scotchtown, NY · Member since 2009 · 4 posts · 0 votes
does anyone know about this foreclosure bootcamp training. It`s big time money!!! Being tough by Jeff schnitter and his team. Who is suppose to be one of the very best at REO`s.. I looked and I haven`t found/heard anything bad about him only (good). Where are like 5 boot camps that you travel out to a city that they pick. Which is suppose to be one of the top foreclosure markets in the country. I know the hole country is flooded with them right now. But these city`s have already bottomed out or so they say. But they take you by the hand look over your shoulder watch you and teach you how to buy R-S REO`s or make you buy some with out using your own fund or very little down. Or with OPM or hardmoney. And will keep training you for a yr.
Any feed back would be great
Real Estate Investor · Newport beach, CA · Member since 2008 · 37 posts · 1 vote
17y
Charlie: don't do it. I wish someone would have warned me against it. the people on this site know more about real estate than his "trainers". I wish I could get a refund from his company, but its not looking good for me. just don't do it
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
17y
Charlie - Is there any reason you needed to post this 3 times? Please read the forum rules about multiple posts . . . your other 2 have been deleted from the site.
That said, are you promoting this or asking a question about it? It sounds like a little of both.
Please disclose what your purpose is here so we can understand what you're getting at.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
Good one Mr Investor!
Posted 3 times!?! Sounds like a plug to me.
Here is my feedback - There is no "best in the country at REO's"
There is no easy way to buy REO's with little to no money.
There is Risk.
You could get all the info from that bootcamp plus more right here on BP by reading the forum posts on REO's!
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
Mike,
We finally are on the same page on something!! I lived around the corner from Robert when his first book came out, No Money Down. This was in Provo, Utah and his book was bragging about his foreighn sports car and large F&C home on Osmond Lane(yes, those Osmonds). I went to check records ay court house and he had TWO mortgages against the house.
I told him his book would get LOTS of people in trouble.There is NO secret to buying with no money down. The secret is making all those mortgage payments that begin 30 days after you buy and continue for 30 years!! I had already retired from Real Estate at age 29 and we had great heated discussions. This was in the early 80's. Soon after that, he moved to CA and suffered serious financial setbacks and did file BK. Rich
Real Estate Investor · Hoboken, NJ · Member since 2008 · 230 posts · 6 votes
17y
I nearly got sucked into this but when i started digging in and asking some detailed and hard questions the responses got more and more elusive. It was at this point that I did some research and found a large number of people that were unhappy with any of his boot camps, programs, and his entire marketing scheme. Thankfully I found bigger pockets shortly after and have learned more from here then from any other single source. Needless to say I am happy I didn't spend the $10,000 (which by the way this price was not negotiable and was a stellar deal and wouldn't last forever....tip 1 of a rip off).
*Edit.... P.S. I have filed complaints with the FCC 6 times about Rober Allen and his company for continuing to call me about seminars and other crap despite the fact that I have my number registered with the do not call list and have asked them 6 times to remove me from the list and never call me again.
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
17y
Charlie -
First, stop worrying about all of these name gurus. Start reading the forums, articles, and BiggerPockets blog, here on the site. You'll start learning about all the various areas of investing . . . once you find one that gets you excited, start to focus on that. Keep reading, hit the bookstore and find a book or two on the topic, and then come back with any questions you've got. We'll help you out.
Finally, you'll start to put together a business plan and get moving.
So, basically, forget all the guru sales nonsense and start studying.
Real Estate Investor · Hoboken, NJ · Member since 2008 · 230 posts · 6 votes
17y
Originally posted by Joshua Dorkin:
Charlie -
First, stop worrying about all of these name gurus. Start reading the forums, articles, and BiggerPockets blog, here on the site. You'll start learning about all the various areas of investing . . . once you find one that gets you excited, start to focus on that. Keep reading, hit the bookstore and find a book or two on the topic, and then come back with any questions you've got. We'll help you out.
Finally, you'll start to put together a business plan and get moving.
So, basically, forget all the guru sales nonsense and start studying.
Well said... well said...
I couldn't agree more with Joshua, the bootcamps are informative I am sure... but you can learn the same stuff from a book and these forums... in fact if you want to send me $5000 ill point you to the posts whenever you want ;)
You will learn more just browsing, reading, and participating in these forums than you ever will at any guru session. Also beware that at least 75% of guru sessions are sales pitches "for the next level of training where we teach you everything you didn't learn here" which ends up being a lot because they spent so much time pitching you the next level up. In fact if you read Robert Allens book he goes into great detail about multi-level marketing and how this is a great way to make money... lets think about that for a minute... enough said.
Now, I know from personal experience exactly how you feel, its daunting and these guru's offer you the easy way to make all your dreams come true... been there done that... I would not recommend it. As I mentioned in an earlier post I nearly dropped 10G's on that stuff... instead I read and asked a few questions and I have parlayed that 10G's into 8 rental units and am working on closing a REO Flip right now, all while keeping my more than full time 50-60 hour a week job.... no boot camp, session, or anything could worth that, and that 10G's HAS been a learning experience. I made some mistakes doing it, everyone does, but now I know and I have learned something truly valuable that will stick with me because I have done it.
Sorry for ranting but I know how you feel right now and I felt some fresh perspective drizzled with a little bit of rant might hit the spot :)
Lender · Honolulu, HI · Member since 2008 · 166 posts · 46 votes
17y
It seems to me that Robert Allen is the king of getting you to buy more stuff.
I read a couple books and although there was good info, it seemed even then that every chapter was a sales pitch for that topic he was discussing. So you end up going to the next chapter stll thinking about the last chapter. In fact, he even tells you how he does it!?
I also was going to drop close to 10k for his class. When his "trainer" called me, he said I need to do this now, because Freshman orientation starts Monday?! hahaha How am I going to explain that to my wife! Total nonsense, and glad to be here at BP. So much to learn on this site. Learning everyday from here.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
Not just Robert Allen! That is the guru playbook. Get you to a free re investing event (also known as a sales pitch) to get you to buy a program, which in turn is designed to get you to buy a bootcamp, which in turn is designed to get you to pay for some expensive mentoring program.
Over and over and over again, it is the same with ALL of them, including Donald Trump which I just checked out recently out of curiosity and posted about it a few days ago.
They are all full of crap and are there for one reason, to get you to fork over tons of your hard earned money to make them rich becasue they can't do what they claim is so easy for you to do - invest in RE.
Real Estate Agent · Tampa, FL · Member since 2009 · 456 posts · 123 votes
17y
#1 this original post was obviously an advertising plug
but having said that, the title alone should clue you in. "Robert Allens Enlightened Wealth Institute." if that doesn't sound like a load of crap well...
whenever they say "make XXX$ in XXX days/years etc, or where they make extreme statements or overly cheesey phraseology, run for the hills.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
17y
As I aid in earlier post in this thread, Robert is or was a nice guy when we lived in same area. I don't think he has much to do with the Robert Allen stuff. Almost all gurus are interested in the up sale. Rich
Real Estate Investor · Newport beach, CA · Member since 2008 · 37 posts · 1 vote
17y
as I said in an earlier post, I am totally sick that I wasted thousands and thousands to Robert Allen. They are pursuing me for the balance that I owe, and are ruining my credit. After I happened to talk to a few of the former "coaches" who talked to me off the record, my suspicions were confirmed. How could I have been so stupid? I have asked for a refund, and been denied. I then contacted Better Business Bureau, and RA's offer was to "let me attend more classes" (and pay the remaining $8K of course) one of the former coaches suggested I contact the Attorney General. I have a feeling I will never get any money back, and I will also have to deal with the $8k balance, the collection agency, and my ruined credit. Please anyone out there, beware! Also, any ideas to further pursue a refund would be appreciated
Manhattan, NY · Member since 2008 · 801 posts · 61 votes
17y
Fran, sit down with a lawyer and go over this stuff.
You and RA are both in CA, there are some interesting options available to you is some conditions exist and you are refusing to pay based on fraud or deceit.
Real Estate Investor · Newport beach, CA · Member since 2008 · 37 posts · 1 vote
17y
thanks for the advice Taz, looking like my next step. just hoping I don't spend more good money after bad, but I am really not wanting to pay RA any more money that I don't have., especially since they are such scammers
Real Estate Investor · dc, Washington D.C. · Member since 2008 · 392 posts · 89 votes
17y
Although I haven't attended Jeff Schnitter's bootcamp, I have attended one of his 3-day seminars. And I can speak from my own experience about EWI.
I believe that Jeff Schnitter knows what he's talking about, and I've been able to verify every principle that he taught in class independently through multiple sources--online and otherwise.
Matt and Will are correct that Robert Allen has a system of presenting information in increasing specificity, and Robert Allen is upfront about it--he even explains the concept (aka the information funnel) in his book "Multiple Streams of Income". McDonald's charges for feeding our stomaches, and RA charges for feeding our minds. McDonald's charges more for bigger burgers, and RA charges more for "bigger portions" too. Although I admit I'm not too excited about that, I do understand the logic.
For the sake of disclosure, I also know of others who had bad experiences with EWI classes/material. In all of the cases that I know of personally, the people with the bad experiences didn't apply what they learned, and most of them gave up before they even tried to make an offer. Hand holding only goes so far. The only way to make money is this--or any other business--is to go out and do the work, and real-estate investing is serious business.
For me, this site is the rarest of gems, because it's the first place I've encountered where knowledgeable and experienced investors are willing to share some details without their hands out. (Not to be all sappy.)
I do. I also take advice from such pioneers (who also filed for multiple bankruptcies) like: Henry Ford, Rowland Hussey Macy, Eli Whitney (nearly filed), Wolfgang Amadeus Mozart, Thomas Jefferson (the president), Mark Twain, Ulysses S Grant (another president), Walt Disney, and plenty of others. The point is to learn from their mistakes, and hopefully to not repeat them.
Manhattan, NY · Member since 2008 · 801 posts · 61 votes
17y
The primary difference between ALL of those people you cite and Robert Allen is none of them, except Allen claimed to know the super secrets to making phenomenal wealth and offered to sell that knowledge to others WHILE failing financially. Presumably, Robert Allen failed using the techniques and super secret knowledge he sells to others. :roll:
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
17y
Very good point Taz. I too would take advice from that fine list of people, but would not from someone like R Allen who offered to teach me for a fee something that did not work for himself.
Real Estate Investor · dc, Washington D.C. · Member since 2008 · 392 posts · 89 votes
17y
Originally posted by nationwidepi:
Very good point Taz. I too would take advice from that fine list of people, but would not from someone like R Allen who offered to teach me for a fee something that did not work for himself.
I suspect several of Rowland H Macy's contemporaries probably said the same thing, since it took him 6 failed attempts to get to that 7th winning one. Thomas Edison stated: "If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is another step forward." Everyone makes mistakes; the point is to learn from the failures and mistakes, and to keep on growing.
Although I'm not aware of every one of RA's claims, I can discuss the ones that I've heard or read. My point was not to defend him or anyone else from EWI for that matter; they can speak for themselves. Instead, my point was (and still is) to make a matter of fact statement that the principles I learned actually work, and I've been able to verify and validate through independent sources (both online and otherwise [primarily through other RE pros]) all of the the principles I learned. I'm sure you know the adage: there are 3 sides to a story the 2 opposing views, and the truth.
It's my nature to read a lot of stuff, formulate my own hypotheses, and to test them. Ultimately, the proof is in the numbers, and the truth will come out during the due diligence. I try to accept everyone at his/her word, but I'll go and check everything out--whether or not I know the person. I'll even go as far as to admit that I can be somewhat pedantic about various minutia when I do my fact-checking.
Real Estate Investor · Naperville, IL · Member since 2008 · 20 posts · 1 vote
17y
How to buy REOs:
1. Phone realtor (all bank owned properties are required to be listed)
2. Ask for bank owned properties in the area.
3. Make offers.
4. Get property under contract.
5. Go to closing and pay for property.
I'm assuming you know the market you want to invest in and would know whether or not you're getting a good deal. If not, forget about REO's or buying anything and learn your market(s).
I do. I also take advice from such pioneers (who also filed for multiple bankruptcies) like: Henry Ford, Rowland Hussey Macy, Eli Whitney (nearly filed), Wolfgang Amadeus Mozart, Thomas Jefferson (the president), Mark Twain, Ulysses S Grant (another president), Walt Disney, and plenty of others. The point is to learn from their mistakes, and hopefully to not repeat them.
These people did business on their own behalf. If they failed, they then regrouped and started again. Some GURU pitching INFO products does not fall into this class.
Real Estate Investor · dc, Washington D.C. · Member since 2008 · 392 posts · 89 votes
17y
Originally posted by Jeff Tumbarello:
These people did business on their own behalf. If they failed, they then regrouped and started again. Some GURU pitching INFO products does not fall into this class.
This statement has several discrepancies.
First, it's not a matter of if they failed; rather, it's well documented in history that they failed--and when they failed. I'm not suggesting that their failures diminish their great accomplishments in any way; rather, their failures make them more human--and more approachable.
Second, information marketing is a legitimate and respectable business. Sure, there are a few, bad apples working in every industry. Some, who have questionable character, are peddling good information marketing products; others are hocking questionable products. Yet, the do-it-yourself revolution wouldn't have taken off--as it has in the US--without excellent information marketing.
Third, I'd like to know who claims to not do business on their own behalf. Even the Bernie Madoffs of this world--not that I condone what he did--do business on their own behalf, so that point is basically a non sequitur. I think part of what made the aforementioned others great is that their work, that they did while conducting their own business, helped (and in many cases continues to help) lift other up. I hope that others who come after us will be able to say the same thing about most of us.