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For so long, so many in the real estate industry could make a killing as an industrious middleman. These middlemen aren’t developers, owners, bankers or property managers—the folks that actually conceive, invest their own money in, and take care of properties. No, I’m talking about the investment advisors, investment bankers, consultants, deal brokers, mortgage bankers, lawyers, appraisers, et al, who made big bucks in the trading arcade. The advisors and investment bankers would cook up plenty of deals with brokers, mostly trade between themselves using client money blessed by the client consultants, finance transactions through mortgage brokers, and hire on lawyers, appraisers, and various others to help consummate the transfers. Ka-ching, ka-ching, ka-ching!

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