We get heat every day from new attendees to  investment workshops and the people who promote the workshops.  In fact, every time I go to a new workshop, I ask the same question. "If it's that easy,  why are you struggling to fill your workshops and sell your products? Why not just  continuing investing?" The answer is always a variation of this statement: "To share  our knowledge so we can help others achieve their goals." Wow - what a  benevolent group of people! Yeah, right. 

We get calls every week from new investors who think they can sit on the courtroom  steps and buy foreclosures for 50 cents on the dollar? Or buy a $500,000 condo for  $20,000 in back property taxes. That's fine. We can sit down and debate the point  one day. Here's our position on the matter. Unless you are an expert (not a  weekend dabbler) in this complicated area of real estate investing, you'll get  crushed by the sharks out there who scoop up the real values and leave the  "money pits" for the investment seminar dabblers to get excited about. 

That said, there are great deals out there. A lot of them. And the credible  investment seminars will teach you how to scout them out. They can take the form of pre-foreclosures, for sale by owners and other scenarios where urgent owners  need to sell quickly, for less than market value. Finding them is work - real work.  Cold calling owners and dealing with massive rejection. Structuring profitable deals.  Protecting your legal interests. Managing service providers and contractors. It is not  for the faint of heart. It's the reason the "experts" are supplementing their real  estate portfolios teaching seminars and writing books. 

Better yet, find an expect agent who understands the market, knows which sellers are the most motivated, which homes are in foreclosure, which are banked owned, etc.  An experienced agent will help you negotiate the best deals and protect your interests in the process.  Sounds like a better deal to me.

 

 

5 Comments on "Get Rich Quick" schemes cost millions of people billions of dollars

SEP
18
2007

The business of investing in real estate is exactly that -- a business.  I have heard some of the promises you have and people should really know better.  I have worked with real investors and know that I definitely do not want to be in their business.

However, I gladly assist them in their business!

8:47pm • #1
Well stated, thank you for the comment.  I agree entirely.
8:50pm • #2
Well said. I do question most of the speakers as well.
9:19pm • #3
OCT
01
2007

An experienced agent can certainly be a better deal for the investor, Nancy. I've found that working with investors took a lot more of my time for a much lower average sales price. That means I worked harder for less. I'd much rather have those properties listed than be the buyer's agent. Of course, you can make that up a bit with repeat sales, but then again, investors get to a point where they don't think they need you any longer, too.

7:48am • #4

Nancy, AAAWWWW...you're no fun!!  LOL  I think a more measured approach is likely to work better over time.  Yes, over time, not over night. 

To be successful one must make a commitment to learning how the game is done and after a while you may find a diamond in the rough.

I think what drives these folks is the high of dreaming of easy money, they probably spend a couple hundred dollars, maybe even study some of the material, and most never even make an offer on an investment.

1:24pm • #5

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Nancy Moeller

Anaheim Hills, CA

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Seven Gables Real Estate

Address: 5481 E Santa Ana Cyn. Rd , Anaheim Hills, CA, 92807

Office Phone: (714) 276-7006

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