Laura Bartz, Chapter 7, Question 5

Get rich quick plans have always baffled me. I mean, if you can get rich as quickly and as easily as the books claim, then wouldn't everyone be doing that? Wheelan actually explains how get rich quick plans are actually not just impractical, but improbable. Wheelan uses the example of a Chicago brownstone. If you found this beautiful brownstone that should be worth $500,000, but is listed for only $250,000, which you could own for six months and then sell for $500,000 doubling your profits. There has to be something wrong with this picture. There could be shoddy construction, your real estate agent would have to be an idiot for not snapping it up themselves, and also how has no one else discovered this steal of a deal brownstone? If this all still managed to align itself for you, then you would be cackling away to yourself, in your bargain home about the wonderful deal you got and the $250,000 you saved. But the reality of life is that it is unlikely that you are going to be able to find a steal of a house that doesn't have tinfoil connecting the electrical wires. This explained to me 1) what a get rich quick plan was (how it was supposed to theoretically work), and why they don't actually work, beyond just the fact that if they did work everyone would be doing them and then there would no longer be anymore opportunities for get rich quick plans.