If you can find a deal for these WBI guys then you can probably find a few for other investors. Start talking to other investors in your area and tell them what you are doing. Develop a relationship and flip them some properties. Or at the very least refer the property to them and get a birddogging fee.
Now that your money is already spent it is pointless to dwell on it. You have learned a few things, although it was expensive, and should be able to use that knowledge to start down the investing path.
This group is advertising in the Atlanta area for help in researching foreclosures, auctions, and REO’s. They say they will pay finder’s fee of $5K or split profits. Does anyone have any information on, or experience with, this group?
Thanks!
Scott
They are even advertising here in the state of Texas as well. I just got back from one of their seminars this afternoon and I was very disappointed! Had I known what they were pushing I would of never wasted 2 hours of my day!
Here is Why:
Saw an ad in our local Dallas paper that read " MILLIONAIRE Work side by side self made multi-millionaire locating Real Estate. (Foreclosures, Auctions and REO’s) Receive $5,000 finder’s fee per property or split profits 50/50. Mr. (Name with held) call for appointment."
So, I show up thinking I had an appointment with one person and it turns out I was there along with 7-8 other individuals. I sat there listening to this guy give us a pitch to all of us about how he wants us to sign up to pay between $2000 and $5000 for their Finder Program and Mentoring Program so they could teach us how to invest in real estate. Oh yea, and we had to provide our own transportation to their HQ in Springfield, Illinois or somewhere like that, if the initial cost was not enough. Sort of reminds me of the old when the other gurus would recruit you to come see them/ Anyway they claim they would teach us the ropes of real estate investing like how Robert Allen and Carlton Sheets does it but with a twist, you split the profits.
If you are a new investor it sounds like a descent proposition to me but they will only work with you if you sign up for either the Finder Program or the Mentor Program. So any investor looking for $$$ don?t bother going they want you to enroll in one of the courses.
Scott, this group came to OK several months ago, with the same advertisement. If you answer the ad you’ll attend a short informational meeting, but the kicker is that they want you to attend their RE “school”, a 2 day seminar they hold in Springfield, MO. Yes, this seminar costs money. But, after the seminar if you find houses that meet their criteria they will pay you a $5,000 finders fee, or if you attend a 2nd weekend seminar (for more $$) they’ll split the profits with you. Feel free to email me at sheriowaso@yahoo.com if you have more questions or need more info.
They are obviously expecting you to do more than just locate and research. For some reason I have an immediate distrust of someone who is throwing out a message like that.
But, then again, maybe I am just a bit too skeptical.
I’ve already done alot of research about REI on this site and by reading books, but the reason I paid to attend this 2 weekend seminar is because I have no money of my own to start out with. I thought this was a great way for my husband and I to get some debt paid off and get started investing. I did learn alot from the seminar, and the follow-up support has been great, but it’s been hard to find a house that exactly meets the “Wealth Builders” criteria. My husband is furious, he’s certain that they never intend to buy houses, but I’m still trying because we still don’t have any money to invest!
Re: Wealth Builders International - Posted by Brent_IL
Posted by Brent_IL on August 20, 2003 at 17:24:21:
Like the others, I believe that they will never buy one of your houses under contract.
I believe that follow-up is great because you are still considered a viable mark.
Your situation is similar to what stockbroker’s boiler-room operators tell their clients when an overheated and over-hyped stock starts its terminal downhill slide. “Now is the time to borrow money from your children’s piggy banks to buy more shares. It’s never been this cheap. When it goes back up you’ll make a killing. You’ll forget all about this temporary setback. You’ll be as rich as Bill Gates.”
I am not optimistic about it happening. This approach to getting money from hopeful investors has been done by many scam artists. They play on the feelings of the beginners that having money is the only thing stopping them from making money in real estate. The promise to provide that money. But never do. There are many people that have fallen for this scam. There was an operation in PA that took millions of dollars from potential investors over many years. They are in prison I believe. Or at least facing trial.
If is good to persist. However, to persist down a path which does not go in the direction you want to go is folly.
You don’t need these people. If you really can find a good deal, you can do what is known as “flip” or quickly resell the property to somebody who can handle the property. There is wholesale flipping and retail flipping. I recommend that you study those techniques.
Also, you might want to start studying up on the way to acquire properties or the right to buy properties with little or no money. The “nothing down” purchasing ideas are not scams. However, it is not easy. They are not applicable to very many situations. I estimate maybe 2-4% of property sales are candidates for no money down buying. Again, you can study those ideas at this CREONLINE.COM website by using the archive search function.