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No-Money Down Mania

Friday, June 10, 2005 @ 12:00 PM EDT Printer Friendly Page  Printer Friendly Page
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Contributed by: Ken Lyons

Ken Lyons Properties

Read more archived articles about Buying

Wannabe millionaires are flocking to gurus who say anyone can get rich in real estate. Not exactly.

NEW YORK (MONEY Magazine) - An afternoon session of the Ron LeGrand Massive Income Strategies Boot Camp is about to begin. LeGrand himself, a tall, well-tanned 58-year-old, sits onstage in the ballroom
 
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of a Florida golf resort.

His 400 students are settling into their seats when, from the back of the room, a thirtysomething man in a T-shirt strides up the aisle waving a piece of paper. Is he part of the show? If so, LeGrand doesn't let on.

Introducing himself as Todd, the man presents LeGrand with the document, a copy of a $92,821 check, and announces, "This is from my latest deal." Todd explains that he'd been a truck driver before turning full time to real estate two years ago. Since then, he says, he's made $1 million. The crowd goes wild. Boot Camp is in session again.

http://money.cnn.com/2005/05/11/real_estate/investment_prop/re2005_scam_0506/index.htm



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Re: No-Money Down Mania (Score: 2)
by joecrane on Monday, June 13, 2005 @ 05:12 AM EDT

Fantastic Article.

I am going to post this article the next time someone posts this: "I have a 400 credit score, $50,000 in debt, 4 payments behind on my mortgage and I'm getting divorced in two weeks. What's the best way to start investing?"

REI is a business. It requires capital, business sense and lots of time/dedication. Granted, the second two can compensate for the first; but, most people think all they need is the first item (money) without thinking of the soft skills (business sense and dedication) needed to run a business.

I'm getting off my soapbox now. Great post monkfish![ No Comments Allowed for Anonymous, please register ]




Re: No-Money Down Mania (Score: 1)
by krismallory on Friday, June 10, 2005 @ 12:39 PM EDT

link doesn't seem to be working. any alternative link to finish reading?[ No Comments Allowed for Anonymous, please register ]



  • Re: No-Money Down Mania by krismallory on Friday, June 10, 2005 @ 12:44 PM EDT



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