I was a credit investor for a supposed successful real estate investor five years ago thinking I was being mentored and gonna make some good money. The deal was I buy the houses in my name and he would pay me 5,000 and another 2,500 when the tenant/buyer purchased the home. He would find the houses offer 30,000 below asking and then get a maxed out apprasial that I would buy at, then after closing I l/o the house back to him and he would find tenant/buyer. He would send me the money to cover the mortgage and I would pay it. He was charging 1500 in rent and the mortgages were around 2,000 but he didnt care cause he was pullin large sums of money at closing. Well the market turned and he didnt want to support the neg. cash flow anymore and he let them foreclose. He did 5 with me and close to 100 with 20 other investors like myself. Now he's being looked at by the state police and the FBI and I got a bad credit report. I should've known better but I thought I was learning from a "Successful real estate investor" and wanted to make some good money for doin nothin . So now I'm trying to give it another go the right way armed with knowledge and faith.

Just be careful who you deal with!