All Forum Posts by: Jesse LeBlanc

FRAUDSTER ALERT... watch out for Justin Nguyen in Florida, stealing lenders $ for his own gambling addiction. BE CAREFUL LENDERS & BROKERS

Everyone wants to be an EMD lender or Transactional Lender…but here is a quick way to lose hundreds or MILLIONS in 1 wire!!

Thank god we sniffed this fraudster out back in October of 2023 but it could have been us. Since then we’ve had around 5 other lenders or brokers come to us to fund a portfolio deal…which we immediately recognized was this same guy!

We figured something was up and he was likely faking the end buyer and running a closing through a Title company in Florida that HE OWNS. That’s RED FLAG #1 when I was on high alert. Shortly after I could find no good info on the title company, the website looked like trash, the url was created in Reykjavík Iceland vs Florida. So that is when I immediately backed out but still did more research anyway to find more fraudelent documents, emails and phone numbers to his scam.

Yesterday we heard from my trusted friend and private lender who now is the 6th person I know who has been reached by this guy. But it got worse and now the proof we were lucky to have caught the scam before funding but others weren’t so lucky…

He’s been stealing hundreds of thousands from probably way more ppl that we even know about to most likely fund his gambling addiction while leaving lenders scrambling and most likely never see their $ again…

 Clearly is not Transactional Lending based off what he stated @Becca F. So BE CAREFUL whatever you do.  Thank god you already had some red flags, not desperate and acted on your gut feeling.

I see wholesalers all the time ASSUME they know what Transactional Lending is when they really mean something else and are either not knowledgeable or intentionally trying to find an inexperienced private lender.

T. Funding loans are usually around 1-2 points, not 7%, so that person might be doing a double closing but I can tell you right now there would be a delay before the BC closes or it was with a different closing closing company.  ANYTHING can go wrong in a second and that's not what you want to be caught up in.

I 100% concur with @Jay Hinrichs on someone reaching out from BP.  I don't care if they were a referral from someone I knew let alone here from BP, I'm still going to protect myself and stick to my SOP.

Good Afternoon @Alfred Sharty,
    You can use your own bank statement, your buyers bank statement or you can get a free LEGIT one from my website.  It's ONLY meant for wholesalers to use for situations like this and NOT for flip/rehab loan purposes.  

And BTW, yes, buying on market listed properties are a different beast, but I buy from wholesalers who negotiate with agents and sellers ALL the time.  So it is a niche, HOWEVER you need to be TRANSPARENT with the agent/buyer and negotiate a price with them CONTINGENT on your buyer first.  You can negotiate a price, but don't sign a contract until you know your buyer is good, then you can double close or you can sign an amendment or add in special stipulations that the original agents contract IS ASSIGNABLE as a way around and make all things legal and transparent. 

Don't listen to all the negative folks that might think there is only one way of operating as a wholesaler.

Click on my website in my signature for that POF. :)

@Avrom W. Smith If you could throw my company name out in the mix too in the future ;)  I've got over 80 ALL 5 Star Google Reviews with amazing customer service and 100% success on our loans with wholesalers.  

I fire clients regularly.  I CANNOT stand when someone isn't transparent and or tries to hide anything from me.  That is usually the last time I work with them.  ANY client that is like that to others will likely be the same way to you at some point.  So I steer clear of them and instruct my team to pass those people along to me to handle.

I also have nothing more than my word and all of our 80+ all 5 star reviews.  Anything less than that is either because the client never clearly understood the loan type we offer or something we did wrong.  Only the first can be corrected, but us making a mistake and getting anything less than 5 star review is stricly unacceptable in my eyes and my team also has a strong sense of ownership in their position and loyalty to my company.   I always make sure to help the team but also support them while giving them room to make the position theirs, get them to realize they are part of the company, not just an employee.  I make sure that they help in creating new systems and processes, always asking for their advice.  

I'm a leader, not a boss, but they see and hear far more than I do so I'd be an idiot not to listen to my team.

I think as you grow and expand, you too will do the same whether as a Transactional Lender or anything else you do.  Sounds like you have a badass mindset and exactly what you need to succeed! :)

 A LOT of marketing & referrals.  Non stop action taking and never giving up plus always making sure we give our absolute best to clients and always reply never making anyone wait and go to a competitor :) 

I have Ads, I have a lot of social media posts and updates on all social media platforms daily.  I am constantly reaching out to provide value to other wholesalers out there and in turn others see my company name.  I work with a lot of other real estate related businesses and closing teams that refer business to us.  We have blogs and articles out there working for us.  CONSTANT non stop SEO.

99% identical to Joe above, only difference is we use loan docs vs an agreement with wholesaler.  We don't have them recorded, just signed as another layer of protection. However, i'll likely be looking at additional ways down the road to be even more secure for a backup what if scenario.  

I concur with @Joe Davis and do the same with my company, however I refer other loan types outside of Transactional Funding loans to others. Only difference is that California I have 1.5% or $1500 min vs every state as Joe mentioned is the same.

@Nik Frid i'm assuming your friend is a wholesaler? If so, sure, he can use any funds for this. Could be his friends or family, or a lender. I do have a referral to a friend who lends $ for EMD. I only fund 100% of the double closing AB side, but I don't offer EMD lending.

There are a LOT of people out there who do lend EMD but rates & fees are crazy high!  I would suggest seeing if he can borrow from a friend, family, or even use CC cash back for example AS LONG as he makes sure that he's secure in his deal and not going to lose the $!!  That would then be highly irresponsible.

Heck yah!!!  I guess you beat me to the punch then since you already emailed Michelle LOL  Yah if you hittup the website again, click on "I don't have have a deal" so we can send you one email with the future requirements and give you a little more info about us etc.  Then once you have a deal and legit need us, it will be easy to find us searching your email. ;)  

Congrats on getting starting and doing all of your homework.  BUT also don't try to be perfect.  I mean yes on perfect integrity and perfect ethically, but don't try to be perfect when you're looking for buyers, sellers or the full process.  YOU'LL NEVER GET STARTED...learn along the way and it seems you are doing just that.  so KUDOS to you my friend. :)

Have an awesome weekend.  I'm about to walk out the door to enjoy a dinner and show with the Mrs. :)

We have clients reach out to us on MANY occasions to double close.  That doesn't stop you from working in other markets either if you chose.  I mean commonly it's "easier" to start in your own backyard for most.

I would highly suggest that you find some very solid buyers first.  Build a relationship with them, find out what they are looking for, what their criteria is then start looking for that.  Once you find something, get them to review the property and tell you what their price would be.  Then all you'll need to do is negotiate with the seller a lower price to create your spread.  You can then double close if you choose. :)

But feel free to check out my company online, I've got 80 ALL 5 Star Google Reviews and would love to help out anytime you ever need in the future @Mason Edwards. :)

Wholesalers Transactional Funding