It is a site that offers training on real estate wholesaling http://www.therealestatearena.com/cesportal/Generic.aspx?PAGE=Locator%20Info&portalName=hp…
I think the author/owner is Peter Vekselmann.
I am thinking of signing up for it. Just wanted some feedback…not endorsing anything, just seeking some information
Thanks in advance…
I would like to know some info about this also. I don’t understand why the
startup cost is only $1.00 and then you pay $19.95 per month. If you are
actually a property locater for them, why pay them $19.95 per month?
It does sound like another scam. I would appreciate some input, opinions,
facts about Peter Vekselmann. ;D 8)
I actually have signed up with them. I have’nt done a deal yet, but I figured what the hay, I’ll check it out. About a week after signing up they sent me an email saying the cost would actually be only $5/ month instead of $20. Either way I figured I still win cause I can cancel anytime I want.
Before I signed up I called & spoke to a guy who said he was Peter. He assured me that theres no upsale or extra catch. So upon checking it out I feel like I’ve learned alot. They have forms for download & recorded classes you can listen to Plus say it takes you 5 months to do your first deal, it only cost you 26 bucks, thats the cost of some gurus book and a fraction of their entire courses.
Im not saying dont buy somebodies course, I’m just saying that I’m new to this & I’m broke. I dont have $700 to drop on sombodies cousre & then have it suck!
With them they give you the training plus they’ll buy your deals (if the #'s work). So I’d say try it if you dont like it cancel.
I dont know this company but I do know there are quite a few like them out there. I get calls from these poor folks that get sucked into programs like these.
From what I have heard from people who get sucked in, The people call me and want me to find them a property priced about 40-60% of FMV. Then if I find it for them they will bring in there “partner” who will come look at it and buy it if its a fair deal.
The problem is you are paying 20/mo to find people houses at ridiculously low prices, you should find your own buyers and put them onto the house for a large finders fee or wholesale it to them. Local buyer are easy to find if you know what your doing. More than likely by the time the big company comes into buy the dream property it will already be sold to the local person.
If you insist that this is a great idea you can pay me $14.99/mo (ill give you a discount) to find properties that I can pick up at 50% of FMV. Then when you find me that $200,000 home for $100,000 I will make $100k and give you a handsome $10,000 finders fee.
So in Review:
You pay $15/mo to find me a home that I make $90k on.
I think I need to start my own homefinder program.
Eric Medemar
Ericmedem, looking at it from that angle you are very right! I guess I just looked at it from a point of, I really dont have much to loose in the event that it was some B.S., as opposed to buying an expensive guru package to learn the business.
Theres no REI club where I live & the closest one is like an hour & a half from me. Still from a NEWBIE stand point (even with your discount lol) $10,000 is’nt a bad return on $14.99. I mean with all due respect, I understand what you’re saying, in that it can all be done for free locally (which I’m also working on) but, say I WAS to spend 5 months @ $20 = $100 to make $10k or even $5k thats still a pretty decent ROI, isnt it? On top of that even if one was to cancel I’m sure they wouldnt turn down a good deal if offered to them.
That said I’m mainly looking for the training & step by step how to of wholesaling. In the event that you are willing to mentor me or allow me to pick your brain (FOR FREE!) I’d gladly locate properties for you!
I agree spending $15 bucks to get $10,000 is great, heck spending $15 to get $30 is a 100% return on your money. From what I have seen in the past these companies are not there to look at your deals, so say you spend 6 months looking for this great property, you have finally found it. You quick call them to get them to put together their offer, whoops they have to have every comp from kingdom come, and they need to have one of their guys come check it out in a day, or a week. I dont know about your market, but if you find a deal that can be purchased for 50% of FMV, more than likely someone else will find it also. The movers and shakers will come in and buy it while your still getting comps. So yeah its a great deal if it works even 1% of the time but to reiterate:
You might try scratching lotto tickets. Unless your market has no investors in it the likely hood of putting anything together would be slim to none.
Try finding some buyers in your own market to wholesale or assign to. I bet if you offered any of them $10-$20 bucks a month to make them $90k they would jump at the chance.
Eric Medemar
I found this forum because i’ve been thinking about signing up as well. It seems like a good deal, even if its only for the info. I’ll probably sign up for the first month just for the cheap info. eric has made some good points though, it may not be its all cracked up to be. One other thing that came to mind is… say you find a good house and call the guys from the arena. Whats to stop them from saying to themselves “wow this guy has found a great one, lets tell him we’ll send someone in a few days, but instead send in one of our ‘investors’ right away to buy it, and the finder will never know he’s one of ours.” All the finder sees is that the house is gone, (seemingly) purchased by someone else.
As a year has gone buy any update on how Peter’s program worked for anyone who did sign up?
John Corey
I am baffled why people are so hard on this guy and his company. In my opinion, anything that offers significant content and training for this little money hardly qualifies as a scam. I signed up last year and then got busy with my day job and a cross-country move, so I didn’t move forward with implementing an action plan. But before that, I enjoyed working through the content of the training modules and since the cost was a fraction of what I spend on an average trip to any book store, I don’t feel ripped off. If I ever use the material to actually launch a property locator biz, I’ll let you all know.
I don’t know anything about the program, but I would think that $15 a month is cheap if they actually teach you how to locate bargain properties.
As long as you don’t have a long term contract, you can quit if you aren’t learning enough to be worth the $15. I’ve spent more than $15 on a book that only contained a tiny bit of information new to me, and I felt I’d made a good purchase.
Seriously people, if you’re not willing to “risk” a measly $20, perhaps you shouldn’t be thinking about investing in real estate. I’ve spent over $30,000 on every book, course, and seminar under the sun. I’ve walked out of seminars that cost me $5,000 and I couldn’t tell you one thing I learned. But, I’ve always gotten value out of the seminar because I wouldn’t allow myself to cop out and play the victim card. So, while I’ve been to seminars that were, what one might call, a rip off, I found other like-minded individuals to network with who were well worth the price of the seminar.
Don’t get me wrong. It sucks knowing some shmuck has $3,000 of my money and all he did was read out of a workbook. But, you know, you can spend your time crying about it, or you can suck it up and push through. At the time I went to this $3,000 + expenses (air fare, hotel, food, etc), I was not fabulously rich. In fact, I didn’t know if I was going to make my next mortgage payment. (Thankfully, I had a deal that came together in the end and I was fortunate enough not to miss any payments).
You deserve better for yourself not to let others dictate the quality of your life (and your mind). Instead, know this. You WILL get ripped off. You WILL lose some deals and money, sometimes very unfairly. You WILL fail. The truly wealthy people (of which I’m not – yet) just keep getting up and grinding. I can tell you example after example of how I got the raw end of the stick… I’m currently dealing with a situation where a woman – scratch that – a CON ARTIST (recently found out she has a record in several states for obtaining real estate under false pretense), stole nearly $90,000 cash from me. I sued and won, but she’s siphoned the money offshore somewhere and it’s proving difficult to locate and therefore collect. It’s been a huge burden on my wife and family. But you know what? I’m not a victim. I won’t allow myself to be. I made some mistakes and I’ve learned a ton – (especially at how vulnerable we really are since our law enforcement is way under resourced). And I sleep well at night. I have a family that loves me and that I love. I’m truly already wealthy. Wealth is a quality of the mind which attracts money, (no matter how inflated it gets).
What is money anyway? At it’s core, it’s a representation of value for an idea, right? Think about it – No money is made until at first an idea was seeded. And since there are no limits to ideas, there is no limit to the amount of money you can attract. It’s much more difficult to make money the goal, the purpose for your drive, and actually become rich. So few people have done that. And even those that have, they still have not reached wealth of the mind. They are still yearning for something else. If they didn’t, then why isn’t all of Hollywood sober?
These are fundamental principles that are talked about in several books. One that I personally love is “Think and Grow Rich” by Napolean Hill. I would highly recommend reading it. He explains it much better than I ever could.
[relaxes…]
Wow. I just went off the deep end a little bit there. Sorry about that. Had to vent. Hope I didn’t rub anyone the wrong way…
I have heard about the real estate arena and was making up my mind should I join. Thanks to all of you and your input I am going to do it. I am trying to learn how to wholesale properly. I am working for an investor and this is how it has worked for me so far. I find a deal, the investor turned it over to someone else for a finders fee and then gives me about $1,000. Not a very good deal for me.The home was purchased for $60,000. Will sell for about $145,000. About $25,000 in repairs. $5,000 finders fee for the investor I was working for with him paying me $500 - $1,000. If anyone can walk me through wholesaling properly I would greatly appreciate it.
Thanks,
Lorraine
Well to start I have to say any knowledge gained for 15 or 20 dollars in the world of real estate investing is a drop in the hat for the type of money that can be made. I know I have made some, but with that said I am a true believer in education and anyone with experience in real estate investing who is willing to take the time to create and support their information deserves a little respect. If you are one of those who sits back and condems what others do, but never seesm to make a difference you should find someone else to pick on. I don’t know Peter or Donna personally but have spoken with them a few times and will say “That without a doubt they have something to offer.” Do with the information what you will, but I done plenty of million dollar deals before and it is rare that anyone would take the time to teach in this industry. With that said Peter has a very good reason for teaching, in fact the same as one of my previous mentors. Teaching others to duplicate what you do will allow you to do more deals. Now I don’t know about you, but I’ll take a little bit of a lot of deals over a lot on little or no deals any day.
Advice: Don’t count other peoples money! Concentrate on finding your next deal and you will be amazed.
BTW… I gave them the 20.00 just to have access to their investor group. The fact that the information is so good is just a bonus.
Lee Davidson