As a rule of thumb: Quick riches are generally too good to be true. Therefore, if an infomercial promises quick riches–you should ask yourself the following question:
If it was REALLY a quick and no risk way of making money–why would they be sharing the secret? Out of the goodness of their heart?
Infomercials that promise quick riches will almost always say: You are not rich because you do not know this one secret. Unfortunately, almost all get rich quick infomercials do not make people rich — except the person promoting the product. So you should proceed with caution simply because these types of infomercials have a strong history of over-hyped promises.
In this particular infomercial, I have the following concerns:
- “Guaranteed by Law” – here the infomercial implies that the process will make you money and it is guaranteed by law. While the process may in fact follow laws, there is absolutely no guarantee that you will find real estate situations in your town that will yield as much money in the examples. These situations highlighted in the infomercial are not typical. In talking with some real estate experts in preparation for this review, I was actually told the situations are extremely rare. Think about it. If a house has so much equity, why doesn’t the owner just quick sale the house to pay the tax lien?
- “Attorney” – the infomercial has an attorney talk about the process. This is probably designed to give you the look and feel that it is legally legit (without outright stating this endorsement). I have two issues with this. First, while the process may be legal, the types of deal you are seeking are rare. It may be legal, but the most important aspect you should consider is how often these deals appear in your town. Second, an attorney on television cannot endorse each situation. There are countless real estate laws and they vary by state. Within each state there are even more situations that may change the law. These laws are constantly changing.
- “Risk free” – Ok. The process is supposed to be risk free. Even if this is possible, how common are these situations? What if these situations are very rare? According to some comments on this blog, after you get the book you are asked to pay nearly $7,000.00 for coaching. So lets say you shell out thousands of dollars to get this system setup, and then you have much difficulty finding situations whereby you can make money risk free. Here is one of the comments:
Comment: My father ordered the book and now they are trying to get more money out of him for the coaching…they said a lot of people pay $6-$7,000…but they are willing to except abt $1000…i am trying to research this more before my dad throws his money away. Has anyone actually made money doing this? I haven’t found anyone on here that has said they have been successful. I don’t think it is a good idea. It sounds great but I’m thinking it’s not all it’s cracked up to be..
Business Model: Coaching
- Offer an introductory offer (such as a book, e-book, or program).
- This introductory offer seeds a program and attempts to lay the foundation for the need for coaching.
- Offer coaching programs in the thousands of dollars.
Bottom line: While we have no reason to suspect these real estate deals do not exist. We don’t have any hard data on how common these types of deals are. This will obviously vary from city to city. From blog posts and other resources it seems like these deals are rare. I don’t see anything wrong in getting the book, if you are interested to learn more. However, if you are going into coaching, I would like to get a breakdown of how common these deals are. And get that information in writing. Like all things in life it takes a persistent effort. From my first glance, you would probably be better off networking to find out how people are really making money in real estate — and avoiding this program.
Watch Infomercial:
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