October 20, 2006 8:44 PM
Robert Allen's Get-Rich-Quick Real Estate Program: Myth Busted
Good review from MSN Money's MP Dunleavey on some popular get-rich-quick real estate seminars. The conclusion: while the system did produce a few successful real estate investors, Robert Allen's real estate course is mostly a way for him to make money.
From MSN Money:
The odds of winning are not high. Robert Allen's "1,000 new millionaires" never materialized in the last year, for example. Allen operates what's called The Enlightened Millionaire Institute. Its Millionaire Hall of Fame Web site lists only 50 millionaires (defined as having generated gains averaging $2.6 million). A spokesman admits not all of them exclusively used the Allen method of real estate investing. (And, in a disclaimer, the site notes, "No information has been verified or authenticated. Results vary. All successes are subject to one's own knowledge and effort.")
Despite all that, the Robert Allen Institute still conducts two or three seminars a week in different cities and says it reaches about 1,200 people each month. (That's 1,200 x $2,495 = $2.99 million a month, in case you left your calculator home.)
Allen is just one of dozens of artful salesmen who preach fancy financing, "no money down," flipping properties quickly and numerous other strategies to get rich buying and selling real estate.
And the question all this preaching raises is, do these investment techniques, systems and strategies really work? Can they actually make you rich? After all, would people keep trying it if it couldn't be done? Or are hundreds of thousands of people simply seduced by expert sales pitches and swindled out of hundreds and sometimes thousands of dollars?
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