Scam?

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Scam?

Allan Ramirez
Rental Property Investor · San Diego, CA · Member since 2013 · 13 posts · 4 votes
Hi everyone just looking for advise,in my journey to start up in wholesaling I became across this Craig's list add http:// sandiego.craigslist.org/nsd/rej/4277149990.html has anyone heard off the wealth advisors club? Are they a scam?
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Tyrus Shivers
Investor · Jessup, MD · Member since 2013 · 437 posts · 180 votes
12y

@Allan Ramirez

Allan, my advice is to just study wholesaling here on BP. If you feel you need a hands on mentor or coach then look for someone at your local meetings or REIAs that will agree to work with you. If they need to be compensated work out a split profits deal. You will need cash for your marketing needs, do not waste it on "coaching" from a website. You do not need a course you need solid working advice.

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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    12y

    Never heard of them. Your link didn't work. A google search did not brijng them up on first two pages. There is a "New Wealth Advisors club" is this waht you meant? Never heard of them either.

    0Reply
  • Marc RamsayPro Member
    Investor · Ojochal, Costa Rica · Member since 2013 · 288 posts · 164 votes
    12y

    Try this link http://sandiego.craigslist.org/nsd/rej/4277149990.htm

    Doesn't necessarily look like a scam, but I'd definitely do my due diligence on these guys first.

    0Reply
  • Derreck WellsPro Member
    Specialist · Pelham, NH · Member since 2013 · 547 posts · 269 votes
    12y

    I'd avoid them. It's just a Guru course, they'll charge you $500 for the weekend, then sell you a bigger package at the end of the weekend.

    http://www.complaintboard.com/new-wealth-advisors-club-l15071.html

    A review from the site above...

    -------------------------------------------------------------------------

    Sorry I did "not" do my homework better! Dave and Melina Boswell have a schemed with Arcadio Diaz and Eric Stevens to put on quite a show.
    They have you enter into a contract ($500.00)for a 3-day event , the money back guarantee is upfront, from the first day up until 5:00pm (Friday) they will refund your money.

    HOWEVER,

    What they don't tell you is they don't disclose or "drop the bomb" on you UNTIL the 2nd(Saturday) day ,that in order for you to go further,you need to invest in 1 of 4 modules. Prices ranging from $4000.00 -$25,000 in order to "really" get into their list of investors. So, you really cannot get your money back, pretty slimey!

    The students are brainwashed into believing they are "real estate investors" and in reality they are peddlers of the education products. None of them have their own money involved, they have a list of 2800 or so they say, investors that they mass email out a property, they usually get from the one off deals from unsuspecting students who bring in deals in hopes for a collaboration.
    The deal I brought in was taken into their back room and then told me I was going to get a "bunch of money" as Melina puts it.
    They closed the deal and I did not receive ANYTHING! I found out the deal closed and it was traced thru a friend of mine that led back to NWAC. Nice!
    So a lesson learned. I would not spend my money on this SCAM, this letter is for those of you that maybe considering it. I wish someone wrote a letter like this one, to forewarn me !!!
    They seem like nice people , but in reality they are scamming people left and right!
    Lastly, they shouldn't use their religion to influence people either, it is just wrong!


    google noveau riche -

    ----------------------------------------------------------------------

    1Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    12y

    @Allan Ramirez

    I just did a google search for the wealth advisors club, and I see a lot complaints concerning the way they do business. At the 3 day weekend seminar, they try to get you to spend Thousand of $$$.

    Here is a copy and paste of one remark: Prices ranging from $4000.00 -$25,000 in order to "really" get into their list of investors

    Take the time to do the same search that I did, and you can see the complaints.

    Raymond

    0Reply
  • Henry Nguyen
    Wholesaler · Arlington, TX · Member since 2013 · 59 posts · 29 votes
    12y

    I find that if you question if it's a scam or not, 9 out of 10 times it probably is.

    2Reply
  • Michael G.
    Wholesaler · Bay Shore, NY · Member since 2009 · 359 posts · 199 votes
    12y

    Sounds like a scam. Check out http://www.yelp.com/biz/new-wealth-advisors-club-riverside

    and

    http://www.complaintboard.com/new-wealth-advisors-club-l15071.html

    and

    http://newwealthadvisorclubscam.blogspot.com/

    and

    http://lordingtheland.blogspot.com/2007/06/nouveau-riches-school-for-suckers.html

    1Reply
  • Robert AdamsBusiness Member
    Real Estate Broker · Henderson, NV · Member since 2009 · 1k+ posts · 373 votes
    12y

    sounds like a waste of money

    [email protected]702-349-9175
    The Adams Team at Rothwell Gornt Companies4.972 Reviews
    WebsiteView Page
    1Reply
  • Josh Rich
    Investor · Encinitas, CA · Member since 2013 · 83 posts · 18 votes
    12y

    Just got hit up by a New Wealth recruiter and was contemplating attending their "by invitation only" meeting coming up next week. Sooooo glad I leaned on my BP family to post information like this, love you guys!!! Thank you, thank you, thank you for saving me time, money, and resources.

    2Reply
  • Justin Joseph
    San Diego, CA · Member since 2012 · 40 posts · 17 votes
    12y

    They are another Guru course company. They are and are not a scam in my opinion. I signed up with them (I do for the most part consider it a mistake at this point) a couple of years ago. They have some good information available, and like any other club you have a lot of like minded individuals who want to be successful. As far as I know they are still pushing Short Sales and "Door-Knocking" which I think most of us know is a dying (or dead) strategy.

    I say I consider it for the most part a mistake because the information they provide is available anywhere and a lot cheaper. I find some redeeming value in my decision to sign up with them because I met some great people who I consider friends now and who were very influential in my early development.

    So take it for what it is....

    1Reply
  • Peggy Liu
    Investor · Los Angeles, CA · Member since 2013 · 354 posts · 98 votes
    12y

    I've been researching on New Wealth Advisors and there have been a lot of negative reports on what a ripoff they are with investors paying up to 25K for their courses. I heard it's a spinoff of Nouveau Riche.

    0Reply
  • Tyrus Shivers
    Investor · Jessup, MD · Member since 2013 · 437 posts · 180 votes
    12y

    @Allan Ramirez

    Allan, my advice is to just study wholesaling here on BP. If you feel you need a hands on mentor or coach then look for someone at your local meetings or REIAs that will agree to work with you. If they need to be compensated work out a split profits deal. You will need cash for your marketing needs, do not waste it on "coaching" from a website. You do not need a course you need solid working advice.

    3Reply
  • Dev HornPro Member
    Flipper/Rehabber · Arlington, TX · Member since 2013 · 1k+ posts · 2k+ votes
    12y
    Originally posted by @Peggy Liu:
    I've been researching on New Wealth Advisors and there have been a lot of negative reports on what a ripoff they are with investors paying up to 25K for their courses. I heard it's a spinoff of Nouveau Riche.

    NOUVEAU RICHE = NEW WEALTH

    Hey at least they left a little tongue-in-cheek clue there regarding their origin. They could have been just a BIT more subtle about it tho, don't you think??

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y

    Any relation to this?

    http://www.ftc.gov/news-events/press-releases/2011/05/ftc-charges-promissory-note-pitchman-deceiving-consumers

    0Reply
  • Shonda Johnson
    Hawthorne, CA · Member since 2014 · 2 posts · 2 votes
    12y

    I am so glad I saw this before I went further. Also wish I had seen this prior to going to the meeting. Currently they charge $1000 as a whole for the year. You pay $600 up front then $40 a month to finish off.

    I paid a down payment of $100. I will kindly ask for a return. I am not for scams and dont want to pay into something that will cost more once you attend training. They said that would be the only cost. What a lie.

    Thank God for this site.

    I want to get into the business of flipping property and possible aquire income property in the future but not through a scam.

    Thank you all for telling what this program is really about.

    0Reply
  • Aryana Rahman
    La Verne, CA · Member since 2014 · 5 posts · 7 votes
    11y

    I first came to the intro at New Wealth Advisors Club about a year ago and it has been a great experience. I have learned a ton about flipping and now have current deals going on. It's easy for people to say it's a scam because they expect to magically make money and when they don't they ruin the possible experience for others. It's just fear. To be successful in any business you have to let go of that fear and jump in with both feet. No, the training isn't free but neither is any other kind of training. My niece spent 12k learning to apply make up and be a make up artist. One could say that was a scam as well. The bottom line is that they don't hand you deals, you have to go out and do the work. They will however, teach you how to FIND the deals. Once you have a deal they will guide you through the process and even help you attain the funding with out coming out of pocket or using your personal credit. None of those people are fake. I see them often at NWAC and they have pictures of their deals and they are often broken down for others to learn at the monthly training meetings. Most have their own company's now and stay a part of the community to leverage each other. I hope this info helps!

    2Reply
  • Aryana Rahman
    La Verne, CA · Member since 2014 · 5 posts · 7 votes
    11y
    Originally posted by @Dev Horn:
    Originally posted by @Peggy Liu:
    I've been researching on New Wealth Advisors and there have been a lot of negative reports on what a ripoff they are with investors paying up to 25K for their courses. I heard it's a spinoff of Nouveau Riche.

    NOUVEAU RICHE = NEW WEALTH

    Hey at least they left a little tongue-in-cheek clue there regarding their origin. They could have been just a BIT more subtle about it tho, don't you think??

     They are not a spin off

    0Reply
  • Aryana Rahman
    La Verne, CA · Member since 2014 · 5 posts · 7 votes
    11y
    Originally posted by @Allan Ramirez:

    Hi everyone just looking for advise,in my journey to start up in wholesaling I became across this Craig's list add http:// sandiego.craigslist.org/nsd/rej/4277149990.html has anyone heard off the wealth advisors club? Are they a scam?

     They are a great place to start in the journey to become an investor.

    0Reply
  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    11y

    @Allan Ramirez If you're interested in wholesaling, you may want to connect with @Sharon Vornholt here on BP. She writes regularly on the topic for the BP blog and has a wealth of experience on the subject. Best of luck! 

    0Reply
  • Nathan Gasti
    Los Angeles, CA · Member since 2015 · 16 posts · 3 votes
    11y

    I actually just came from one of their orientations today where I signed up for 3 day training course. A lot of the complaints that I have been hearing could be avoided if people would just pay listen at the meeting (although NWAC may not have made these disclaimers in the past). They tell you up front that as a beginner you will make only 10% of the profits from deals that you close, which makes sense to me since they will be doing most of the work and teaching you what to do. They also tell you that to become a partner level there will be additional fees and additional courses. I have not taken any of the training myself yet, but I am here to give an initial opinion of this company that can be trusted since I am not yet a member. A lot of these reviews make me want to take back my money and run from this organization, but I am still going to give them a chance since to many people these days expect something for nothing and feel taken advantage of when they are surprised with hidden fees (That wouldn't be hidden if they paid attention).

    2Reply
  • Louis Orona
    Homeowner · Duarte, CA · Member since 2013 · 4 posts · 1 vote
    10y

    In all honesty, it sounds like Primerica all over again. Some may disagree, but if I find a deal you shouldn't be making the majority of the money. If you [NWAC] were so good at finding deals, then how come this newbie found it? 

    I almost got suckered and I knew it was too good to be true.

    $1200 / year that everyone pays... for education and access to the "network". Sounds like a Ponzi scheme ;-) 

    0Reply
  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    10y

    When it comes to getting training, I'd stay away from craigslist. Referrals are your best bet if going this route. Best of luck! 

    0Reply
  • Harry Mullen
    Wholesaler · Lake Elsinore, CA · Member since 2016 · 1 post · 2 votes
    10y

    1st of all, it is called New Wealth Advisors Club. 2nd, you need to be invited in order to be considered for membership. I have been a licensed RE agent in California as well as an investor for over 15 years. I was given an invitation to attend the free presentation. After I went, I decided that I was going to join.

    Yes, I did pay the $500 to attend the weekend seminar and yes when I joined I paid the additional fees of $2500 for membership. The is an annual membership fee of $250.

    I have attended all the seminars multiple times without any additional cost.  The tools I learned, I have used in my own investing and it has worked for me greatly. I have not done any deals through them. I just use the information learned on my own.

    Again, I am licensed in California, my Lic # is 01208051 it is under the name of Harold Mullen.

    I must say that there was no pressure to join. They wanted me to be sure of my decision and I appreciated that. I hate high pressure sales people.

    I did in fact join and have worked with the other investor of the club. I have no doubt that they are legitimate. I have seen nothing to indicate that they are a scam. If I ever do come across anything that would make me believe that it is a scam, I will be the first to post it here.

    With that said, know that you must complete due diligence on your part. If you feel uncomfortable in saying yes, then do not feel bad saying no. Never do anything that does not feel right no matter who is giving you the information. That includes myself.

    Again, due diligence is a requirement on your part.

    Good luck.

    Harry Mullen

    2Reply
  • Toi H.
    Real Estate Agent · Los Angeles, CA · Member since 2015 · 109 posts · 43 votes
    10y

    I have been a member of the New Wealth Advisory Club since January. I also found an ad posted on Craigslist with regards to networking with other real estate professionals. I reached out, had a phone conversation with the member who posted it and I decided I'd like to learn more. So, I attended their three day introduction learning more about how the club runs, its benefits and also received extensive information on various investment strategies. I never felt pressure to join or buy anything and the weekend introduction was free.

    I am a member of and have joined several professional networking clubs during my lifetime and really saw this opportunity as no different than what other organizational clubs offer in terms of membership and non affiliate opportunities to enhance your craft.

    In the area where I live, all the REI clubs ask for membership fees or a fee for each time you walk through the door. In my opinion, NWAC is one of the better REI clubs in the region; there is a one time annual membership due and you don't pay anything extra to attend any other meetings throughout California (IE, LA, SD & OC). The club is exactly what I was looking for in terms of networking with other RE professionals and I have met some great individuals through the club. I don't see any type of scam going on. I believe there were some changes with the club dues at the time I joined and I only paid $1200 for the year, and it'll be $500 annual afterwards.

    1Reply
  • Jim Keller
    Investor · Riverside, CA · Member since 2014 · 351 posts · 220 votes
    10y

    Hi All,

    Teaching and education has been very important to my success and growth.  I just don't like the idea that you can "buy" your way into becoming and investor.  My training started years ago, when I dreamed of buying my first home.  I learned all about financing, cash reserves, fixed rate, and adjustable financing.  I had the same "hands on training" for construction, home sales, and escrow in subsequent years.  I would urge all that decide to "become" and investor to examine the talents you already have and work to include them in evaluating all possible transactions.  In my life i have found success breads success, so find a small success in your investor career and just build on it.

    No person or organization will "give" you access to money making opportunity they haven't passed on them self.  In my search for new deals, investors, service personal, and buyers for my flip's  I hear many people with the wrong impression of what this business really is.  Here in Southern California there are many pretenders, I would proceed with caution when an Eskimo is selling ice, out of his igloo.

    Go to google or  your Iphone store and get the app "meet up", at these meeting there are for sure wolves, but there are also good people looking for other good people.   At the meet up's I have met many people that have paid $199 to $75,000 for the "inside scoop", Its sad to me. Education is good, it's needed in out industry.   

    Just my rant....

    good luck all

    0Reply
  • Gabe G.
    Greenwood, IN · Member since 2013 · 346 posts · 93 votes
    10y

    Harry Mullen, sounds a like a fake poster. 1 st post on the board and he speaks highly of new wealth advisors club. Sure Harry:)

    It's a scam like all of these things are.

    0Reply
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