If you’ve ever seen those real estate infomercials promising untold riches just waiting to be tapped in the real estate market, Wesley Barney has a message for you: It’s not quite that easy.Some 18 years ago, Barney, age 48, saw those commercials, too. According to the ads, a person could make a small fortune buying and selling real estate in foreclosure—in other words, property seized by a bank because the owner couldn’t pay the mortgage or property taxes.

Barney was intrigued. Then a New York City firefighter, he moonlighted as a security guard to help pay the bills and dreamed of owning real estate.

“Watching those late-night TV programs, I thought, ‘Maybe I can do this,’” Barney said, who now runs his own real estate investing business.

Six months later, he landed a small one-family home in Central Islip, N.Y., at an auction where foreclosed properties were sold. More deals followed, and by 1996 he was buying and selling foreclosed property full time. Now, he owns property in New York City and upstate, and as far away as Kansas City. He runs Ultimate Investors Real Estate Club, a group for real estate investors.

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