One of my cable channels seems to consist of NOTHING but ads for people selling get rich quick schemes-usually involving real estate. The basic idea is:
I get you to sell me your house with no down payement (100% financing). I then do a few cheap repairs, and turn around and sell the house at a big profit. Aside from the fact that most home sellers are not fools, can you really do this? I know that baks insist on a hefty down payment, and you can only have a few mortgages at a time. Anyway, if this is so profitable, then why are these people selling their “secret methods” for $299.95?
I HAVE heard of people who make lots of cash by “fipping” real estate (selling back and forth , raising the price each time-in the end the issuer of the last mortgage gets screwed). but that’s another story.
CAN I become a real estate millionaire in just 6-12 months?
Just send me £99.99 and a Stamped Addressed Envelope, and I’ll tell you exactly how.
Yeah, the people getting rich are those who make $299 for something you can get at a public library for nothing.
What’s funny about them is that part of their program they ask people when they find property that is dirt cheap to call them & then the people writing the program buy that property! They thank you for pointing it out to them.
This really happens.
Yes, it’s possible, but the opportunities are few and far between.
Suppose Mr. X paid $50k for his house 30 years ago and it’s now worth $300k in run-down condition, but might (keyword: might) be worth $400k after $20k of improvements. So you get a bank to loan you $320k (80%) and Mr. X to take a second mortgage for $80k. You then fix up the place and make a handsome profit.
If it were that easy, everybody would be doing it, including Mr. X. You’ve just got to find a lazy (and/or stupid) Mr. X who own’s a run-down property. Be prepared to spend considerable time searching. They aren’t going to fall into your lap. These GRQ schemes help you look, but most of the buyers of these courses never persue it.