Here’s yet another sign that we’re back in bubble territory, albeit a strictly anecdotal one.
During the last bubble it was nearly impossible to turn on the radio without hearing some form of scammy “riches in flipping” ad during the commercial break. I don’t listen to the radio that often, but in the rare instances that I do tune in recently I’ve been hearing a lot more of that same kind of garbage. For example, I’ve heard this one on KIRO more than a few times lately:
How would you like to make some serious cash flipping houses in your area?
Hi, I’m [censored], founder of the [censored] Real Estate Academy. Over the last few years my elite team of committed house flippers has been using my three step “Fortunes in Flipping” system to buy and sell properties for quick profits and long term financial gains.
Now it’s your turn to have the same investor success. For a limited time I will send anyone that calls a free copy of my “Fortunes in Flipping” kit that will show you how easy it is to get in, get out, and get paid! There’s no catch, I even pay the shipping cost.
In my free kit I eliminate all the guesswork and I break down the process for evaluating properties for a quick turn and instant profit and I show you how to access some very unique financing programs to finance your deals.
If you dig around online you’ll find that this particular scammer lures you in with the free seminar then tries to take you for a few thousand bucks for his three-day seminar. At the three-day seminar his slick salespeople will attempt to soak you for upwards of $30,000 to buy into his “system.” Oh, and the “very unique financing programs” apparently include financing real estate purchases on credit cards.