instruction for close to a mill. I don't remember what it was, but something spooked me. It wasn't the amount because I've dealt with numbers like that on the daily but something about the letter itself. Maybe it was the logo or the font, but the letter was off.... And ive dealt with that escrow company in the past....

Called them up, just to find out that this poor lady was about to give away a million of her husband's hard earned dollars to a wire scammer LMAO.

Anyway, the CEO (or owner, i dont remember) was in our building the next day trying to figure out what the hell happened there.

Moral of the story is - Visit your escrow office, get a business card, use that phone number for all verification.

Wow.

Originally posted by @Jay Hinrichs :
Originally posted by @Merritt S.:

So, one of the very real and sophisticated scams we should all be aware of, and I am sure most are, are the wire transfer scams. This is when we go to close, and the scammer somehow intercepts the email chain, inserts their own account/wire instructions and presto, the money is not where it ought to be. Not funny.

Always verify the wire instructions personally, not through an email or any other electronic means. That also includes verifying the phone number you are calling to get those instructions from a trusted third party source. I generally google the business nine times sideways to make sure I am calling the right number. Even better would be to just make a trip to the office in person.

As an appraiser, I have had countless closing documents sent to me out of nowhere, from parties and transactions I have nothing to do with. I have no idea why on Earth I would be part of the chain, but I never open any of the docs and always personally look up and then call the people involved. Most of the time they say thank you and we are already aware. Again, not funny.

we have had fake wire instruction e mails twice.. and intercepted them.. there is some big money gets stolen this way.. think average home owner sending their 200 to 500k down payment in .. thinking its going to escrow and it ends up off shore.. that's why title companies have big disclaimers.. and the State of CA came out with a mandatory disclosure doc for all us brokers.. warning the buyers and sellers.. 

What I do personally is get the address of the closer.. then I google it..  then when I have someone on the line I say HEY is that a mcdonalds on the corner.  when I know its a burger king :)

I also make them pull the settlement statement and read me a number from one of the lines.. etc etc.. we are very careful.. 

but you can see how these guys just hammer us here.. so many folks rely on e mail and text its really too bad.. e mail is great and all but you have to be careful.

title closers went to wired funds some time back because of all the forged Cashiers checks. So we may just have to go right back to personal checks and wait for them to clear the bank. 

 Good to know I am not the only one who goes to what might appear to be really strange lengths. Love the Burger King idea. I have zero problem waiting for a check to clear.

Originally posted by @Merritt S. :
Originally posted by @Pavel Shemyakin:

A few years ago, when i was a banker, i had a client bring me a wire instruction for close to a mill. I don't remember what it was, but something spooked me. It wasn't the amount because I've dealt with numbers like that on the daily but something about the letter itself. Maybe it was the logo or the font, but the letter was off.... And ive dealt with that escrow company in the past....

Called them up, just to find out that this poor lady was about to give away a million of her husband's hard earned dollars to a wire scammer LMAO.

Anyway, the CEO (or owner, i dont remember) was in our building the next day trying to figure out what the hell happened there.

Moral of the story is - Visit your escrow office, get a business card, use that phone number for all verification.

Wow.

large syndication company got hit about a year ago.. they were doing final cash call for the investment and one of their clients got intercepted and wired 800k off shore Gonzo  

Originally posted by @Bryan L. :

Crazy what what people will fall for and scary how legitimate some scams are.  We recently applied for a trademark and shortly after it was filed received very official documents with our trademark and trademark images saying they required an additional $7500 to complete....hand signed.  They asked for too much!

Bryan - Yikes!    That's scary!

Originally posted by @Jay Hinrichs :
Originally posted by @Merritt S.:
Originally posted by @Pavel Shemyakin:

A few years ago, when i was a banker, i had a client bring me a wire instruction for close to a mill. I don't remember what it was, but something spooked me. It wasn't the amount because I've dealt with numbers like that on the daily but something about the letter itself. Maybe it was the logo or the font, but the letter was off.... And ive dealt with that escrow company in the past....

Called them up, just to find out that this poor lady was about to give away a million of her husband's hard earned dollars to a wire scammer LMAO.

Anyway, the CEO (or owner, i dont remember) was in our building the next day trying to figure out what the hell happened there.

Moral of the story is - Visit your escrow office, get a business card, use that phone number for all verification.

Wow.

large syndication company got hit about a year ago.. they were doing final cash call for the investment and one of their clients got intercepted and wired 800k off shore Gonzo  

Yea...it wasn't really the amount of it that made me pause in astonishment. Wow was the really super duper nice version of what I was thinking.

@Francois Acosta

Africa is a continent of 53 countries. That is a VERY broad brush you just painted. Nigeria is known for corruption and scamming. Next door neighbor Ghana is not. I’d try to be a bit more nuanced before I downed the whole continent.

Originally posted by @Linda D. :

@Francois Acosta

Africa is a continent of 53 countries. That is a VERY broad brush you just painted. Nigeria is known for corruption and scamming. Next door neighbor Ghana is not. I’d try to be a bit more nuanced before I downed the whole continent.

I have only been to North Africa  Egypt Morocco etc.    its quite a diverse continent.. it would be like call the US is all one state.

Although to me its a one and done place.. Maybe do a Safari one day but having to take shots and other issues not high on my bucket list.

When I was in Paris last year we went out to champagne and one of the couples was from Namibia  and they were nice couple but its for sure a have an have nots world. 

@Jay Hinrichs . Thanks for the interested reply. I hope to get over that way again soon. But at the moment focusing on tr real estate thing.

Originally posted by @Jay Hinrichs :

seems suspicious.   earlier today I got a FAUX e mail from A FAUX closing attorney wanting me to wire in multi thousands for a closing that was a fake.  I mean someone must be falling for this stuff

Hi Jay,

Im Fresh out of college and I m currently looking for a breakthrough into the real estate world I am interning at Eastern Union Funding Do you have any deals in your pipline which require a million dollar **** or more Please let me know so I can get a crack at it

thanks

So they are a fake title company chasing wire deposits?

Help

I'm in a situation. A house I was interested in as a rental was pending then back on market then pending just as quick. Now it back on market.

However I'm in a short sale deal right now. My wife and I have a cash offer on this short sale that was accepted. Short sale was a divorce etc

Husband signed bit ex wife still hasn't. We signed and have earnest deposit of 5k. As we wait this other home is back on for 189k. I know area very well and have two other sfr

Updated and rented out for past 5 years at 2000 and 2100 per month.

My goal is five homes in this area

I need to jump on this,house is ready to rent very minor items to take care of.

Problem I'm refinancing my primary for better

Rate and currently we are in a variable rate we need to get out of. So our cash is Tide up so to speak. At same time as refinancing I'm putting a heloc in place of 130. Which should close within week or two at most. Didn't want to cash out on primary as we eventually want to pay off. We have 106 left on primary and it was appraised at 300k just 2 weeks ago hence heloc

My credit is very good hovers at 800. But the inquiries are high at 5.

So does anyone know which way to go to snag this home that's back on market quick?

I'm thinking hard money temporarily but can't use any cash to put down at this time. Should I apply just to get an approval letter to place offer and start process by the time things come to cash i can use cash from short sale deal temporarily then put cash back when my heloc is in place.

I need a better place to fund this besides bank

Any suggestions. Has anyone been in this situation and used some funding institution that worked. Help. I will be calling some places like patch of land or Lima one etc to see if these people really can understand investors

Better than a bank.

Thanks in advance for any advice.

Oh so I should be all in for about 50k

After all expenses I should cash flow about 400 a month. So about a 9% cap

Gil.

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