Real Estate Investing - How dumb can people get?

Here's the html. <a href="http://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/index.htm?postversion=2007080816">Is this your last chance to get rich in real estate? - Aug. 7, 2007</a>
 
Wow, that's a total scam. The Michigan properties.....oy vey. P.T. Barnum was right....there is a sucker born every minute.
 
<p>I was approached by people like that before. Boasting how they acquired 5 homes for just $500/mo. When you ask for the details, they would always say, "Come to the seminar. It's free"</p>

<p>In the above article, it's funny that the name Robert Kiyosaki and Amway were mentioned. The characters who had approached me idolize Kiyosaki and their business model is similiar to Amway's pyramid scheme.</p>
 
<p>Yep a real estate multi level marketing scheme. To me its just insane! Unfortunately there are lots of people who want to get rich without working and or even trying.... Sorry, things aren't that easy. Good luck</p>

<p>-bix</p>
 
The quest for bagholders goes on. I have to wonder how many people will volunteer to become bagholders over the next few years.
 
I have friends and co-workers who bought property through these seminars and such, and found themselves not just at a negative cashflow, but losing tons of their HELOC cash because they can't sell that house on the open market. They all believed that once you buy a home anywhere, herds of people who need rentals will just show up and pay hefty cash, thus autmoatically making you rich.
 
<p>yeah, i read those money magazine articles of knife catchers trying (in vain) to find someone to offload their bag to ...</p>

<p>i just shake my head and say, serves you right ...</p>

<p>and i wonder why money magazine is trying to 'bail' them out by generating interest and pity ... </p>

<p>or perhaps most people read it and say, "Suckaaaah!" </p>
 
It's the age-old process of redistribution of wealth from the stupid to the conniving. How this Piccolo guy can live with himself encouraging clueless people to go sign up for "classes" to get their hard earned equity ripped away from them is beyond me. The blame goes to the people too. These clueless people who do this at this time with all the news about real estate depreciation, are almost like clueless cows willingly going into a meat processing plant to get their guts eviscerated and their bodies chopped up for food to feed others.
 
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