No-Money Down Mania
Wannabe millionaires are flocking to gurus who say anyone can get rich in real estate. Not exactly.
NEW YORK (MONEY Magazine) - An afternoon session of the Ron LeGrand Massive Income Strategies Boot Camp is about to begin. LeGrand himself, a tall, well-tanned 58-year-old, sits onstage in the ballroom of a Florida golf resort.
His 400 students are settling into their seats when, from the back of the room, a thirtysomething man in a T-shirt strides up the aisle waving a piece of paper. Is he part of the show? If so, LeGrand doesn't let on.
Introducing himself as Todd, the man presents LeGrand with the document, a copy of a $92,821 check, and announces, "This is from my latest deal." Todd explains that he'd been a truck driver before turning full time to real estate two years ago. Since then, he says, he's made $1 million. The crowd goes wild. Boot Camp is in session again.
http://money.cnn.com/2005/05/11/real_estate/investment_prop/re2005_scam_0506/index.htm
link doesn't seem to be working. any alternative link to finish reading?
never mind, peergaurdian was active and blocking it... good article.
Fantastic Article.
I am going to post this article the next time someone posts this: "I have a 400 credit score, $50,000 in debt, 4 payments behind on my mortgage and I'm getting divorced in two weeks. What's the best way to start investing?"
REI is a business. It requires capital, business sense and lots of time/dedication. Granted, the second two can compensate for the first; but, most people think all they need is the first item (money) without thinking of the soft skills (business sense and dedication) needed to run a business.
I'm getting off my soapbox now. Great post monkfish!