I currently have good credit I would love to learn how to make more money.I contacted the real estate instition abouty finding a mentor to show me how to make money the cost 4 the mentor is $3775. but he is sugesting that I start out buy getting credit cards using them to purchase properties then transfer the balance from credit card to credit card if they don't sell fast every 30 days. is this okay I don't want to ruin my credit
2007-11-27 01:27:55 · 7 answers · asked by Healing for My Soul 3 in Business & Finance ➔ Investing
I would spend 20 bucks 1st on Real Estate for Dummies by Eric Tyson. This will teach you most of the basics. With the real estate market struggling, why would now be a good time to get into it??
When you buy a property, you need to fix it up, and flip it relatively quickly. Otherwise your profit and your capital will will be eaten up very fast making monthly mortgage payments on a property you can't unload.
2007-11-27 07:22:56 · answer #1 · answered by exactduke 7 · 0⤊ 0⤋
Your mentor is charging you $3,775 to tell you to use credit cards to buy real estate and transfer the balances to other cards if the property doesn't sell. Either you are trying to be funny, or you are too stupid to see a scam or your mentor is just trying to get you to pay for his credit cards he can't pay after trying out his own idiotic idea.
If you have good credit why not get a 6% mortgage rather than a 28% credit card. Run, run like the wind away from this scamming moron.
2007-11-27 01:40:28 · answer #2 · answered by Larry C 1 · 2⤊ 0⤋
You shouldn't be paying this mentor for that horrible advice. Jumping from credit card to credit card is part of staying in the rat race. You could have put enough for a no-money down house (to cover the fees about $2,000) and still had enough left over to cover the first mortgage payment.
2007-11-27 01:34:43 · answer #3 · answered by Greg S 5 · 2⤊ 0⤋
This sounds like a scam and a very bad idea. The only way you are going to buy a property and then flip it in 30 days (and it will be longer in this market) is if the house needs a LOT of work that has to be done.
2007-11-27 01:35:41 · answer #4 · answered by HEATHER 6 · 2⤊ 0⤋
i'm sorry u got scammmed .
buying re on credit card is certifiable insane.
u will ruin ur credit and be foreclosed on fast than ur head can spin.
read the papers- wall street .
stay a way from that 'mentor'.
visit daveramsey.com to learn the hard lessons coming ur way from others mistakes. u can't afford property at 39% interest.
2007-11-27 01:39:08 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Who is this real estate institution?
You should start off by reading Rich Dad Poor Dad by Robert Kiyosaki.
2007-11-27 02:26:58 · answer #6 · answered by Alfred Chew 2 · 1⤊ 0⤋
You are kidding,right?
2007-11-27 02:08:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋