This from IC4 at RE Talks on Wed Jan 14, 2009 4:08 am -
“Some of my family members attended (the Real Estate Investment Network) seminars a few years ago and now are up to their necks in debt. Maybe a couple of million in one case, and no idea as to the others. Probably more than that.
One of my siblings “owns” more than 20 investment properties and has a hard time sleeping, worrying about how to keep the places tenanted. Somehow they have always found other investors to help them buy more property. One of the big purchases was a building which needs millions to be refurbished and probably can’t be resold until it is—but my worry is, what if the original co-investors start asking for their money back? If that is the case then I see ruination ahead. And that makes me feel very scared for their sake.”