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The big trick is to find properties that are about to be foreclosed, and buy them before they are. As far as I know, if you've got less than 20% equity in a house, and the bank forecloses, you get nothing, even though you have some equity in the house. So, you find the people who are about to be foreclosed, make them a lowball offer (so that they get something out of the house, rather than the bank taking it all), fix the property up a little, and sell it for $20K more.
I have a buddy who is one year younger than me (25) and he has already become a millionaire by owning a business that does what I described above. The downside is that you have to deal with some pretty seedy people in that line of work.
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Steve Wilwerding
1998 3.4L Zenith Blue Boxster
2009 Meteor Gray Cayenne
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