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Blogs

Looking for something specific? Type your keywords here.  Big thanks to our contributors.

  • December 18, 2018 12:00 PM | Anonymous

    Wire Transfer Fraud

    Wire transfer is one of the fastest and most convenient ways to move money electronically. Unfortunately, this has also made it one of the most common scams in the world today. If you’re a real estate agent who’s not aware of these schemes or choose to operate independent of a real estate investors association, you could be vulnerable to this con.

    Wire Transfer Fraud

    Wire transfer fraud is a crime in which an individual obtains money from another person through lies. The criminal asks the victim to wire them money under false circumstances, usually using an interstate communications facility or electronic communications.

    In a recent case, 74 people were arrested in the US and overseas for wire fraud. The multi-month law enforcement effort spanned the United States, Mauritius, Canada, and Poland. $2.4 million were seized, and around $14 million in fraudulent wire transfers were recovered.

    One of the accused, a man from Fort Lauderdale, allegedly hacked the e-mail account of a real estate attorney. He used the addressed to instruct clients to wire money based on misleading information. In one instance, the scammer’s account received $500,000 as payment for real estate.

    A Warning to Realtors Everywhere

    Not only are wire transfer scams devastating to the victims themselves, but unwary real estate agents can also be implicated in the process.

    Two years ago, realtors were already being alerted to the existence of these scams. Both the Federal Trade Commission (FTC) and the National Association of Realtors (NAR) issued warnings when scammers began posing as real estate professionals and service providers.

    As a federal crime, wire fraud is punishable by up to 30 years in jail, on top of restitution and fines. The truth is that even seasoned realtors can fall prey to this scam, more so those who are just getting started in real estate.

    The Making of a Wire Transfer Scam

    Most of these wire fraud scenarios include scammers pretending to be real-life real estate professionals with their clients as targets. The hackers steal their identities and use their e-mail accounts to give clients new instructions for closings.

    For example, the con artist will choose a long-distance buyer. They will claim that they (as the real estate agent) had sent the wrong account number or bank to which the payment should be wired. Since the victims trust the realtor, they will then proceed to send the closing costs to the new account.

    By this point, the money disappears without a trace, leaving both the real estate agent and their client no recourse.

    Protect Yourself Against Wire Fraud

    The first and foremost method to avoid falling for wire transfer scams is to educate yourself and your clients about it. Create a way to secure and verify all transfers between the two parties.

    Becoming a member of a reputable real estate association like CIREIA is another excellent way to protect yourself against scammers like this. You’ll gain access to the latest news regarding the real estate industry, network with experienced professionals, and learn insider information that’s very difficult to obtain as a non-member. Contact us today for questions on how to join and the many other benefits CIREIA can provide.


  • November 28, 2018 12:00 PM | Anonymous


    This is a quick review of yesterday’s court decision nd whether an investor bought a 5 Unit Apartment or a Single Family Home. Don’t make the same mistake as this investor!


  • November 23, 2018 12:00 PM | Anonymous

    Get Funds

    When it comes to real estate investing, one of the most common concerns is how to get funding for an investment deal. Far too often, traditional financing options like a mortgage or hard money are out of reach especially for those who are just starting out – and even for season veterans.

    For anyone who wants to succeed in the ultra-competitive real estate industry, thinking outside the box is a non-negotiable skill. So when it comes to raising money to finance your deals, a little creativity goes a long way to secure funding.

    5 Creative Ways to Fund Your Next Investment Deal

    • WHOLESALING

    Low risk yet high in potential profit, wholesaling is when you contract a home seller and market the contract for the home to interested buyers. It’s similar to flipping, except you never actually purchase the house or do repairs.

    You simply take the amount of the contract, find a buyer who’s willing to pay a bit more, then assign the contract to them — and you profit from the difference. CIREIA does not endorse daisy chaining in this field.  For details please attend the monthly sub-group on wholesaling on how to do this strategy the right way.

    • BIRDDOGGING

    This method is an excellent way to hone your skills at identifying profitable properties, grow your network, and enhance your reputation while earning money on the side.

    It involves finding properties with excellent investment potential. These properties are typically distressed and on the market for a discounted price due to remodeling or repair needs. If you’re a member of a real estate investment group, then it becomes much easier to gain exclusive leads.

    After pinpointing these properties, you present them to real estate investors and receive a finder’s fee.

    • SELLER HOLD BACK

    Real estate holdbacks are employed when the seller still has remaining contractual obligations to satisfy at the time of transaction close.

    It’s typically 5% or more set aside from the sales proceeds. To get funding, you need to figure out where the money will be used. Then, present an alternative solution that will get them a higher ROI.

    If you want to go this route, remember to employ tact during the deal. Your job is to present a better solution that will help them profit, not just your own gain.

    • FRIENDS AND FAMILY

    On a more personal note, you can also tap your friends and family to generate funding for your investments. This is especially effective when you have a proven history of successful deals.

    Make a promissory note that states how you will pay them back the money, which can be a certain amount every month. Then use their money to find profitable investments.

    • HOME EQUITY LINE OF CREDIT

    To get money in a short time, consider taking out a home equity line of credit. You can get a large amount of cash with low interest. Take note however that some credit will ask for your home as collateral.

    Another way is to explore second mortgage installment loans. A significant advantage here is having fixed payment amounts and fixed interest rates.

    Lastly, think about taking out a 0% credit card. Use it to buy a property, do repairs, then flip.

    Join Central Indiana Real Estate Investors Association!

    If you’re willing to take risks and are confident enough in your abilities, you’ll find that there’s plenty of funding to go around – if you know where to look for it!

    As the largest non-profit real estate investors association in Indiana, CIREIA has been helping real estate investors of all experience levels for more than 30 years. As a member, you’re set to receive valuable education on how to generate wealth through real estate, both from traditional methods and more creative means. Call us today at (317) 670-8941, and let’s talk about building your future in the real estate industry.


  • November 12, 2018 12:00 PM | Anonymous


    Shout out and thanks to my client for sending me this beautiful Divine Mercy coffee mug. Enjoy learning a little bit about this gracious devotion and God’s message of mercy.

  • November 12, 2018 12:00 PM | Anonymous

    Watch to learn the outcome of the Utility battle in Bargersville. The town amended the ordinance granting some but not all concessions to Landlords.

    https://www.jeffjinkslaw.com


  • November 12, 2018 12:00 PM | Anonymous

    This buyer lost his property because he failed to record his deed! Subsequent buyers were bona fide purchasers for value and without “notice” because there was no recorded deed. Common knowledge and use of the property were insufficient to establish a claim where the deed wasn’t recorded. This was a tax sale and foreclosure property. See the full case: John Reno v Dennis O Hamilton, Cathy A. Hamilton et al; Court of Appeals of Indiana, Memorandum Decision, 33A01-1711-PL-2669;

    https://www.jeffjinkslaw.com


  • November 12, 2018 12:00 PM | Anonymous


    Judges agree that the three most important considerations in their decision in court are “documentation, documentation, and documentation.” Listen to learn more.


  • November 12, 2018 12:00 PM | Anonymous


    Just starting with our first client and new Government Relations practice area. Listen to learn how we make YOUR voice heard at the Indiana General Assembly


  • November 12, 2018 12:00 PM | Anonymous


    Landlord Registration Update


  • November 12, 2018 12:00 PM | Anonymous


    Younger generations are really stepping up to care for aging parents and grandparents. Beautiful to see the love and devotion of the next generation. Another reason to be hopeful and optimistic about the future!

    https://www.jeffjinkslaw.com