Quote:
Originally Posted by Xist
He says over and over that home prices in his area may not be representative of other areas, but the same rules would apply.
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No, the same rules don't apply. The house has to be worth so little that it isn't worth the owner paying the back taxes and then selling it for more than you offer. How may people are really going to sell a house for pennies on the dollar after you track them down and notify them that they own a house?
All the house flipping or renting get rich quick schemes are the same. They start with finding a house that is massively undervalued and then buying it. The problem of course is finding the house that nobody else knows is massively undervalued - and then doing it over and over again.
Outside of being able to consistently finding amazing deals that nobody else in the business knows about the other way to make money is to buy a property that needs a lot of work and then buying it and fixing it up. Of course if your full-time job is buying houses, fixing them, and then selling them you are a contractor. That is a completely different idea than the dream these people sell about building passive wealth with almost no money or time.