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FIRST ANSWER
There are all sorts of sites that say they do that. Some are legitimate. Some aren't. I get half a dozen e-mails like that every day.
One of the popular ones now deals with the "Go Zone" and construction after Hurricane Katrina.
And my one venture into that resulted in me losing about $15,000. Long story short: The investor had acquired some cheap properties in South Carolina (Spartanburg), and planned to rehab them, then sell them to tenant-buyers. Investors like me were to put up the money. Problem was, the other investor never rehabbed the properties; he claimed it would have cost too much. So he allowed the properties to go into foreclosure.
My lesson from that: Do your due dilligence. Know exactly what the deal is. Find out if the investor has done other similar deals, and what the outcomes have been. Then, if you put your money in, stay on top of the situation. It's promoted as a "hands off" arrangement, but don't let it be. Make yourself a pest. Verify everything.
Having said that, you need to learn more. Here are two sites:
http://www.creonline.com This is a good overall site for investors. You won't find any specific deals posted here, but there are great boards with questions and answers. You'll also be able to find real estate clubs in your area. Highly recommended.
http://www.landtrust.net This is a good site dealing with land trusts. You will see some deals posted here, but you need, also, to understand about land trusts. And there's lots of information there. However, the deal I lost the money in was a land trust deal. Nothing wrong with land trusts; they're great overall. And I didn't do my due dilligence. But there's more to being an "investor beneficiary" in a land trust than just handing your money over to someone.
Hope that helps.
Thu Oct 15 2009, 09:34
Fair Housing and Equal Opportunity