Sat
No Money Down!
Posted by Marlow Harris under Real Estate
1 Comment
The P.I. published an interesting article last month entitled “Flipping property not as easy as seen on TV, experts say”, about the trials and tribulations of buying, fixing up, and selling property for a profit.
It’s hard to do, because if it was easy, everyone would do it. But there are dozens of so-called real estate guru’s making big money selling books, tapes and courses on late-night TV telling viewers that they can MAKE BIG MONEY IN REAL ESTATE! YOU DON’T NEED A JOB! YOU DON’T NEED A DOWN PAYMENT! You don’t need a brain.
There’s a great website by John T. Reed entitled Reed Guru Rating. He published an alphabetical list of famous real estate investment gurus and seminar organizations which is hilarious.
You don’t need no stinkin’ money!
When purchasing these Real Estate Guru’s products, it’s truly “Buyer Beware”.
I knew a guy back in the ’80′s who took advances on all his credit cards to get the downpayment on a house with an assumable FHA mortgage. And it worked!
I doubt with computers being able to check credit accounts instantaneously, that this could happen today, but it’s an interesting thought.