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Old 06-27-2008, 09:41 AM
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Great post!

Honestly, I never expected to break into real estate investing without a plan, money, credit, etc. This is like any business as it takes education, planning, money, credit, and good working ethics.

I have a buddy in Biloxi, MS that read a Ron LeGrand book and became bandit sign hero! Spent like 1k in bandit signs and soon had his first double closing. Made 5k and talked his dad into purchasing a home for 90k and sinking 25k into repairs as they thought it was a sure bet at making money!

1 - they didn’t research the market, 2 - they didn’t know the market, 3 - all they read was how to obtain properties. No exit strategies in mind. Just do like the flip this house shows do. Put up a “for sell” sign up in the yard and it will sell.

7 months later their home is still on the market and they will make no profit. They are actually in the whole. This being said, people do not take others advice. They expect this business to be easy as that’s what the late night infomercials brain wash them into believing.
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