Reality TV is all the rage on TV for the last year or so in the real estate frenzy we've all just lived through.No questions asked! The shows seemed to be geared toward the ask no question crowds of crazed would be investors and do-it-your-selfers obsessed with easy profits.. For those of us that are seasoned in real estate it was just hard to swallow a lot of the TV and media hype. After all, true acquisition costs, adn real expenses such as commissions and tax consequences were never part of any of the shows. But did anyone ever assume that fraud could be part of the show?
In the Atlanta area, a recent evening news station just ran an expose that revealed some startling news about the reality show. The news quickly traveled though the real estate community in Atlanta, but I was curious if the story received press anywhere else. The article I am linking contains most of the details that were aired on the TV shows. They did not show the "SOLDS" signs on the homes that were never really sold at all, or the fact that the real estate license was in fact revoked prior to the shows airing. Investors claimed their investment dollars disappeared! I'd love to hear your reaction and comments on the Article.