Updated almost 6 years ago on . Most recent reply
How not to get scammed by a private lender.
If you get a approached online by a person that represents himself as a private Lender, and can offer you a very good terms, but then he may request a deposit or a fee of a $1000 or so, then the best way not to loose that $1000 is to put it in escrow account count of you choice, that's how you not going to loose your deposit fee.
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This also would apply to hard money lenders offering 100% financing on purchase and rehab. I paid Do Hard money $3000 to join there programs . It's garbage, they claim to help you trough the process but after I paid my money I have never heard from them again. When I did find a house on my own and got it under contract and it met all their criteria, they told me they couldn't get an evaluator or an appraiser for my property because it was in a rural area. This property is in the city limits of Mobile AL which has a metro population of 500000. I really won't my money back that money may seem small to sum but it was huge for me to just give away.