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From: js2j@mhuxt.UUCP (sonntag)
Newsgroups: net.consumers
Subject: Re: Real Estate Investment Course (Millionaire Maker)
Message-ID: <1470@mhuxt.UUCP>
Date: Thu, 13-Mar-86 13:24:13 EST
Article-I.D.: mhuxt.1470
Posted: Thu Mar 13 13:24:13 1986
Date-Received: Sat, 15-Mar-86 01:32:46 EST
References: <228@gc49.UUCP> <323@drivax.UUCP>
Distribution: na
Organization: AT&T Bell Laboratories, Murray Hill
Lines: 29

> Is that the program where you get 202 VISA cards, get a $1000.00 cash
> advance on each card (usually just before the bank closes so they don't
> give you any guff), buy a $150,000 home, use that as collateral to get
> a $180,000 loan, pay off the VISA card bills with that money, rent the
> house to someone else for more than the mortgage payments and pocket
> $30,000?

   Just where are you going to find 1.) a bank willing to give you a 
$180,000 loan on $150,000 collateral?  Most banks want to loan only
about $130,000 on $150,000 collateral.  2.) Someone who wants to pay
~$1600/month rent on a home they could buy for $850/month after taxes?
And what are you supposed to use to pay the $25-$50 yearly fee on each
of those cards?
> 
> Sounds like an easy way to get ulcers and become bankrupt if the exact
> timing fails anywhere along the line. Seems more sensible to just go into
> the real estate business if that's what you want to do. A *lot* less
> risk.

Sounds like you've also got to find someone really stupid to rent to, and
a very generous bank.  If you find either, let me know.

Then again, you could always make a million by going on t.v. and convincing
gullible people that they could become millionaires by listening to you 
every Sunday morning.  (substitute 'saved' for 'millionaires' for YA method
of becoming a millionaire.)
-- 
Jeff Sonntag
ihnp4!mhuxt!js2j