Is anyone using this system? and what does it cost by the way?
This is the redacted version, but an un-redacted version will show it to be Bill Gatten.
http://www.com.state.oh.us/real/documents/2007Summer.pdf.
A fine of $39,000 is a pretty expensive course.
OUCH! I’m out. If this is such a scam, why does he continue to have articles posted in the real estate articles section? Shouldn’t REIClub remove them?
:grim
I’ll leave removal to the moderators’ discretion and I won’t lump Gatten with scammers because I haven’t reviewed his material well enough to say one way or other, but I will say that most scammers operate for years before they are stopped (e. g. Troy Titus, Bill Reid). If you go to Gatten’s site, you will find some comments that the individual in the article did not follow the plan properly. Again, I can’t say for sure one way or the other. What I do know is that there is case law on the subject and any similar transaction can be viewed in a similar way. Anyone using his methods is well advised to seek counsel from a local attorney who specializes in real estate trusts.
The big problem I have with guru material is that the gurus spend too much time promoting their product and don’t keep current with the latest court cases, laws and administrative rulings. They aren’t attending professional seminars. They don’t testify before Congress. They don’t teach the professionals who practice in the area. They focus on a DIY market to sell fear and greed and they do a good job. Look at the number of posts here where people think setting up an LLC is enough to isolate personal assets from business liability. It’s not that simple, but gurus couldn’t sell kits if people knew the truth. Look at the number of people who rush to set up an LLC when they have nothing to protect. They spend hundreds or thousands of dollars to protect an empire that is essentially nothing. They worry about the small chance they will have a multi-million dollar judgment when they face a guaranteed tax liability each year. They spend all this time, money and effort on protecting nothing when they should spend their resources building a business and reducing taxes.
great point(s).