October 29, 2018

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Hard Money Mike Quote of the Week Oct 29 2018

Hard Money Mike Quote of the Week Oct 29 2018

One of the biggest hurdles we find for new real estate investors is taking action and purchasing that first flip or rental.  We never suggest buying to buy but you must start today and identifying a good deal and getting it closed.

 

Hard Money Mike 5 Oct 2018

October 22, 2018

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Hard Money Mike Quote of the Week Oct 22 2018

Hard Money Mike Quote of the Week Oct 22 2018

Spending time updating your knowledge of the real estate investment business is a lever to business profits.

 

Hard Money Mike 4 Oct 2018

October 15, 2018

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Hard Money Mike Quote of the Week Oct 15 2018

Hard Money Mike Quote of the Week Oct 15 2018

The smart real estate investor and lender spends time learning and studying the market and the business.

 

Hard Money Mike 3 Oct 2018

October 8, 2018

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Hard Money Mike Quote of the Week Oct 8 2018

Hard Money Mike Quote of the Week Oct 8 2018

Smart real estate investing is still one of the safest places to invest your time and money.

 

Hard Money Mike 2 Oct 2018

October 1, 2018

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Hard Money Mike Quote of the Week Oct 1 2018

Hard Money Mike Quote of the Week Oct 1 2018

We all have great ideals but ideals alone do not result in income until they are implemented.

 

Hard Money Quote of the Week 1 Oct 2018

September 24, 2018

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Hard Money Mike Quote of the Week Sept 24

Hard Money Mike Quote of the Week Sept 24

Making money is a team sport.

When we all stay in line with what we do best we can create a better financial real estate investment.

Hard Money Mike Quote 9 24 2018

September 19, 2018

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September 13, 2018

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Stealing your money..real estate wire fraud reported at $1 Billion last year.

Wire fraud is growing and one of the main targets is the real estate community.

The reason why is there is a boat load of funds moving from account to account to close and fund real estate transactions.  The fix and flip community has become one of the biggest targets due to multiple closings every year by one company.  These thief’s love to sit and watch emails go back and forth and jump in with bogus wire instructions when you least expect.

IT HAPPENED TO US AT HARD MONEY MIKE JUST WEEKS AGO.

We almost lost thousands of dollars on a payoff from a loan we funded.  The title company forgot to follow their own protocol and a thief broke into their email chain and changed the wire instructions.  The title company policy is to call and verify all wire info verbally before any money moves from their bank.

They did not call to verify and sent the wire off to the thief.

Thousands of dollars about to vanish.

One little human error saved them thousands of dollars.  They fat fingered the thief’s account and the wire was rejected back to them.  The title company lucked out this time and did not have to pony up thousands of dollars (this was their error in not following protocol).

They received the money back before it ended up in some country where they would never see it again.

It really only takes a minute and the money is gone for good.

This can happen to all of us. Last year in real estate alone an estimated Billion Dollars in fraud was reported to the FBI.

Here is a great article in the Tennessean and copied below.  It shows some ways to avoid having hundreds of thousands of dollars disappearing from your account and your bottom line.  Be aware because once the wire is gone its gone.

 

FULL TENNESSEAN ARTICLE BELOW

With all the buzz about wire fraud for home purchase closings, it’s hard to believe this scam is still successfully separating home buyers from their money and their dream home.

The FBI reported in 2017 that nearly $1 billion was diverted or attempted to be diverted from real estatepurchase transactions and wired to fraudulent accounts. In 2016 the FBI noted $19 million in wire-transfer fraud affected closings for buyers and sellers.

So how does the scam work? First, hackers gaining access to a title company or real estate agent’s email account, silently watching for upcoming home purchases and then targeting cash down payments or all cash buyers. This also includes home sellers who are buying a new home with the proceeds from their home sale. At some point before closing, the scammer takes on the identity of the title agent with a very similar email address and the same logos and signatures the buyers have seen in other correspondence. They then send the buyer instructions to wire the funds to a fraudulent account.

Once the money is wired, there is a very tight window of time to reverse the wire, as these fraudulent accounts are usually international and bounce-wire from one account to several others very quickly. Even when the wire has been successfully caught and reversed, it’s likely that not all the funds will make it back to the buyer.

There are three key ways you can protect yourself when wiring money for a home purchase:

One, pay attention to how wire instructions are sent. Check email and phone numbers to verify they match what you have on record.

Two, before you wire funds to an individual or company, call to verify the wire instructions independently with the title company or closing agent, and make sure the number you are calling is legitimate and not the scammer.

Three, be very wary of any changes to wire instruction, email addresses or phone numbers, and urgent emails putting pressure on you to act immediately. Scammers know home buyers are busy and distracted in the final weeks before closing and count on you to follow instructions without looking closely.

The best defense against this type of scam is having multiple checkpoints to ensure everything you are being instructed to do is legitimate. Realtors are concerned about this growing issue and want to make sure that anyone planning to buy a home, investment property, or replacement home are aware of this risk and how to prevent it.

Sher Powers is president of Greater Nashville Realtors. Reach her at 615-430-6861 or spowers@realtracs.com.

September 13, 2018

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September 11, 2018

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A Great Quote for Fix and Flippers from Hard Money Mike

Success quote for the fix and flip world from Hard Money Mike