Lee Arnold and Independent Broker program for private money.

[Michael Davis]

Has anyone tried out the independent broker program as advertised by Lee Arnold and Cogo Capital?  For $398, he promises to teach you how to broker funding up to $20 million per deal for real estate deals.  Supposedly, you make around 1% of the amount loaned on every deal.  It sounds too good to be true.  He says no license is required since the loans are only for non-owner occupied, short term deals.

[Jay Hinrichs]

well he is wrong on license.. in 12 states if its for a 1 to 4 unit license is required.. just check the state you want to work in.

in other states he is correct.

so let me ask you do you really think someone with no experience by paying 398.00 is going to get the attention of someone needing a 10 or 20 million dollar loan so they can pay you a 100 to 200,000 commission ?  does that sound even remotely realistic .

there was another guy in Colorado who got in serious trouble and i think even criminal with his version of this.. 

there is no question in some state this is legal.. just not really realistic to those with no background in real estate finance. he just collects your 400 bucks then probably wants you to pay for more mentoring etc.. its HUGE money the how to business.. 

dont know this company but I do know real estate financing..