Dearborn, MI · Member since 2016 · 5 posts · 3 votes
Greetings everyone, I don't like that this is our first post to this website but I'm in a situation (similar to https://www.biggerpockets.com/forums/79/topics/185...) but thankfully we have only invested $2,000 for their 3-day boot camp and another $3,000 for a down payment on their advanced training. I don't want to mention the company name but I'm betting everyone here is smart enough to understand what's happening.
I haven't paid the final $12,000 (we were given a "deal" for only $15,000 total as opposed to $42,000 by getting a few things a-la-carte instead). In two weeks we're suppose to go to their advanced 3 day in-the-field training and currently have access to their software (again, I don't want to mention the name just yet, but it actually does look like a really good tool I have to admit).
What happens if we don't pay them the rest? Payment is due in two days and right now they don't have any information besides my one card I used. What can they do to me if we just don't pay them the remaining balance?
P.S. This website looks amazing and I can't wait to get to know everyone on here. My wife and I are 100% invested in REI... I just wish we had discovered this site before we went to their free seminar.
Investor · Baltimore, MD · Member since 2015 · 160 posts · 76 votes
10y
First off, welcome to Bigger Pockets. If you browse around and listen to some of the podcasts you'll find that a big reason Joshua Dorkin started this site was he believes in sharing information and hates those who try to scam new investors out of their money with get rich quick schemes. So, you are in the right place.
I'd call your credit card and have them cancel all transactions from your guru and ask for your 3k back. If you are really worried about it maybe get an attorney to call on your behalf and scare them?
Look around BP, listen to the podcasts, read some of the books and you'll be well on your way for free!
Specialist · Milford, ME · Member since 2016 · 630 posts · 378 votes
10y
Most places have a few days to opt out of payment and get your money back. Maybe even your credit card company will stop payment if you have not received product. Have you asked the company if you can cancel?
Dearborn, MI · Member since 2016 · 5 posts · 3 votes
10y
I called the company today and they were on "holiday" which was weird. I'm calling them first thing tomorrow and asking them for my $3,000 back. It's been 8 days since it was filed. Their contract only gave a 3 day cancellation, which I now understand is a pretty big red flag.
Dearborn, MI · Member since 2016 · 5 posts · 3 votes
10y
Thank you @Ed Emmons and @Nino Alfano for responding to this! The biggest concern I have right now is that I'll owe them the final $12,000 ... but in the contract I didn't see any part where payment was due within a period of time, so that's good right? Worst case I can save myself from paying another 12k.
Investor · Baltimore, MD · Member since 2015 · 160 posts · 76 votes
10y
First off, welcome to Bigger Pockets. If you browse around and listen to some of the podcasts you'll find that a big reason Joshua Dorkin started this site was he believes in sharing information and hates those who try to scam new investors out of their money with get rich quick schemes. So, you are in the right place.
I'd call your credit card and have them cancel all transactions from your guru and ask for your 3k back. If you are really worried about it maybe get an attorney to call on your behalf and scare them?
Look around BP, listen to the podcasts, read some of the books and you'll be well on your way for free!
Real Estate Agent · Wesley Chapel, FL · Member since 2016 · 153 posts · 38 votes
10y
@Ed Emmons I am sad that you were somewhat taken advantage of. Do you believe that any of the course provided you with at least some value? I hope so! Good luck!
Dearborn, MI · Member since 2016 · 5 posts · 3 votes
10y
Thank you @Bill Regan for the warm welcome! I'm very happy to be a part of this community and hope to have more positive news soon about getting my feet off the ground with REI. I took your advice and called my credit card company from that initial $3,000 down payment and guess what... when they heard the name of the company they immediately credited the $ back :)
Tomorrow I'll have the phone call with customer service to explain I want my entire purchase cancelled, so no software (which is actually unfortunate) or 3 day bootcamp.
@Account Closed Lesson learned the hard way. The funny thing is, I actually DID get a lot out of their original $2,000 3 day workshop. It was probably worth more than that to be honest, and they can keep that $. Our presenter (holding off all names at this point) was amazing and I really felt like he was genuine.
It wasn't until I learned the strategy all these guru companies pull on people like my wife and I about the three-tiers and boiler room tactics with raising credit limits did I begin to question the very program itself. I'm still torn, because he was such a good presenter and his information wasn't 80% marketing but rather he spoke 90% excellent information and only 10% marketing...
Real Estate Agent · Wesley Chapel, FL · Member since 2016 · 153 posts · 38 votes
10y
@Jordan Ewert I want to encourage you to keep your heard up! you have great things waiting for you because you have proven that you are willing to do what it takes and learn from your mistakes. I will be looking forward to one of your success stories on BP.
Rental Property Investor · Austin, TX · Member since 2015 · 43 posts · 8 votes
10y
Hey Michael - get up, dust your self off and find your self a real mentor who might be able to spend 30 to 45 mins with you every week either face to face or over the phone. If he/she wants $100 or $200 an hour or $2000K every quarter - that still better than any other program out there. If you and your mentor click, you'll start to see him as your big brother and he/she will guide the correct way.
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
10y
You were fortunate. When you sign a contract it may give the company or counter party the right to collect the balance you agreed to pay if you received any of the services specified. The best time to question a contract is before you sign it. If you try something like that after signing purchase agreements on houses you will quickly gain a reputation as someone to avoid doing business with.
Dearborn, MI · Member since 2016 · 5 posts · 3 votes
10y
In closing, thank you everyone so far for replying to my initial panicked first thread post on this topic. I can now say I completely understand what it's liked to be dazzled into the promises and "thinking like an investor" by these gurus and throwing down $15,000 or even the $41,000 mentioned in the link from my first post because they make it seem so easy to have a couple wholesale deals and make your $ back (their words). I thought of myself as a pretty logical person... Thank God this didn't end up worse for me. I ended up having my credit card company reverse my initial $3,000 investment so I'm in the clear now.
The solution was this website and finding HOPE in the materials and community support. Funny, the company I'll now mention, Success Path, never mentioned this website at all, only their costly "educational" mentors who I'm sad to say don't seem to be very good at communicating in a timely manner.
It looks like this company (which is also called Advanced Real Estate Education among many other names... depending on area) actually does have some solid advice and from everything I've experienced so far (given, it's not much). Probably the reason I invested 15k was because it seemed like a sincere investment after all the information I was given. In other words, it was 90% information and only 10% upsell.
I want to add, as odd as it may seem to you reading this, that our speaker for the $2,000 3-day workshop was indeed worth the price of admission in my opinion. His specific instructions and formulas seemed spot on and his insight into running multiple LLC's, etc were really good to know. He knew about tax "loopholes" and how to loan $ to yourself without paying as much taxes, knew about contracts, tons of stuff. I have to admit, this guys knowledge and charisma was inspiring.
My head hurts thinking about how this company, or whoever they really are, and why they would be so helpful with their first upsell and so greedy at the same time for the next. I don't know how much of their personalities were real now, maybe they were just THAT good at screwing people out of their hard earned $ and justify it by giving them valuable information so they can sleep at night It's rather peculiar. Comparing my story to others like the Rich Dad Poor Dad fiasco, it just seems like this company (who practically follows the EXACT same formula by the way) has just gotten better with being less sales-pitchy and offering better information as bait. I'm not really sure... but with the formula being the EXACT same as all the other scams, how legit could they really be?
It was a learning experience, and now I'm here to learn more...