I noticed in the real estate classifieds for financing there is people advertising low interst rate loans like 5%,are these deals scams? have anyone borrowed money from any of these people…let me know!!!
I would have to think anyone that is loaning money at 5% to someone off the street is either scamming or nuts. Why take the risk when there are savings accounts that offer that kind of return with the FDIC to back the account and NO RISK. A scam by someone might appear obvious when you check into it further. Expect a scam to go down like this- lender wants a bunch of cash up front, big application fees, etc.
You should also check this thread out: http://www.reiclub.com/forums/index.php/topic,23339.0.html
I would guess that this is some sort of Nigerian scam. Even if they don’t charge upfront fees they will want all kinds of personal information. Once they have that you will be in big trouble. I would stay away.
I totally forgot about the whole phishing angle…
so reiclub will let these people advertise in the classified section then?
Uh, this is right at the top of the listing…did you not see it?
Note: This is merely a listing of hard money lenders and should not be construed as an endorsement. Do your own research.)
The rei club has no way of verifying validity to any of the statements. If you choose to believe everything you see and read, that is your decision…not ours.
by the way, I have some great swamp land… :deal