Posted by Shawn on March 11, 2002 at 06:38:05:
I’d like to read some of these posts. Where is this site. So far, everything I’ve read or done is completely legal. In my experience, there are some ultra conservative investors that believe anything out on the ordinary, ie. 20% cash down, bank finance, cash at closing, is the only legal way to go. They will point out the due on sale clause to which we answer, Why would a bank accelerate a contract if it is being paid as agreed?
Good luck,
Shawn
Discouraging & Confusing info, help? - Posted by noelle ruehl
Posted by noelle ruehl on March 11, 2002 at 24:57:51:
I have recently come across some websites made by investors/real estate people, that severely discredit anything taught by many of the people this site backs, such as Robert Allen, Lonnie Scruggs, etc. On these sites I’ve read everything from their teaching of & involvement in illegal deals to their being sued by investors they cheeted, losing everything. I’m a newbie who is very excited by what I’ve been learning here & through the teachings of those people these sites bash, what am I to believe? I’m feeling discouraged & confused and scared, I hope someone can lead me in the right direction.
Noelle
Re: Discouraging & Confusing info, help? - Posted by noelle
Posted by noelle on March 11, 2002 at 19:05:02:
OK…thank you. 
Re: Discouraging & Confusing info, help? - Posted by GL(ON)
Posted by GL(ON) on March 11, 2002 at 08:43:40:
The truth lies somewhere in between. If you mean John Reed he brings out some important facts that are ignored or covered up by certain other experts. But he is way too severe, makes the worst case out of everything, and even condemns books that he has never read and courses that he has never seen.
It is quite possible to make a lot of money in real estate investing without doing anything shady or underhanded and without breaking any laws.No book or course will turn you into a crook. You can learn abot different ways of doing things and use only those that are honest.
I think there is too much emphasis put on buying for nothing down, starting with no money and the like. This is a marketing gimmick to sell courses. Look at it this way. Even if you had no money to invest (which is not true of most people) if you do 1 or 2 deals, and they are as successful as the gurus promise, then you will have money for a down payment and the nothing down stuff will become less important.
Some of the people who got in trouble lost sight of this, and continued to pyramid recklessly without building up any reserves, such as cash in the bank. Others were out and out crooks who eventually got arrested and convicted of fraud.
Re: Discouraging & Confusing info, help? - Posted by Robert (NC)
Posted by Robert (NC) on March 11, 2002 at 08:36:13:
So far I’ve read 2 of Lonnies books, starting with Deals on Wheels… Havn’t found any thing illegal in them. Just found that my local trailer parks all have the park owners doing LONNIE deals already… plus decided I wanted to do some stuff with houses.
I’ve also reviewed Steve cooks course and although I’m not a lawyer, didn’t see anything illegal in it…
Make sure you fill out all the paperwork, document everything for the IRS, etc…
Robert
Re: Discouraging & Confusing info, help? - Posted by phil fernandez
Posted by phil fernandez on March 11, 2002 at 07:02:49:
Noelle,
I’ve been here on this site from the beginning about 7 years ago. If this site were in someway misleading or dishonest there would be no site here today. This site has grown and grown nurturing some very very successful investors, many of whom I know personally.
The site you are referring to is no doubt the infamous John ( little “t” ) Reed. Mr Reed it appears has not done many deals and the ones he’s done were either done years ago or ended up in failure like the house he gave back to the bank in lieu of foreclosure. So you want to believe a guy like that. Mr Reed also sells information so is in direct competition with this site. So as in professional jealousy he bashes some fine people here.
It becomes very evident who you would want to follow. Hopefully, for yourself ,you will make the right decision. Also check the archives here about Mr. Reed.