I'm a new member here and have been doing a lot of reading and trying to use the search function as much as possible before asking questions. But now I have one for everybody and I would greatly appreciate some help.
I live in Denver, CO and the foreclosure market here is good (for investors). I was approached by a company called TCS Foreclosures to do what they call research on properties. The goal is to negotiate short sales for $0.70 on the dollar including rehab with the bank and the current owners of the property. The guarantee is that if my research is correct their investors will buy them and I'll get paid a finders fee.
Well they are selling an 18 week course on how to nogetiate short sales along with access to their investor network for a pretty penny ($7500). The classes are conducted via open mic conference call with 50 students at a time that can interact with other students and the instructor. I'd assume that this would make it easier to hear legitimate complaints, but if I've paid money then it would too late...
My questions are as follows:
Is this course worth it?
Does anyone think this course will allow me to make finders fees faster than I would trying to do this same business on my own?
Is there a more cost effective way to get access to a large group of investors that will buy discounted homes/properties?
Is there a better short sale program out there?
I actually have about 10,000 more questions, but I would greatly appreciate any answers as a starting point.
i for one would not pay that kind of money.. especially for something like short sales where there are multitudes of books out there, along with other scam artists that will charge much less..... unless of course they can make some gurantees to me
They guarantee that if I find the homes with the right numbers (and can prove it) they will get bought and I will be paid a finders fee of 5-10%.
I wouldn't touch it. Who says when the numbers are right? My opinion is you'll pay $7,500 but never see a finders fee. Move on.
Is there another way to make money on short sales?
Mr Noob...don't do it.
All they're going to do is pay you finder fees? if that's the case then they're teaching how to be a bird dog...and they're going to charge you (and 50 other people) $7500?! and teach you over the phone? forget it
you can go to live events for half that and probably less. you'll make a lot more money if you do the deals yourself. if you find a deal and feel you don't have the knowledge, experience or whatever to do it yourself find someone you trust at your local REIA.
$7500 bird dog training is a complete rip off. you can find an experienced investor to teach you how to be a birddog for free. it sounds like they're going to teach you how to find the deals, then they're going to pay you a small finders fee, and make several times that themselves when they cashout on the deal. i would run away.
I've been very pleased with TCS since joining. I need more researchers out there finding properties to invest in. I've paid out heavy commissions for multiple properties and will continue to do so. It’s not fair to chastise a company without good cause. Everyone there has been open and honest with me since day 1.
I understand your concerns and appreciate your questions. As one of the owners of the company, I always like to search on message boards like this regarding questions about our company.
I always get a kick out of the responses like if it costs money, it’s not worth it, or you could do it for free, and they advise everyone not to do it. I do understand that a lot of people have paid for things and not received what the thought they should. Hence, a lot of bad tastes have been left, or they are competitors using every angle to get an edge and will say anything. So it is understandable. I thought I might just spend a little time to go over some things, and I will also leave my phone number so you can call me direct to ask any other questions.
First of all, anyone can get resources for them to learn and invest in foreclosures or any avenue in real estate as far as that goes. However, we all know time is money. And if you can spend time doing deals, rather than figuring it all on your own, and then obviously there is value to education. You just want to make sure it is justified. Anyone can go to Barnes and Noble to get a book and educate themselves on foreclosures, but it’s not just about the education, it’s about the hands on experience of doing deals to learn by the actual activity. So, to have experienced professionals available to guide you through deals is very valuable.
Also, we connect researchers with investors. The two parties work together to get deals done. Once again, anyone can find investors for themselves, but what time is required for that. When you are negotiating in short sales, to be efficient, you need to show that you have the money up front. This means you need to talk an investor into giving you their personal financials up front and then you will come back to them with the deals afterwards. Sounds simple until you start talking to them. Then you need them to wire cash into escrow within 72 hours and pay you up front. And of course, everyone has money until you need 200k to 300K wired by Tuesday. So you want to make sure you have a lot of investors on retainer, so you won't miss any deals. Once again, more time requirements.
So, I think you can see there is some effort required to get all the necessary resources together to maximize your efficiency. For us to properly position these resources together in our network require time and attention as well. Thus, we do have significant overhead. This is why there is an investment. But most successful people realize that anything that has value will have a cost with it as well. It's not what the investment is, but rather what the return is. That's why people pay so much to become doctors and lawyers or invest a million to own a McDonalds. They know the return should be justified. So, our investment is really not a lot but it is obviously enough that everyone wants to make sure of everything before they jump in, as I would too.
I can say that even though you have already invested your money before you get on our live conference calls, no one is that important to twist your arm to move forward and then have problems later on because it doesn't work for you. It is not worth one to ruin it for the other 49 out of 50 on the class. An open format is great because when we teach, everyone gets it from the top, when people ask questions; they all hear the answers together. So, it enhances everyone's learning curve. However, if people complain, everyone hears the complaints and it would ruin it for everyone. People pay good money to learn and get support, not listen to us dance around problems. So it would snowball with a lot more complaints than a couple.
The reason we have the confidence to do tanning in this format (which if it wasn't efficient over the phone, we wouldn't do it. Why pay to travel when you can do it from home.) is because we provide the support and the cash resources. And in this exploding foreclosure market, if you have the know how and the money, there is a lot of money to be made.
I'm sure you still have questions, but I hope this has helped out. I would be more than happy to assist you with any other questions or concerns you may have to the best of my ability. Thank you very much.
I recently signed up for the program with TCS. At first I was nervous because it cost a lot of money, but since joining I've received everything I had expected. I don't want a TCS competitor to prevent future investors from joining so I'm posting my own comments on this message board. I have the utmost confidence that they do what they say.
I am an investor in the TCS network and must say that i am very pleased so far with their services. Since i've been a member, i have purchased numerous properties from different researchers from 5 different states and i have paid generous finders/assignment fees for each of them. A few of them have been joint ventures.
I have done thorough research on many other companies that provide similar services as TCS. None of them brings better deals to the table then they do. I credit this to their training and expertise in this field.
Their support staff from training to the submissions department have been very thorough and they know how to create great investment opportunities.
I don't know to what extent you have been involved with their training and support classes (if any) but the TCS researchers/clients i have dealt with all seem very satisfied. They are truly a professional group.
I was asked to share my recent success with members of this forum in attempt to clarify any confusion as to the credibility of TCS Foreclosures. I have little experience in real estate, but have earned $4000 in my first month with the company. Their instructions are simple and straight-forward, the coaches answer the phone and their investors are real. I look forward to working with more investors and hope my comments will assure you its worth signing up for.
I wanted to post a positive comment on this message board to support TCS in their recruiting efforts. I'm an investor with the company and have found their system to be unlike any other company I've researched. Its apparent they care about their business and prove to be a company that stands behind their word. I look forward to finding more properties especially in the Southern California market and hope that this message encourages anyone thinking of joining.
Let's look at what's going on here . . .
Someone on site asks about a company that is asking for $7500 to access their investor network, and our regular members all tell him to watch out.
Then, all of a sudden, we get a bunch of new members who have all decided to sign up here and tell the rest of us how good this company TCS foreclosures is.
The interesting thing is that EVERY ONE OF THESE PEOPLE has posted from the same computer or network. Let take a look:
1foreman [ 1 Post ]
listurhome [ 1 Post ]
reinvest [ 1 Post ]
TCS [ 1 Post ]
socalresearch [ 1 Post ]
gmi [ 1 Post ]
All using the same IP address. What are we to think?
I think it smells of another company looking to scam people, not only with their obscene fees, but also by being completely manipulative to the users of the site.
As a result, all of these members (likely one person) will be banned from the site immediately for violating not only our forum rules, but also for their deceitful methods.
If you've got any questions, let me know!
[b][NOTE FROM ADMINISTRATOR - It appears as though there is actually an explanation here . . . after talking with Andrew at TCS foreclosures, I believe it is fair to listen to what he has to say. Keep reading for his response. In addition, I've gone and reinstated the members listed above. Thanks everyone for your understanding!
BTW - Anytime there is a flury of activity from one IP, or something fishy looking, please let me know][/b]
Originally posted by "Marvin-the-student":
Are all these replies coming from the same IP address moderator? lol I am just curious.
As you can see from my comments that they are . . . good catch. Next time you see something like this, please email me and let me know. Only then can I stop them more quickly.
Josh, thanks for watching out for us. Thats one of the reasons I love this site! I think most of us figured out that these posts were from shills. Makes you wonder how good they can be if they work this hard to hold on to one prospect.
It's hard to talk yourself off that ledge when you get excited about something and are set to go. Thank you everyone for your opinions and reasoning. I'll be pursuing other means of learning and finding Investors. I also think that I'll be wholesaling instead of bird dogging as well.
give me that $7500
i will get you arental property with cash flow
Originally posted by "chuff1026":
give me that $7500
i will get you arental property with cash flow
Lol - how much cash flow?
I don't want to spread my self too thin. I'm trying to learn the short sale game and them move it in to investment properties w/ tenants, and monthly cash flows.
how do(or did) you learn BD?
Hey guys . . . lets keep this discussion to TCS, if possible. Start a new thread about bird-dogging if you'd like elsewhere. Thanks!
I got off the phone yesterday with Andrew of TCSForeclosures, and after his explanation, I have reinstated him. I'm giving him the benefit of the doubt here people . . . He is going to explain to everyone what was going on here on the forum with the people all posting messages pumping his company (which I removed - they can repost if they'd like . . . I suggest not doing it from the same location from here on in, though).
In addition, Andrew has promised me that he will give the members of the site the opportunity to listen to one of his conference calls so they can then judge his services.
Thank you everyone for your understanding.