One day you come across an online ad advertising a course on how to become a real estate property millionaire. Or, you get a fancy high-end printed brochure in your mail.
You hear everybody talking about real estate and you decide to take the course, paying a good amount of money to register. The return might pay off, so you don’t mind.
After finishing the course, you are introduced to your first great opportunity, an unbelievably cheap price for several acres of land, located either in your region or a few states away (in Colorado there are 1-acre lots that are sold for $1,000).
It looks really good and you decide to invest all your life-savings into this investment. The land really does exist, and yes, that’s the price it will sell for - $1,000 an acre at most!
What the scammers didn’t tell you is that the land is derelict, unsuitable for development, or has already had planning permission refused. Either way, you can’t do anything with it and you are now landed with it – you may even find you are liable for charges related to this land. You just lost not only the money for the course, but all your hard-earned savings and the scammers have done nothing illegal.
Sometimes, they don’t even go to the trouble of organizing a course. They just post the land for sale as it is, because there is a good chance that somebody will fall for it.
How to avoid: whenever considering buying land, you should always research the prospect for the above-mentioned characteristics. And really, no real estate property millionaire would buy land without either going himself or sending an agent to inspect it thoroughly first. That’s why they are millionaires.
Also, make sure you do a proper research of the company that advertises it.