|Was just trying to clean up my pile of mail today and have this big get-rich-quick sales pitch booklet sitting in front of me:
Finally a way to make serious money on real estate without ever buying or selling property -- and without risking one thin dime of your own.
by some wealthy "Millionaire Entrepreneur and Success Expert" named Russ Dalbey. The idea seems to be finding real estate "cash flow notes" and build wealth by connecting buyers to sellers thus making a bundle in the process.
Now the basic rule of thumb I use, is that mail solicitations or infomercials like this are crap pure and simple. Think about it. If the "technique" they are selling really worked well, why would they be wasting time trying to "show" other people how to do it? If I had a sure fire way to make $50,000 every transaction, would I set up a publishing business to tell everybody else how to do it? No, I don't think so... I'd be too busy making money. So the chances of this being a scam or even fraud are pretty good.
These days the Internet makes it hard to get away with this. A simple search on this guy and his business confirms my initial thought. Here's some comments from www.infomercialscams.com.
This person was smart. She tried to contact them as an investor:
11/4/2005 - Jean writes: I was interested in this product and was about to order it. I have been in real estate and even owner notes/mortages in the past. So I know what he says about there being plenty of notes out there is true. But I decided to research and look at both sides. Since I have some money I could invest I wanted to review the note buying website for investors. Well, when I called they told me I had to buy the program before I could look at the site. That means, you can only buy notes if you are in the program, and it limits the note buyers terrible. Of the many people who are interested in investing money in notes in this country, most do not want to spend $ buying a book to see what is available. I wanted to check out the 15 to 20% returns Russ says he gets on notes. They were not interested in talking to me as an investor. And, per the site, they have less than 800 notes listed. That is pathetic for a national program like his is pictured. I am going to pass. Just wanted to share, since I have a Real Estate and Valuation background and am an investor. Keep looking.
And a few more recent ones:
1/8/2006 - Gail writes: I bought this. They make it sound "great", but it's not. Program wants you to run all over town to pick up leads, make lots of phone calls, (like telemarketing), and send out many postcards.I thought it was something I could do over the internet. They called me 5 days after receiving, and ask how I felt about the program. I ask about another way to take the program. They wanted me to pay $3,000, up front, and go thru a 5 month course, over the internet. There is no guarantee either. I read the other complaints too. Also-- they had a decent attitude with me, till i said I had to think about it. Their tone changed immediately to, "mad, because I wouldn't pay the $3,000. They pressured me too! Don't give in to this!
1/5/2006 - Richard writes: Yes, I did in fact purchase a program which gives information on "brokering" which comes to the unsuspecting purchaser by way of some former Olympic athelete by the name of Russ Dalbey - Winning in The Cash Flow Business. What the scam does is essentially set the stage to sell additional "support" material following the original purchase. Yes, the weasels do refund one's money upon request, but even then there is an barage of more enticements to "get back on board." Russ Dalby is just another huckster who arrives with shining self proclaimed accolades. Shame on you Russy Boy.
So, as always, Buyer Beware. Do yourself a favor -- don't watch infomercials and don't read direct mail solicitations.