I read an interesting article in the December issue of Money Magazine about the foreclosure classes that are proliferating all over the country. Are they teaching how to avoid foreclosure? No, these so-called "Foreclosure Gurus" are holding expensive seminars on how to make a fortune in buying pre-foreclosure and foreclosure properties. Foreclosure investing has become what flipping was a couple of years ago...the road to riches. As usual in these cases, the real money is made by those putting on the seminars. The National Foreclosure Institute launched last year, and charges $3955 for a three day course which "responds to an acute marketplace need for qualified foreclosure professionals." On the web, RealtyTrac, a source of foreclosure listings, attracts over 3 million visitors a month. The publishers of Real Estate Investment for Dummies have come out with Foreclosure Investing for Dummies, and last month's best-selling real estate book was Be a Real Estate Millionaire: Secret Strategies for Lifetime Wealth Today by Dean Graziosi. (His last company promised to teach you how to make money selling cars you don't own.)
Even "The Donald" is getting in on the act. The Trump Institute is giving a one-day course in buying houses from homeowners behind in their loans. They say, "The current rise in foreclosures is an incredible opportunity for you to achieve the privileged life you've always dreamed about." Talk about tacky, Donald!
2 comments:
Flipping, one thing that is bound to get a real estate investor stuck in deep waters. And now with foreclosure already making (unwanted) waves on the scene, it's just a matter of time till when investors see the light and realise just where their profits lie.
Hey, one thing that is bound to get a
real estate investor stuck in deep waters. And now with foreclosure already making (unwanted) waves on the scene, it's just a matter of time till when investors see the light and realise just where their profits lie.
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