Newbies Beware!!!

First of all I think these Moderators here do a pretty good job,but some of these advertisers here could possibly be pulling a scam! Remember the old saying"If it sounds too good to be true It Is!" I’m not gonna say which one it was that i replied to,but they were offering a loan a couple of points higher than a conentional loan and half the points of a Hard Money Loan.Most HML’s want loan less than 50k,this one says it will loan as low as10k.So just curious,i replied about points,interest rate,length of loan,then they replied back"Let me introduce myself"and start explaining who they are and then tell you their from another country(but they claim to live here),then tell you their out of country(on a visit or something) then they lay the terms out.This one claimed the same interest rate no matter how long or short the term.I’ve been a victim of scam before and this shows the same characteristics.Then they tell you to send all your personal identification and ask for a few hundred dollars to get this processed.I replied back to their e-mail that"This looks like spam and you sound like a scammer! They replied back and asked me why i would think that(because they want to know how to disguise it better!) Before you do anything I would check with the Moderators and see if they are Legite,then i would check with the BBB and see also.

Thanks for the heads up Real Deal,

But what will the BBB do? What can they do if they are not memebers?

Just as a point of reference, the Moderators have very little insight (except most are experienced investors and have a little more maturity – OK, so we’re older than most posters and have been around here a while) into the credibility/validity/legitimacy of the other posters/advertisers.

We (the Moderators) do not decide who is worthy to post here (we do help decide if someone is unworty!) or to advertise.

“Buyer beware”!

Do your homework

Don’t give your money to people that you don’t know

If you do run across a lender that is a scam, please report this to the Moderators/Administrator!

Keith

Hastedt “Life Rule” #5 - If it smells bad, don’t eat it!

Stjepan,I guess the BBB could probably do nothing because most of these scammers are not from this country.Remember,this is the internet,they can claim to be from a state(most want even name the city they claim to be from) here in the U.S.Heres what i would do,ask if they’ve made any other loans to anyone in this club,if they give names then check with the moderators and see if they can verify the people and the loans that claimed to have been made.

I guess the BBB could probably do nothing because most of these scammers are not from this country.

The BBB is not a policing agency. They have no “legal” bite. They are simply moderators and will help you try to solve issues. Usually, the only time the BBB hears about a company is when theyhave done something wrong. Prior to that, there is no way for them to keep track of all the companies out there.

The only way to prevent being involved in the scam is to do your homework/research. Nothing in life is free.

Ask for references, licenses, etc. If they are truly legitimate they will gladly furnish you with what you request.

"Life Rule" #5 - If it smells bad, don't eat it!

Then why do people eat Liver? ???

A good general tip is use the investors at your local REIA to refer you to lenders they have used or look for people on this site to recommend you to a lender (people that have been around a while, not someone with one post).

<<Then why do people eat Liver? >>

It’s ‘Hastedt Life Rule #5’ and Hastedt doesn’t eat liver…

Keith

I experienced something similar, maybe even the same person. I recognized it after a few emails as The Nigerian Scam and reported it to the government agency handling it.

FrontierInvesting…I’ve still got it on my e-mail and this is the same SCAM! that you’re talking about( The Nigerian deal)