 Than Merrill, one of the hosts of A&E's "Flip This House," tells
listeners the Peoria area is ideal for flipping homes for profit,
but the Better Business Bureau is warning people to be wary of
traveling home-flipping seminars."My team and I are looking for a
handful of people in the Peoria area who want to learn how to
consistently make a lot of money, per deal, in your spare time
without using any of your own money," Merrill tells listeners.
Merrill says the system can work in any market.
The Merrill-promoted seminar is slated for 12:30 p.m. and 6 p.m.
on Monday in East Peoria and on Wednesday in Peoria. More
information is available for viewing at the link below:
https://www.fortunebuilderstickets.com/
PEORIA/2.0000/Index.dtm?MID=4192510
The Peoria seminar is put on by San Diego-based FortuneBuilders
Inc. A Better Business Bureau rating for the company was not
available, as it is currently being updated, but reviews for the
seminars were unfavorable.
These events serve to introduce people to real estate investing,
both the potential and the risk. When you teach people how to invest
and make money, many people think you can learn everything at the
event.
Companies offering this type of workshop often claim there is
little or no risk in the investment process, according to the Better
Business Bureau. Consumers are encouraged to attend the seminars for
free, then offered a longer training at a discounted rate, usually
for a few hundred dollars
In August 2012, Merrill's seminar made stops in Ohio,
Cleveland.com reported. The Cincinnati Better Business Bureau
sent staffers to one of Merrill's seminars and found that organizers
told the crowd the company's three-day real estate investment course
costs $1,200, but those who signed up that day could get it for
$200, the report said. "People who buy into that are then pitched
additional programs that can cost thousands of dollars."
The Better Business Bureau reported that a similar seminar
promoted by Armando Motelongo, another host of "Flip This House,"
canvasses the country conducting "free" events that then solicit
attendees to purchase additional educational resources for up to
$25,000. This seminar was given an "F" rating by the bureau.
"Be wary of high-pressure sales tactics," the Better Business
Bureau said in a release. "Free 'flipping homes' seminars will
include a sales pitch to get you to pay for more materials and
workshops. Be prepared to read contracts thoroughly, look for hidden
fees and know exactly what you are signing up for. Get all promises
and earning claims guaranteed in writing."
[to top of second column] |
The BBB is offering the following advice to consumers who are
considering entering a real estate investment training opportunity:
-
While the initial
seminar is free, additional seminars and training materials can
cost thousands of dollars.
-
Don't fall victim
to high-pressure sales tactics. Take the time to carefully
research the opportunity carefully, and don't sign a contract
until you fully understand all of the terms.
-
Check out the
refund policy and be sure to get all promises in writing.
-
Many inexpensive
homes on the market have been empty for long periods of time or
may have been vandalized, which will make for costly repairs and
will make it difficult to sell quickly.
-
If you purchase a
home with violations, you could face fines or criminal penalties
for failing to fix them.
-
If you plan on
financing the purchase of a house, be sure to budget for the
appraisal, filing fees, insurance, taxes and maintenance of the
house until it is sold.
-
Check out a company with the BBB before
doing business. Be sure to check out a company's BBB grade and
complaint history.
BBB Business Reviews are available at
www.bbb.org.
___
For 100 years, the Better Business Bureau has been helping
consumers find businesses, brands and charities they can trust. In
2012, consumers turned to BBB more than 100 million times for
reviews on more than 4 million companies and reports on 11,000
charities, all available for free at www.bbb.org. The Council of
Better Business Bureaus is the umbrella organization for 114 local,
independent BBBs across the United States and Canada, as well as
home to its national programs on dispute resolution and industry
self-regulation.
[Text from file received from the
Better Business Bureau of
Central Illinois]
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