I bought Vena Jones Cox’s wholesaling program and read it twice. I’m so excited and ready to get started. I made a post on Craigslist looking for a business partner to do it with me as I am somewhat of a chicken. I received this email:
Don’t do it. The Dallas market is on the verge of>> rolling over big time. $5K in potential profit is not even close to worth the risk of making a mistake and ending up with a house in foreclosure. Dallas credit quality is horrendous and the properties are way overpriced. I am one of the leaders of the Housing Bubble Blog, a hugely popular national blog with 50K plus unique visitors every day. Read us for two weeks and then see if you still want to do this. By the way, I was at a large Dallas law firm in the bankruptcy section during the savings & loan mess in the early 90s when the Dallas market crashed. If you had seen that, you’d run as fast as you could from this now. Here’s our URL. Free site. www.thehousingbubbleblog.com I am “TXchick57” on there. I hope I have saved you from a terrible mistake. Kerry>
to which I responded:
Hi Kerry, Well the investing I am wanting to do requires no money. Basically I’ll be a wholesaler. Finding distressed properties and motivated sellers and> buying the properties way below market. And then assigning these to rehabbers, landlords, etc. They would provide the cash for the buy. I’m not going to be working with financing that much. Mainly working with cash buyers. I also have an inactive real estate license which I plan on activating. But I do appreciate you looking out. Thank you, Le Anna
to which she replied:
You will get taken. The sellers are not motivatedyet. That’s two to three years down the line and theywill be lenders who have taken properties back. I know I can’t talk you out of it, but you will notmake any money on this. Let me know when you need abankruptcy lawyer, I know plenty of them. There is absolutely no money to be made in Dallasresidential RE for years now but the people who makemoney selling “home study” courses don’t want you toknow that. If they had any great secrets, theywouldn’t be telling you about them. They make moneyselling books. I’m a professional stock trader now and I’ve seenevery scam in the book. This is just another one. But good luck with it.
My question is am I still good to go? BTW its been 1 day and no one has responded to the Craigslist post except this person. I’d love some reassurance, possibly from Texas pros doing the business and making money not just people with books or programs to sell.
Thanks in advance,