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In Search Of A Dream, A Bit of A Rant Actually

By Wanda Thomas

Real Estate Agent with Montana Homestead Brokers, Broker, CRS, GRI, SFR, RN

September 15, 2009 09:14 AM

Toxic Assets Still On The Bank Books?

Toxic "invest in Real Estate" scam programs continue to be peddled by gypsy sales seminars!

Who's buying this crap?

There must be buyers, lots of them, otherwise this stuff wouldn't be for sale. When I get calls from folks who have recently, I said recently, attended one of these "how to invest in Real Estate" sales seminars, I just have to shake my head. It's not that I don't want to help them, but come on, you can't get a property for 50cents on the dollar here! Even a short sale has a price, a market price, and it's not half off!!!

You cannot buy a property here half off market price, put in new carpet (cheap) and paint and turn around and sell it for 100% market. There may be parts of the country where this was possible, but not here in Billings Montana!

Quit wasting your money, time and energy only to be disappointed with the truth. Find out what the truth is about the REAL ESTATE MARKET before you fork over $1,000 of your hard earned money to learn something that isn't true. Frankly you'd be better off buying $1,000 worth of lotto tickets.

There is an art to Real Estate Investing, it takes some real capital for the investment. When an investment property is priced well, you can actually make money on the capital you invested.

I've worked with some very good home renovators, or those you might like to call flippers. They have seen it all, and I mean some "you can't believe what I found" type situations during their renovations. They take an "educated guess" based on their own inspections about what kind of money they'll need to bring a distressed property to market condition. Sometimes they win, and sometimes they lose. Be careful!

It's ok to dream! I dream all the time. Just be careful to use your good sense, and get good advice before you sign up for a traveling sales-pitch. Get advice from trusted local professionals. Attend a local group meeting of Real Estate Investors, many communities have these groups. Don't forget to ask your local Realtor for Real Live Market information, they can give you the numbers, the real numbers.

Sleep tight!

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John Mulkey

TheHousingGuru.com - Waleska, GA

Housing Guru

It's amazing that the "snake oil" salesmen can still fill a room--but they do. And they're trying to capitalize on the housing crisis and entice unsuspecting "investors" to buy their programs. On the other hand, there are bargains out there, but not for novices. Inexperienced consumers or investors trying to buy in today's market certainly need the guidance of a professional.

Sep 15, 2009 09:56 AM

Elizabeth Bolton

RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA

Cambridge MA Realtor

Hi Wanda ~ There are *always* people who are looking for a lucky break, a way to easy riches. I worked on a collection of letters and diaries from the Gold Rush (I used to be an archivist) and it was so interesting to recognize the personality type that is attracted to this sort of thing. There's even a book about it - about men (mainly) through the decades who are always chasing this kind of dream - I tried to find it on my book shelves to include the title but didn't come across it.

And for goodness sake - just look at the money people spend on scratch tickets and lottery tickets - it's insane and sad. Not that I have any sympathy - scratch ticket buyers are some of the worst litterers and I am sick of picking up their trash. Says a lot about them.

Liz

Sep 15, 2009 01:25 PM

Wanda Thomas

Montana Homestead Brokers, Broker, CRS, GRI, SFR, RN - Billings, MT

Billings Montana Real Estate

Hi John, point well taken. We don't really have too many "bargains", anything that is sold at a discount has a good, expensive reason. We have seen a bit of a stall and maybe just a little decline over the past year in prices, but we have definitely decreased the number of sales in volume.

Liz--I bet there are even classes for psychology majors about this personality type. These people are so blindly hopeful, the ultimate optimist! Reality is so hard on them.

Sep 16, 2009 11:27 AM

Brian Griffis

Realty Choice - Springfield, MO

Hi Wanda, great point that all real estate is local. In some places, there are bargains galore, but just like where you are at, we don't see those kinds of discounts. Most of these seminars take a bit of truth and try to tell people it is this way everywhere. Better keep your money and hire a Realtor than attend one of those seminars.

Sep 18, 2009 06:27 AM

In Search Of A Dream, A Bit of A Rant Actually

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