All Forum Posts by: Justin R.

I appreciate your input. I did hire a local attorney, who acts in position of a title company in the state of GA. This is someone that you pay to ensure a transaction goes smoothly, but in my case that wasnt the situation. Believe me that due diligence was done by me. I even flew to the area during escrow to see it first hand, and meet my team face to face. This was a well educated criminal who fooled my attorney, and impressed the FBI with their scheme.

I recently became victim to a complex real estate wire fraud scandal. I am writing this first of and foremost to get the word out there so no-one else follows in my footsteps. At the same time, if anyone has any suggestions of what I can do at this point please steer me a the right direction.

I live in the state of California and three weeks ago I was purchasing a home in the state of Georgia. According the law enforcement, my Real estate agents email (unsecured Gmail account) had been compromised prior to our escrow. During the closing period, a scam artist initiated contact with the closing Attorney and identified themselves as me.

Once they had created a communication thread with the closing they were then able to subsequently email me and act as if they were the closing attorney. They were able to appear very professional and answer all of the correct "lingo" because they were simply copy and pasting the words and acting as an "intermediary" back and forth. I therefore never had any "real" communication with the closing attorney because I was just replying to their initial email. The scam artist simply took everyones email address, and changed it by one letter.

When the closing attorney sent the wire instructions, they were manipulated and the checking and routing numbers were changed to a fraudulent account. Unfortunately, I lost a great deal of money on this scam. The FBI just let me know I have no chance of getting my money back due to the funds changing hands thru so many "mules" almost instantly. 

At this point both my agent and closing attorney have been supportive, but take absolutely no fault in their actions. My agents email was the only one that was hacked, and the closing attorney was the first one who took the bait, and never had any real communication with me.

Please be warned of this scam and never do any important transactions with industry professionals who do not use a secured source communication. In addition, alway ensure you pick up the phone and repeat account numbers with closing attorney/title company. If anyone has ANY suggestions of what I can do civilly, etc, please contact me. I have talked with a few attorneys, but none of the have any experience with this type of fraud. Is it business malpractice, litigation, wire fraud, they all say this is beyond their "scope."

Be aware, and please help

Thanks,

Justin

Hello BP friends, I have a few questions.

I am selling an investment property out of state (Indiana) and offered the buyer seller financing. I offered 1.25 over prime (which is a total of 4.75%) over thirty years with 10 percent down. The buyer is paying full ask price and the property has been on market for 45 days.

I believe I need a real estate attorney in the state of the transaction to write up the contract, is this correct? Who will facilitate the logistics such as amortization schedule, fees, penalties, etc? Does this lye on the attorney, title company or myself? Any due diligence you suggest? 

Any information in regard to seller financing would be great. Thank you for your help!!!

Gross rents being at or over 2 percent of the total purchase price of your investment.

A 100k home would net >2000

Good luck finding such!!!

PS. Dont compromise your neighborhood, for a few dollars of theoretical gross rents

Not enough information. In my opinion I would stay away from anything below a B neighborhood when investing out of area. First of all there will be more vacancies and issues. Second, you may not even find a PM willing to work those areas for such a small $$. 

I would rather by a SFH in a B area personally

Best of luck!!

@Robert Musallam please send me all the 2% listings you have ASAP !!!!! I know your just using that as an example. I would love to still find 1 percenters in CA.

@Account Closed What neighborhoods or zip codes do you suggest in the Sac area?

Hello Amber, I will PM you. Thanks

Bayard P. Could yoy please PM me your recommended property mgnt in Buffalo. Thank you

I am an out of state investor looking to build a team in the Minneapolis area. I am currently looking for a real estate agent, and a quality property management company.

Please let me know if anyone has any experiences with either of these. As an out of state (California) investor I definitely need referrals.

Thank you for your time and input

Pm me to get my email address