Real-estate millionaires on TV?
I recently disconnected my cable because I was paying them all this cash and nothing was ever on. I got it disconnected now there’s even less on. Any ways the other night I was watching an info-mercial about these Real-estate self made millionaires. I believe it’s a scam but my wife wants me to look into it. Does anybody know anything about this, what’s the dirt? Is it a scam?
I have been investing in real estate since 1967. I have never used any of the material in those infomercials.
They are scams designed to make money for the promoters.
When I have atttended those seminars to see if they offered anything of value, my experience has been that they not only do not offer any information that is actually useful in the real world, but when I have checked on transactions that they claim to have made, the transactions have turned out to be nonexistent.
When I have asked the promoters about this I get a lot of hemming and hawing and occasionally the excuse that the transaction was just a hypothetical being used as an illustration of what the promoters said could have been done.
One example that was used by a promoter turned out to be a fraudulent transaction that an attorney had used to steal a house from an elderly widow in the early stages of Alzheimer’s Disease.
What the promoters did not tell the students is that the attorney was later disbarred and sent to prison for this and a number of other frauds that this attorney had been engaged in.
Part of the attorney’s sentence was that he had to give the house back to the elderly widow. I have copies of the transactions that I obtained from the Santa Clara County Recorder’s Office. Both the deed from the elderly widow to the attorney and the deed from the attorney back to the elderly widow.
That attorney was good at his scam. He even scammed me too. However I was one of the people who helped investigate that attorney and prosecute him and put him behind bars. He did not get away with his scam for very long.
The promoters were selling the fraud that this attorney was perpetrating as a way to get rich, without telling the participants that what the promoters were teaching the attendees to do was illegal and would get them a prison cell with the attorney if they were caught.
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