Mythomania: DON'T BELIEVE EVERYTHING YOU ARE TOLD

[John Thedford]

Perusing CL this morning. It seems the representations made by many, from unlicensed brokers, to licensed "wholesalers", etc are often so far off base that an unsuspecting newbie could be taken bad. There are quite a few "deals" advertised on BP where some agents make claims of 30% cap rates. REALLY? And they are going to let these go instead of snapping them up?

Here is a nice one: ROI: 24% - 31%

Annualized Return (90 day hold): 95% - 124%

Yea right..give me a dozen. This is an agent...LOL providing this info. 

Your only protection from a bad deal is YOURSELF.

I got suckered into a BAD deal from a BP poster. Whose fault was that?"  MINE! I did not verify the experience nor financial backing of the big time "investor" only to find out they are penniless and didn't even have money to timely record legal instruments.

Moral of the story and post: It is each person's responsibility to VERIFY EVERYTHING before committing.