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adamUK

The Star & Tribune Foreclosures Map

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This is quite a good find (by the gf btw)... here

The accompanying text is quite a sorry tale.

A little real estate empire, gained and lost

She was 22 and tired of exotic dancing for a living. So Irene Thomas bet her future on real estate, hoping that becoming a landlord would be her first step toward exiting the stage. With the help of Universal Mortgage Inc., a brokerage company in Brooklyn Park, Thomas signed the papers to buy a house early last year. And she kept signing. And signing. And signing. In 90 days, with no money down, she had $2.4 million in debt and 10 houses in her name, most of them in north Minneapolis. Nine of the houses were sold to her by employees of Universal, the same company that found Thomas the loans to pay for them. Less than a year and a half later, Thomas was losing all 10 properties as mortgage lenders moved to foreclose on them. Her credit ruined, Thomas now believes she was duped by a group of real estate insiders who sold houses at inflated prices in deals that relied on falsified documents and unsophisticated buyers like herself.

All the little red markers on the map are foreclosed properties. Up 62% this year. Oops.

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I wonder how much exotic dancing it takes to pay off $2.4million?

I try not to take too much pleasure from the misfortune of others but please, 22 year old exotic dancer gets 10 properties worth $2.4m in 90 days.

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I wonder how much exotic dancing it takes to pay off $2.4million?

I try not to take too much pleasure from the misfortune of others but please, 22 year old exotic dancer gets 10 properties worth $2.4m in 90 days.

It would takes many dances.

I went to a lap dancing club recently, and a dance voucher cost 10 pounds, but the girls have to pay 3 pounds to the club, so they only receive 7 pounds per dance. The dance was quite long too - about 6 minutes. I mean, these gorgeous girls, showing off their bits to guys like me, for 7 quid a time, and they might only get 3 dances per hour. I felt they got such a bad deal that i felt it only right to tip them.

And the bulls on here some how make out that 50k per year is just an ordinary wage.

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It would takes many dances.

I went to a lap dancing club recently, and a dance voucher cost 10 pounds, but the girls have to pay 3 pounds to the club, so they only receive 7 pounds per dance. The dance was quite long too - about 6 minutes. I mean, these gorgeous girls, showing off their bits to guys like me, for 7 quid a time, and they might only get 3 dances per hour. I felt they got such a bad deal that i felt it only right toI tip them.

And the bulls on here some how make out that 50k per year is just an ordinary wage.

It astonished me that someone can loan a lap dancer $2.4million. Something fishy there methinks.

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It astonished me that someone can loan a lap dancer $2.4million. Something fishy there methinks.

There is a whole other world out there :o for a whistle stop tour of:

  • straw buyers

  • flipping

  • equity skimming

  • silent seconds

  • air loans

And other names that sound like they could be related to exotic activities, have a look at this blog.

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