The 10 Commandments of Money by Liz Weston

Author:Liz Weston
Language: eng
Format: epub
Publisher: Penguin Group US
Published: 2010-12-03T05:00:00+00:00

A FEW WORDS ABOUT REAL ESTATE GURUS

Ever since I started writing about personal finance, there have been real estate gurus who insisted there were secret ways and proven methods that only they could reveal to make a fortune buying and selling properties. To get this hidden knowledge, you had to sign up for expensive workshops and seminars. Some of these folks have a veneer of respectability and even get quoted in major media publications, which shows you that financial literacy is as much a problem for journalists as anyone else.

I thought perhaps the real estate meltdown would shut them up. It hasn’t. Some shifted from touting zero-down investing to buying foreclosures, but they’re still out there.

Clearly, smart real estate investing can produce wealth. But everything you need to know to get started is freely available, starting with books on property investing at your local library. You don’t need to pay some charlatan thousands of dollars for his or her “secret” scheme. Furthermore, investing in real estate on a shoestring is dangerous. If you don’t have a decent emergency fund, the first major repair or tenant vacancy can cause you to lose your property.

And being a landlord isn’t for everyone. It takes a lot of work, people skills and tolerance for conflict.

By all means, investigate the possibilities if you’re interested. But you can pretty much figure if an investment scheme is being touted in an airport ballroom, on the Internet or on late-night TV, the only one who’ll make money is the one who’s doing the touting.

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