The Latest Scam: Leasing Your Property – Part One

Founder/Managing Partner Lamar Hunt Jr. knows it’s hard enough to make money in real estate without having to deal with scams and crooks. This latest scam has not hit Lamar yet but it has hit his fellow real estate investors. Here’s how it works. A real estate investor has a vacant house and puts a leasing sign out. A potential renter comes by and looks through the house. They may take photos or take notes. This person may take an application then leave and the investor will never hear back from them. What this con artist does next is take photos of the exterior of the property and with the interior photos in his hand, posts the house for lease under Craigslist or on other rental sites. The deal will be very good with low rent and minimal deposit. An unsuspecting renter contacts the fake landlord and wants to the see the place. The con artist will then either make an excuse as to why he can’t show it. If he has a key or a way to pick the lock, he will meet them over there and show it. He may lease the property to three or four people. The first one to move in then discovers the truth when the real owner/landlord shows up. The landlord may have damage to his place from these folks moving in and other losses. For sure it will be a huge headache. On the next installment we will talk about how to prevent this from happening to you. For more information like this, see our blog at http://lorettoproperties.com/.  You can also call us at 913-236-2902 if you have a property to sell.