John T. Reed....I Do Not Recommend - Posted by JPiper

Re: The Two Sad Things About Reed… - Posted by Sue(NC)

Posted by Sue(NC) on March 23, 1999 at 08:14:04:

Back when I purchased ‘Tax Avoidance…’ Reed didn’t come across as such a kook. He didn’t have his website, which is where (I think) his downfall began.

I bought ‘Tax Avoidance…’ on the recommendation of a several members of an investment group I belonged to… and have since heard numerous individuals, including accountants, remark that it is an excellent book. The ‘…20% Below Market Value’ book I bought without recommendation, but I have tried about 6 of the techniques he wrote about. His book was NOT the only source I used by any means- it is too basic for that - but I found it quite useful as a general reference.

As for Reed as a writer, I don’t really expect writers to give me ALL of the facts. Even with non-fiction, they edit. They decide what’s pertinent and what isn’t. I do not expect them to lie, and a I do not think Reed has lied. As to what he might have ommitted, I do not know. But the book was as complete as I needed it to be to research several investment angles. As a writer, Reed has tried to make his books verifiable. He includes footnotes, biboliography, and in many cases, phone numbers of the people who did the deals.

As a to Reed as reviewer of gurus, I expect even less- (and boy, do I get less!). I expect opinions. I don’t expect him to have read every book by every guru he rates.

As for the review of Scott Britton, Reed appears to have read the TITLE of Scott’s work, and made his entire recommendation on that alone. Some of his other ‘I do not recommend’ reviews are based on how polite the guru was, as opposed to the guru’s material. This is horrible behavior. I suspect, as you do, that his reviews are emotional prattle. He postures himself as the self-appointed defender of would-be seminar attendees. But I don’t think there’s enough room on his moral high ground for anyone, including John T Reed himself (he keeps asking web visitors for copies of guru materials to review…doesn’t he suspect that he will get pirated copies?)

But I still like my two books. Not based on Reed’s character, but on the opinions of others I trust & personal experience.

Re: The Two Sad Things About Reed… - Posted by JHyre in Ohio

Posted by JHyre in Ohio on March 22, 1999 at 12:38:44:

Jim,

I tend to agree with you re integrity. It’s like virginity- you only lose it once. In Reed’s case, it’s quite disappointing. Had I seen his critique of Scott first, I would not then have bought his materials due to lack of credibility. As it is, I do not regret my purchases.

I read 20% book and tax avoidance. I thought both books were excellent. I agree with 95% of what he wrote in tax avoidance- and I’m qualified to opine on that subject. Disturbingly, I disagree where he deviates from citing the law and begins to provide his opinion. For example:

I disagree with him that corps, LLC’s, etc are not useful for real estate. He recommends holding as an individual- that’s absurd in most states where such entities are cheap & easy to create. Maybe living in CA has jaded him. But then again, JP & others have survived the West Coast air with their wits (and integrity) intact.

His analysis of the chances of winning/losing in tax court is good, although I disagree with some of the conclusions drawn therefrom- he DOES manipulate info by ignoring “break even” cases to reach his conclusions.

But for the most part, the info in the book is quite good. Sadly, fewer people will trust that this is so- his post wrecks his OR Britton’s credibility. Given the pretense Reed uses to slam Scott, Reed must come out the loser.

What a sad waste of talent. Even if the guy failed at “doing”, his compilations struck me as useful. Maybe I’m just waaaay disappointed and all misty eyed- that 20% book is what got me interested in real estate investing to begin with, before I found this site. Ya always hate to see someone you respect blow it.

John Hyre