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How to get Rich....Will You Buy This Bridge?

By Trey Thurmond

Real Estate Agent with BCR Realtors 262359

May 25, 2008 05:14 PM

In reading Charles McDonald's post about "Bottom Feeders", http://activerain.com/blogsview/518975/Bottom-Feeders...... I was reminded about the late night " How to Get Rich in Real Estate" shows. Often they feature an interview with a middle aged average couple, lounging in the backyard of their second home in Hawaii or Tahiti. In their past life they were struggling at hourly dead-end jobs. Then one night while sleeplessly tossing and turning , worried about their electric bill and college funds, they by chance turned on the TV and there was that couple in Hawaii, and suddenly by some kind of miracle and within a year from that night they were the proud owners of 12 rent homes! Hallelujah!

You know , I can't tell you how many friends and contacts through the years have asked me about buying one of those schemes, and wanted to know what I thought about their validity and value since of course I was a real estate professional expert type according to them.

My comment after smiling and chuckling:

"No you don't want to buy that program, you can go shopping with me for free."

I have always despised those shows . I feel they really take advantage of the unsuspecting and actually mislead investors about the real world. If it's too good to be true.....

Have a prosperous week!

Trey

www.treythurmond.com

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Steve Shatsky

Dallas, TX

Hi Trey... you're "on target" as usual. There's a reason why they call those things "Get Rich Quick Schemes" and not "Get Rich Quick Legitimate Business Opportunities". I wish people would think about that before writing a big check!

May 25, 2008 05:28 PM

Ruthmarie Hicks

Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605 - White Plains, NY

Those programs are such a pain...and so misleading. It really is frightening how many people are taken in by such things. Sad - and shows how low some will go to make a quick buck off of the desperate.

May 25, 2008 05:54 PM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Trey: You know, as phoney as those programs seem to us, somehow there are always folks who fall for it and order whatever it is that will put them on "easy street." Good ol' Mr PT Barnum was right !

May 25, 2008 06:18 PM

Brett Noel

Keller Williams - Paso Robles, CA

I was getting excited about buying a bridge :)

May 25, 2008 06:29 PM

Rob Baldwin

US ECO-GREEN REAL ESTATE INC. - Santa Clarita, CA

REALTOR, Santa Clarita

Trey, I am one of those guys that for a time helped the "gurus" stay in business for a little longer.

May 25, 2008 06:36 PM

Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

Interesting how those shows seem to come and go. What gets me is these flipping shows that are still running on HGTV. I think this is where people get the idea of "low ball" offers.

BTW, thanks for the plug on my post!

May 25, 2008 11:49 PM

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

Trey, I guess there are some people who do make money using those various techniques. Notice that they always add a disclaimer about not all people make money using the system. I think there is some value to these courses. The courses have some good "creative financing" techniques in them. In the early 90's when the real estate market bottomed out, many of the techniques were used successfully. Will they work today? You never know until you give them a try. Will sellers agree to "creative financing?" More than likely probably not, but then again maybe someone will. By the way, I don't advocate purchasing the courses or any get rich quick schemes.

Good Post!

May 26, 2008 02:29 AM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Trey, late night TV hucksters is all I can say. If it looks to good to be true it is. I just wonder how they afford all the expensive TV air time.

May 26, 2008 05:33 AM

Trey Thurmond

BCR Realtors - College Station, TX

College Station , Texas Homes

Steve

Unfortunately many get smart too late...after the check clears.

Ruthmarie,

I am sure there will be another big wave of them on forclosures etc.

Rob,

Was it really worth it?

Charles,

I dislike those Flipping shows also. I agree with you.

Michael,

I went through late 80's...early 90's and bought and sold properties. Believe me some of the "creative" stuff back then won't pass the litmus test of lenders and the Fed today. A few worked.

Gary,

I have often wondered the same thing. Got to cost a bundle..that is a certainty.

May 26, 2008 06:50 AM

How to get Rich....Will You Buy This Bridge?

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