Detroit Investors BEWARE

Just a quick comment. I have been contacted twice by people claiming to be interested in purchasing investment properties. On these 2 occasions, the email addresses they gave me were from www.dnps.com, which just so happens to be detroit newspapers website. Detroit newspapers recently wrote an article exposing fraudulent real estate investors, and some illegal practices these investors were using. Needless to say, if you are 100% legal like I am, and working this business the right way, you have nothing to worry about. However, just be leary of "writers", and I use that term loosely....that are out looking for a "big scoup". These writers do not understand our business, and will do anything to get a big story....so once again, be careful who you send your listings to. Make sure they are really who they say they are...otherwise, they may TRY (try being the key word) to claim you are not operating ethically. Good luck, and happy investing to all ! smile

Comments(3)

  • mattfish1116th August, 2004

    It's amazing that this sort of stuff happens...

    Because they are "Writers" of a newspaper and need big stories - they go after honest Real Estate Investors...
    You know why? Because there have been news stories on a fradulent real estate "Investor" in one part of a country, and then another part... And its becoming more frequent...

    People have been warned about fradulent REI Practices and now if they come across things that are an unknown to them - they figure its fraud...

    It kind of sucks - but maybe it will help investors keep honest...

    Basically - work ethically and you shouldn't have any problems...

    Good Luck and keep it real!
    [addsig]

  • mark261616th August, 2004

    An investigative reporter too dumb to get a web address that won't show he's an investigative reporter? Where are Woodward and Bernstein when you need them?

  • dstewart22nd August, 2004

    Do you happen to know what/when the article in the Detroit Free Press or News ran? It would be helpful to read that article and see if the reporter knew what he was talking about, or proceeded to generalize from one case of fraud to the whole RE investment business.

    Also, I have found that, almost always, when I read an article by a reporter on a subject I know in some depth, the reporter has only the shallowest understanding and gets much of his background wrong. News reporters aren't specialists in what they're reporting on, generally--even (and especially) investigative reporters. They learn what they think they need to know in a couple of hours, and write up all kinds of incoherencies and flat-out falsehoods thinking they've got the whole story.

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