More than a million people bought Pet Rocks as Christmas gifts in 1975. Gary Dahl, of Los Gatos, California, had the idea while joking with friends about his easy-to-care-for pet, a rock. This pet ate nothing and didn’t bark or chew the furniture. Pet Rocks were sold with a funny manual that included tips on how to handle an excited rock and how to teach it tricks. By 1976, Gary Dahl was a millionaire and Pet Rocks were the nation’s favorite pet.
Up until the past 2 years , flipping real estate had become the nation’s new favorite pet. Easy to take care of and printed money on command. When anything becomes too EASY– you better believe that trouble is around the corner.
Be careful out there. There are still yahoos out there pushing get rich real estate flipping schemes. Most are now bragging about the millions to be made in foreclosures.
The best part of the article below is its closing paragraphs.
Finally, ignore the infomercials and online promos that push flipping as a can’t-lose strategy. The problem is that you can lose, and a simple troll through real estate forums on many sites will identify people who have. Some investors have emptied their IRAs or even lost their own homes when they paid too much, underestimated the cost of needed repairs or couldn’t find buyers willing to pay more than they did.
Basically, work harder and smarter than the next guy, rather than trying to get rich quick. “People can make money in real estate, but it really does take hard work and the development of expertise,” Diaz says.