More on Ted Thomas - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 29, 2003 at 10:08:33:
Mark--------------
Ted Thomas is a very accomplished salesperson. In the 1980s he sold limited partnerships for the tax benefits to the limited partners. When the 1986 tax reform act was passed, it sharply reduced tax benefits of real estate in vesting, especially for limited partnerships. The value of income properties dropped and people stopped being interested in limited partnerhips. Ted declared bankruptcy.
He then read the book John Beck and I wrote on foreclosure i nvesting in CA, where Ted Was. He followed our advice and had a very successful pre-foreclosure program. He wrote a mediocre book on the topoic.
He started to doing seminars with John Beck on foreclosures, charging $5K for a week’s “bootcamp.” They also did some seminars on tax sale investing.
Ted went out on his own and started doing seminars on tax sales and, I believe, foreclosures.
He offers extremely over-priced seminars. The quality of the information is mediocre. But he is such a good marketer that he can rope in a lot of suckers. Err, people who desire to easily get rich quick and they pay a lot of money for his “education.”
He has had an infomercial on TV for the tax sales course he sells. My opinion is that it is liberally laced with lies and distortions.
Tax sales investing is a legitimate arena of operation–I do it myself–but requires some knowledge and skill to do well. Ted Thomas’s website mentions a tax sale investment that I and a partner made. There are some inaccuracies in it. It is true we did make good money with it. However, he seems to make it sound as though I learned from him. Which, of course, is the exact opposite of reality. He bought my small book on tax sales investing in CA early on. So he learned from me and John Beck. I have read somebody who asked him about this and that person claims that Ted said that he, Ted, had taught John Beck about tax sales! What gall.
I’d recommend that nobody pay Ted Thomas his high prices for materials and seminars.
Good Investing*******Ron Starr