Posted by Mike (WA) on November 12, 2008 at 10:45:28 from (69.10.198.224):
In Reply to: Money making schemes posted by teddy52food on November 12, 2008 at 10:16:16:
I've made some money buying foreclosures, and bought one guy's book, just to see if there were tricks I was missing about the procedure. The book was straightforward, but didn't have an magical methods. From what I've seen, those courses range from outright fraud (arrange sale of the defaulting house to some low income, preferably minority rube at an inflated price, and pocket the difference- which led to the present mess, and is no longer possible) to good information that, unfortunatly, won't make you any money now, because everybody owes more than the house is worth, so you can't buy the mortgage and resell the house at a profit. I thought the one I'm working on now was a sure winner, as I paid about half of what it was worth (last May). Combination of higher than expected fixup costs and the tanking of the real estate market means I'll be lucky to get out with my skin.
The "cash-flow note" deal is basically that you act as a finder, and hook up the parties and get a finder's fee. Sounds fine in theory, but the problem is, unless a potential note seller is in a coma, they can find a note buyer themselves, as close as the classifieds in their daily paper, and don't need you.
My all time favorite is the "Buy a house for $300" deal. That may have been possible at one time, but now, everybody knows about tax sales, and is there, bidding everything up. You'll still get a bargain, probably, but its a cash deal and its a lot more than 300 bucks. Besides, almost all houses have a mortgage on them, and the lender will always bail the place out of foreclosure by paying the taxes before the tax sale.
Finally, there's the "start your own internet business" one- Sending out catalogs of trinkets and Chinese junk, for outrageous prices. Don't think I even need to touch on the lunacy of that.
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