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Path: utzoo!decvax!linus!faron!rjd
From: rjd@faron.UUCP (Robert DeBenedictis)
Newsgroups: net.consumers
Subject: Re: Real Estate Investment Course (Millionaire Maker)
Message-ID: <509@faron.UUCP>
Date: Thu, 20-Mar-86 12:24:34 EST
Article-I.D.: faron.509
Posted: Thu Mar 20 12:24:34 1986
Date-Received: Sat, 22-Mar-86 07:37:55 EST
References: <228@gc49.UUCP> <323@drivax.UUCP> <1470@mhuxt.UUCP>
Reply-To: rjd@faron.UUCP (Robert DeBenedictis)
Distribution: na
Organization: The MITRE Coporation, Bedford, MA
Lines: 28
Summary: 

>   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?

1. You buy a house worth $210K for only $150K and you can get a loan
   for $180K.  Especially if the income (rent) covers the expenses.
   It's not EASY to find a $210K house that you can get for $150K.
   BUT, it has happened before and it will happen again.  You just find
   someone who's sick and tired of owning THAT house.  And who's willing
   to make a modest profit (Hell, if he only paid $80K for it, $150K may
   sound like a lot!)  You may have to look at over 200 properties over
   course of 6 to 9 months; it takes time.

2. Someone will pay $1600/month for something with an after tax mortgage
   payment of only $850/month if THEY DON'T HAVE THE MONEY FOR A DOWN
   PAYMENT and THEY'RE NOT WILLING TO SPEND THE TIME LOOKING FOR A *NO*
   DOWN PAYMENT SITUATION.

3. You can get free credit cards.


Spending $295 on beckley's material is a scam.
Profiting from real eatate in america isn't.

Robert DeBenedictis