All Forum Posts by: Robert Kim

Do an online for the founder and CEO, Neil Yaldo, and you'll find a Securities Exchange Commission filing on him for taking investment funds and pocketing it as well as a SEC judgment on him for more than $950,000. A scammer in our local REIA named Gregg tried to promote Yaldo and PFP to our members. I can't tell you where to put your money but would you put it with someone who is in violation of federal securities laws?

The course will work but they teach things that you can do on your own and don't need to buy a course for. The most important aspect is getting the money, which is what you do with your personal relationships and integrity. You don't just hold a webinar or post on Kickstarter then wait for people to just give you money to broker out. I need to see proof that the guys who put out this course (George Antone and Gary Boomershine) are actually doing this and not just scraping info from elsewhere then packaging it up and reselling it to make a buck from newbies who think this course will solve all if their problems.

In South Carolina, you don't need a license to broker out funds from others who have money as long as they're also in South Carolina. Dunno if you need one if your investors are outside of SC, though (even though I have several investors in California and Texas) but I'm not worried about licensing issues for that either. I lend my own money and broker it for my investors without a license all the time. The biggest risk to me is losing my relationships with them if I ever use their money irresponsibly. I recently started a closed Facebook group to teach people in our REIA how to safely lend their own money on deals to others in our REIA to promote investing activity and I'm not worried about the law coming down on me for teaching this to others without a license or brokering it out for them if that's what they prefer.

It's very difficult to get any help from law enforcement or other regulatory agencies even if you do collect money nationwide from people to scam them or to legitimately broker it, whether you have a license or not. I know this from first-hand experience dealing with the FBI to finally get a scammer and fake guru convicted and sentenced to prison, even after supplying them with ample evidence of the fraud.

To lenders/investors: be very careful with whom you entrust your money. The character and competence of the person you're thinking of giving your money to is much more important than the quality of any deal he/she uses your money for. A bad person can ruin the best deal.

I just got spammed from someone pushing this "guru" and have a few thoughts about it.

How to sniff out the fake gurus from the real one?

Ask for PROOF of deals they've done. HUD-1 Settlement Statements of the deals they've supposedly done. If they say they can't disclose this because of "confidentiality", they're probably fake.

It's easy to understand why gurus can't disclose information while a deal is in progress, but once the deal is done there shouldn't be any problems with disclosure, especially if they are trying to sell you on their self-proclaimed expertise.

For example, Karen Hanover was a total fraud but over 100 people gave her as much as $30,000 each without checking her credentials and thousands more gave her at least $3000 each (Google her name, Karen Hanover, and you'll see how bad it got). I spoke with some of the people that Hanover said she worked with at the big commercial brokerages and they all said that she was lying. All it took was a single phone call to save $30K but nobody bothered to do that. Hanover ended up stealing well over $1 million by getting people to buy into her fake credentials.

I still get calls from "gurus" trying to sell me their programs but now I ask for proof and it doesn't surprise me when I get the standard response that they can't disclose it because of "confidentiality". From then on, I either hang up on them or, if I'm bored, jerk them around a bit before hanging up.

As of now, I've only isolated four gurus who are actually doing deals and will only consider their information as being valid and worthy of spending BIG dollars on to learn (two are in the Boston are, one is in Virginia, and one is in Atlanta). I'm in partnership with two of them on deals already so I know they're the real deals. I don't mind spending a little (very little) money to learn from the other unproven "gurus" but reserve the big money for these proven four.

Good luck. Remember, when they call you to sell you their stuff then act offended when you ask them for proof, YOU should be the one who is offended since they called YOU, you didn't call THEM.