Get Rich Quick Real Estate Seminars
Surefire Ways to Lose Money through Get Rich Quick Real Estate Seminars
Those no-money-down or get rich quick real estate seminars and their ilk tend to prey on the innocent, the greedy, the hopeful and the naive. Nobody is really immune from these shysters. It doesn't matter whether you're a first-time home buyer who just wants to buy a good deal, maybe save a little money, or an experienced real estate investor who should know better, both types can get sucked in.
You've likely seen their full-page ads splashed in your local newspaper or on your Facebook page. They proclaim that the magical mystery tour is coming to your town, for one day only, and one phone call or click of a mouse can secure your reservation, but hurry, because seats are limited!
These seminar masters of real estate secrets have a secret all right to share with you. It's called: "Buy my books and podcasts." Moreover, what they're not sharing with you is if you follow their advice, you might get sued or land in jail, because so many of these shysters make up stuff that could get an unsuspecting novice into trouble.
A little secret most people do not know about me is in the late '70s and early '80s, I regrettably represented a few of these real estate gurus as their real estate broker, some of whom are still in business today. Some are dead. I attended national real estate conventions to witness first-hand the activity behind the scenes. Among themselves, the promoters and speakers referred to these events as "dog and pony shows."
- Don't trust them
- Don't do business with these guys
- Run far, far away.
The truly dedicated and brainwashed followers will interpret my comments as heresy because these students / seminar attendees hang on every word their mentor tells them and, if given the chance, would rip the shirts off their backs to polish the ground in front of the devil they worship. You may say this is pathetic behavior, and I would agree. I can't change those people's opinions, but I hope that my words will prod the rest of you to stay away these scam artists. Because they are charismatic, charming and quite believable . . . until you scratch beneath the surface.
I swear, if P.T. Barnum were alive today, he would be a real estate seminar speaker.
Many Seminar Speakers Are Unethical
One such speaker would set up real estate counseling sessions with hand-selected individuals in the audience, charging them a hefty fee for the session, in addition to representing them as a buyer's agent. He once confided that his goal was to "find out how much money is in my client's pocket and put it into [his] pocket." He wasn't joking. He is dead now; may he rest in peace.
Other speakers pre-screened the financial means of their audience members and placed corresponding colored dots on their name badges. This identified the financial situation of likely suspects by the seminar speaker's crew, as the various colored dots each represented a specific pocket of money. For example, those with red dots might have $100,000 to invest; whereas those with blue dots might have less than $10,000 in the bank. The seminar company didn't want to waste time talking to those with the blue dots.
Seminar Gurus Fabricate and Stretch the Truth
At a luncheon one afternoon, I was seated next to a well known lawyer whom I used to respect. During the course of our conversation, I mentioned a specific method I discovered that encouraged tenants to buy real estate. Right after lunch I walked by this guy's seminar room and heard him sharing my idea with his class, claiming to have put together such a transaction himself, when in fact he had not. Bold-faced lie. He could have easily told the truth, but apparently, as an officer of the court, outright lies didn't matter to him.
Another snake oil salesman often claimed that he owned property in 32 states. He repeated this statement over and over until he himself believed it, but the truth was he owned nothing. No real estate at all. But no one ever questioned him. He'd still be selling real estate today but he recently died.
Do the Money-Making Ideas Actually Work?
Yes. Some are feasible; some have never been executed; some are against the law. But can you tell the difference? Probably not. Can you do it? It's unlikely. The techniques are not geared toward the average investor regardless of the promises and hype. Want more information? John T. Reed maintains an excellent Web site that exposes seminar frauds.
At the time of writing, Elizabeth Weintraub, License #00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.