I hesitate to write a negative review on a public forum, but I feel it is necessary in this instance. My business partners and have done our diligence to research several 'wholesaling programs' in hopes of teaming up with experienced wholesalers to provide guidance and a bit of a safety net when launching our start-up company. We settled on Michael Quarles program and arranged a phone conference with one of his reps to get the particulars and decide between the Gold or Platinum.

After an hour and 20 minute phone discussion, we decided to go with the Platinum Program which is $5000. Seemingly a small investment to get such seasoned experts on our team for a 6 month period. During the presenter's pitch, we asked him many questions. Towards the end of the talk, I asked him explicitly "what other fees or charges did we need to know about other than what we have discussed?". He gave a very thoughtful answer and said they had disclosed everything. At that time, my team and I had a few minutes to ourselves to discuss our decision and then we called them back and proceeded with the $5000 payment.

The next day, they sent us the "contract" via DocuSign to read, sign and return. To my surprise, the contract had some very substantial monetary elements in it that were not mentioned in our hour+ meeting the day before. In section 5, the contract reads: "Transaction Fees: Student will pay Mentor a Transaction Fee in the amount of $5000.00 (Five Thousand Dollars) on each transaction (Property Purchase) entered into during the term of this agreement. The Transaction Fee Will also be payable by Student on any Purchases that are Pending (under a written Purchase and Sale Contract during and up to the end of the Six-Month Term), even if this Agreement has expired when the Purchase Closes."

This was a real game-changer for us, especially since it was not even mentioned by the presenter the day before. So my team and I are going to do all the heavy lifting, take all the risk, and we are going to give $5,000 per deal for 6 moths and this was not something that might be brought up during a long discussion? We immediately felt that this company was attempting to deceive us and the presentation was fraudulent.

I wish that I had better things to say since Michael Quarels is well respected on BP, however they have still not returned our money and only offered a remedy after we called and asked where our money was. Hopefully we will not have to take legal action, but I write this post in the spirit of full disclosure in hopes that future aspiring investors don't get burned the way we have.

4 Votes