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No-Money Down Mania
| | Friday, June 10, 2005 @ 12:00 PM EDT
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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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