Biz (off)beat: Play like a mogul, avoid the risk

The thought of buying and selling real estate in today’s tough economy might seem a little nerve-racking. But who says you can’t have fun and make money off someone else’s hard luck?

A business-oriented game introduced last month lets you become a real estate mogul without losing your real shirt.

“Mogul” was created by Philadelphia real estate developer Joel Harden to explain to his 11-year-old daughter what he does for a living.

He soon realized it wasn’t just his daughter who didn’t understand basic economic and real estate principles. Many people don’t know the fundamentals of buying and selling homes, and building wealth as a result.

The $99.99 Monopoly-style board game (www.buy mogul.com) teaches real estate and investing fundamentals, including interest rates, mortgages, zoning, due diligence and money management.

The game comes with the requisite houses, players’ pieces, dice, amortization charts and financial worksheets.

“I think it’s great,” said Andrew Carswell, assistant professor in the department of housing and consumer economics at the University of Georgia. “Housing is just so complicated, especially the financing of it.”

Carswell uses a form of the television game show “Jeopardy!” and computer tools to teach students about property management.

“When you’re in a real estate and housing class, you need something to show how the money flows and where it goes,” Carswell said.

“I find I need something to show how mortgage fraud works, and in a dry lecture that’s hard to do and keep their attention.”