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...Buy
Real Estate With No Money Down, and Get Rich
Quick...
...Real Estate Secrets Guaranteed To Make You A
Millionaire...
...Free Real Estate Seminar That You Can't
Miss...
...you've probably seen claims and offers
like these on TV or on the internet, but before
you decide to follow any of them, please be VERY
careful.
Unfortunately, many (not all of them, obviously)
of these so-called "real estate gurus"
with a "shady" past (to say the least)
will try almost anything to sell their books,
seminars, tapes, etc...
So please remember;
If something is too good to be true, it
probably is. They all have very convincing
"success" stories, and testimonials,
but as many unsuspecting Americans have found
out, they are not always true...
In a recent case, it was revealed that William
McCorkle (famous for his late night TV
infomercials in the 90's) hired/used actors,
employees, and friends to give false
testimonials.
McCorkle's program described how you could get
rich by buying pre-foreclosed or depressed
properties, and then selling them for a huge
profit. He even promised to put up
his own money to buy the property and then split
any profit when the property was sold.
The sad part about all this is that not many
people (who paid about $69 for his booklets or
close to $1000 for a "boot camp"/video
tapes) and followed his instructions made any
money that way. A lot of them were also
surprised to find out that the "no
questions asked / money back guarantee"
wasn't exactly what they expected.
In 1998, William McCorkle (who before starting
his "business" worked as a busboy and
exotic dancer) and his wife Chantal McCorkle
were convicted of mail fraud, and money
laundering.
As you can see, some "real estate
gurus" will really try almost anything;
from overstating the rewards ("...you will
make 500,000 on your first year..."), and
understating the time required, the risks
involved, etc... or even just lie, lie and lie
to you. So, please be
careful next time one of them tries to sell you
a "great opportunity".
You may be thinking; "That will never
happen to me", "I am not
stupid"... Well, I hope not,
but in some cases, people have been
"fooled" and not even realized what
was really happening until it was too late.
Many people attend "free seminars"
and find out that the "free seminar"
is just a way for the "real estate
guru" to lure you in and pressure you to
buy their expensive stuff; books, tapes,
mentoring, etc...
Trust your own instincts, if anything smells
the least bit fishy... do not walk away,
RUN ! ! !, get out there as fast as you can!
Also, if you do decide to attend one of those
"free seminars", DO NOT take any
credit cards, checkbook, or money with you.
It's not only the seminars, sometimes they may
offer a "very good deal" on TV (or
radio, internet, e-mail, etc...) - they will
probably say something like "...it's risk
free...", "...act now!, don't miss
this opportunity; you can have all this for
only..."
...But what you do not know, is that once
you order that "great deal", you will
be repeatedly pressured to buy more expensive
products (just like in the "free
seminar").
Again, be careful and very skeptical.
They will usually say something like...
"... it's a win/win situation ..." (...but
you may find out later; Win/Win for
them; Lose/Lose for you. You just lose
money when you buy, and lose more money if you
try to do what tell you...)
"... anyone can do it !!! ..." (...but
you may find out later; You
can't do it, and neither can they...)
"... creative financing ..." (...but
you may find out later; The
"creative" part only created problems
for you...)
"... don't wait, act now ..." (...but
you may find out later they meant; "Don't
think...., because if you do, you will realize
this is a scam" and "act
now !...., before we get caught"...)
"... we did it ! ! so can you ! ! ..."
(...but you may find out
later; They haven't really
made millions in real estate, and you won't
either)
"... secret technique ..." (...here's
their secret technique; If you
are stupid enough to buy the "cheap
stuff" or go to the "free
seminar", you are dumb enough to buy the
more expensive and overpriced stuff ...)
"... it's risk free ..." (...but
you may find out later; It
will cost you a lot of money, and it's very
risky...)
"... it's not a scam ..." (...but
you may find out later; Your
"real estate guru" was convicted of
mail fraud, and money laundering...)
NOW THE BIG ONE...
"... you don't need to know anything about
real estate ..." (...but you may
find out later; The "real
estate guru" did not know anything about
real estate either... That's why you both
got into so much trouble...)
I can't believe people fall for that one,
but they do. That's exactly what
they want; someone who does not know
anything (or know very little) about real estate
or investing. Why?
That "real estate guru" probably
knows an experienced real estate investor would
never buy the junk he is trying to sell you.
An experienced investor or broker can see the
"complete picture", an inexperienced
one may not. A prudent investor knows that
many "no money down" / "nothing
down" deals are very risky (in some cases
even illegal), requiring that you take advantage
of an "naive" seller, and/or lie to a
lender.
Please understand that not all 100%
Loan-to-value deals are bad, or illegal.
In my opinion, they are not as easy as many
"gurus" would have you believe, and
they are extremely risky (something that the
"guru" will probably not tell you).
So, the real question is not "Can I buy
that property with no money down?",
...but "Should I buy that
property with no money down?"
Ask yourself, "Do I understand all the
risks involved?", "Is the deal
profitable?". You may realize
later that the income generated by the property
is not enough to cover the all expenses
including the "zero down" loan.
So, why does so many of these so-called
"real estate gurus" try to sell
"No Money Down" programs, books,
tapes, seminars, etc...?
Many reasons, probably because...
1- It sounds good. Many
people do not have enough money to put down to
buy a property, so when they hear "Buy
a property with NO MONEY DOWN, It's easy and I
know all the secrets...Bla, bla, bla"
it sounds good, specially if they don't
tell you about the bad part about it.
2- It sells. If it sounds good, you
will buy it, if you buy it, they will make a lot
of money. Besides, you are the one
assuming all the risk.
3- They can sell it as a "secret"
or "new technique".
Not many people want to do a "no money
down" deal or know how to do it; even those
who can do it legally. So, if you go
to a bank or real estate agent and tell them you
want to buy an investment property "with no
money down", you may hear; "no
deal", "it's very difficult",
"very risky", etc...
Then you hear some "guru" say; "...but
wait, I have a "new technique" /
"secret program" that shows you how to
buy that property "with zero down" and
make thousands of dollars too..."
And you think to yourself, "hey,
maybe he knows something no one knows..., after
all, it's "new" and it's
"secret"...".
4- Number four combines 1, 2, and 3.
Those "zero down" programs attract the
"customers" they want;
inexperienced investors. Why?
Those investor are more likely to fall for
reasons; 1, 2, and 3 above.
Unscrupulous "gurus" know that a
sophisticated investor knows that there is no
"secret" or "new technique",
or is stupid enough buy all that junk.
Besides, many experienced real estate investors
don't need/want "zero money down", and
those who do, already know how to do it the
right way. On the other hand,
novice investors may not know all that and are
more likely to have less money to invest, and
therefore need (or at least believe) they need
to do "no money down" deals.
So, What should you do?
Again, not all real estate "gurus" are
dishonest, and not all "seminars" or
"booklets/courses" are bad.
The problem is that there are so many that are
that way. So, please be
extremely careful and very skeptical of any
"amazing" claim made on TV, Seminar,
or Internet (there are many "get rich quick
in real estate" & "buy
foreclosure, get rich" type of websites
that promise a lot...).
If you want to learn about real estate take
"REAL" courses, and read
"REAL" books. In
Florida, you can contact the Florida Real Estate
Commission (FREC), a local real estate school,
or the Florida Association of Realtors (FAR).
The CCIM Institute also offer excellent courses
in commercial investment real estate.
You will learn there is much more to real
estate investing than what many
"gurus" want you to know...
One more thing, there are many "scams"
out there, I only focused on real estate because
this is a real estate related website.
Please understand that investing in real estate
can really be profitable, and you do not have to
be a a genius or a millionaire to do it.
Sure, the more money you have, the easier it may
be; and being a genius won't hurt you either,
but you may also find out that being patient,
honest, and work/study hard will really help you
become successful not only in real estate, but
more importantly; in life - even if you do not
become a millionaire...
....well, it's just my opinion.
Thank you for visiting our website. Best
wishes,
Marcos S. Bolorino - MyRealEstateOffice.Com
...while you are here, please try one of
our exclusive "Real
Estate Investment Analysis" programs,
and let me know what you think... We are
always working hard to make them better and
easier to use. You can download them
and see a "limited" sample analysis
and print all pages/reports -
We'll be glad to answer any questions about the
programs even before you decide to register
them.
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