Personally, I would keep the property but I don't know your situation and if you could better use the money elsewhere.

OVer the past month we have seen hundreds of millions / around $1B in defaulted private money loans come across our desk.

But the real secret to making money in real estate is finding the right properties at the right price—and that's where off-market deals come in.Off-market properties typically cost less than those listed on the MLS because sellers are often motivated by reasons other than price, like financial distress or personal circumstances.

I wanted them to sell these properties years ago but I guess I can officially say goodbye to my money.

But don't let this guy take advantage of you, you have a business to run after all....you need the money, your family needs the money. 

I do fix and flips and take the money to invest as a General Partner on a syndication team.

The other way I fund deals with none of my own money is using a private lender that I have years of experience and relationship with and/or using HELOC and other business lines of credit.

If they are paying little to no money at closing, what skin in the game do they have?

Glad to see some justice.The next round of scams will be people raising money for new deals but then using those new funds to bail out previous deals—be it flippers who can't sell or apartment investors facing refinance rates and decompressing CAP rates.

Used enirely OPM to buy this one, and borrowed money from a family member who is in commercial real estate to do the renovation.