Connected Investors 3.0

49 Replies

Has anyone sat through the entire Connected Investors latest webinar? There are some big claims made in the teasers and wonder what the deal is. 

I gave up 35 minutes in after it started to smell too much of sales pitch and got distracted by other things. I'm curious to know if anyone sat through the entire thing and can share with the BP community the cliff notes.

Thanks!

Matt

I am working on my laptop while this is playing I am the 1 hour and 13 minute mark and it is still going. All a pitch with great claims. Have not gotten to how much he charging for this.

Thanks @Steve Pohlit  

There isn't nearly as much buzz on this forum as I expected considering they claim to have 100k+ users of their networking platform. Surely there is some crossover between BP...? 

If you make it all the way through, I'd appreciate you sharing what the cost is.

Does anyone else have any experience with their new launch?

Thanks!

Matt

Matt I stopped at 1 hr and 45 minutes. Like you I am surprised there is not more buzz about this. However I suspect a sales pitch of nearly 2 hours is  too much for most.  The site with the prices is http://realestaterichestoday.com  and the price is $1,497 - they have a three payment option and there is no monthly fee. If it does half of what he says it should be worth it. I am not a buyer at this point.

Disclosure: bought the product

Well I sat through though whole pitch, and bought the program, but I am ready to ask for a refund.  Today I finished going through the apps, and basically one the BPO you pay $110 dollars to use each time.  The other is the funding that you have to meet a whole lot of criteria to get money.  One facebook app is not even available yet.  There were also the biggie for me not many people or properties on the site.  The cherry picking is only available once in a while and while on a call/webinar where you buy properties from asset managers.  I found no properties or investors in several areas I looked and one in in a busy area of investing.  1497 is too expensive to not get what they claim without the fine print.

Sorry guys "connected investors" smells bad,,,,,

Not a "good report card either"

DD

I just joined the Connected Investor webinar about 2hr ago. Like @Matt Rodak I kind of stopped listening after the first about 1/2 hour. It seemed to be going a rather predictable way; no actual education, just a pitch for an expensive package. @Tammy Watanabe I hope you got your money back. $1497 could be better spent just as @Jerred Morris said. 

This seems like scam. "The greatest transfer of wealth in history" is exactly, word for word, what I heard said two years ago at a Rich Dad seminar. Ironically, according to Connected Investors, Robert Kiyosaki's advice is wrong. I suppose that means CI's advice is wrong too for the same reasons.

Bottom line, people, set down the checkbook and back away slowly. If you were thinking of using a credit card, RUN! In my humble opinion this is NOT where you want you want to put your hard earned money.

Happy New Year!

I love you bigger pockets! 

I just sat through the whole webinar and a lot of what he said was true about retail buyers entering the market, hedge funds buying in bulk, reo's drying up, spending time analyzing deals, etc... However, I did not buy the program either.

I'm fairly new, but have spent a lot of time looking at property, making offers, submitting the same offer, and so on. I now have a handful of good deals by going a bit gangsta and bypassing agents to get to the seller. Agents are great, but they protect the seller's more than they should sometimes, so I used a different approach and it's working!

No, I didn't break any laws, just ruffled some feathers! :)

Matt,

Unlike most 'nay-sayers' not only did I sit through the entire 2 hr. webinar but I requested and was granted an hr. long meeting with their COO Bill Brinkley in their offices in Wilmington NC and met personally with Adam Ross who hosted the webinar. I am neither paid by them nor act as their spokesperson and we've never met each other prior to our meeting.

Connected Investors is a group of software programmers geared towards real estate investors. Their software platform is a tool, plain and simple, that allows one to access other 'connected' investors and are affiliated with Lending Tree who promotes a user's property to a host of lenders, perhaps like yourself, to obtain the best funding arrangement.

Bill was gracious enough to spend an hr. of his time going over the platform step by step showing how to load or search for a property, request a 'BPO' (buyer preview(?) offer) which is a detailed analysis of the property laid out in simple speak showing the state its in and its potential worth, submits a funding request and obtain a funding offer through the host of lenders connected via Lending Tree and ultimately re-sell it through their connected contacts.  All simplified through Apps downloaded onto whatever smart device one utilizes.

The BPO's legitimacy is in the fact that a licensed appraiser personally visits the requested property which the user has to compensate the individual for his time. The cost is $110 per report which covers their travel. I'm sure you know the normal retail cost of an appraisal. I feel its in one's best interest to get a structural evaluation and an ARV established prior to purchasing any property and as a lender I'm fairly certain you'd want to know as much as possible about a property prior to releasing any funds to purchase.

I correlate their product to any tool provider.  If a mechanic buys $1,497 worth of tools wanting to get into business and leaves them laying around expecting business to come to him he may very well be disappointed.  A CADD program costs twice as much and will give you zero business if you don't know how to use it.

If Tammy Watanabe from Little Rock can sell me hers I'd consider buying it from her.

Cheers

Originally posted by @Tammy Watanabe:

Well I sat through though whole pitch, and bought the program, but I am ready to ask for a refund.  Today I finished going through the apps, and basically one the BPO you pay $110 dollars to use each time.  The other is the funding that you have to meet a whole lot of criteria to get money.  One facebook app is not even available yet.  There were also the biggie for me not many people or properties on the site.  The cherry picking is only available once in a while and while on a call/webinar where you buy properties from asset managers.  I found no properties or investors in several areas I looked and one in in a busy area of investing.  1497 is too expensive to not get what they claim without the fine print.

 Is it possible to buy it from you somehow?

@Mark Esposito No offense, but this doesn't say anything about the functionality of the system that CI has in place. Did you buy it? Are you planning on buying it? Do you know anyone that has bought it and it's working for them?

It would be a great help to if anyone has actually made the leap and is getting positive results from using their platform. Thanks.

Phil

Originally posted by @David Doyle :

Sorry guys "connected investors" smells bad,,,,,

Not a "good report card either"

DD

Just curious... what report card you see? I don't know anything about this company, but some posters here are from NC. So I see their NC filings and looked up their company on BBB (not that BBB matters much, but they don't have any outstanding complaints). They are a new company (10/28/2013) in NC, but were formed in DE since here in NC they are a foreign corporation. I don't see anything unusual in a 5 minute look...

@Mark Esposito  
Regarding "Bill was gracious enough to spend an hr. of his time going over the platform step by step showing how to load or search for a property, request a 'BPO' (buyer preview(?) offer) which is a detailed analysis of the property laid out in simple speak..."

Most of the real estate industry identifies Broker Price Opinion with "BPO".

So you continue on... "The BPO's legitimacy is in the fact that a licensed appraiser personally visits the requested property which the user has to compensate the individual for his time. The cost is $110 per report which covers their travel. "

Yes, BPOs are a tool. Licensed real estate brokers also have tools based on comparable sales. So there are Broker Price Opinions and Comparative Market Analyses. In our state, there is actually a section of state law (Note (1) below.) pertaining to "Broker Price Opinions and Comparative Market Analyses". Imagine that. As used in that piece of state law, "the terms "broker price opinion" and "comparative market analysis" mean an estimate prepared by a licensed real estate broker that details the probable selling price or leasing price of a particular parcel of or interest in property and provides a varying level of detail about the property's condition, market, and neighborhood, and information on comparable properties..."

There is also within that section in our state law entitled "Broker price opinions and comparative market analyses for a fee". Basically, you can (per statute) collect a fee if you are a licensed broker. Connected Investors, Inc. is not licensed as a broker as far as I can see (Note 2). They should be if they are collecting $110 for a BPO. The name you mentioned as COO is not registered as a licensed RE broker (note 4) and neither is the organizer (note 5). I would not expect them to be, but I would expect a broker in charge somewhere in the company, and I'd expect the company to be licensed as a brokerage since they are providing brokerage services.

I don't get what $1,497 get you. It sounds like they are operating more as a lead generator for LendingTree. Not sure if they need to be licensed (note 6) if they get a commission from lendingTree. @Bill G. may know. Not surprising, but the company you are dealing with is not licensed as a mortgage lender, servicer, broker, or mortgage loan originator.

So, that took me about 25 minutes. A little longer since I type slow(ly). I hope that helped. I only know about this company from what I looked up and what I see in this post. I've not listened to any pitches and baxically everything I know about them is summarized above.

Notes:
1. http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_93A/Article_6.html
2. http://www.members-base.com/ncrec/oecgi3.exe/O4W_FIRM_SEARCH_NEW
3. http://www.ncleg.net/Sessions/2011/Bills/Senate/PDF/S521v5.pdf
4. http://www.members-base.com/ncrec/oecgi3.exe/O4W_LIC_SEARCH_NEW
5. http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=10374560
6. https://www.nccob.org/Online/NMLS/LicenseSearch.aspx

I order BPO's all the time, no need to go through a GURU.  Prices range from $65-110 and are done by a local RE agent, NOT an appraiser.  This is not an appraisal, it is a quick analysis, you can often times see the agents rearview mirror in the picture of the house, so that give you an idea of how much time they are spending at the property.  A lot of agents will do these for free if they work the area and they think they can get a future listing out of it but you have to find the agent directly and call them.  A little more work then going to a website and the quality can very.

@Chris Martin  

I have no idea of any relationship. The internet and TV commercials with a phone are really bad ways to obtain financing.

I can see ways to avoid the origination of loans, where an application might be made on a site but not being available to some organization, being picked out by a lender directly, it might be picked up by several lenders, the key is that the organization's web site skirts direct solicitations and collecting applications. These lenders could simply pay due to a site to participate. I'm speculating, totally.

These lenders have legitimate lending platforms, they also run predatory practices and fail to comply with laws on a grand scale, yes, they get burned and it's a cost of doing business, when you're that big we all know how that goes. I had a family member apply for a refi and used a charge card to pay for the processing fee and BPO. They cancelled the request, I confirmed it on the phone within the hour and assured there was no charge. About two hours latter, someone got out of a car, took a picture over the roof and then drove off. Called the CC folks and the charge had cleared, called Quicken back and they said it wasn't refundable, so to heck with rights of recession. I suggested taking it to small claims to get that ball rolling but they just said....ah, forget it! $500.00 gone.

Folks, you need to calibrate your BS Meters, get off the internet, I don't know of an industry that has more scams running and predatory dealers than real estate, in a local survey a few years ago around here, the professionalism of used car dealers was rated higher than Realtors/Landlords. Too bad, there are honest folks in RE, just takes a few bad apples..... IMO, there is nothing out there worth $1,495.00 that is sold as some program to make life easier.

I spoke to a manager of Jack Henry Inc. last night, Jack Henry is a leading banking software developer located here about programs for investors. We talked about the feasibility of loan compliance aspects and RE investors needs. He agreed with me that there is too much involved as to subjective information to address property evaluations, loan applications are pretty simple but "compensating factors" can't be evaluated in a circuit, that's a judgment call.

Chris, guess you got more than you asked for, LOL. :)    

  

Originally posted by @Philip Bashaw :

@Mark Esposito No offense, but this doesn't say anything about the functionality of the system that CI has in place. Did you buy it? Are you planning on buying it? Do you know anyone that has bought it and it's working for them?

It would be a great help to if anyone has actually made the leap and is getting positive results from using their platform. Thanks.

Phil

 Hey Phil, didn't mean to offend anybody. Just telling what I saw him do with the platform.

Originally posted by @Bob E. :

I order BPO's all the time, no need to go through a GURU.  Prices range from $65-110 and are done by a local RE agent, NOT an appraiser.  This is not an appraisal, it is a quick analysis, you can often times see the agents rearview mirror in the picture of the house, so that give you an idea of how much time they are spending at the property.  A lot of agents will do these for free if they work the area and they think they can get a future listing out of it but you have to find the agent directly and call them.  A little more work then going to a website and the quality can very.

 Hey Bob,

I could use a free BPO. Can you send me a link to order one...even $65 would be good...with a printout as well.

Thanks

Originally posted by @Chris Martin :

@Mark Esposito 
Regarding "Bill was gracious enough to spend an hr. of his time going over the platform step by step showing how to load or search for a property, request a 'BPO' (buyer preview(?) offer) which is a detailed analysis of the property laid out in simple speak..."

Most of the real estate industry identifies Broker Price Opinion with "BPO".

So you continue on... "The BPO's legitimacy is in the fact that a licensed appraiser personally visits the requested property which the user has to compensate the individual for his time. The cost is $110 per report which covers their travel. "

Yes, BPOs are a tool. Licensed real estate brokers also have tools based on comparable sales. So there are Broker Price Opinions and Comparative Market Analyses. In our state, there is actually a section of state law (Note (1) below.) pertaining to "Broker Price Opinions and Comparative Market Analyses". Imagine that. As used in that piece of state law, "the terms "broker price opinion" and "comparative market analysis" mean an estimate prepared by a licensed real estate broker that details the probable selling price or leasing price of a particular parcel of or interest in property and provides a varying level of detail about the property's condition, market, and neighborhood, and information on comparable properties..."

There is also within that section in our state law entitled "Broker price opinions and comparative market analyses for a fee". Basically, you can (per statute) collect a fee if you are a licensed broker. Connected Investors, Inc. is not licensed as a broker as far as I can see (Note 2). They should be if they are collecting $110 for a BPO. The name you mentioned as COO is not registered as a licensed RE broker (note 4) and neither is the organizer (note 5). I would not expect them to be, but I would expect a broker in charge somewhere in the company, and I'd expect the company to be licensed as a brokerage since they are providing brokerage services.

I don't get what $1,497 get you. It sounds like they are operating more as a lead generator for LendingTree. Not sure if they need to be licensed (note 6) if they get a commission from lendingTree. @Bill G. may know. Not surprising, but the company you are dealing with is not licensed as a mortgage lender, servicer, broker, or mortgage loan originator.

So, that took me about 25 minutes. A little longer since I type slow(ly). I hope that helped. I only know about this company from what I looked up and what I see in this post. I've not listened to any pitches and baxically everything I know about them is summarized above.

Notes:
1. http://www.ncga.state.nc.us/EnactedLegislation/Sta...
2. http://www.members-base.com/ncrec/oecgi3.exe/O4W_F...
3. http://www.ncleg.net/Sessions/2011/Bills/Senate/PD...
4. http://www.members-base.com/ncrec/oecgi3.exe/O4W_L...
5. http://www.secretary.state.nc.us/corporations/Corp...
6. https://www.nccob.org/Online/NMLS/LicenseSearch.as...

 Chris,

Thanks for posting. This company develops software for investors. As I posted, I'm NOT affiliated with them. Just called them out on their software, and they showed me. As their name implies they connect investors via EASY apps. No free lunch.

For $1497 it appears its all in the apps.

I don't buy online...well maybe some cars at auction...if I want to gamble!

Great notes!

Originally posted by @Matt Rodak :

Has anyone sat through the entire Connected Investors latest webinar? There are some big claims made in the teasers and wonder what the deal is. 

I gave up 35 minutes in after it started to smell too much of sales pitch and got distracted by other things. I'm curious to know if anyone sat through the entire thing and can share with the BP community the cliff notes.

Thanks!

Matt

 So has anybody sat through their webinar besides me? The first 90 minutes is pretty dry (my story...blah blah...blah) to weed out the ADHD types. The last 30 shows what the platform does. Its all in APP form connecting investors to resources. 

@Mark Esposito  

You can order one from Valuation Vision for @ $100.  If you want a check for rental rates as well add $10.  They have a very high quality format.

For something in the $0 - $65 range check for a local agent on REO Industry Directory search for agents in your zip code and call or email them.  Some will do it for free if they think they can get a listing, some will charge @ $65-75.  If you go this rout there is no standard format.

In either case, once the BPO is done I would recommend calling the agent and discussing their take on the situation in the neighborhood.

@Mark Esposito    Regarding:

"Thanks for posting. This company develops software for investors. As I posted, I'm NOT affiliated with them. Just called them out on their software, and they showed me. As their name implies they connect investors via EASY apps. No free lunch.

For $1497 it appears its all in the apps."

Without signing up, I couldn't see descriptions of all the "Apps". So... I "signed up" for this so I could see for myself where the value is. I did not pay $1497. But I do see descriptions of the "Apps" that you are talking about. Most of the "Apps" are not software or software tools, but are training videos. Some I really don't get, like the Supplier Discounts App. They claim 'Investors Are Saving An Average of $3,000 per Rehab With Our Exclusive Supplier Discounts' and it only costs $197 per year. They list Lowes as a vendor. I already use Lowes QSP and have their Discount Business card. I spend many tens of thousands a year with them. According to the Customer Service desk, that's about the extent of the discounts. The local manager said they don't have an "Exclusive" discount program outside of QSP. I guess the "App" tells you to fill out a QSP form? I'm not going to find out.

Full disclosure here. I'm not going to sign up for this App/product because I think it is geared for new wanna-be investors. Basically, my take on this site is that it is a social media site that promotes paid training services. There may be someone who sees value in the tape Apps and video training. But not me. Not theirs. As for finding deals... I tried to enter "Raleigh, NC" as my area but the platform didn't recognize Raleigh, NC. The four recognized Raleighs are in IL, MS, ND, and WV. I did a quick google search of 'population raleigh <state>' and below are the results:

IL 348
MS 1,446
ND 12
WV 78,833
NC 431,746

NO offense to anyone in Raleigh, ND, but 12 people vs. 431,746 ... and the Raleigh NC area has about 1M.... well, I hope their "platform" does a better job in their Apps than they do at identifying population centers;)

An objective person not influenced by a slick sales pitch will stick with BiggerPockets. Honestly, most of the CI Apps feature things you can easily find elsewhere (including on BP)... but again, there are some people who want to be sold something even though they can find comparable (or better) products/system/platforms elsewhere.

Originally posted by @Chris Martin :

@Mark Esposito   Regarding:

"Thanks for posting. This company develops software for investors. As I posted, I'm NOT affiliated with them. Just called them out on their software, and they showed me. As their name implies they connect investors via EASY apps. No free lunch.

For $1497 it appears its all in the apps."

Without signing up, I couldn't see descriptions of all the "Apps". So... I "signed up" for this so I could see for myself where the value is. I did not pay $1497. But I do see descriptions of the "Apps" that you are talking about. Most of the "Apps" are not software or software tools, but are training videos. Some I really don't get, like the Supplier Discounts App. They claim 'Investors Are Saving An Average of $3,000 per Rehab With Our Exclusive Supplier Discounts' and it only costs $197 per year. They list Lowes as a vendor. I already use Lowes QSP and have their Discount Business card. I spend many tens of thousands a year with them. According to the Customer Service desk, that's about the extent of the discounts. The local manager said they don't have an "Exclusive" discount program outside of QSP. I guess the "App" tells you to fill out a QSP form? I'm not going to find out.

Full disclosure here. I'm not going to sign up for this App/product because I think it is geared for new wanna-be investors. Basically, my take on this site is that it is a social media site that promotes paid training services. There may be someone who sees value in the tape Apps and video training. But not me. Not theirs. As for finding deals... I tried to enter "Raleigh, NC" as my area but the platform didn't recognize Raleigh, NC. The four recognized Raleighs are in IL, MS, ND, and WV. I did a quick google search of 'population raleigh <state>' and below are the results:

IL 348
MS 1,446
ND 12
WV 78,833
NC 431,746

NO offense to anyone in Raleigh, ND, but 12 people vs. 431,746 ... and the Raleigh NC area has about 1M.... well, I hope their "platform" does a better job in their Apps than they do at identifying population centers;)

An objective person not influenced by a slick sales pitch will stick with BiggerPockets. Honestly, most of the CI Apps feature things you can easily find elsewhere (including on BP)... but again, there are some people who want to be sold something even though they can find comparable (or better) products/system/platforms elsewhere.

 Chris,

Your fortitude is commendable and appreciated. I'm not sure how to 'sign up' without paying their $1,497 fee is why I went down to their Wilmington NC office and had their COO show me how it worked.

They did have some cartoon training videos that might be what you're referring to. Not being interested in any more training (even though training never stops for me) my interest was in the automated connectivity of the APPS they developed for investing purposes.

The 3% (?) discounts at Lowe's can be obtained by joining the local Triangle investment association (TREIA)...but hold on....there's an annual fee for that as well. ($50/quarter). I quit looking for free lunches and spend a lot of $$$ at Lowe's as well.

So it's really all about finding deals. I've found out anything already posted anywhere ...BP...MLS (especially) is really no 'steal' of deal as somebody already has a hefty fee on it. So it's really getting out ahead of the Market postings to secure a contract. Once that's done everything else (including funding, listing & closing) should fall into place relatively easy. Of course the analysis is critical...but there's an app for that...

So for me 'old fashioned' contact methods ie: obtaining pre-foreclosure lists and direct mailings or just driving around and looking for distressed properties hopefully still gets one head of their competition to secure their deals. 

The one APP that did peak my interest was the BPO...or CMA...analysis. (whatever) as I'd want ACCURATE, well presented and cost effective market data to present to my lenders. There's a reason Realtors and Appraisers have different licensing criteria. I didn't scrutinize their output so the jury's still out on that. There are several analysis tools available but Zillow, etc. doesn't cut it for me.

There was one poster (Bob?) who claimed he could get those for $65..or even free...so I asked for a link...My plumber costs me $85 for a personal visit just to tell me something I already know...I have a leak...without doing a thing. 

Just trying to make more money ...more efficiently...

Cheers.