http://www.freedommentor.com/worst-way-invest-in-real-estate Discover the WORST way to invest in real estate. This is the other side…real estate investing gone bad.
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i love your chanel, very intereting :)
Here is a horror story I know of… In 2003 my ex-husband (an appraiser) appraised a large undeveloped landlocked parcel zoned residential, single family, for an investor who had just bought it for what I believe was about $200,000 in a very affluent town in N.CA, and according to the investor he was in the process of working out an easement deal with the adjoining neighbor. His plan was to subdivide the parcel and to build high end homes after getting access. The payment of two hundred thousand seemed like a fantastic deal for a residential parcel of that size and had it been developed and had access to, it could have been easily worth over $1,000,000. While working on the easement deal, the investor went to the county and found out that the county decided at some point after he took possession of the property to turn it into open space! The initial investment is lost, and now he has to pay property taxes for a large parcel of land he can do nothing with! That's not the end of the horror story. Trying to recover his lost investment, two years later he sells a note for $1,000,000 to an elderly couple who knows nothing about real estate and just has some money they want to invest, and secures the note by this property. He then allegedly transfers money into an offshore account, and the elderly couple sues him and everyone else whomever had anything to do with the property (i.e. title company, realtors, etc.)
Didn't that friend who got involved with the residential development have an LLC?
If you're not borrowing money to begin with then their's really not much downside risk, is their?
wow u so great ! watch this video with my first tea this morning !going to look for more video u post!thank u again for share that information
I really enjoy your videos! A lot of people teach business and investing and they make it really textbook and boring, almost speaking monotone. You on the other hand are passionate about this and you provided personal stories and practical scenarios that make it fun and easy to follow. Thanks!
Ps. Like that one guy said, iron your shirt! Ha
Hey Phil would getting a loan to buy about 8 rental properties be a good idea? Also My father and I would rehab the homes so the cost of rehabbing would be less expensive. I would really appreciate if you could respond back and make a suggest.
I am having a really rough time finding the first deal. Any thoughts?
Lol, I am a recent mechanical engineeing grad. I am interesting in both engineering and real estate. Btw,you are awosome.
How can you make deals without any credit or money involved? Can you kindly give me few examples?
I purchased a single-family, new construction project from an investor who apparently could not complete the project. We did our due diligence…lien check, permits, blueprints, etc. The permit expiditer confirmed that we were clear to close up the walls and request the final inspection from the city.
Unfortunately, we missed the fact that there's no water or sewer. Water service and plumbing are two different things. So we have to dig up the lawn and street, open the foundation and spend a fortune on permits. This was a $25,000 mistake…oops!
This was a great video. I purchased my first tax forclosure several years ago on the court house step. When doing research at the tax office I found where I thought the property was located on the map. I drove out to see the property and found it had a mobile home that was vacant and looked to be intact. So it went real cheap at auction I paid $700. I thought i was going to be the next big investment star as i left witb my new tax deed. Turns out I purchased the property next to the property I thought I was getting. Only this property has someone living in the house and I have not had the nerve to deal with this problem of making them leave or pay me back.
How could I buy a house with no money down that has a repair escrow?
buddy bough a home many years ago, it has been rented out. he now wants to sell it, tenants found out, they made that house in to a complete mess, holes in the walls, under garments and unwashed pots and pans all over the floor, food thrown all over the floor. It is not attractive to the potential buyers at all, looks like a complete mess.
So many comments about the wrinkled shirt. Maybe he is too busy making good deals to run an iron people! LOL
why didn't you iron your shirt. Thanks for the video.
Are you licensed?
Ard you licensed?
my frend from florida had a swimmingpool company ,he sold that and guy didnt payhim money,and my frend lost everything