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The Internet provides many sources of legitimate help for the budget inventor. There are several websites and resources that are absolutely free. The first is the United Inventors Association, a non-profit organization that was formed in 1990 for the sole purpose of educating and providing resources for independent inventors. While there is a fee to actually join the UIA, there is a wealth of free information available to any visitor to their website, www.uiausa.org. They offer free articles about various stages and aspects of inventing, lists of resources, legislative updates affecting independent inventors, free newsletters, brochures, and products to help independent inventors, recommended books, and service providers. They offer advice on how to avoid the invention scam companies. Additionally, the UIA lists the legitimate inventor seminars and workshops that are scattered about the country. Many of these seminars and workshops, while not entirely free, are reasonably priced. Most of them allow visitors to peruse the booths manned by other inventors for no charge at all. The more networking you can do with other inventors, the better. You never know when another inventor you meet will have exactly the right information or know a person you should contact who will expedite the entire process for you.

Discount coupons for three of the United Inventors’ Association’s most popular books are available in the back of this book.

When we received the Notice of Allowance for our first patent, meaning that we would be awarded the patent, and were able to obtain a license agreement, that all changed. Our licensee was immediately able to place Ghostline® in all of the stores we had coveted, and more. Our new product had immediate nationwide distribution. If we had continued to manufacture and distribute the product ourselves, we would never have obtained that level of success.

The more of the above-listed criteria your invention meets, the greater are your chances of success. This does not mean that if it does not meet all of these criteria your product cannot be successful; it just means it is not as likely. For example, an expensive item that is a one-time purchase can be a successful invention if the potential market is large enough.

Inventors who are operating on a shoestring budget would be well advised to seriously consider each one of the listed criteria. Among your many great ideas, maximize your chances of success and minimize the likelihood that you will spend money unnecessarily by carefully choosing the idea that will require the least amount of cash outlay with the greatest potential for commercialization.

Undeveloped land is for optimists. The idea is to buy the land, do absolutely nothing, and then cash out at a huge profit.

Overconfidence is an issue. The factors that will increase or decrease the value of your land are not predictable. Raw land has many uses or none.

The person who sold it to you knew more about the prospects than you do and he wanted out. The Realtor wanted you in as she collected a nice commission.

Laziness is another issue. Extensive research is required to prevent a huge loss. Land in a flood zone or on a fault line may be worthless. Welllocated land that cannot be subdivided into marketable lots has no value.

Environmental contamination has ruined millions of acres. Even if your land has none of these problems, you are powerless over the factors that will increase the value of your dirt. Cities grow in unpredictable directions and fall into recessions, depressions, even ghost towns. Vacation spots are hot and cold. Farm uses are not predictable. Meanwhile, taxes must be paid and assessments can come without warning. In addition, you have to keep the mortgage current, if you were able to find one.

What happened was extraordinary. RELP returns were piddling in the mid-1980s. Investors were told that they had paid too much attention to tax deductions; they needed to focus on deals that made economic sense. Promoters produced charts showing rising rents and property values and sold new RELPs. Then prices plummeted. By the early 1990s, most partnerships were bankrupt. Underneath the tax deductions and the economic sense, the real cause of all the losses was discovered. The general partners and promoters extracted huge fees from RELPs in their pursuit of high-leverage strategies. All profits and most of the investors’ capital contributions were plundered. While the  romoters became multimillionaires, the investors took incredible losses. Promoter greed can turn a solid investment into a sure loser.

Today, RELPs remain tainted as speculations. Limited partners have no control over general partners’ actions and compensation. Tax benefits were eliminated.

As real estate again takes on importance as an investment of choice, RELPs are sure to reappear. Promoters will see another opportunity to legally steal millions. Overconfident speculators are sure to believe it will not happen again, or at least, it will not happen to them.