[ HTJ Podcast ] The U.S. Real Estate Forensics’s -Top 10 Signs of a Potential Scam-Ep.5

 

 

HANNA MUSIDI:

Hi, my name is Hanna and today we have our US tax expert, Derren. We also have our US real estate and legal expert, Jay. We will be discussing Us real estate forensic.

 

VOICE-OVER:

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HANNA MUSIDI:

Hi, we're live. Hi, my name is Hanna and I'm based in Indonesia and I'm working in an international tax consultant team. And today we will talk about your US real estate forensic. And this episode is about a real estate scam. So right now I'm here with two of our experts. So first of all, Derren, would you mind introducing yourself?

 

DERREN JOSEPH:

Hi, thanks, Hannah. Hello everybody. So we continuing this series. My name is Derren Joseph, and I'm an international tax consultant with a team called Moores Rowland and my specialty is an international tax in general, but US international in particular. Good to be here.

 

HANNA MUSIDI:

Jay, would you mind introducing yourself?

 

JAY KNIGHT:

Yeah, sure. My name is Jay Knight. Thanks very much for having me again. I am an international real estate investor and I also am a real estate broker from California, so great to be here. Thank you.

 

HANNA MUSIDI:

Okay. I'm taking what Jay said earlier about real estate gurus. I have asked a number of real estate gurus to give me one or more of their addresses of property that they own. I got zero responses either they're lying or their deals are illegal and they cannot stand and security. Security, I mean like, so the number five is claiming to do lots of deals. So Jay would care to explain this?

 

JAY KNIGHT:

Okay. I'm sorry. What was the topic again, sorry.

 

HANNA MUSIDI:

Claim to do lots of deals? The person may have say like, I have deal with these houses, that houses. Like I said before the real estate gurus or something, I asked them, can you please address me where which one is your address when you have a property that you have? And then I get zero responses, either they're lying or I don't know, their deal is illegal or something like this. So that's why the number five is claimed to do lots of deals.

 

JAY KNIGHT:

Yeah. So again, this is a very common tactic, because again, the more that you can try to sound credible, well, how are you going to be credible to people that are interested in real estate? You claim that you have done a lot of deals, right? I mean, if you've done thousands of deals or whatever it is, then people are going to say, oh, this guy knows what he's doing, or she knows what she's talking about, or this is a legitimate company, or they're well, in the most successful in terms of other business models, so anything that they can kind of give to the public or to give to the people that come to these seminars or courses that the comfort of security in terms of knowledge and stuff like that, they will try to do to make you feel comfortable to invest in that there's like any business, I guess, from that standpoint. But the problem is is that when you actually push them to give real answers about something, most of the time, they don't think they really can't. They may have one example or two examples that they pull off the top of their head because they're not really expected to questions about this, but if you really push them, if you have a little bit of real estate knowledge and you push them, when you ask pertinent questions, most of the time, they're not going to really be able to give you a satisfying, satisfactory answer. Now, if you're a novice and you don't really know anything that they tell you will sound legitimate. So again, this is one area where we have to be very careful because when they claim they've done thousands or hundreds of deals and this kind of stuff, again, this is just kind of a luring tactic to draw you in, make you feel comfortable to make you feel like they, they know what they're doing. But I would say that that would also be something to look for in terms of a possible red flag.

 

HANNA MUSIDI:

Do you have anything to add Derren?

 

DERREN JOSEPH:

Except that I think you guys, again, on a ball, it's a good idea is especially when someone is pitching courses, as opposed to a specific project, because with a project, they may be able to give you their last project. But if they're doing courses, which is probably more popular right now, then they will claim to not have done lots of deals and then ask, well, okay, as we all know, when we're doing a big business deal, we get emotionally invested. It takes a lot of time. And you remember details. You remember the address roughly with towns, what street was it? You know, which unit was it, so give us the last one or give us the last two really big ones. So you can just Google and check it out because everything in the US is more or less publicly listed, so it can be verified. So just give it to us. And why do you continue to talk we'll check. And chances are, you'll catch a lot of them out, so you're right.

 

HANNA MUSIDI:

Yes, I mean the scam is really, really, there.

 

VOICE-OVER:

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