(Source: AP Business News)
Nathan Jurewicz calls himself The Short Sale Kid.
At 27, the brash real estate agent drives a Lamborghini, sports neon hair and boasts of hauling in $100,000 a month in a market where others are fighting to survive.
His secret? Jurewicz’s system is a national brand called Short Sales Riches.
He buys properties in foreclosure at low-ball prices from banks, then flips them the same day for big profit-as many as 10 a month. Jurewicz says he, and the followers of his system, fill a need in a down market, but others in the industry question his booming business.
“Every time I see something on the news about the sky falling … my partner and I think, ‘Yes,'” Jurewicz says in a YouTube video after closing a deal for a $15,000 profit.
Though YouTube is full of positive testimonials, the program is attracting the critical eye of real estate professionals and lenders.
Dozens of experts who looked at the system question whether all parties are getting full disclosure. Of particular concern is whether lenders would allow the short sales if they knew the properties were reselling for tens of thousands of dollars more on the same day.
Read Shannon Behken’s full article, and learn what Jurewicz is doing, in “‘Short Sale Kid’ tries to outsmart mortgage firms” Syracuse.com (May 9, 2009).