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Today’s market has some special foundations to it. In the past downturns, there were people who could not afford their properties, but still had equity available. Of course, over the last three or four years, we all refinanced the ass out of our properties leaving very little to no equity. So, getting a property for pennies on the dollar is basically nonsense.
These tv shows all portray the successful investor who bought a house for a few bucks, put some paint on it and made a fifty grand profit. Unfortunately, life doesn’t work that way. Sure there are some incredible bargainst out there, and even I have had a lender offer me a building for $750. Yes I said seven fifty, not seven fifty thousand. Of course, it had a 100K tax lien against it and was condemned!! And that is the point. Investing is a business, and you need to add value to make the big profits.
The gurus have it all worked out though. There are pennies on the dollar deals out there, but you might only get one or two a lifetime. These guys have thouands of sheep who flock to their seminars and with so many newbie investors, it shouldnt be surprising that one or two make a lucky profit – they cannot replicate that success though.
David Litterick
http://www.ShortSaleServicesForAgents.com