I joined this site just recently, upon my decision to turn my passion for real estate into a serious business. I found a great deal and developed a sustainable business plan, I found myself in front of the major step: funding it. After searching on the internet, on Bigger Pockets and on LinkedIn among many Angel investors, RE groups, crowd funding platforms and private investors, I received many offers. Some of them were just kinda fishy. Investors without company, or address or phone number, or from other countries. Most of them seriously challenged with English language and spelling, proposing a funding anywhere from 2% to 12%. Nobody asked anything about the project, just my name, address and bank account. I was playing along for a while, asking questions about their legal structure, location etc - that stayed without reply. However, sooner or later every one of them (both men and women) requested a payment of "origination fee" or "wire transfer fee" that amount anywhere from 300$ to 3000$.
I am curious to know if anybody here had similar experiences and how did you handle them? Maybe it would be helpful to create a database of names and emails of such unscrupulous people who are praying and trying to scam RE entrepreneurs. Your feedback would be appreciate.
