“The Wolf of Wall Street” was an academy award nominated movie in 2013. Leonardo DiCaprio depicted a high flying, deal making, sleaze ball named Jordan Belfort who used his unscrupulous tactics to swindle people out of millions of dollars. If only he had he used his abilities for good, he might still be as wealthy – not gone to prison and had to pay back all the money he made.
Well, it seems like the real life Wolf of Wall Street is at it again. According to Business Insider, Belfort was recently speaking at a conference in LA where he was trying to pull one over on attendees in regards to real estate.
According to the article, this is what happened:
The Wolf brings a friend on stage to pitch a real-estate deal. It’s a guaranteed method to make money off real estate, with “no upfront fees, no credit check, and no income verification.” (You can also work from home). Curiously, he detailed the subprime mortgage meltdown and the financial crisis while using the same pitch the banks used for “liars’ loans” — in a 40-minute live infomercial. Seems outrageous to me but people around me are buying into it.
It goes on to say Belfort said there was no risk involved and that he wasn’t making any money off the deal. He showed a home he claimed was bought for $110k and flipped for an $86k profit. Further researched revealed the house he showed actually listed for $284k and sold for $275k. Apparently about 40 people fell for the offer to pay more money to find out about his techniques in real estate investing.
Unfortunately there are people out there like Belfort trying to make a play on people’s emotions for making quick money. Real estate investing can be a risky game if you are in it for the short term. There are no short cuts when it comes to developing a solid real estate portfolio.
At EXIT Realty Bob Lamb & Associates we have seen and heard it all. Fortunately we have professional, accredited agents ready to help you develop a real estate investing strategy. Strategies that will help you in the long run, and not leave you empty handed like these poor people at Belfort’s conference.
If you are thinking about venturing into real estate investing give our office a call and let us show you the right way to invest in real estate.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129