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!

Sorry to hear that, and I hope you are getting a good start this time around.

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Steven Brown
Cash 4 Houses, LLC
HomeVestors
Mobile, Al
251-366-HOME
steve.brown@homevestors.com

Well good luck to you and thanks a TON for sharing your story with us. It is easy for newbies to get sucked in to the glitz and glamour of Porsche driving dopes.... I am SO kidding Steve!! LMAO!!

There is a guy I know here that is offering "mentoring" for newbies. Thing is that this guy has around 20 houses in foreclosures and will probably end up filing bankruptcy at some point... yet he is offering mentoring???? Blew me away. He helps newbies by teaming up with them and helping them find a good deal. He then walks them through it and splits the profit. I'm sorry but I'd much rather take advice from someone like Steve that is really doing it and doing it the right way, not somebody that has lost their ass in the business they are trying to teach others.

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Thank you for being a part of the FIB Team!

whew!, this post and the other really woke me up.
i'm really paying attention now
good thing i got nothing to lose but my ass -
(pssstt... know any hot chicks who need some company? i need some cash and they have lots of time to kill - LOL)

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"I'll make you an offer you can't refuse"