GET RICH BUYING REAL ESTATE ~ THESE SEMINARS DRIVE ME CRAZY ~

By
Real Estate Agent

Our office handles a lot of HUD properties.  Every month or so I get a call from someone professing to be a real estate investor.  They want to buy a couple of houses every month for cash.

They have assembled a list of 25 properties from Realtor.com they want me to show. They range in price from $10,000.00 to maybe $45,000.00.  I usually can ferret these out pretty quickly and know they are a waste of gas and time.  A lot of the properties I am already familiar with. 

These people are being sold a bill of goods.  We have one of these FREE SEMINARS going on every month or so.  They advertise on local radio and in the paper. Some of these so called investors have taken mortgages on their homes, gone to SBA for loans or have borrowed other funds to do this.  The only person who is going to make money is the Mentor they hired as a result of the seminar.

You try to educate them that the $10,000.00 4/2 house that is advertised as needs TLC actually needs a bulldozer.  No matter what you tell them they are following the advice of the mentor who does not have a Real Estate license.

The home requirements are pretty standard.  A 3/1 in a good location 1100-1300 sq feet.  They also want recent comps in no more than 1/10 of a mile radius of the subject property.

This is not a Carlton Sheets type program, but in effect it still ropes people into believing they can be real estate millionaires overnight.

I was wondering if this is going on in other parts of the country or is this something unique to my area ?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Pennsylvania Lackawanna County Clarks Summit
Groups:
Almost Anything Goes
Diary of a Realtor
Realtors®
"Whacked"!!!
Tags:
free real estate seminar
get rich in real estate
buy homes cash
investor seminar

Spam prevention
Show All Comments
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

I do a lot of short sales and I get people calling me wanting to buy my short sales at "70 cents to the dollar". It's the magic number in real estate investing. I tell them if I can get them that cheap, I would buy them myself as our market will allow 10% below the lowest comp available.

Jul 28, 2009 05:15 PM #1
Rainmaker
244,734
Bonnie Vaughan
Scranton, PA
CNE SFR - Buyers/Sellers - Lackawanna & Surroundin

We really do have homes CHEAP.  It's not the price that is at issue. The problem for a Realtor is the amount you get paid might be a fixed amount. Showing 25 properties, making multiple offers till one sticks ties up your time. These investor types want you to be a door opener.  What the seminar does not tell them is that no experienced Realtor will devote that much time for that little compensation.

I usually tell them to call a real estate school and get the name of a new agent in their area to work with.

 

Jul 29, 2009 02:03 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
244,734

Bonnie Vaughan

CNE SFR - Buyers/Sellers - Lackawanna & Surroundin
How can I assist you?
*
*
*
*