401K Self Directed IRA

I have been contacted by an Investor I have been working with for several years. He is asking me if I am familiar with 401K self directed IRA'S and I am not. I spoke with Mark Dunn today that has some information. I would like to put some information together for one of our next meetings. If you are familiar with this I would appreciate it if you contact me at agent736@usa.net.

Avoiding Craigslist Scams

Despite the warnings that are prevalent around the country, potential renters, property owners and managers continue to be scammed by Craigslist. These scams have evolved as the criminals have become more devious. Today, both renters and property managers are the frequent victims of these scams. Scammers browse management company rental listings and simply copy the information listed, but offer the property several hundred dollars cheaper. Once they receive a deposit from the victim to hold the rental, they are never heard from again.

Another ploy is to contact the management company directly, with the scammer showing interest in renting a property you listed on line. After agreeing to rent the property, they “accidently” send too much money, and request the overpaid amount be refunded to them in the form of a cashier’s check or money order. Of course, the individual never intended to rent the property to begin with, and the deposit they sent is fraudulent as well.

So how do you continue to use free resources such as Craigslist while protecting your business? Here are a few ideas:

1.  Provide limited information about your rentals on Craigslist and on your own website as well. For instance, for a home at 1414 W. Adams, you could simply post ‘Home on W. Adams Street, near Irving Park School. It’s much easier for scammers to target a specific home when the address is provided. Post enough to intrigue renters, but not enough that it can be used against you.

2.   Do not provide a refund to anyone who sends a deposit before the check or money order clears. Again, this is mostly common sense, and most of us have this rule when accepting personal checks.  But using phony money orders and cashier’s checks are the norm with scammers. Never issue a refund before a money order or cashier’s check clears your bank. Better yet, don’t accept deposits from anyone overseas without obtaining a lot of information first.

3.    Beware of those seeking extensive information about your rentals. While potential renters should be given as much information as needed, this can be done after the potential renter has looked at the home and expressed interest. No one needs to be provided the details of the home prior to looking at it. If they’re interested in renting after viewing, they can be given additional information.

4.   Be suspicious of those willing to pay more than the amount listed to rent the property quickly. Offering to pay more than the listed price in order to rent the property quickly should be a major red flag.

By using some common sense, you should be able to utilize free posting sites such as Craigslist well into the future.

I receive an email regularly from Property Managers but sometimes the information helps you as Investment Property Owners.