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Proverbs 23:5

Real Estate Investor

Albert J. Lowry set out to prove that it was easy to get rich quick in real estate with no money down—and he did just that. Not surprisingly, his 1980 book, How You Can Become Financially Independent by Investing in Real Estate, was a bestseller. In a May 1981 cover story, Money magazine estimated Lowry’s net worth at $30 million and called him a “real estate wizard.” But something went wrong, and in October 1985 the Success Development Institute, which promoted Lowry’s theories, collapsed with $2.5 million in debts. In June of 1987 it was reported that Lowry’s assets were being liquidated in Los Angeles under Chapter 7 of the federal bankruptcy code.

Today in the Word, November 22, 1991