Does anyone know anything about Mini realestate?

Question

Does anyone know anything about Mini realestate. I was told that a husband and wife both took a realestate course and go around posting and selling vacant property. They also both are doing a travel agency from home. I was told that there is such good $ in it that they both quit there real jobs and are making around 500k a year anyone know how to get in to this.

Answer 1

I can't say that I know anything about mini real estate, but after having been in the business (real estate) for more than 10 years on the lending side, I have seen and heard just about everything.

People cannot post and sell vacant property without owning the property - it is IMPOSSIBLE for someone to sell something that does not physically belong to them, that is what title researching is for. There is a little thing called mortgage fraud and it will send you to jail for a LONG LONG time.

I've seen recently too an informercial about bying up property at tax sales - you can do this, but not as easily as this informercial would like for you to think.

There is no such thing as a get rich quick scheme, if there were don't you think EVERYONE would be rich?

Keep your nose to the grindstone and save, if you have a bit of extra money invest it in a short term CD with a high yield.

Take it from me, the real estate market is going soft because interest rates have been going up, and people aren't buying anymore, or refinancing. Defaults are at all time highs, mostly because people bought too much of a house on an Interest Only fixed rate (5 years or less), or even worse on an ARM (Adjustable Rate Mortgage) and now they can't afford the new payment.

-Em