Is anyone else seeing this kind of negative publicity for investors? This is from one of the two main papers her in Salt Lake. I was just wondering if anyone else is seeing this or if they expect to see more articles like this. Also do you have any suggestions on how to assure potential sellers that I am not one of the guys scamming people out of their house?
I am going to be starting off with wholesaling/options to limit my risk and need for a large amount of capital. I am about a month away from marketing my services. By then I should enough cash for some marketing and to offer cash for an option to buy.
Here is the link to the news article.
We have these types of articles also. These people have always been victimized but because of the publicity of the sub prime mortgage thing the news media is playing it up as if it was new. The thing to do is to work your plan. The people that you are dealing with will still be there and they will still want your help. The people that are being scammed will also continue to be scammed. It is just publicity it is not anything that you need to really worry about. When people are desperate news will not make them less desperate.
You know after that OJ Simpson trial there are still beautiful women that would love to date OJ Simpson.
alot this negative publicity is well deserved (IMHO) as there is plenty of shady “investors” out there or more commonly people with little understanding of the possible avenues the structure of their deal will present.
unfortunately, the original poster appears to fall into latter catagory by his own admission:
“I am going to be starting off with wholesaling/options to limit my risk and need for a large amount of capital”
What this really means is after the homeowner signs an option agreement with you, he now is unable to sell to anyone else while you run around and hopefully find a buyer. However, when you fail to find a buyer during the option period, you have no way to actually close the deal and achieve the result the homeowner was looking for. So in the end, you may loose a few bucks in option money, but the buyer lose his home to foreclosure or wasted months hoping your “solution” would work out.
You have to lokk at things objectivity from the side of both parties. Too many people assuming deals with go as planned and have no ability to react to the unplanned events and circumstances that always coming up during the course of deal. (i.e have no $$$ in reserve to close the deal)