Real Estate Investing in Contra Costa County - The Cult of Real Estate
For those of us in California we study the Gold Rush of 1849 in school as it is a significant part of our heritage. One of the truths of the Gold Rush is that although some did get rich most did not. For many the Gold Rush was personal tragedy and failure. For others it got them to California where they found our real prosperity was our abundant natural resources and entrepreneurial spirit. (Oh How Times Change.)
However, there was one group that in general did very well in the Gold Rush. People selling things to the Gold Miners; two that jump to my mind are Levi Strauss and Wells Fargo. (Yes Blue Jeans owe their origin to California Gold Miners and the fact the Levi Strauss found that once people got to California they no longer had a need to buy his Wagon Covers – so he turned them into durable pants.)
Others merchants made a fortune selling dreams and expectations – many of them not reasonable. This pattern has repeated itself a number of times in history. Seattle made itself selling supplies to those on the way to Alaska.
Sadly for many of these dreamers the more they invested in the dream the harder it was to walk away. Many never could and poured their entire lives into a false dream.
It seems on a regular basis I get a call from someone wanting to invest in Real Estate and they have just finished a real estate seminar of some sort that they have paid good money for.
There are some things all these courses tend to have in common:
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The initial promises is easy riches with little or no money out of pocket.
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They teach realistic things that can happen but are not likely to happen. For example we have all heard about the divorcing couple that sell a home below market value, real quick and carry the note. Getting an option from some unsuspecting seller and doing the double close. Perhaps you have done one of these things or seen them happen. But they do not happen easy or often and there are no lots of people fishing those waters.
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They are often encouraged to borrow money from family or friends to get these investments. Sometimes this is combined with Hard Money Loans for Buy and Flip scenarios. I wonder if the sellers of the program are tied in with the Hard Money Lenders?
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When the initial success does not come or is not as big as expected they are sold another seminar-program- or class.
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When things do not work they are told to be patient and work harder.
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They are encouraged to get friends and family to buy into the program. They might even be offered discounts or cash to get others to buy into the program.
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Frequently they are taught to disdain or undervalue Real Estate Agents. Partly because a quality agent will tell them why the system they are trying to work is not working. And because they can often get for free from a Real Estate Agent what they are paying others to give them.
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They will keep selling you until you are broke.
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Many of these “investors” are so committed to the system (and Gold and Sweat they have put into it) that they cannot admit they have made a mistake.
These pedlars of “Real Estate Success” are not making money buying and selling real estate. They are making money buying and selling Real Estate Systems – often bad ones.
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