Forget those late-night infomercials -- here's how you get rich in real estate:
First, find a city with a large population of vulnerable consumers. We're talking first-time home buyers, undocumented immigrants, people with no credit or with credit shot to hell. Houston will work perfectly -- these folks are on their own here.
Next, get thee to the Secretary of State and incorporate a boatload of limited partnerships. Go crazy. When it comes to LPs and LLCs, there's no such thing as "too much." Now, pluck one of these shell corporations at random and go down to the courthouse on the first Tuesday of the month, and buy whatever dilapidated properties you can. No windows? No problem. You aren't going to live there.
Now go around the city and illegally slap your ugly and un-ignorable bandit signs all over the place. Between those suckers and your Greensheet ads, you're going to get a ton of traffic. That's why you'll want a smooth-talking sales force. Mind you, these people don't need licenses, because they're selling your property on your behalf. That way, they're out of the reach of the Texas Real Estate Commission, which has jurisdiction only over licensed personnel.More »