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Rating: 
Level of
Review: Researched.
Overview: A
book or a membership in a program that supposedly
teaches you how to profit from buying and renting
or selling real estate without an
investment.
Product:
Their product is the book. Yours is the
house.
Cost:
Usually $19.95 to $59.95, sometimes
more.
Compensation:
Profit from sale of home or rental of
home.
Conclusion:
Totally a scam. Like all scams it has just
enough truth to sound good. Like all scams, it
leaves out just enough information to guarantee
that you won't figure out you have been scammed
until you try it out. A quick rundown of real
estate market facts will generally cure any
thoughts of buying this kind of program.
1. When the real
estate market is low, there are many incentives to
buy homes. But this is often only regional. The
reason regional lows occur is because nobody wants
to live there. Renters are hard to find then too.
When the real estate market is booming, no matter
what the reason, incentives are very poor, and
deals are hard to find.
2. Most programs
that allow you to purchase only allow primary
homeowners. They do not include people buying
property for investment purposes.
3. Credit
requirements for an investment property are quite
different from those for a primary residence. The
risks are higher, and rates are higher too. They
generally want quite a bit down on it. They also
won't loan on it unless you have a tennant contract
lined up before the purchase, or a track record of
successful rentals.
4. Assumable loans
are rare anymore, and they tend to follow the same
rules as a new mortgage. Even if the landowner had
a low interest rate previously, it may go up when
you assume the loan. Most assumable loans still
come with a partial buyout requirement
anyway.
5. Repos are not
available cheap anymore either except in severely
depressed areas, where no one wants to rent or buy.
Most banks sell the loan to another company, who
lists it with a real estate agent in a normal
fashion, and a market value price.
6. You have to have
room in your debt percentage to take on a second
payment if you do not have either a contracted
tennant or a previous successful rental management
history.
The impression
given is that you can go in broke and come out
rich. It does not work that way. If you do not have
resources, this won't work.
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