It's pretty scary and complicated. I heard of one guy who lost $50,000 on his first deal. I don't want to make this sound like it is a simple business.

287

That's not typical, but it does happen.

192

There were no other bidders. He just threw $1,999 out the window. He only had to bid $1 more.

175

Let's say you buy a home for $185,000 and it takes $8,000 to fix it up, and so it cost you $193,000 for a home that is now worth $200,000. You're saving a little bit of money, but it took a lot of work. And there are so many homes out there to choose from, you have to decide if it is worth it.

150

That's a real good question. I think the reason is that people aren't thinking clearly. They're depressed. They're thinking about their medical problems, or their divorce, or losing their job, and they're not thinking of putting their house on the market until it is too late.

144

You want to get ahead of the curve. This is when you go out and start knocking on doors.

140

He told me he just didn't think he was cut out to be a homeowner.

120

If I were the homeowner in trouble, I'd make the person who wants to buy my home put everything in writing first. And I wouldn't commit to anything in writing until I had a cashier's check in my hand.

65