Z Cherry Blog

How Does Charlie Do It?

March 14th, 2009

My buddy Charley owns a Laundramat – in fact he owns a few of them. He makes pretty good money from them, so I asked him for some advice on how to get started in business. Know what he told me?

“Forget about Laundramats,” he said. “Buy real estate.” I looked at him kind of funny, so he went on.

“I’m making a killing in bank foreclosures,” Charlie said. ”Properties banks have had to take back, and then resell, often for pennies on the dollar. Banks don’t want to own real estate, so it makes them what real estate investors call motivated sellers.”

Since then I’ve bought my first bank owned property. Charlie was right.

Entry Filed under: Business