I signed up for a Real Estate Seminar. Is it a scam?

Question

Hello all!

I just joined the site after sitting through a free 2-hour Real Estate investing seminar where I decided to sign up and pay for the full weekend-long seminar in a few weeks.

Now doing a bit of due diligence.

I have to admit, I was excited to hear about all the things I heard during the free seminar.  The skeptic in me says this is a scam.  However, I was offered a money back deal (full money back if I was not satisfied after the first day of the seminar) and I only paid $400.

My questions are:

1. What is the company getting out of me attending their seminar?  Will there be another upsell?  How are they making money if they're charging me just $400 for the entire weekend?  (I'm really sorry if they are doing this because they truly want to teach others their tips to wealth and will personally apologize to those involved if I am completely wrong about this.)

2. There are several hooks:

- Buying/investing in real estate without using any of my own money

- 0% funding source for 12-18months (with only $3500 processing fee).

- A few more.

The program is called "Deal Zone Wealth Academy.  The free seminar was hosted by Pat James.  I have googled him and he looks legit!

The actual weekend seminar is taught and hosted by Cherif Medawar.  Also googled him and he looks like a very successful Commercial Real Estate investor.

They appear to be very successful and knowledgeable.  Curious as to why they are spending their time conducting these seminars.

Any insight would be greatly appreciated!

Jay Hinrichs · Answer

Keep in mind this is all rooted in MLM... why do we do this..  we do this to better our lives so we can spend more time at home with the kiddos or do what we want and or get out of our cube.

there is no such thing as 0 money.. the 3500 you will spend I would caution that immensely.. lenders are not do do's  they don't give 100% loans to beginner's..

but for a whole weekend for 400 it could open some doors some ideas etc..

I have seen some of these programs be quite good actually.. so I don't know this one.

but when they lead with Zero money and that stuff that I don't agree with.. having spent 4 decades in this business it just does not work that way.. ONLY in the Movies.

Thomas S. · Answer

It is not a scam it is a business. They are all legitimate snake oil sales men.

The purpose is to collect fees from student. This is where they make the majority of their money. They will concentrate on upsell so as long as you leave your wallet and credit cards at home go, enjoy, get as much as you can from your $400 and be thankful you did not waste any more money. However if you are weak willed be prepared to be taken to the laundry.

It is nothing more than a pep rally to encourage you to pay for more upselling seminars.

John Thedford · Answer

Nothing is genuinely free. You can learn 10x reading books and spending time on BP. Frankly, I would not waste my time even attending.

Ryan Wood · Answer

Man Jay always has the right answer. This is so true and thank you again Jay! it truly seems to be just in the movies!

BP addict

Ryan

Jorge Torres · Answer

@Tina Ph

I have taken the 3 day training with Cherif Medawar - it was by far the most valuable seminar event I have ever attended - and for those who wrote that all these Gurus will sell you a $50k coaching etc - well it did not happen - actually he offered ways to Joint Venture with him, several of the attendees had known him for many years and made money with him - he also has a real estate fund so he explains how he invests the money and by default many people then want to join him - but if you just pay attention and ask him questions as well as network etc you will get way more than any book on real estate (he has real life examples and is very active plus he has done flips on homes worth $10mil in San Francisco as well as mass purchases from bank foreclosures etc - he explains residential and commercial and has several books etc including one he Co-authored with Steve Forbes)

You be the judge!

Daniel F. Harb · Answer

Hello, @Tina Ph.

What would they say if you called before the seminar and asked for the $400.00 back? That would be my first choice, you may have to negotiate hard, but turn the tables on them.

If you can get your money back, you are ahead of the game!  :)

Welcome to BiggerPockets!

Daniel F. Harb

Tina Ph · Answer

Thank you.  As a newbie here, I really appreciate this feedback and can go into the first day of the seminar prepared for the upsell.

I signed up for a Real Estate Seminar. Is it a scam?

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