Housing Scandal - An Empire Created, An Empire Destroyed

The St. Louis Post Dispatch did a story today on one man’s venture into real estate in the city of St. Louis, How not to get rich in real estate: One man’s story. Mr. Doug Hartmann, like many investors, saw opportunity in his city, with good interest rates and extremely affordable properties. He built up a mini rehabbing empire, starting from his first deal, a condo development project.

With cash from investors and banks, Hartmann controlled hundreds of properties and made his investors a lot of money. The empire grew and grew until it imploded.

I highly recommend reading this article if you’re at all interested in becoming you’re own real estate magnate, or if you feel like giving money to that easy-going guy whose got a great deal for you that you just can’t lose with.

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