private money lending scams
I am on the search for a new lender to fund my rehabbing efforts in my area. I found a post on LinkedIn simply stating this person was working with new investors who are allowing him to lend there money out to fund deals. so i commented on it and got a reply. found some deals i needed funded and even sent over a analysis of a few deals to show him the profit potential in the deals I found. so emailed back and forth about his process and how much he could lend me. We settled on a number for a smaller deal I had in the works. then he started talking about me sending him the fee for loan insurance and he could have the money transferred today to one of my accounts. the amount was a little over $600 bucks which was fine. but then i started to think if this could be a scam that i would lose my money in. i looked it up and come to find out that this is a common way to get scammed out of your money. i don't know any one who has used this guy before but he has gotten a lot of comments on his post on linkedin. should i seek out a diffrent private money lender? or is there a way i can vet this gentleman so i know he is genuine and move forward?