What to watch out for

[Marc Freislinger]

In this post a few members have asked what sort of things they should be on the look out for when dealing with other members.

Remember to keep your posts general, and not to name names.

Here's mine, hopefully others can add theirs:
Due diligence is key when dealing with other members. Some of the biggest scams that I see are people selling homes in bad areas for way more than they should. They pull comps from too far away, or make up comps. I manage property for a couple of investors who were sold property at probably twice what they could resell it for. Always make sure you do your own due diligence, and don't trust what the seller says.

[Edwin Brown]

I've heard some horror stories out of Indianapolis. Heard some from our neck of the woods too. The best thing i have found when buying properties out of state is to randomly call an agent out of the phone book and tell her that you own the house and want to sell. Ask her to give you an idea of what you can get in that area. Usually a good indicator of where the true value is.