Probably not . . . - Posted by JoeKaiser
Posted by JoeKaiser on January 19, 2001 at 22:00:17:
We have a fellow here in town who did this very sort of thing a few years back, Rusty F.
He even held seminars and produced an info pack for folks looking to get into real estate with no prior experience.
They put up their financial statements and borrowing ability, and Rusty put together the deals. The investors got loans for the property purchases, pocketed $1,000 or so for their efforts, and owned a house for nothingdown.
They all paid way too much for the properties, rents didn’t cover mortgages, and problems developed when Rusty couldn’t keep up with the payments for them like he promised.
Lots of foreclosures, lots of upset investors, and lots of lawsuits.
Last time I checked, Rusty was still making little rocks out of big rocks at the graybar hotel.