Larry Goins

[Russell Carter]

Is anyone familiar with the Filthy Riches Program offered by Guru, Larry Goins? It seems to be a very attractive program based on the webinar and my discussions with his sales team. Of course, as a novice with no deals under my belt, I would like the "experienced" to weigh in.

Thanks

[Chad Michaels]

Okay, here is my experience with Larry Goins' Filthy Riches course:

I found out that in order to find $30,000 homes that are move-in ready and don't have any code violations and are in low crime areas and where the listing agent agrees to take 20+ pictures and guarantee in writing that there are no existing or pending code violations and put my signs in the yard and the seller accepts 25-35% of list price is going to be a full-time job. (According to my business advisor at the Goins group, most of the students fail to find good deals and it takes several Goins Group staff members a full time effort to find homes that qualify their own criteria.)

I put in 1,501 offers over the course of two weeks, which required that I essentially play hookie from my full-time job in academia in order to submit and follow up on all of the agents who responded to my initial offers. I'm glad that I wasn't put on academic probation. But now I'm still left empty handed without a viable deal according the Larry Goins. But that's just to put the amount of effort I put into Goins' program into perspective.
Now of course my "business advisor" is telling me that I didn't do the course right, because I didn't pre-screen the 1,501 properties to make sure they were in livable condition before making my offer.

That way I don't fit the criteria for a full refund per the 12-month $12,000 guarantee and have to pay the 10% restocking fee for the 30-day return policy.

Some of what Goins teaches in the course is outdated, particularly the talking point regarding the flat seller's commission. Most REO agents get a percentage and no longer get a flat fee from the bank. Also, the "business advisor" that gets assigned to you will tell you that he has personally worked the course, but this is doubtful when you begin to actually probe his knowledge of the course and of current market conditions.