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FIB - Scams 101 - Ye Olde Archives
Posted By: Dennis Bevers <bassco2@bellsouth.net> In Response To: Re: abandoned houses (WilliamJ)
Monday, 2 January 2006, at 2:06 a.m.
> You could do that but you probably have to put alot of work and money into
> those homes since they look simular to this.
> http://imageevent.com/kansaskate/abandonedmemories2002
> William
I know what you're talking about William, but I was spoofing all those Get-Rich-in-Real-Estate promoters who offer the easy money.
Finding and buying a derelict house takes time. Fixing it up, bringing up to codes, and preparing it for market, requires thousands of dollars and lots of hours even if you can do it all yourself, with a little help from your friends.
That investment reduces the ROI drastically. So the $50 to $1 Million on 20 house scenario wouldn't yield $900K net after sales commissions and closing costs. You'd also probably have $300K or more in the houses (at $15K each to bring them up to $50K avg value).
Even a net $600K is a great return, but far from the "Flipping" houses that the RE gurus are promoting.
If you could buy a foreclosed house for $1000K in back taxes, why wouldn't the present owner get someone to pay it for them and rent or buy back the house later. It isn't as easy as it sounds.
In Louisiana, at least, the investor who does buy those homes for back taxes has to hold them for a period, and the previous owner has a time period in which they can pay the tax-lien buyer back with interest and re-cover their home.
But, the RE gurus are making thousands of $$$ by selling their books, courses, and back end products to people who are tempted by their easy money pitches.
Which is what I saw in the linked article from the original post.
As the old saying goes, "If it sounds to good to be true, it usually is!"
Dennis
My home-based bizopp alternative to getting a job.
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