Re: Excellent Post - Posted by Bryan-SactoCA
Posted by Bryan-SactoCA on December 20, 2002 at 22:15:09:
Yes, some people begin to realize what a mess their life is when they’re 35 or 40, but WHO THEY ARE doesn’t change. Instead, the thought pattern goes something like this: “I have all this great stuff but I hate my job and am a slave to my credit cards, so I need to get rich quick in order to pay off my credit cards so I can buy more neat stuff without having to work at this stupid job”. Then such a person comes here and wants to do lease options quick so they can get their money. See what I mean? They may realize that they’re deep in debt and hate their job, but who they are-a person who wants safety, security, and glittery stuff-doesn’t change. Investing is not for people who want safety and security, at least not in the traditional sense. And if they keep amassing bad debt, then they haven’t learned the difference between why RE debt is usually good and why unsecured credit card debt is usually bad. To them, all debt costs money, so they go out and make a bunch of money losing legally questionable deals and suddenly they’re facing prison time. They don’t know how to diferentiate between a good RE investment and a bad one. Such people are better off sticking to their jobs. We’ve all seen people come here who have atrocious English both spelling and grammar and lots of bad debt and a rock bottom FICO score and they want to know how to immediately jump in and do all sorts of complicated deals. Their goal is to get rich quick, not become a real estate investor. And as we all know get rich quick schemes usually involve legal and moral ambiguities that these people aren’t prepared to deal with. Not knowing the difference between and all the finer distinctions of what they’re doing, they rush in and end up bankrupt or worse in jail.