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