Reply #39: A friend of mine convinced me to meet with a guy about this. [View All]

[Marr]

My friend was flipping houses, and he introduced me to this real estate agent who'd gotten him into it (along with many others). The very concept sounded ridiculous to me-- like a scam. You would only make money if the housing prices went up some ridiculous percentage, and the agent shrugged that number off like it was sure to happen. It seemed to me like they were driving home prices up with this practice, and that couldn't go on forever.

My friend isn't stupid-- but he is greedy. He bought into this scheme and now he's going into bankruptcy, losing everything he worked his ass off for. All that time, just gone. I feel bad for him because he's my friend, but it really was a case of greed overcoming common sense.