Saturday, February 24, 2007

Apprentice Wanted

by Osman Parvez
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Enjoying the warm and sunny weather this week in Boulder, I took a long walk Thursday afternoon. As I strolled, I happened on this sign lying in the dirt.

Ahh, the memories...

It seemed only yesterday. Late night TV and radio were filled with ads for how to make a killing in real estate. The gurus promised "no money down" techniques and portrayed a steady stream of recent real estate millionaires who were paupers only a few months earlier. The ads promised your life would change completely by simply having the wisdom to use other people's money and paying for a "no risk" seminar, book, or training program.

One nice thing about real estate becoming more rational, and in many formerly overheated markets cooling dramatically, is that people stop thinking that real estate is a fast and easy way to wealth creation.

Now, I don't know what you're doing as an apprentice to earn $20,000 per month, I didn't bother to call the number. I imagine you're supplying your excellent credit score so the "expert" can help you buy a house. Maybe several houses. Perhaps it's legitimate but I doubt it. It's more likely it's something on the shady side of law, like an inflated sale price coupled with inflated appraisals and kick backs. Any way you shake it, what this sign promises simply doesn't pass the sniff test.

I'm too busy these days to dig any deeper. If someone wants to investigate and write up a guest blog post, give me a call. I'll give you the phone number off the sign and help you with the write-up.

Image: realtyunique.com



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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

6 comments:

  1. that sounds like a good way to get your own website, entitled imALSOfacingforclosure.com

    I forget how many stupid people are out there. :)

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  2. Caroline, I think "desperate" is more accurate than "stupid."

    Unfortunately, many people are currently looking for a quick way out of their financial distress. Marketing 101 taught us that desperate buyers are ideal because they purchase based on emotions, not logic...and we all know how that turns out.

    Face it, if you want to get started in real estate investing, heed these warnings:

    *You will not get rich overnight.

    *Buying into the big real estate investing companies' "programs" is not the answer to your prayers.

    *You better have the stomach to handle getting burned a few times, (because it most likely WILL happen.)

    If you still feel so inclined, finding an active investor to be your mentor is your best bet. Call up some of those Rent to Owns or other Investor ads in the newspaper/CraigsList and offer to work for them for free for a while.

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  3. Yes, it does seem fishy. And, to think that some unsuspecting person will probably fall for it and end up in a web of lies and fraud. Seems to be an alarming trend, the mortgage fraud business. I am concerned that this will get worse before it gets better.

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