I know people who buy slum housing. The deal is this: You find tenants, then help them apply for Section 8, so you are gauranteed rent money. You only take tenants who qualify for Section 8, otherwise you run the risk of no rental incom.

As someone who IS in real estate, this is a moronic comment. The waiting lists for Sec. 8 are years long. You can try to get tennants that ALREADY have sec. 8, but there is plently of compatiotion for them.

Google: “Wextrust Capital”

I know more than a few people in Brooklyn and Lakewood who invested with a guy Eli Weinstein, who literally mortgaged their homes to give that crook money, and he lost (or spent) it all on a pyramid scheme, paying the first investors a huge return to convince the next group of dopes how smart he was.

Now he’s being sued all over the country, and yet he’s STILL looking for more people to invest with him in distressed real estate, now that the market has turned.

Caveat emptor – and with this crook, just run far away if he hits you up for money.

http://njjewishnews.com/justASC/2008/01/17/from-here-to-affinity/

Reading chassidish mags in the toilet should be fine as long as the article aren’t discussing Torah, as it is forbidden to think of Torah in the bathroom. I run into the problem once in a while, I read mishpacha magazines in the bathroom, sometimes you start an article and it gradually leads into halachic topics. Even worse, they occasionally print ads with Hashems name in Hewbrew (usually snapshot of a siddur or Chumash), this is definitely a problem.

1. Ownership – Most guys don’t even bother saying that they own real estate bec most of the time you know that they’re lying through their teeth.
If they do own a “building” its probably some roach/rat infested POS in east Flatbush that they bought with OPM so that they can “Rehab” and “Flip” it. Good luck finding some sucker to take it off your hands in this market buddy.

2. Management – If your father/father-in-law/rich friend actually owns a building they might hire you to “manage” the building. This usually means that you are a glorified errand boy. Once in a while you will actually come across someone who knows what they are doing and actually manages some buildings (these guys are far and few between).

3. Finance – If you were in residential mortgages, you’re unemployed. If you were in commercial mortgages, you’ll be unemployed soon.

Then you also have the ones who won’t tell you what they do, just that they’re “in real estate” and “working on some deals”.
Sometimes they will throw some big numbers at you to impress you: “I’m working with ______ (name drop here) on a $50 million deal”. Even if they aren’t actually lying, they’re probably making about $372 in commissions on the $50 million deal. But at least they get to brag about the deal they closed.

I feel that most people who say they are “in real estate” don’t actually make any money from real estate. They are using real estate as another form of kollel and leeching off their parents and in-laws.

I work in real estate, and make a nice living, but I don’t drive a flashy car, nor do I parade around boasting about the deals that I’m doing. I’m sure that there are others out there like me just working hard and making a decent living, without trying to show off.