Wikipedia defines get-rich-quick scheme as follows:
Most get-rich-quick schemes also promise that little skill, effort, or time is required. They often assert that wealth can be obtained by working at home. Legal and quasi-legal get-rich-quick schemes are frequently advertised on infomercials and in magazines and newspapers. Illegal schemes or scams are often advertised on the Internet through spam or cold calling. Some forms of advertising for these schemes market books or compact discs about getting rich quick rather than asking participants to invest directly in a concrete scheme.
It is clearly possible to get rich quickly if one is prepared to accept very high levels of risk — this is the premise of the gambling industry. However, gambling offers the near-certainty of completely losing the original stake over the long term, even if it offers regular wins along the way. Economic theory states that risk-free opportunities for profit are not stable, because they will quickly be exploited by arbitrageurs. Nevertheless, many people long for wealth, and find these schemes appealing.
We all see the late night infomercials telling you that you can buy houses for $300 and turn them for a quick profit right? The whole happy group sitting around drinking margaritas and sharing success stories... "How about you Jared? how did you do last month??"
Jared: "Well, I bought 3 properties for a total of $1,200 and sold them quickly for a profit of over $125,000!! Yee haw!! Pass me another margarita please!!"
I used to flip houses and when I first started I caught the get rich quick bug. I read a book that told me I was going to be wealthy beyond my wildest dreams in just 6 months or less!!! All I had to do was set up the rehabbing system and lay back and collect my checks. Flipping houses is easy money! Real estate is easy money!!! Work for 3 hours a day and play the rest of them!!! Um... yeah. Didn't quite work out that way.
I also had many real estate gurus tell me that they know the "SECRET" to real estate and they would be more than happy to share it with me... for $6,000. What do I get for that $6,000? CDs and books and stuff, then I also get to pay them more to go to one of their weekend retreats. How much more? $6,000 or course!!!!
Now don't get me wrong, I think there is some value to some of those seminars and I am sure they teach good things, but $6,000? Hm.
The point of this whole rant is that the "SECRET" to becoming wealthy and successfull in real estate is working your ass off. It doesn't happen overnight and it isn't easy. Okay, thanks for reading, I just needed to get that out of my system. Back to work!!!
Jared Christiansen your Fort Wayne Realtor
RE/Max Home Connection