Beware of Property Investment Scam | Basic of Property Investment | Property Investment in Australia

August 20th, 2020

Hey guys, today I want to make you aware that there’s some sort of scams to happen in the property industry. One of them is where you get an email which looks like it’s from  like a developer or from a convincer. So what these guys “the hackers” do is they sort of hijack the developers and they will look like a very normal email from the developer.

It will have everything there the bank account where you need to transfer the money, it’s different to what the developer would have sent or the actual developers account. In order to save your money and save yourself, what you have to do is as soon as you get an email from someone to pay the deposit because property deposits are big or the final transaction that you have to do.

As I said, as our big transactions it can range from anywhere between 35,000 to 50,000, if you’re paying just 10% deposit in the beginning. So what’s the best way to do it?  When you get that email to make a call it will take five minutes of your time. Make a call to the developer to the lawyer to check whether the details that you’ve got on the email the bank details are the same as what they’re supposed to send  once you can make sure with their accounts department or your contact at the developer’s office. Then you make the transfer it’s much safer and you have the satisfaction that you’ve paid the money to the right person.

Imagine you are paying the money to a wrong bank account and you’re not able to retrieve it. So that can be a real big hole into your plans to buy your house or your investment. So definitely have to be careful with those things. You really need to be careful about it. I thought I’ll share with you hopefully you haven’t none of you have had that experience and I do hope that no one will or should have that kind of experience. 

Happy property investing. 

Thank you.