Tom Krol and Vincent Polisi
Centre Hall, PA · Member since 2015 · 48 posts · 20 votes
I am a licensed practicing attorney. I also have had a real estate license in Georgia in the past. Let me first say the standard things lawyers say :).......that my comments only apply to Georgia where I practice. Also I must also add that in no way should my comments be construed to be giving anyone legal advice either in Georgia or any other state, and I highly recommend you speak with a knowledgeable real estate attorney in your jurisdiction to evaluate the legality and ethics of real estate wholesaling. I do not know, nor do I have any relationship with Mr. Krol or Mr. Polisi.
I have examined the licensing laws of Georgia as it applies to this subject. I believe that real estate wholesaling is cutting it as close to the line of practicing real estate brokering without a license as you can possibly get without one. In fact, I could easily see the Georgia legislature making a one word change to the statute to include "wholesaling" to change the face of this business model for anyone in this state (which is usually followed by other states).
For that reason, I suggest everyone is this business do so with great integrity and transparency with buyers and sellers alike. Here is the dilemna: I have heard both sides of the debate. Polisi's comments that one should explain up front that you may seek to "assign" the deal to cash investor's you represent is valid. Under no circumstance should you shop a deal until to you have a contract to purchase the property and have secured an equitable interest. Here is where it gets sticky.
While normally, earnest money is not considered essential consideration in enforcing a valid real estate contract (highly technical legal discussion here), in wholesaling, we are talking an intent, not to actually purchase, but obtain equitable interest. I don't know that the courts would see earnest money in the same way in a wholesaling transaction as it does in a tradition purchase deal. I would want to stay clearly on the side of giving something to the seller for obtaining my equitable interest. At least it makes a modest showing of giving the seller something for tying up his property. I could see this as being an area of major litigation. If the courts ruled against you on this issue, you would then be working as a broker and violate the licensing law.
Also, it is paramount that your communication and contract with the seller explain your intentions. If I were wholesaler, I would go so far as to give them their market options pro's and con's, and even explain their right of bankruptcy to freeze their assets, both pro's and con's. But if you venture into those waters you now risk running afoul of the unauthorized practice of law, so perhaps that is best left at "you need to consult with an attorney on that issue."
As for the inducements I often see, such as "We buy houses for cash", I would put a disclaimer on there stating that "we" reserve the right to assign a deal or sell the property upon purchase to other cash investors. Again, the idea is transparency to the seller.
So in Georgia, can wholesaling be done legally, it is my opinion that it can be, but you need to travel cautiously. You are one word away from OCGA Sec.43-40-1 being amended to have everyone in this state scrambling to the Barney Fletcher Real Estate school.
To use a favorite lawyer saying, "pigs get fed. Hogs get slaughtered." I can assure you have seen this play out in practices areas of our firm. If you allow this strategy to turn into the wild west of real estate speculation with people out their making more money "teaching" others on how to get rich than actually wholesaling real estate with ethics and integrity, I promise you your state will take notice. And it won't take too many people complaining to get the state's attention. Think of the licensing dollars the state stands to make by making that one simple amendment in the name of protecting the consuming public.
My advice to all of those in this area......don't make the mistake of so many of my colleagues in the practice of law. Police yourself with ethics and integrity, and you will enjoy this investment area for years to come. I would even venture to say creating a trade organization promoting the virtues of ethics and integrity in the wholesaling profession would be a capital idea. Show the lawmakers that you work together to promote the improvement of the profession for all, and not just getting rich. But..... keep cranking out students with wild dreams of wealth AT ALL COST, and you will kill it for everyone.
Again, no skin in the game on either side. Just a one lawyer's opinion in Georgia. Happy investing and well wishes to you all!
Greg Rogers
Rogers, Hofrichter and Karrh, LLC
PS. You might wonder why I am own this site. I am intrigued by the opportunities of wholesaling. But I do have concerns after examining this debate that wholesaling may look like several of my practice areas completely gutted by lawyers swooping in for the money grab and leaving town in a burning pile of rubble. While I don't proclaim to know all the ins an outs of wholesaling, I do know something about how to build a multimillion dollar 25 year law practice. And I can tell you what I learned.........take care of the client first (in this case the seller), and everything else will take care of itself.
everyone knows Vincent is of questionable character. Anyone doing business with him is surely to be slighted. You've been warned
I am a licensed practicing attorney. I also have had a real estate license in Georgia in the past. Let me first say the standard things lawyers say :).......that my comments only apply to Georgia where I practice. Also I must also add that in no way should my comments be construed to be giving anyone legal advice either in Georgia or any other state, and I highly recommend you speak with a knowledgeable real estate attorney in your jurisdiction to evaluate the legality and ethics of real estate wholesaling. I do not know, nor do I have any relationship with Mr. Krol or Mr. Polisi.
I have examined the licensing laws of Georgia as it applies to this subject. I believe that real estate wholesaling is cutting it as close to the line of practicing real estate brokering without a license as you can possibly get without one. In fact, I could easily see the Georgia legislature making a one word change to the statute to include "wholesaling" to change the face of this business model for anyone in this state (which is usually followed by other states).
For that reason, I suggest everyone is this business do so with great integrity and transparency with buyers and sellers alike. Here is the dilemna: I have heard both sides of the debate. Polisi's comments that one should explain up front that you may seek to "assign" the deal to cash investor's you represent is valid. Under no circumstance should you shop a deal until to you have a contract to purchase the property and have secured an equitable interest. Here is where it gets sticky.
While normally, earnest money is not considered essential consideration in enforcing a valid real estate contract (highly technical legal discussion here), in wholesaling, we are talking an intent, not to actually purchase, but obtain equitable interest. I don't know that the courts would see earnest money in the same way in a wholesaling transaction as it does in a tradition purchase deal. I would want to stay clearly on the side of giving something to the seller for obtaining my equitable interest. At least it makes a modest showing of giving the seller something for tying up his property. I could see this as being an area of major litigation. If the courts ruled against you on this issue, you would then be working as a broker and violate the licensing law.
Also, it is paramount that your communication and contract with the seller explain your intentions. If I were wholesaler, I would go so far as to give them their market options pro's and con's, and even explain their right of bankruptcy to freeze their assets, both pro's and con's. But if you venture into those waters you now risk running afoul of the unauthorized practice of law, so perhaps that is best left at "you need to consult with an attorney on that issue."
As for the inducements I often see, such as "We buy houses for cash", I would put a disclaimer on there stating that "we" reserve the right to assign a deal or sell the property upon purchase to other cash investors. Again, the idea is transparency to the seller.
So in Georgia, can wholesaling be done legally, it is my opinion that it can be, but you need to travel cautiously. You are one word away from OCGA Sec.43-40-1 being amended to have everyone in this state scrambling to the Barney Fletcher Real Estate school.
To use a favorite lawyer saying, "pigs get fed. Hogs get slaughtered." I can assure you have seen this play out in practices areas of our firm. If you allow this strategy to turn into the wild west of real estate speculation with people out their making more money "teaching" others on how to get rich than actually wholesaling real estate with ethics and integrity, I promise you your state will take notice. And it won't take too many people complaining to get the state's attention. Think of the licensing dollars the state stands to make by making that one simple amendment in the name of protecting the consuming public.
My advice to all of those in this area......don't make the mistake of so many of my colleagues in the practice of law. Police yourself with ethics and integrity, and you will enjoy this investment area for years to come. I would even venture to say creating a trade organization promoting the virtues of ethics and integrity in the wholesaling profession would be a capital idea. Show the lawmakers that you work together to promote the improvement of the profession for all, and not just getting rich. But..... keep cranking out students with wild dreams of wealth AT ALL COST, and you will kill it for everyone.
Again, no skin in the game on either side. Just a one lawyer's opinion in Georgia. Happy investing and well wishes to you all!
Greg Rogers
Rogers, Hofrichter and Karrh, LLC
PS. You might wonder why I am own this site. I am intrigued by the opportunities of wholesaling. But I do have concerns after examining this debate that wholesaling may look like several of my practice areas completely gutted by lawyers swooping in for the money grab and leaving town in a burning pile of rubble. While I don't proclaim to know all the ins an outs of wholesaling, I do know something about how to build a multimillion dollar 25 year law practice. And I can tell you what I learned.........take care of the client first (in this case the seller), and everything else will take care of itself.
I'm not an expert in Real Estate but I know that transparency is very important in all walks of life. I've known Vincent Polisi for a while and I could say "He walks the talk". Everything he share and teach people to do is base on his own experience throughout the years. He don't sugarcoat things like most "guru" do but will give you the brutally honest truth.
For Mr. Tom Krol my question is why delete you profile here and I want to see tangible proof of those 100+ deals you made on your first 18 months in Real Estate.
I’ve known Vincent Polisi for over a year now not only on a professional level, but a personal level. I’ve witnessed countless real estate transactions occur due to Vince’s integrible approach to deal structure. I agree with Vince 1000% not a single human entity has provided proof of Vince’s “Fraud” any body can come onto the internet and become a keyboard warrior, anybody that still defines the term “wholesaling” as contract assignment should be irrelevan, and considered fraudulent. I can verify Vince’s credibility through my own personal experiences. A lot of people can’t handle the truth and this is what it boils down to. Vince is an amazing and trustworthy business partner and has never streered me or any of my colleagues wrong in any way.
Tom can I have proof of the 100 deals in the last 18 months?
Unfortunately for Tom Krol, Vincent Polisi is able to back up, by documentation everything he has mentioned. Vincent Polisi continually provides information that can be vetted by anyone who views/reads/hears his information and researches said information. He is accurate. To Further the Tom Krol fraud - Tom has now introduced his "new" 1 page lease option contract that is completely unsound and will never hold up in court. First, a lease and option to purchase are two different documents. 2nd, a lease and an option to purchase should NEVER reference each other. Vincent has touched on this in several podcasts and he is absolutely correct with this information. If a tenant were to take you to court using Tom's 1 page bogus document, you would lose your shirt and just about everything you own. FACT CHECK THAT. You will find that this is in fact correct. do not use that document. Do yourself the favor and research your information and documents that are given/sold to you. You'll save yourself a world of pain.
I've called Tom's program before and all they try to do is sell you a course. They want you to spend $5k to watch some videos that will tell you how to make bandit signs and post card mailers among other things. His podcast is the same way. It's people telling you how great it is with no real details. Just pay the $5k.
I've actually spoken with Vincent on the phone. The guy takes the time to try and actually help people. His podcast lets you actually listen to his sales calls. Unlike Toms, who you never hear with a buyer or seller. Vincent can be abbrasive online but bottom line is that the guy actually seems to care about helping people. He's also actually doing real estate deals and not just creating some course. He doesn't have a course, but he does give people the opportunity to partner with him on deals he's actually doing. If I find him a seller, he'll actually close on the house. I'm fairly certain that Tom won't let you listen to him with a seller or be a part of his deals.
I think most people that get upset with Vincent have bought courses that tell them to do things like Ghost Ads and contract on houses with no capability of getting it closed. We can argue about the legal definition of fraud, but to give a seller hope when you don't know if you're just going to have to come back and cancel the contract is just plain wrong. It feels wrong. You shouldn't do it. If you're doing that go listen to Vincent's podcast where he tells you how to do contract assignment in a moral way.
Don't be a dick.
Great explanation, Mr. Rogers.
Tom Krol, where are the HUDs? I would like to ask you a few questions. Where is your profile?
@Vincent Polisi is probably the most transparent guy I have ever known in my life. Real estate and non-real estate related things included. When some say he has a "questionable character," I would say you don't know him at all. He advocates for doing things the right way, the legal way and always transparent.
If you actually look into what Greg Rogers and Vincent Polisi are saying they are not only correct, they are trying to warn people about the possible legal ramifications of doing things illegally or even bordering on illegal. Wholesaling is a lucrative venture as long as we do it legal and with integrity we can continue to enjoy it. However, if people keep straying off the path then the law will make it dry up. No more money for us, No more helping our clients out.
Confession: I used to listen to Tom Krol's podcasts, and I admit I was about ready to jump in but something didn't sit quite right. I was too excited to clearly think it through, but there it was as big as day - I was NOT able to buy houses for cash. I had fallen in line with all the people who seemed to think everything was great with all the marketing with bandit signs (I didn't want to do those, they are appropriately named,) and the other BS yellow letters, etc. I mean, everyone else is doing it, it must be ok, right? WRONG.
Enter Vincent Polisi.
I found him on this very thread, about a year ago. I was looking to vet Tom Krol, as my due diligence. When I read here what Vincent said about Tom Krol's "wholesaling" methods it really pissed me off because it wasn't what I wanted to hear. So I searched the internet trying to prove that Vincent was wrong. Stubborn me. What I found the more I searched was that what Vincent Polisi was saying was true. I never wanted to do anything illegal or unethical. And I am very thankful that I found Vincent's messages and then his podcasts on doing things the right way, and the legal way. So much so that I am now a partner with him. And I know that what I do is both legal and ethical. Helping people, not hurting them.
I have listened to both Tom's podcast and Vincent's podcast. It was something about the way Tom's program would have you generate leads. It just didn't sit right with me. Just made me feel like I was lieing to people.
As for Vincent's podcast he focused more on teaching you the REI business more than Tom's podcast. Vincent offers more of a on job training vs just read my course and good luck.
Does any of the other REI coaches have recorded calls of them with buyer or seller on a call, besides Vincent?
If you have paid for any type of REI coaching can you reach out and call that coach or work deals together with the coach?
Do I agree with Vincent's approach to everything? Nope. But he does present facts and when dealing with law he will even go so far as to reference actual statutes.
He will also sometimes consult and help people with not only deals, but other life situations he's not even getting paid on. He can definitely be raw, harsh, and rub people the wrong way. Hell, he rubs me the wrong way sometimes, but at the end of the day I know through his ACTIONS, not his words, that he's good-natured.
He's hardcore about the long lived argument of legality with real estate investors and he also uses it as a niche. Good for him. It's much better than providing obviously unethical and fraudulent information like many gurus do - How they don't get their *** handed to them I have no idea, because even only having a year of experience I can clearly see the absurd, unethical, and illegal behavior. The fact of the matter is that MANY investors are absolutely doing illegal actions that sometimes have very negative consequences for clients. Whether or not they get brought up on charges (a seemingly rare event) is an entirely different discussion.
As for Tom Krol...I have no input. I've never looked into and know nothing about him or his dealings outside of Vincent's podcast episode that quite honestly, I don't recall specifics of.
One thing's for sure...I enjoy my soft pillow and good rest at night. I think I'll keep my ethics and morals in place and hope everyone else does as well.
I don't have a lot knowledge with Real Estate, but ever since i started listening on Vincent's podcast a lot happen to my mind, each and every podcast is full of info the you need and what specially i observed is that it is not scripted, he is talking by experience.
I have never been a student of Tom Krol's nor do I have any personal experience working with him. However I can say unfortunately in 2015 I did throw away thousands on similar teachings and the methods he teaches to his students are illegal.
I ask the members of the community here to take a step back from this thread and reflect for a moment. I ask all of you to simply put all of the arguments, egos, personalities, agendas, and pissing contests aside.
Focus on both the information and lack there of that is being provided. Do your own research, perform your own due diligence, look at the facts, weigh the evidence, listen to your own heart, follow your own moral compass, make up your own mind and come to your own conclusions before weighing in on bandwagon bs and propagating or defending unethical and immoral teachings based on illegal practices that place both the practitioners and public at risk.
In closing in this debate who's hiding, who isn't, who can, has and will again back up their claims. In my experience people that fear scrutiny, criticism or hide from claims of impropriety usually feel so and do so for the simple reason that they do have something to hide. Sunlight is the best disinfectant, anyone above reproach needn't worry about false claims. We all owe it to ourselves and others as well to take the time to research and validate such accusations before immediately questioning ulterior agendas and the like.
Look at the evidence and decide for yourself people.
I could not have worded it any better than Mr Dan Dwyer above. I had the same experience
spending thousands on training and mentors. About the only solid advice that I received
from that entire experience was to download and listen to REI podcast. Turns out there are
dozens if not hundred's of REI related podcast. So off I went subscribing to them one at a
time.
Eventually, I found Mr Polisi's podcast. From Episode 1 he had my full attention as he brought
up something that I had slowly figured out on my own but no one seems to talk about.
The very first Episode? Not wholesaling, not flipping, not "hey join my mentorship program"
Episode 1 The importance of "Sales Skills".
Vincent's commitment to doing business legally and ethically and his willingness to actually
partner with newbs like me and structure win/win deals is the reason I chose to work with him.
Not to mention his sales/negotiation skills which are evident by listening to his podcast.
Who else is putting their money with their mouth is like this?
Vincent had all his students go on here and make posts the same day.. thats interesting.
Just turned EX-JVP of Vincent’s.
He offered refunds to his JVP’s who wanted out. Didn’t specify reasons just if you wanted out. I decided to take him up on his offer since I have been his “partner” since November and seen him close 0 deals. All I have seen him do is insult people and belittle them almost on a daily basis. I posted screenshots of everything on his Facebook group and he blocked me and everyone who commented. Everyone messaged me stating that they have stayed silent through everyone posting what a fraudster and shill he is until now. With the screenshots I posted they said there was no way they were staying silent. If anyone out there is reading this stay far far away from Vincent if you value your pocketbook. I would’ve filed a fraud claim with the FTC but the government is shutdown. I fully plan on filing as soon as it reopens if I don’t receive what is owed to me. I will also be filing a police report. This guy sure knows how to get you to send him money.. what a way to treat a wounded warrior.
End Rant.
TLDR: VINCENT POLISI is a liar, cheat and fraud. He claims to hate Shills when in fact he sees one every time he looks in the mirror.
Matthew,
I am an EX-JVP of Vincent's as well. I'll stand in agreement with you. He did me basically the same way and called me a very, very dispicable and pornographic name before deleting me from all areas of his trainings I was a part of. All this because I asked for less than 1/2 of my investment back after he offered it; same as you.
I considered this man as a reputable teacher. I've discovered the incling I was sensing was real about involving myself with the likes of him.
I'm glad you have no fear. Please keep me posted. Message me as soon as you can.
Jorge Caicedo==EX JV Partner of Vincent Polisi
Vincent treated me the same way..very rude, condescending and only seemed concerned about making a buck..I saved a FB pm thread of him and I going back and forth w/ him trying to play mind games when I wanted a refund and he even asked me if I was gay..I also didn't know that as a jv, if the end buyer can't make payments, I'm responsible as well..I was never informed of that..He also blocked me from everything when he said he'd refund a portion of the course if I gave him my email..I had to go through my credit card company to get the money back and to further confirm my suspicions of him, 2 highly esteemed re investors whose groups I belong to, had nothing nice to say about him.So glad I'm done with him
Jorge Caicedo==EX JV Partner of Vincent Polisi
Vincent treated me the same way..very rude, condescending and only seemed concerned about making a buck..I saved a FB pm thread of him and I going back and forth w/ him trying to play mind games when I wanted a refund and he even asked me if I was gay..I also didn't know that as a jv, if the end buyer can't make payments, I'm responsible as well..I was never informed of that..He also blocked me from everything when he said he'd refund a portion of the course if I gave him my email..I had to go through my credit card company to get the money back and to further confirm my suspicions of him, 2 highly esteemed re investors whose groups I belong to, had nothing nice to say about him.So glad I'm done with him
Agreed, his real estate knowledge is formidable but as a human being, he's awful