All Forum Posts by: VB Phom

This is a very unfortunate situation especially for beginners. Thank you all for your comments. Now I know what NOT to do in the future! Are there other closing scams or scams in general that I should be aware of for future purchases? 

I got duped into sending $10K in the form of a wire transfer to a person who was acting like an individual from the title company. 

This is my first rental property purchase, and I was deceived into thinking I had to wire transfer funds for closing in order to make my closing date on the 20th. I wanted to share my story so other first time investors don't fall for this trick. 

At some point during the sales transaction, personal information about the home purchase was intercepted by a fraudster. They knew the location of the home, the title company contact information and names, amounts of purchase...everything. I wired the money to the individual and found out the next morning from my lender the transaction was fraud! What a huge disappointment and super discouraging to have this happen on my first property! I'm not sure if I will recoup the cost of this fraud; however, I won't allow this to tear down my dreams! Please do not wire money to anyone without talking to them on the phone first! Don't make the same stupid mistake I did. They caught me off guard as I didn't want to delay my closing and allowed my emotions to take over first vs trusting my gut instinct! Post the fraud wire transfer, I filed a report with the FBI and the local police. In addition, spoke to all parties involved to try and recall the payment. What a nightmare! 

@Jason Graves I believe you have to connect with them first before you can send a private message. 

Good insight, thanks Junior. Would you mind if I send you a private message to ask you about the details? I'm starting out and was looking into doing something similar to what you have with regard to your structure. I'd love to pick your brains a bit on this topic as we are closing our first deal in about 3 weeks here. Thanks. 

@Caleb Heimsoth, thank you for the information. I'd appreciate any recommendations you may have. 

@Adam A., thank you for the Toledo contact! 

Hi @Tom Ott,

I see that you are a turnkey provider in Cleveland. Is there anything you can send me in terms of properties you have available? 

Thanks!

@Andrew Fidler, thank you for reaching out. I've connected with you and will touch base with you when we are ready to roll out to the Toledo area. 

Hello,

My husband and I are looking to start our real estate portfolio by investing in a few multi-family properties in Ohio. We would greatly appreciate turnkey providers and PM recommendations from the BP community. Once we have our teams together, we would like to visit Ohio sometime this month to walk through properties, and hopefully, make a purchase. We are looking in a few keys areas in Ohio: Cleveland, Akron, Dayton, Toledo, Cincinnati & Columbus. TIA, and I hope to make some great connections here soon. 

Thank you!