To make a long and sad story short, I was contacted by two different arms of Robert Allen's mammoth money-making organization over a period of several weeks in September of 2003. To my ultimate regret, I allowed myself to be talked into purchasing an $8,300 home-study real estate investing course, which came with 8 one-on-one "mentoring" calls from a Robert Allen protege.
I also received about 60 CDs with recorded seminars (some of them more than 10 years old and of poor sound quality) on them, which was supposed to help "teach" me to become an "enlightened millionaire"---and I also received a few of his books.
All told, I'd say everything I received was worth about $500, a far cry from the $8,300 I paid.
The mentoring calls were a joke!!!
The woman I spoke to seemed to contradict herself every week.
First, she told me to look only at For Sale By Owner ads. Then, she told me to contact real estate brokers and ask them to send me MLS listings that were 60 days older or more. Then, she told me to buy my own place so that I would have "equity" that would allow me to finance my own outside deals later on.
It was all very confusing and distressing.
Well, 18 months later, I am paying two mortgages on the place I bought for the "equity", I have a ton of credit card debt (still paying for the $8,300 course, and advertising costs too, because I was told to advertise the fact that "I buy houses"), and I have not made a single dime.
I could go on and on, but I will spare you the gruesome details.
I will just leave you with this one thing: Mr. Allen's techniques, if you can call them that, can only work in a down real estate market. When I bought this course, the market was on fire, and prices in my area were increasing by 20, 30 and sometimes 50 percent every six months. You will NOT find any "don't want'er" buyers in a market like that; you have to wait until the market in your area cools off, then maybe you'll find some don't want'ers.
Also, his CDs and books taught techniques that basically worked wonders in the 80's, but are totally outdated now (hence, he has recently written a new book called "Nothing Down for the 2000's"--obviously admitting that his long-taught techniques are now hopelessly outdated).
Do yourself a favor and buy a cheap course on foreclosure investing--it's probably the best, and cheapest way to (possibly) become a real estate mogul (unless counties in your state sell tax liens)
STAY AWAY FROM ROBERT ALLEN!!!
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