John Reed Question... - Posted by Chefist

import · September 29, 2003, 4:24pm

Posted by Ronald * Starr(in No CA) on September 30, 2003 at 14:57:44:

John V–(FL)------------------

The difficulty is that buying great deals at tax sales is dependent upon not facing much competition for a particular property at a particular sale. These days, as you allude to, the competition is much greater.

I have not been attending CA tax sales recently. The last one was here in Oakland in March. That was a complete waste of time, but that was no surprise to me, as that has been the case more than half the time in the last 6 to 8 years. Before that it was much better. A few years ago a partner and I bought a rundown little house in a poor part of Oakland for about $16K and sold it for three times that amount. Before that he had bought a couple of Oakland houses for extraordinary prices from owners facing the tax sale.

Last I knew, one could buy good houses in CA at tax sales for about 60-75% of market value.

Since I shifted my attention to buying houses in OK at their tax resales, starting a little over 4 years ago, I have had mostly what I would characterize as satisfactory results. In fact this year I bought two houses in one county for about $1200 each. One I had to spend about $2000 for a new roof. The property is probably worth about $18-20K, and I get $275 a month rent.

I also have some OK tax certificates which I bought over the counter and I expect to get a few houses out of those. I paid about $600 to $2500 for them. I don’t have estimates of value at this time, but I expect them to be worth more than I paid for them.

I suspect that if I lived in OK I could make more purchases similar to the ones that John Beck shows in his infomercial. But, I don’t know for for sure. The tax sales come up next Monday. One might be able to buy certificates there for good properties which one would end up with at very cheap prices.

The one major complaint I have about the “Free and Clear” infomercial, besides those exceeding chipper young man and woman who constantly finish each other’s sentences, is the statement that “John Beck has bought thousands of properties like this” at tax sales. This is said after showing pictures of houses. Now, John has bought houses at tax sales or from foreclosure of certificates. However, most of the “thousands of properties” he has bought were vacant lots and land. The term “properties like this” could legitimately be applied to “tax sales properties” however, I do not like it coming right after the photos of houses. It is too easy to assume that “like this” refers to the photos of the houses just shown.

However, I think he has the most information about tax sales which is available from any one package and it is at an good price.

Certainly I have found tax sales to be good for me.

Good InvestingRon Starr***

import · September 29, 2003, 4:24pm

John Reed Question… - Posted by Chefist

Posted by Chefist on September 29, 2003 at 16:24:18:

Just a question on John Reed…I have been working in the business world since I left college many years ago…the one ethic I hold too is not too bash the competition…John Reed sells real estate courses…and critiques others…in fact, he only has given 3 or 4 positive reviews on his website…

Is John Reed legitimate or is he just marketing his own material by bashing the competition?..

Thanks,

Ben

import · September 29, 2003, 9:01pm

Re: John Reed Question… - Posted by JoeS

Posted by JoeS on September 29, 2003 at 21:01:27:

I have read most Mr. Reed’s explainations of the various “Gurus” out there and have drawn this conclusion: I’m glad that there is someone looking out for the “new” guy/gal who wants an education in the Real Estate investing business! Shame on the so-called authors who promote their way of investing as “Secret and new!”…there is no secret or new way to control Real Estate! Just by using time-proven methods one can become wealthy.

I applaud others like Mr Starr for also telling it like it is. I’m sure that he could write one of the best investing courses out there with all his experience. Remember…one should try to gain as good an education as they can afford, but do you REALLY have to go to an expensive “boot camp” to become successful? Think long and hard before forking over your borrowed $3k or $5K! Just my 2 cents.

import · September 29, 2003, 8:34pm

Re: John Reed Question… - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on September 29, 2003 at 20:34:32:

Ben----------------

Well, there are certainly more than three or four recommendations of people to study. Although he used to claim that it was about one third positive, neutral, and negative, I pointed out to him that there are more “Do not Recommends” now than there are “Recommends.”

Still, I suggest you read his own comments about what he expects from his making negative comments about some of the “gurus.” You will note that he suggestst that this LOWERS his sales. So, if he were motivated to increase sales, he might try to do so by toning down the negative coments about other so-called educators.

I agree with “b” that Jack tells you the basis for his comments. So, if you find them unpersuasive about a particular person, you can ignore that individual judgment. I also agree with “b” that most of his comments about gurus squares with my experiences with or knowledge about them or their materials. However, I do feel that there are some “do not recommend” judgments that are off the mark. Perhaps a half-dozen or so. But many of the rest of them are richly deserved, in my opinion.

There are a lot of sleazy people who see easy money in selling junky materials to innocent people who are interested in exploring the real estate investing field. And there have been for at least 20 years.

I’d certainly recommend that you read the free articles on his website, as well as the guru ratings. Also, he has some excellent books available at modest prices.

He does not suffer fools well, and he used the adjective “dumb” to describe a lot of people who are more likely just naive. But, I don’t feel anybody is perfect. I’d rather listen to somewhat who is a little arrogant and clearly perceives the world than a warm cuddly person who does not have a clue. But then I have been guilty of some arrogance myself from time to time. I’ve learned that a little arrogance can go a long way in causing mistakes and monetary losses.

Good InvestingRon Starr

import · September 29, 2003, 8:02pm

Eddie is a typical Reed hater… - Posted by b

Posted by b on September 29, 2003 at 20:02:32:

Ben,
You obviously didn’t get very far on Mr. Reed’s website if you only came up with three or four positive reviews. He recommends just as many people as he does not recommend, and another third he stays nuetral on. It would be untrue to say that Mr. Reed is not trying to promote his own material, but I do not believe that is neccesarily the intent of his reviews of other people’s material. I have found most of his reviews to be right on. I have read from authors who he both recommends, and doesn’t recommend, and he is very straight forward, ethical, and he always let’s you know what he bases his opinions on. In other words unlike the post from “Eddie”, Mr. Reed does not throw out unsubstantiated claims about other people being investor failures, etc. The reviews he gives are always accompanied by the information he has that lead him to his opinion. Like any “expert” in any field (especially one as decentralized and crazy as CRE) there will always be those that agree and disagree on what techniques are legit, or ethical, what works and what doesn’t. Many people I have seen throw out barbs at Mr. reed, but the truth is that most of those who would bash John Reed’s material are mindless followers of their favorite teacher (guru) whoever he may be, and have not taken the time to listen to what Mr. Reed is saying. Their childish name games perfectly illustrate my point. I wuold suggest you continue to her what he has to say, and read other people’s material as well, and soon you will come to see that he hit’s most of those guys right on the nose. Just my opinion.

import · September 29, 2003, 5:47pm

Re: John Reed Question… - Posted by Brent_IL

Posted by Brent_IL on September 29, 2003 at 17:47:29:

I haven’t bought any of Reed?s materials lately, but his earlier books were very good, especially the tax avoidance books. He bashes many writers that I happen to like. I look at JTR as a counter-balance to the ?You can be rich tomorrow? promoter hype. No one will hold a gun to your head and tell you that you must believe everything on his site.

import · September 29, 2003, 4:32pm

Re: John Reed Question… - Posted by Eddie

Posted by Eddie on September 29, 2003 at 16:32:08:

Reed is a bitter old man who was a total failure as a real estate investor! And what he knows about actually making money in real estate wouldn’t fill a thimble!

import · September 29, 2003, 11:40pm

for Ron Starr - Posted by John V, FL

Posted by John V, FL on September 29, 2003 at 23:40:24:

>There are a lot of sleazy people who see easy money in selling junky materials to innocent people who are interested in exploring the real estate investing field. And there have been for at least 20 years.

Agree with that comment but also strongly feel John Beck’s Free and Clear infomercial in which you participate to be up there too. Pitching houses available at a tax sale for hundreds of dollars really stretch the truth in today’s environment. I follow more counties and areas that only someone like you could relate to and we have a better chance of being struck by lightening than buying a house for pennies on the dollar in Florida or California these days. 75 to 80 cents on the dollar is the best I see these days if your are lucky.

import · September 29, 2003, 8:20pm

Nonsense. - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on September 29, 2003 at 20:20:49:

Eddie------------

You don’t have to like Jack Reed. That is your choice. But, I wish you would not lie about him.

He has some of the very best books on real estate investing ever written, in my opinion. He provides a lot of insight into real estate investing and into the merchandising of real estate investment information and materials. I believe you have not read the free articles that he has on his website. If you have read then and have that view of him, I have to figure that your way of looking at the world is very different than mine. And, therefore, probably screwy.

Perhaps you have have some issues related to rebellion against authority figures? Or you don’t like his cocky attitude? Or what is really going on?

What you say about him does not fit reality, in my view.

Good InvestingRon Starr**

import · September 29, 2003, 7:34pm

I disagree - Posted by blueclassring@yahoo.com

Posted by blueclassring@yahoo.com on September 29, 2003 at 19:34:13:

I tend to disagree. He is one of the straight-shooters out there. He doesn’t like scam-artists. Most of those poor reviews are quite true. Most of his followers are quite educated and don’t buy into most of the garbage that is tossed around the real estate world.

import · September 30, 2003, 6:49pm

Re: for Ron Starr - Posted by Dan-fl

Posted by Dan-fl on September 30, 2003 at 18:49:38:

I’m not a fan of John reed myself or John Becks Free and clear,but I would go broke paying 75 to 80 cents on a dollar.The most I ever paid was 50 cents on a dollar and the best was about 8 cents.I don’t know how your making any money paying those prices.