If in Houston, Do Not Join the RICH Club

7 Replies

I will begin by saying this is embarrassing for me but hopefully my naivety will protect some others.  I have been a member of the Reality Investment Club of Houston (RICH) for many years.  Over the years I have met and been approached by many con artists, swindlers, and other various pieces of human trash.  I was always able to filter those guys out.  While there have been bad members I also met some good ones.  One of the good ones (or so I thought) is an attorney that specialized in real estate.  The past couple of years I hired this attorney to help me or consult me in the area of real estate. 

Well to make a long story short this attorney approached me one day to give me a piece of a real estate deal he was working on.  At the end of it all there was no real estate deal.  It was a scam.  I lost several thousand dollars to this guy.  I went to court, he of course did not show up.  I won my case easily by default.

Recently I have learned that this attorney is still speaking at the RICH club here in Houston.  I have also learned that many other people were swindled by this same guy last year.  What even shocked me more is that apparently board members of the RICH Club know about his actions but they have chosen to turn a blind eye to it.  Since I am a member I attempted to speak with some on the board by email and by phone but no one will return my calls or emails.

For me this has been a huge eye opener.  You cannot trust anyone when it comes to money.  I trusted an established attorney with over 30 years of experience.  I lost several thousand dollars that I will probably never be able to recoup even with a judgment against the guy.  I have never been a smart person but I always thought that common sense picked up the slack for me.  Unfortunately I was blinded by trust.  For all the greatness that this country offers it is also a playground for criminals and victims get screwed all the way around.

Looking back I can see many red flags with this whole scenario and how it went down.  Like I mentioned it is embarrassing now but it has also been a huge learning experience, although a costly one.  Protect your money, protect your assets, don't trust anyone, but in the end its just stupid money anyway.

I'm sorry to hear about this experience, but I'm glad that you put it out here for everyone to know.  (Not that you got conned, but about the person and group.)  I know that there are a lot of members on here in and around Houston, so hopefully this will get well read and circulated.  You might even consider giving the name of the "attorney" so that nobody else deals with him.

Yes please, post his name. If the forum rules disallow it, please PM it to me. Thank you!

I would very much like to give his name but there are possible criminal charges coming and I am not sure if I should say a whole lot just yet.  I need to consult with the attorney I am using about that.

Hi,

I am much interested to find out how this person is please PM me.I was going to rich for about 2 years now and I can definitely see your point. You cannot trust anyone in this business make sure you do your due diligent correctly to minimize the risk.

If you don't mind, I will get in touch with rich club as well this is not acceptable in any form and shape.

Next step to take is to get in touch with http://www.nationalreia.com/ and let them know about this problem.

@Wade G.

I have more information on this subject and I like to share with everybody.

First of all I am not connected to RICH in any way and I am just a member.

I talk to one of the top source in rich today and because of legal problem I cannot name him. But after talking to him I found out the person in question are notconcocting any business in RICH since almost 8 months. They cancel all of the classes that this person had in RICH and removed all of his marketing material as well.

As an investor we need to do our own due diligent and come up with the answer. RICH or any other type on club and website is the place to network and learn. They cannot guaranty every person who comes to the club.

The only reason I like to bring this up was because I was really upset about what I read and I cannot except form the nonprofit club to act like this so I done more research on my own and now I have a pretty good idea who this lower is and if you do a little research on him you can find out much more disturbing stuff that he done.

Thank you and God bless and I am sure you will make more money done the road by doing stuff correctly.

Disclosure: Board member

Wade I'm sorry to hear of your scam experience   However You were approached by the person of interest Rich Club did and does not endorse the services of any members or member, so why are you pointing fingers at RICH CLUB?  It's been my experience the same people you see at RICH, I see at other club meetings.  I realize. I can't weed out everyone but I'm not pointing fingers at the host.  By the way I am a member and that person is not speaking at any events.

Beware of the RICH Club, (I now recommend BP over most other groups) 

I was a member of the Rich Club for well over a decade, it once was a great organization, I was a person who used to get my membership for FREE by bringing new members & receiving RICH Bucks they called them. You got that when a new member joined & paid. I promoted them, I was a volunteer & over the years I worked my way up to being a board member. What I found out is that this place is full of dangerous people who will smile to your face as they stab you in the back? They are as bad or worse than most politicians! As I "board member" I began to speak up when another board member was taking $5,000 for a mentoring fee on how to buy pretty houses for "free" with no equity? (10 people a month was $50,000 a month, I could tell you a lot more about all of the people who lost money) I spoke up that this was NOT a good practice back in 2007 as there was too high of risk of market cycle & foreclosure. (I was privately told to mind my own business? Or ELSE?) and when I would NOT STOP warning people about this? I was removed from the Board by the same President & Board members who I had told this to?  this is NOT the ONLY Bad apple in the group. There are a LOT of them! The same unethical people are there in leadership TODAY, and while I was STILL just a paid member, (I was told that I had to leave or they would call the police on me?) 

AS with any organization, NOT everyone is BAD? and when the current board members KNOW about these kind of things going on? and they do not want to "rock the boat?" They are just as guilty as the rest! If I can find enough people who will contact me, I would like to complain to the State of Texas Attorney General that they are NOT operating as a NON-Profit! and that board members & others are STILL Taking advantage of people! They need to be stopped! Feel FREE to contact me. 

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.