Be a Bloodhound

Did you know with just $500 down, you can get a loan for $1.3 million. The best part is, you only need a credit score of 350.

If you ever hear those words. Run. Crooks like that should be too ashamed to get out of bed in the morning. But alas, there are predators out there.

By the way, that crook wanted $15,000 from everyone in the room—that was the price of his “real estate course”.

I heard that line at my second real estate scam. Yes, I’ve been to two scams since moving to New York City.

On a lighter note, a friend told me about BiggerPockets, an amazing community for real estate investors. I listened to the first Podcast and was blown away by Marty Boardman, the guest speaker. There were two things that stood out to me the most from his message:

1. Investing in real estate is really, really hard work but it’s very, very rewarding.
2. The best way to get started is to find someone in your area who is actively investing and bring something of worth to them so that you can learn from them. Start an apprenticeship, of sorts.

A lot of the real estate “gurus” are not unlike the crook I described above.

Marty Boardman was honest enough to say that these “gurus” make him sick to his stomach. He said they need to stop telling people that real estate is easy.

This goes back to my post on maintaining a healthy level of paranoia, I think an investor has to be like a bloodhound—he has to sniff and hunt for the deals. If it’s being broadcasted to the general public, it’s either a bad investment or a scam. Either way, I want no part in that.

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