5432dh@homxb.UUCP (David Himber) (06/07/85)
Last night I attended a "free" 2 hour seminar given by Jeff McHone called Creation of Wealth. It is supposed to teach you how to buy real estate for "little or no money down". He was somewhat vague in describing his techniques and used speaking techniques similar to a person delivering a sermon but also giving the hard sell. The seminar ends with him telling you that you can learn all you need to know by attending an all day seminar this Saturday at the Hilton in Secaucus, N.J. for only $349. To accomodate people who couldn't make it this weekend,a home study kit is available for the same amount. After this weekend the home study kit will be $399. Are there any "graduates" of this seminar on the net? Has the information proven useful? Are the techniques about to become obsolete if Reagan's tax reform package goes through? If I get sufficient replies, I'll post to the net. Please send replies to hotlb!dxh instead of homxb!5432dh as it just will be forwarded, adding additional delay. David Himber AT&T-Bell Laboratories Holmdel, N.J. (201)949-6323 (Call collect if you have something substantial to tell me). [ihnp4 | allegra ]!hotlb!dxh
phl@drusd.UUCP (LavettePH) (06/07/85)
Before you put up the money I would suggest you ask yourself why anybody with such a great money-making scheme is living out of a suitcase on the rubber- chicken circuit. :-) I would suggest that you thoroughly study Barnum and Fields before you try any of these plans. That is the rock upon which our whole system of investment has been based for decades. Their simple principles remain to this day the best advice ever given to the novice investor. - Phil
dgh@sun.uucp (David Hough) (06/08/85)
In article <626@homxb.UUCP> 5432dh@homxb.UUCP (David Himber) writes: >Last night I attended a "free" 2 hour seminar >[to learn] how to buy real estate for "little or no money down". There are lots of people charging ridiculous fees to teach you the secrets of instant wealth in real estate. You can get the same message in any of numerous books in the business section of any bookstore for a lot less money. Here's what seems to be the key concept: seller financing. Find an idiot who will take a note instead of cash. Buy his house and give him a note. Fix it up as necessary and if it increases in value, sell it, pay off the note, and have fun with your profits. Here's the catch: if for any reason it doesn't work out, you walk away, leaving the seller with his house in whatever condition you left it. Of course, you only secure the note with the property being bought, never with any of your other assets. This is fine for the buyer, except there are a lot of people who have gotten this idea from books and seminars, so there is not too much chance of finding a desirable property at a particularly attractive price except by working long and hard. However, seller financing is a bummer for the seller unless he can get the buyer to guarantee the note with all his credit and assets... not likely. Notes from no-money down buyers can't be resold because they are usually worthless. These comments are condensed from a very interesting article in a recent issue of Real Estate Investing Letter which compared seller financing notes unfavorably to corporate junk bonds. David Hough
magik@wlcrjs.UUCP (Ben Liberman) (06/09/85)
In article <1359@drusd.UUCP> phl@drusd.UUCP (LavettePH) writes: >Before you put up the money I would suggest you ask yourself why anybody with >such a great money-making scheme is living out of a suitcase on the rubber- >chicken circuit. :-) > >I would suggest that you thoroughly study Barnum and Fields .... >- Phil For all you younger folk, that's P.T. Barnum ("There's a sucker born every minute") and W.C. Fields ("Never give a sucker an even break") -- ----------------------------------------- Ben Liberman {ihnp4|ihldt}!wlcrjs!magik