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FIB - Scams 101 - Ye Olde Archives
Posted By: Larry Foster <blackstonecap@yahoo.com> In Response To: Anyone been to a JG Banks seminar yet? (Mark Hall)
Friday, 3 December 2004, at 2:28 a.m.
I have been around the real estate guru circuit for a while and have never heard of this guy.
It sounds like a niche similar to tax lien certificates,brokering mortgages,etc. These are not all they're cracked up to be.
Personally, if you were to invest your money, I'd recommend a broader education at first. There are so many opportunities in real estate. Why not be where the most common, broadest opportunities are? Single family homes.
I don't think there is a big secret to probate homes.
1.Locate them through public records or networking with attorneys who specialize in them.
2.Negotiate your deal.
3. Fund them either through your own funds or bank funds (both risky) or private funds.
These deals, in my experience, will not be fast.
I recently completed a deal here in W. Pa. Beautiful house that had fallen into major disrepair. Vacant for about 3 years, leaky roof. Bank was owed $38,000. My offer was $5000 in Feb, no contingencies. I found a buyer and wholesaled it to them for about $6200 clear profit.Closed 3 weeks ago. None of my money and never took title.
There are many caveats and not all of these guys deliver as well as it seems.
I have wasted untold thousands on gurus that overpromise but underdeliver.
I am, however, a strong believer in education and learning from someone elses mistakes. Since I am quite capable of inventing my own, I want to eliminate as many as I can, Education is a cheap way to do that.
The best bar none of the real estate gurus is Ron LeGrand. He's not cheap but do you think you get a better education at Harvard or Podunk Community College.
A couple free places that you may find futher info on Banks is http://realestatecoursereviews.com/ where people review various guru stuff and another is CREonline.com
Hope this helps. If you need any further info, feel free to contact me.
> I just went to a JG Banks seminar. His specialty is picking up property in
> probate. As usual, the sales pitch was VERY good.
> I've thought about investing in real estate lately, and this seems very
> good. It, of course, requires a 3 day training seminar and their special
> software. It's the usual couple thousand dollars to attend. If it works,
> it would seem to be worth it.
> Anyone tried it, or know anyone that has?
> Thanks,
> Mark Hall
Only 14 people will save $200 On Yanik Silver's 6 Week Intensive Course
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