Posted almost 13 years ago

Don't Fall for the Scam; Be CAUTIOUS!

I wanted to write a quick post to reiterate the need to be VERY careful when dealing with people.  It is essential that you do your due diligence with potential partners, lenders, etc.

Over the course of the past several weeks, we've gotten several complaints about a member who was offering private money loans.  After the first, we began to monitor the member; after the second, we shut down their account and banned them from the site.  Despite being removed from the site, I got several other complaints about this person over the past few days.

This person was operating here and on other websites using several names.  They were offering to provide private money loans, but in exchange, wanted money up front to do so. While purporting to be here in the states, they were actually operating from out of the country.  He demands that you wire the money via Western Union.  Two of the people who complained to me informed me that he was unable to answer all of their questions appropriately, which raised red flags.

While we can't say that this person is up to no good for certain, In the 5+ years that I've been running this community, I've never had a situation where multiple people have contacted us to complain that someone was a scammer like I have on this guy.

PLEASE . . . be EXTREMELY cautious when dealing with anyone you meet online.  Always do your research, and be sure to get several references.

There are a lot of scammers out there, and you can never be too careful.

Moving Forward

If you ever run into a member here that sets those red flags off, please let us know, and be sure to alert the authorities of what they are doing.  We delete spammers from the site every day, but they aren't half as dangerous as potential scammers.

The last thing we want is to have such people around.


Comments (22)

  1. I was with a Real Estate investing group where some of the people of influence would be able to gain trust and raise money from others in the community. As the saying goes: 'when a man with experience meets a man with money, the man with experience gets the money and the man with the money gets the experience.'


  2. Yes, ALWAYS do your due dilligence in ANY transaction-small or mini dyne; Scammers are everywhere / long before biblical times and the worse part is that YOU will be amplifying the problem because you have to defend yourself in court, spend time ,etc., and a tremendous amount of emotional frustration. Do your due dilligence -very important. Thank you. Josh, for policeing this and dealing with it. ==Many hats for a CEO==Here is something that I want to add "There is nothing so comfortable as money, - but nothing so defiling if it be come by unworthily; nothing so comfortable, but nothing so noxious if the mind be allowed to dwell upon it constantly. If a man have enough, let him spend it freely. If he wants it, let him earn it honestly". Anonymous Stay safe


  3. Wow, thanks for the heads up Josh!


  4. Good idea...Can we please debate this on the new thread I started so that we don't mix and match comments in both places? :-)


  5. Another thing to consider is something like an eBay feedback system for those that do deals here. Both parties can rate the work of each other and provide reviews of each other. That can be interlaced with the Influence factor on here somehow. It will seperate the talkers from the movers and shakers as well!


  6. I started a discussion for this here: http://www.biggerpockets.com/forums/25-biggerpockets-q-a-site-questions-announcements/topics/51294-bp-approved-vendor-discussion


  7. I would love to see a discussion on it! Something that grades people that may not have high influence scores would be great to see. I wasted some of my commercial mentor's time today with someone that wouldn't help us much. A subset of approved vendors or money brokers that have a BP seal of approval would be fantastic to have. I am sure others would love to see something like that too.


  8. I don't think it ever came together, Bryan.


  9. Can someone send me the link for the vendors BP forum discussion?


  10. Good job Joshua! It is ALWAYS very important to be careful who you work with especially when money is required up front.


  11. Good job Joshua! It is ALWAYS very important to be careful who you work with especially when money is required up front.


  12. Lets take this vendor list conversation over to the forums in the BP Q&A section . . . can someone please kick it off and we'll get into it?


  13. I like the approved vendor's list idea as well. I think they should be actuve vendors too. It's annoying when some sites have a list of vendors...or usually rei clubs and when you call them, they tell you they don't do the service anymore. So an updated list would be great.


  14. Thanks so much for watching out for all of us and alerting us to potential trouble.


  15. I second Jim W's suggestion of social influence/feedback for a potential vendor. Let the people decide based on individual experience. Of course we still appreciate Josh's dilligence in weeding out the obvious offenders.


  16. Could not agree more with you Josh! Scammers are everywhere in the real estate game, especially with the ease of an internet relationship. I've continued to enjoy the fresh ideas and strict management that you and your moderators work the BiggerPockets website. I'm on board for any new programs that you might bring to the table.


  17. It is great that you police your site so well, Joshua.


  18. A testimonial section would get too close to me to a "guru" type thing. But I believe that Josh already has in jplace a system that could be used, INFLUENCE. ..... An approved vendor list would be good, but it would have to be combined with a good influence rating with no or very very few complaints to go from the "dealmaking" area of the forum to that "proven approved vendor" area. .......... This process could be by an announcement that XXX person is being considered as an approved vendor. All posts or replies to that thread should be monotored (or maybe seen by only administration personnel) before being released to be seen by everyone. This would protect against the occasional unfounded negativity, but I would leave in place the number of responses and views so everyone knows that there have been responses while we await the result of the "investigation".


  19. I love the idea - could include descriptions/testimonials from actual deals successfully completed - maybe similar to what ebay does?


  20. I would love to be a part of that board.....we almost did this with a web site I was working on earlier..a great goal to achieve in 2010


  21. That's an interesting idea, Mike. Almost like an approved vendor list of sorts? Is that what you were thinking? We've considered putting together such a program. I wonder what others would think about such an idea.


  22. Good Job.....would be nice to have a due dilligence board to submit all parties thru here.......save all of us a lot of time...