All Forum Posts by: Ryan Rudloff

@Christian Dobrofsky

Avoid. It’s a scam.

Hi, I’m in a position where I’m considering a cash-flowing industrial property as an owner occupied investment.

The owner wants a portion of the earnest money deemed non-refundable. ($15k)

My question is as follows:

If the appraisal comes in well below the purchase price (I have a contingency included to protect my earnest money from a low appraisal), or if for some reason reason the deal falls through and I lose my portion of the non-refundable earnest deposit, can I write it off as a capital loss?

How about the $10k appraisal fee/environmental report? Can those be classified as capital losses in the event my deal falls through?

If so, this could help me justify the risk when agreeing to non-refundable deposits if the deal does stall for some reason that’s out of my control.

Thanks for any guidance on this..

Ryan

@Chad C.

I’m in exact same boat. They want $4k even before viewing my documents. They’ll be my last resort.

@Rick Pozos

Thank you Rick. I did find them on the internet. But every other lender I’m speaking with I found online too.

I will say I’m exercising extreme caution on this one. I appreciate your thoughts.

@Jay Hinrichs

Hi Jay,

Thanks for your reply. I’m referring to the private lender based in Las Vegas.

https://thomasmanagement-llc.com

@Ryan Rudloff *fund their deals

Has anyone used Thomas Management, LLC to find their deals? https://thomasmanagement-llc.com

If so, how was your experience?

I'm interested in this too.  They have a docusign contract they emailed me waiting for me to sign.  They want my bank account number, as well as my SSN.  Additionally, they want a "commitment fee".  Would this be something to agree to if the fee were to be taken from the proceeds of the loan?

Generally, is a lender seeking a borrowers bank credentials to verify the funds the borrower claims to have on hand? Or is this a scam lender tactic?