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I remember a Money Magazine article called: Nothing Down Hoedowns. It was a concept where you would pay a fee to attend a seminar on how to buy rental property with no money down. The article suggested this could be very risky, to say the least. But, people with no experience would form a group and buy rental property.
This is from memory and I don't know how these groups were formed or anything else about it really. Other than I knew 1 man who had done this. He had to keep putting money into the property to keep it rentable. And that the location was Dallas Texas. Where the real estate market went very soft well before 2007. Lots of vacancies in apts around Dallas. So, I wonder if the properties in this situation appreciated, which would be necessary for the buyer to make money.
I have a feeling the only one who made money is the guy giving this kind of seminar. Does anyone know more about this scheme to make money (ie a study or article) and how it has worked out for people?
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