I've been exchanging emails with a foreign financial manager and apparently he liked what I had to say because he has very wealthy clients who would like to lend me money to purchase multifamily real estate in the US. 500k is available immediately, with potential of up to (get this) 35 million! Sounds like a dream come true right?? The problem is that the investors would like to meet with me on their home turf in Northern Africa. First off, I don't even have a passport and have never left the states (nor do I want to). Second, I'm not even sure how to go about borrowing money from foreign soil. Are the rules of exchange different?? Also, I am skeptical that the whole thing is some kind of scam, although his credentials seem to check out. Curious what others would do in this situation??
There are so many things about this that set off warning bells that I'm not really sure where to start. If they have $30M to invest, they can afford a plane ticket to come visit you and see some of your properties.
Btw, when you say "northern Africa," do you mean Nigeria? :-)
Jason A. your bio says you currently hold 48 units.
If that's the there should be local money close to you from other investors on funding.
Sounds like a scam to me... careful...
Regarding "Also, I am skeptical that the whole thing is some kind of scam..." that may be the case. Just insist that the deal take place in the US (that is where the property is, so it has to be in the US... e.g. recorded in your county) and that you can provide whatever the investor needs via the Internet and an Internet video conference. Tell them your local attorney can make sure everything is done right (funds drawn on US bank, recorded properly, etc.)
Foreigners do invest here. Just don't be a statistic.
Thanks to everyone for their input. On the off-chance I could be dealing with Saudi royalty or Arab oil tycoons.......I think I will proceed very cautiously with the stipulations that we meet via skype and any transactions will be handled by a 3rd party in the U.S. I'm seasoned enough to know that if something sounds to good to be true that it probably is.
J Scott I believe the meeting was to take place in Benin??? Yeah I'll stay in my cozy corner of the world for now!
Always treat foreigners with great skepticism. Never travel outside the US or your State for that matter, to meet anyone. You just put yourself in great jeopardy, especially in Northern Africa. Hell, Michigan I'm leary about, let alone anyplace outside the US.
IF you do travel for this purpose, go with trusted security and let your family know your intention. Still that will not protect your being from kidnapping, muggery, or worse. And don't bring any women, for goodness sake.
Hell, Michigan is actually a very nice little town.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing