How to Find Someone by Address

Here's an example of what you might learn for the $299. Their pro¬posal goes something like this. You find someone by address with a property for, let's say, $150,000. You then offer the seller $100,000. Assuming the offer is accept¬ed, you go to the bank. You tell the banker you're buying a $150,000 property and you want a loan of $125,000. Assuming the banker accepts this, you then leave the bank with $125,000. You pay the seller $100,000 and put the $25,000 cash in your pocket.

Do you think any part of this plan can or will work? 1 know this business, and I don't think there are many investors who are going to sell a $150,000 property for $100,000, and I doubt that any banker is gullible enough to advance $125,000 on this kind of proposal. An owner who has a $150,000 property and can get a loan for $125,000 is not going to be snookered into selling the property for $100,000. It doesn't take a brain surgeon to figure this out.

Another scheme taught in these seminars is this. The pitchman will have someone in the audience who claims to have made hundreds of thousands of dollars in a short period of time. What probably has hap¬pened is this. The investor may have bought a $150,000 property. Then the day of the seminar she personally appraises the property at $200,000 so that, according to her calculations, she's made $50,000 in a short peri¬od of time.

Another tactic they sometimes teach seminar participants is that government foreclosure properties are easily available and great money¬makers. Theoretically, if you buy that kind of property, you're sure to make money and you can't go wrong. Well, that too isn't the way the "real" real estate business works. Government properties that have been foreclosed on usually are distressed properties and are located in some pretty questionable areas. Going into this kind of business takes some special talents, along with guts and know-how.

All buyers eventually will end up dealing with a realtor, so a part of learning about the real estate investment business is learning how real¬tors work. Let's take a look: Politicians, attorneys, used-car dealers, and realtors are trustworthy, and you can believe everything they say. They'll always stand by their word. For the time being we'll forget the politicians, attorneys, and used- car dealers. But let's see what motivates realtors to do what they do.

First of all, remember that realtors work for sellers, which means they're going to back up what a seller says about a property. In addition, the odds are pretty good that the realtor is going to tell the seller that he or she can get $84,000 for a $74,000 property. You don’t really need a realtor to find someone by address. Next, realtors, like the owner-seller, will tend to hide as many of the defects about the property as possible, and you can be assured that they'll accentuate the positive and ignore the negative.

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