Wealthability program testimony?

[Carol Lam]

Hi,

Like many others, I am looking for some feedback on the wealthability program.  I had two consultations with Kirt Bassi from WealthAbility program.  I am very excited to have a team help my family to achieve financial freedom.  I learn about Wealthability from Tom Wheelwright's book.  In the second consultation where I was quoted a fee of $24,750, I was told because the team is so confident that they can reduce my taxes several times over, they are willing to offer me a 100% satisfaction guarantee.  I was given the impression that it was a special deal for us, but as I read the engagement letter, the money back guarantee was a standard language, offering clients 30-day money back guarantee.  I called Kirt back and confirmed that was indeed the satisfaction guarantee he was talking about.

Then I asked him when would the 30-day start to kick in.  To that question, the answer was a little vague.  During the second phone consultation, I was given the impression that the team needs 2-3 months to come up with a customized strategy plan.  In that case, that would have passed the 30-day limit.  I supposed it's tricky because if you have the strategy plan and go to another CPA to implement it, it would be much cheaper.  I would pay Wealthability if I see that the proposal would indeed save us more than we pay for the fee.  It's just fair for them to be compensated for Tom's research and knowledge.  

I emailed him again yesterday on this concern, I have not heard back from Kirt.  We are therefore at a limbo.  How does it really work?  Do you just jump on board by faith?  I am totally on board with Tom that the tax code if applied wisely can save us a lot of taxes.  

Carol

[Randall Alan]

Quote from @Carol Lam:

Hi,

Like many others, I am looking for some feedback on the wealthability program.  I had two consultations with Kirt Bassi from WealthAbility program.  I am very excited to have a team help my family to achieve financial freedom.  I learn about Wealthability from Tom Wheelwright's book.  In the second consultation where I was quoted a fee of $24,750, I was told because the team is so confident that they can reduce my taxes several times over, they are willing to offer me a 100% satisfaction guarantee.  I was given the impression that it was a special deal for us, but as I read the engagement letter, the money back guarantee was a standard language, offering clients 30-day money back guarantee.  I called Kirt back and confirmed that was indeed the satisfaction guarantee he was talking about.

Then I asked him when would the 30-day start to kick in.  To that question, the answer was a little vague.  During the second phone consultation, I was given the impression that the team needs 2-3 months to come up with a customized strategy plan.  In that case, that would have passed the 30-day limit.  I supposed it's tricky because if you have the strategy plan and go to another CPA to implement it, it would be much cheaper.  I would pay Wealthability if I see that the proposal would indeed save us more than we pay for the fee.  It's just fair for them to be compensated for Tom's research and knowledge.  

I emailed him again yesterday on this concern, I have not heard back from Kirt.  We are therefore at a limbo.  How does it really work?  Do you just jump on board by faith?  I am totally on board with Tom that the tax code if applied wisely can save us a lot of taxes.  

Carol

 @Carol Lam

Disclosure:  I know nothing about the program you are talking about.  But I do know what it looks like when someone is about to be separated from a lot of hard earned money of theirs... and YOU potentially look like THAT person.  For further clarity... I am an individual investor with 37 rental units and have done a half dozen flips in the past 5 years.  I have over $1 million invested in real estate with a portfolio worth over $6 million.  So I have 'some' street credibility if it helps. 

So again, I'm not passing judgement on the actual program you are investigating... but will tell you that there are few secrets in the real estate / wealth "game".  I would be VERY (VERY VERY) leery of forking over ANY 5 digit sum to someone who says they can help you like that.  Heck, I hate paying my CPA the $4,000 a year I pay him to save me from the IRS!

My premise to you would be this:  You can learn almost everything you need to do real estate smart right here on these forums and it talking with other fellow investors (either here, or at your local real estate investment group), or in talking with a real estate focused fiduciary like a CPA.  It won't be packaged as nice as someone you are paying $XX,XXX.XX for... but I bet you fifty bucks there is nothing they will do for you that this forum or those other resources will not know about, or help you with.  So the way I see it... if you have $24,750 that you won't miss and had nothing better to do with... go for it.  But you would never catch me forking out that kind of money with the "We'll figure it out for you in 2-3 months" promise.  

There is a segment of the real estate industry focused on "education" that is designed to 'help' beginners.  But within that same segment, there is portion that is designed to EXPLOIT beginners (in my opinion)... because they (A) know you have money to spend or you wouldn't be looking into real estate; and (B) if they put together a slick enough package together people will bite.  

When we first started in real estate we attended a "Fortune Builders" set of seminars.  The first one was free, and we paid $189 or something like that to do a 3 day seminar.  It was an AWESOME 3 days, with TONS of great information... I don't regret it one bit!  But it was very obvious that the entire goal of the 3 day seminar was a funnel, to get you to join their 'mentor group'... or whatever they called it... and the fee was similar to what you are being pitched in the 10's of thousands of dollars.  We already had rentals and funding under control, so we never signed up to be a part of the 'big bucks' group they were pitching.  So just have your 'spidey senses' about you and really think long and hard before you to commit to anything that is super expensive where the return could be marginal.

From a tax perspective, you are bound by the rules of the IRS.  Yes, those rules can be nudged up to a certain degree.  But it really doesn't take spending $24,750 to know what the rules are or to develop a plan that will head you in the right direction real estate / tax wise.  A 2 hour sit down with a real estate CPA can lay out a very good path for you, and  you will have $24,000 more left in your bank account.  It's so straight forward you will be like, "this is really pretty easy".  If I had to try and sum it up it would be: Form a corporate entity for asset protection; buy properties using leverage to maximize the use of your money; write off your expenses through your business  including depreciation, taxes, insurance, repairs, etc to maximize your tax deductions.  I would include - try to avoid exceeding $250,000 a year in reported income to avoid the Obamacare tax increase through smart planning of your sales of capital investments.  It's basically a pretty easy formula.  Sure, there are more intricacies to it.  If you still want to spend the money I'm sure a group of us on the forums could team up and only charge $19,999 and will do it in a month for you and you still come out WAY ahead of the other guy!.  (totally kidding)

Wish you all the best! (and there are lots of people here to offer advice!)

Randy