Apr 10, 2019
Beware of internet scammers when it comes to raising money for
apartment investing.
In the first part of the podcast, Paul discusses a real problem
that recently occurred to one of his borrower. The sponsor’s email
address and database were hacked. The scammers sent out emails to
the borrower’s investor database asking for $250,000 for additional
rehab on an apartment building owned by the borrower. The scammer
offered an unbelievable 45% rate of return. The scammers false
email address was close to the borrower original- except a small
“i” was added into their faux email address. Fortunately, a few
spelling errors were caught by alert passive investors that felt
that the email was fake and reported it.
BEFORE sending money to your general partner, make sure that the
transaction is real and the wiring instructions are correct.
In the second part of the podcast- Kathryn Schmeltz, Jimmy Edwards
and Tim Hammick came together to buy apartments. Within 12 months
of forming their team, they had purchased 3 large apartment
buildings. 2- Deep Value added buildings; 1- Stabilized building.
They discuss some of the challenges they have encountered.
1st property purchased: 16 units
https://el-paso-apartments.business.site
2nd property purchased: 100+ units
https://www.courtyardsonthepark.com
3rd property purchased: 100+ units
http://www.falconridge-apts.com
To contact: www.HighFiveMultifamily.com
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FUNDAMENTALS OF MULTIFAMILY FINANCING 101 and to learn more about
upcoming educational events at Old Capital Speaker Series please
visit us at OldCapitalPodcast.com
Are you interested in learning more about how Multifamily
Syndications work? Please visit www.spiadvisory.com to learn more
about Michael Becker’s Real Estate Syndication business with SPI
Advisory LLC.