My boyfriend (well sort-of boyfriend, we're just casual) recently attended a real estate investing seminar, and now he is all excited about becoming a real estate investor. Tired of his 9-5 job, he claims that he is going to start buying and renting out properties, and it will be very easy, with little work needed on his part, so that he'll be able to spend all of his time traveling and stuff.
While I want to be supportive and encouraging of his dream...I have been nothing but skeptical. I asked where he was going to get the money to start buying properties, and he said he would get a bank loan. Okay - I am not trying to be a smartass, I am serious with this question - would a bank loan tens of thousands of dollars to someone who makes $20,000k a year, has no money at all saved, no assests, and no experience in the business he hopes to start?
He claims that this company who ran the seminar, whoever they are, are going to help do everything for him - get him the money to start out, find properties for him to buy, etc. He said their fee for all of this is $8,000. I said, what if it doesn't work out?? What if this is a scam? He insists that it isn't.
After the seminar, he went back for an "interview", and was accepted - that alone seems suspicious to me. They act like there is this tight selection process, and yet decide that someone with no money, no assets, and no experience is the perfect candidate for real estate investing? Huh.
So I don't know if anyone here knows anything about this sort of stuff, but I figured I'd fish for some opinions. He is SO excited, but I'm thinking he is being scarily naive, and it's gonna be bad for him when this doesn't work out
While I want to be supportive and encouraging of his dream...I have been nothing but skeptical. I asked where he was going to get the money to start buying properties, and he said he would get a bank loan. Okay - I am not trying to be a smartass, I am serious with this question - would a bank loan tens of thousands of dollars to someone who makes $20,000k a year, has no money at all saved, no assests, and no experience in the business he hopes to start?
He claims that this company who ran the seminar, whoever they are, are going to help do everything for him - get him the money to start out, find properties for him to buy, etc. He said their fee for all of this is $8,000. I said, what if it doesn't work out?? What if this is a scam? He insists that it isn't.
After the seminar, he went back for an "interview", and was accepted - that alone seems suspicious to me. They act like there is this tight selection process, and yet decide that someone with no money, no assets, and no experience is the perfect candidate for real estate investing? Huh.
So I don't know if anyone here knows anything about this sort of stuff, but I figured I'd fish for some opinions. He is SO excited, but I'm thinking he is being scarily naive, and it's gonna be bad for him when this doesn't work out
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