Today in the Word, November 22, 1991
Easy Get-Rich Scheme
Albert J. Lowry set out to prove that it was easy to get rich quick in real estate with no money down&md;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.