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"You find a house that needs $5k in cosmetic repairs. Fixed up, it will sell for $100k. The seller lost his job and can't make the repairs, fix it up, or find a buyer. He has lived there a while and only owes $65k.

You offer him $5k cash and take over his payments."

Sounds a little like the "Get Rich Quick" books. Really, how often are you going to find a deal THAT good? That's like getting in on the IPO of the next eBay.

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