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