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 ?