MAREI recommends that you complete your due diligence on every deal you buy or every person you hire or every person you might do business with.
At any given MAREI event there are over 100 people that you can meet and while we are sure there majority are there just like you to learn more about real estate investing and to be honest and ethical in all things, there are always going to be a few bad apples.
MAREI has a Code of Ethics that we expect all of our members to follow, how ever as you know scammers are not too worried about being honest and ethical and really don’t pay attention to our code of ethics.
So in an effort to help you sort out the bad apples, we have a few warning signs:
1. Does the person or business have contact information?
While we know not all attendees at a MAREI meeting are going to have a business card. If they are in business, they should have a business card or a brochure or a website they could direct you to or some sort of contact information. If they are unwilling to share any contact information, this may be a huge red flag.
2. Does the person have any kind of online profile?
Not all people are going to have a website or be on social media. But when someone is approaching you to do business, they should have something. Ask for their website or their Facebook or LinkedIn profile so you can go check up on them. See if they have any connections or contacts in common so you could check up on them.
3. Not willing to share a name?
Do they have a name? If they are unwilling to share even their full name, that could be a huge red flag. Yes, some people only go by one name, but it is very doubtful that Sting or Madonna are going to be attending a MAREI meeting.
Not that having a full name is always a good sign as it could be fake, which has happened once at MAREI. A person was using an alias and scammed a few people and once we got the true name we were able to then find all the bad things about this person on the internet.
4. Really pushy and wanting to do something now?
The person that does not have time and wants to do something right away is another good signal to back off and do more research.
5. Claims of big deals or knowledge.
The person that comes in who is a know it all or who has done all these impressive deals should be checked out. And if they start throwing around names of prominent people at the association that they have done business with, be sure to check this out. People have thrown my name around a time or two and when checked up on, yes I knew the person and no I would never ever do business with them again.
So hopefully this will help you sort the good from the bad.