Avoiding Real Estate Scams Buffalo NY

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Real estate scams are nothing new. They are also not difficult to spot. Although most victims won’t fall for buying the Brooklyn bridge or property on the moon, there are many variations of real estate scams. Victims tend to be those that have little real estate investment experience or that neglect to perform even casual due diligence. Although it’s easy to get swept away with ideas of how your life could change with a windfall of cash from a real estate investment, it’s also relatively easy to protect yourself from scams if you know what to look for and where to look.

 

Spot real estate scam promoters

Have you ever noticed that the most successful people you know never talk about being successful? Have you noticed that those with money rarely talk about how much money that they have or make? The number one thing scam promoters have in common is a focus on their lifestyle. This can include driving fancy cars, indulging in fancy dinner meetings or wearing expensive clothes. If you see someone spending exorbitant amounts of money on lifestyle expenses, it may not be the kind of person you want managing the expenses of an investment project.

 

Beware of “no work” and “no risk”

You should not go into any potentially high returning investment thinking it will involve zero work. Higher returns are generally equated with higher risk and that includes the chance that you may have to get more involved at some point. A promoter selling a high-returning investment as “no work” and “almost guaranteed” should be an immediate and powerful red flag. As with any investment, you should be willing and able to get involved if the investment does not go as planned.

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Author: Jeremy Ames
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Brian Heine Licensed Real Estate Broker

(716) 884-4437
390 Linwood Ave., Ste. 3
Buffalo, NY