Real Estate Blog

You don't have to flip too far back in history to figure out that hard times bring out the scavengers. In fact, you could probably just look at yesterday's paper. Get-rich-quick schemes are as old as we are. I suspect there was some cave man running a seminar to instruct his fellow Neanderthals on finding the best cave dwellings as investments. "Pay your three woolly mammoth tusks and find out all you need to know!"

Scam gurus are everywhere right now, especially the ones in real estate who are going to try to tell you how to overcome market woes and turn pennies into millions. Heck, you can even find scam gurus who, for a price, are willing to teach you how not to be scammed! You know -- especially if you've been reading this blog for the past few months -- that I'm all about getting educated in your field, but after a week of shredding offers for "real estate investment events," I felt a word or two of caution was in order.

First, if the event is cheap or free, beware. It's the old bait and switch. Get you in to listen to a talk in a nice environment. Feed you a little. Flatter your "savvy business sense."  Give you just enough information to you get interested. And then trot out the products: recordings, video lessons, books, workbooks, "exclusive" webinars for "preferred" clients, subscriptions to "premium" website content -- and the list goes on and on.

The worst ones, and I mean the absolute worst, are the guys who want to let you in on a "private" investment deal they have on the table. Just because they like you and because this property is going to make a killing. All hush, hush. Just for you. -- Until you walk out the door and the next person is ready to hear the pitch.

Is this to say there aren't viable real estate experts offering courses and materials? Of course not. But do your research. Just get online and search for the person's name or company name. Read reviews. You might even attach the words "scam," "hoax," or "pitch" to your search. Find out what people are saying about this person before blindly accepting their advice or giving them your money.

And, don't give them any money for "advanced" materials or courses unless you've made money with the "basic" information to which you"ve had access. Above all, don't get caught up in the emotional wave. These guys are good. They know how to fire people up and get them to act on impulse.

Real estate investors do need to be educated in the business, and we do need to keep up with the business, understanding market trends and adjusting our own activities accordingly. But there really is no such thing as "get rich quick." This is, first and foremost, a "business." Ever heard that old saying, "If you don't want to work, don't open the store?" Investing in real estate certainly isn't work like digging post holes in West Texas in August by hand, but it is work, and done steadily, with care and forethought, it's profitable work.

This you can take to the bank. Fall for a slick investment gurus pitch and the only one who will be getting rich quick is him as he's depositing your check.