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Absolute Acreage Investing: Infomercial, Tax Sales And Mentoring Scams

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 31 December 18:00   Flipping through late-night infomercials recently, I saw two absolute acreage get-rich quick schemes, and I couldn t advice but admiration why humans still abatement for those old scams? Has anyone absolutely talked a agent out of his home for no money down with buyer costs lately?

    Real acreage infomercials do abundant abuse to alpha investors, who decay hundreds of dollars on old information. Worse yet, those beginners anon get beat and absence out on the true (and profitable) chance of absolute acreage investing.

    One of the alotof accepted backward night infomercial shows tells beginners that it s accessible to create a affluence by affairs houses with no money down and then renting them out to awning the account payments. It s true that you can buy a home for no money down, but the requirements cover accepting acceptable credit, acceptable income, and the home should be owner-occupied.

    Rentals don t commonly authorize for no money down financing. Institutional lenders aren t declared to create no money down loans on investment properties, and even if you could buy an investment home with no money down, the account payments would about eat up the rent.

    Late-night scammers aswell affirmation that investors can get owners to pay the closing costs, including the down payment. But if a lender asks area your down transaction will be advancing from, saying, "the seller" is not the appropriate answer! Today s sellers are aswell adequately savvy, and accept that with no money invested in a property, a client could calmly airing abroad and leave them with a home that s been broke by absent-minded tenants.

    Another TV program offers a artificial arrangement for affairs houses at antic prices, but anticipate about it: has anyone bought a home, chargeless and clear, for $345.00 at a tax auction recently? Hordes of investors army to the tax sales in the breadth area I live, behest up the prices of foreclosure backdrop far above a few cents on the dollar. It just doesn t happen.

    Today, addition absolute acreage investment betray is accepted in Southern California. Heres how it works: a adolescent being we ll alarm Charles answerable $4,000 on his acclaim agenda to appoint a absolute acreage "mentor," afterwards the coach wined and dined him at a adorned Beverly Hills restaurant.

    In barter for the fee, the coach instructed Charles to acquisition afflicted houses by active about the breadth and autograph down the addresses of animal houses in nice neighborhoods. Already Charles had accustomed him the addresses, the coach acquired the buyer s abode and sometimes a buzz number. Then it was up to Charles to alarm the owners and allocution them into affairs their houses for no money down, and accustomed the paper, too!

    I met Charles if he alleged me about affairs a acreage that my bedmate and I had on the bazaar for $1.2 million. If I asked him how such a adolescent man was traveling to create the payments on $1.2 actor home, he told me that he planned to hire the abode out for abundant to create the payments.

    As a absolute acreage broker myself, I approved not to beam at his naivete, and afterwards talking to Charles and alert to his annoyance about aggravating so harder to chase his coach s advice , I offered to advice him acquisition a property, and I m blessed to say that Charles now owns his own home. But he ll still accept to absorb years paying off a $4,000 acclaim agenda bill.

    If you wish to create money as a absolute acreage investor, a acceptable first move is to buy your own home, like Charles did. You can do that for no money down if you accept acceptable credit, or for a almost little bulk of money down if your acclaim is poor. Already you ve purchased your own home, fix it up and then either advertise it or refinance it and use your profits as the down transaction on an investment property.

    Don t pay hundreds of dollars for out-dated methods that may accept formed in the average of endure century! They re a decay of your time and money. Absolute acreage advance is absolutely a abundant way to create a fortune, but you haveto stick to allegiant accurate strategies, ones that plan in todays absolute acreage market.

    Copyright © 2006 Jeanette J. Fisher



Tags: money, sales, payments, investment, night, credit, investors, property, scams, houses, payment, buying, estate, owner, investing, mentor, charles

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