The Dark Side of Real Estate: Scams That Are RUINING People
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 23 July 2024
⏱️ 35 minutes
🧾️ Download transcript
Summary
Ken and Danille McElroy discuss the most prevalent real estate scams and provide essential tips to protect yourself from falling victim. From wire fraud to fake home inspections, learn how to identify and avoid these costly traps.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. Let's get right into this episode. |
| 0:04.6 | Real estate scams are costing investors, tenants, and every day people millions of dollars |
| 0:10.1 | and we're going to help you try and avoid them. Yeah, we got to be careful here, guys. There's a lot of |
| 0:16.0 | stuff going on online, social media, the internet. you got to be very, very careful. |
| 0:21.6 | Our office personally is under attack almost daily because we get emails from financial institutions |
| 0:29.3 | asking for passwords and stuff like that. So today we're going to talk about all that. |
| 0:34.8 | Yeah. And before we go into specifically the scams that we're seeing, |
| 0:39.3 | there are certain things that should be a red flag to you. So, you know, if you're a tenant and you're |
| 0:44.7 | trying to rent something or you're trying to buy something, you know, pressure to act quickly is going |
| 0:50.2 | to be a big flag. That's number one. Yeah. So if somebody needs something immediately, |
| 0:56.3 | then you should immediately pause. What I'll tell you what, I'm so freaked out by a lot of this |
| 1:01.5 | stuff. What I do now is I just delete stuff. Like I go on today. Well, yeah, well, but I know, |
| 1:07.2 | but I'm also, you know, but if they're trying to run a place, like that, I can't believe it. You've got to be careful, right? |
| 1:12.2 | Because what happens is that, you know, they put one letter off, like in an email. |
| 1:16.9 | Yeah, yep. |
| 1:17.8 | Like, we got one that said Wells Fargo. |
| 1:20.4 | It was W-E-L-S-Fargo.com. |
| 1:23.6 | Right, right. |
| 1:24.3 | They lift out one L and add the logo. Yep. So the second thing is, is that there's not a lot of |
| 1:29.0 | paperwork. When you're doing anything with real estate, there should be a lot of paperwork. It should be |
| 1:34.0 | thorough. So if somebody that you are working with is not giving that to you, then I think that that is a big |
| 1:40.0 | red flag. And also too good to be true, right? If the rental units usually rents for 2000, |
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