All Forum Posts by: Will Kern

Headline: This man owed $134 in property taxes. The District of Columbia sold the lien to an investor who foreclosed on his $197,000 house and sold it. He and many other homeowners like him were left with nothing.

Here's an article from the Washington Post about a predatory system of debt collection for well-financed, out-of-town RE companies that turn $500 delinquencies into $5,000 debts — then foreclose on homes when families can’t pay.

Comments?

https://www.washingtonpost.com/sf/investigative/2013/09/08/left-with-nothing/

Thanks for taking the time to write all that out, @Arie Van Gemeren. It's very helpful.

There is an excellent thread on BP that covers a "Rich Dad" scam. It's sad that Kiyosaki would lend his brand name to this obvious group of hucksters. 

https://www.biggerpockets.com/forums/79/topics/316...

My question is,  why would he do it? Simple greed? Or did he lose a lot of money on a deal gone south and he's trying to recover his losses? It's sad to me.  

Newbie here. I listen to the BP podcast almost every day, and I notice that Rich Dad Poor Dad is suggested by a large number of guests in the Famous Four, or at least referred to frequently.

I've read the book and I think it's fantastic! But I'd like to know from those of you out there with more experience than I - What does Robert Kiyosaki get wrong? Or overstate/understate? Or is any of advice he gives dated? Or annoying? 

Your opinions would be appreciated, and thanks for posting.  

Hmm... Strangely, I wasn't notified that folks had answered my original query, and I only heard about it today because @Jason Hirko sent me a colleague request. I'll get back to you all individually. Thanks for responding. 

Thanks for responding, you guys. @Ian Ippolito, I've been checking out your website http://www.therealestatecrowdfundingreview.com and there is a lot of good information on there. When I read over your response up top, I honestly wasn't sure what you were talking about (core vs core plus, etc.), but after going to your site it all became clear. 

I'm new to real estate investing, and I've been looking at crowdfunding lately. 

Can you recommend a good crowdfunding platform? I've heard Fundrise is good and I may give them a go, but I thought I'd cast about here and see if any of you have had success with any other group. 

Thanks!

@Julian Fleming Sadly, Reality Shares is in the Real Estate Crowdfunding Graveyard, according to this website...

Thank you, @Ned Carey. I was pouring over the book but I wasn't sure what he was talking about. Perhaps I should start a thread about what advice from Rich Dad Poor Dad is incorrect or misleading. 

And thank you for replying, @Basit Siddiqi. As to what business I have and what I want to set up an entity for, I'm still researching so I don't know yet. I was just a little confused about the line from the book. 

Can someone explain this to me?

In "Rich Dad, Poor Dad," Robert Kiyosaki says "The reason I minimize my income is I don't want to pay it to the government. That is why my income comes through my asset column, through a Nevada corporation. If i work for money, the government takes it."

Do you get some kind of federal tax break for setting up a corporation in Nevada?