Spent the greater portion of today attending a seminar about flipping property. Buying property on the cheap and using it for rental income and buying run down property to fix up and resell has been standard practice and has been around since the Great Depression. But the Quick Flip done within 30 days which involves finding a cash buyer is a form of casino gambling with the real estate market that made my jaw drop and my hair stand on end. Most of the people invited to this seminar were low income. One of the pitches given by one of the salesmen was that the middle class was disappearing and so there were only two choices -- either stay poor or get rich -- quick. Then they proceeded to milk these people of $2,000 apiece for the chance to go to a three day retreat to learn how to become rich. When I stepped outside to get some fresh air, one of the attendees made the observation that if only 10 of the participants forked over $2000, the sales group would make $20,000 on that day alone. Actually, none of us had known what the get together at a swank hotel was going to be about. We were lured there by the promise of a free computer to the first fifteen (I got their a couple hours early -- actually was the first one there), which turned out to be bogus. Those who stayed and endured the second presentation about stock market participation (buy low and sell high, duh) were given the free MP3 that was promised to everybody, but by the time they were distributed, more than half the people were gone.So I got taken, but I do have a free MP3. I also had a passing fancy that these gents would be willing to use their expertise to help us solve the problem of homelessness in this country, but then thought the better of it when they insisted that we think like the wealthy who did things only for the profit to be made. Not much profit in homeless people, I thought, except maybe that of saving your own soul.
Posted on: Fri, 17 Oct 2014 06:47:04 +0000
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