Wednesday, March 7, 2007
Beware the Land Speculator
I was just reminded with a current example of a company that is selling the dream of land, land, land. Easy proposition - buy in the path of future development and get rich! What is not evident are the double escrows by the "sponsor" who pocket 100% markups upon close of escrow. And then the always asked question - why don't they buy these get-rich-later schemes - answer - they have a better get-rich-now scheme. Am I synical, yes. Period.