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Episode Info

Episode Info:

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 To receive our FREE page WHITE PAPER REPORT on the (updated) 2019 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.

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