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Net Investment Property
Can Foreclosure Investing be Criminal?
by William Bronchick
I recently attended a "free" seminar on how to "get rich quick" in foreclosures. The speaker had a different angle than the usual "steal it from the homeowner" method.
The speaker suggested that you approach the homeowner with the following plan:
Tell the homeowner you will make up his back payments and give him some cash
Take title to the property
Lease it back to the former owner with an option to buy it back for one year.
The speaker suggested that after one year, the house would be yours if the former owner didn't exercise his option. Sounds great doesn't it? You could beat out all your competition who are trying to "steal" the same house.
Well, here's the catch. The poor homeowner...
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