FAKE LENDERS HOW TO SPOT THEM ON BP FACEBOOK ETC

FAKE LENDERS HOW TO SPOT THEM ON BP FACEBOOK ETC

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Wanted to share an attempt from a fake lender that i received yesterday on BP PM.  However same fake lenders troll Facebook and linkdin

the first contact is just a simple Hello..
then Once you respond  they come back with Hey i am a private lender I have money at 5%

ME  oh gee great what are the terms  and by the way I have a 875 fico score.

Him:  credit not necessary but that is nice.. we just loan on the deals.

Me :   application fee ?

Him:   NO  no application fee's  it project specific.

ME: how do i get started

Him:  send me your email or phone number and i will send you the PPI paper work

ME:  not doing that 

HIM: it OK i will show you my picture with my ID to prove I am not a fake.

ME: still not doing that.

HIM:  all i need is the PPI filled out

ME:  whats PPI 

HIM:  Private payment insurance

ME:  OK which insurance company is issuing this  ( I know there is no such thing )

HIM:  Oh its not an insurance company

So blah blah  back and forth and he took a BP members name reversed it ..

Oh and the PPI to get started is 800.00 need that first before we can approve you and once we have that then your approved for all your projects.. 
so beginners or first time borrowers that are new.. Please realize there is no 5% money unless its an owner occ house.. and dont fall for these fake lenders
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Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Jay Hinrichs i love the lender that advertise $5000 - $50mil at 5%. No lender is doing that range of deals. They are almost always followed by an @gmail email address. Most are pretty obvious to anyone with even a little experience, but if you throw enough **** at the wall, some will stick.
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  • Lee RipmaPro Member
    Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
    7y
    @Jay Hinrichs I’ve seen these guys too, if it sounds too good to be true, it is!
  • Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y
    @Jay Hinrichs i love the lender that advertise $5000 - $50mil at 5%. No lender is doing that range of deals. They are almost always followed by an @gmail email address. Most are pretty obvious to anyone with even a little experience, but if you throw enough **** at the wall, some will stick.
  • Jay HinrichsBusiness Member
    OP
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Lee Ripma:
    @Jay Hinrichs I’ve seen these guys too, if it sounds too good to be true, it is!

    ya know Lee the issue as I personally see it is the newer investor starting out.. just does not know that its too good to be true.

  • Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
    7y

    Good job calling attention to stuff like that @Jay Hinrichs

    To the newer investors what the guy was telling you might have sounded totally legit, and the next thing you know someone is getting taken for $800. You probably saved some people from getting taken.

  • Jay HinrichsBusiness Member
    OP
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Kyle J.:

    Good job calling attention to stuff like that @Jay Hinrichs

    To the newer investors what the guy was telling you might have sounded totally legit, and the next thing you know someone is getting taken for $800. You probably saved some people from getting taken.

    I have no doubt these guys just prey on people 800 bucks at a time.. they figure a number that people will part with ..  

  • Lee RipmaPro Member
    Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
    7y
    @Jay Hinrichs True! I actually contacted on of these guys once to see what would happen. He sent me the most obvious fake contract. But if you’d never looked at a contract and never looked at actual hard money rates and you really wanted cheap money I guess you could fall for it. They must get people sometimes or they wouldn’t keep doing it!
  • Jay HinrichsBusiness Member
    OP
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Lee Ripma:
    @Jay Hinrichs True! I actually contacted on of these guys once to see what would happen. He sent me the most obvious fake contract. But if you’d never looked at a contract and never looked at actual hard money rates and you really wanted cheap money I guess you could fall for it. They must get people sometimes or they wouldn’t keep doing it!

    its much like the Nigeran Prince scams that have been going on for decades.. we still all get those e mails.. but some must fall for it.

    Its just these scams have invaded our real estate space.

    However if your an American Greed fan.. watch the episode on Remmington Financial  these guys were the king of pump and dump due diligence lenders..  they were in business 20 some years took in 100 of millions in due diligence fee's at 5 to 10k a piece.. there targets were newbie developers who had bigger complicated projects that no one would fund when you have little to no experience.  they would get 5 to 10k out of folks then just tell them there project did not work.. it was determined by the FBI that they funded less than 10 deals in 20 years..   I had talked to them myself they had offices in PHX  and I had a complicated model I was doing at the time it was 2010 capital was frozen.. and they were just too quick to approve me all I had to do was send in the 10k to get to the next level.. I passed. 

  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    7y
    Originally posted by @Jay Hinrichs:
    Originally posted by @Lee Ripma:

    However if your an American Greed fan.. watch the episode on Remmington Financial  these guys were the king of pump and dump due diligence lenders.. 

     You've mentioned that episode enough in the past few weeks that I tried to find it. I couldn't, but I found this if anyone is curious. 

  • Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    7y

    Don't forget the clone /knock off of real sites or companies and if you're lucky the PO box at UPS store or similar lol

  • Jay HinrichsBusiness Member
    OP
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Chris Mason:
    Originally posted by @Jay Hinrichs:
    Originally posted by @Lee Ripma:

    However if your an American Greed fan.. watch the episode on Remmington Financial  these guys were the king of pump and dump due diligence lenders.. 

     You've mentioned that episode enough in the past few weeks that I tried to find it. I couldn't, but I found this if anyone is curious. 

    that's the one !!!.. but the moral of the story is .. these guys prey on new investors with no experience trying to do deals that they can never do when they lack true capital and experience.. they are dream merchants..  maybe because of some of the sayings we see.. Like hey you got a good deal the money will come.. well sometimes  but sometimes you get scammed to.  The lady lived in Marin county the project was in Lake Co CA  a little island called Indian island just off shore from the City of Clearlake.  this Island had already been the subject of bad real estate deals over the years.. there was simply no way it will ever be developed because of environmental restraints.. 

    But the lady who is the victim had a dream to create a retreat for addictions  as her daughter had passed away from an OD .. so it was her mission and she was far more emotionally involved with this other than just losing 10k.. to these fraud's. But it was amazing these guys had a 20 year run. brought in Millions upon millions at 10k a pop and basically never brokered a loan..  

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