Lee Arnold and Independent Broker program for private money.

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Has anyone tried out the independent broker program as advertised by Lee Arnold and Cogo Capital?  For $398, he promises to teach you how to broker funding up to $20 million per deal for real estate deals.  Supposedly, you make around 1% of the amount loaned on every deal.  It sounds too good to be true.  He says no license is required since the loans are only for non-owner occupied, short term deals.

well he is wrong on license.. in 12 states if its for a 1 to 4 unit license is required.. just check the state you want to work in.

in other states he is correct.

so let me ask you do you really think someone with no experience by paying 398.00 is going to get the attention of someone needing a 10 or 20 million dollar loan so they can pay you a 100 to 200,000 commission ?  does that sound even remotely realistic .

there was another guy in Colorado who got in serious trouble and i think even criminal with his version of this.. 

there is no question in some state this is legal.. just not really realistic to those with no background in real estate finance. he just collects your 400 bucks then probably wants you to pay for more mentoring etc.. its HUGE money the how to business.. 

dont know this company but I do know real estate financing..  

I took the Private Money Broker course and am taking Master Broker and their Lien Abatement courses this summer. 

It has been influential in my business. I have generated over 300k in broker fees since taking the 4 day class. 

@Jay Hinrichs and @Nate Marshall have chimed in another thread about this course, but I've seen conflicting info about this program. 

I saw the sales pitch this evening at my local REIA, and it definitely has several red flags. The whole, asking for $2497, then dropping a thousand bucks "tonight only". The whole pricing anything with a number ending in "97" is largely known to be a lame sales tactic to give the appearance of value. Supposedly, you get the money back after bringing (and closing on) two different deals within 90 days, but yet he says they're desperately needing brokers. He said they'd match any competitors rates and terms to close the loan. I'd like to see that in writing....