Posted by Mel on March 25, 2008 at 16:15:50:
In Reply to: Cherif Medawar posted by Mike S on March 07, 2008 at 21:24:15:
I went to his last free LA seminar. I have legal and mortgage and RE brokerages licenses, and lots of years in fraud claims in courts. He may be a fraud.
Or maybe not. He is at least premature. Wait a little. His explanations were great. First class. A great focus on one chapter of a good RE text if you can find one that concise. He can articulate. A great blessing of him to offer it for free. Since colleges charge the same price to spit useless crap at students in one semester, it would be a blessing to get it over with in one week-end, even if useless.
I did not take his course but I guessed that the key to success is not the process, since he reveals what those steps are in the free seminar. The key is tenants.
Here is the secret: you take an option to buy on a vacant bldg for a low price, because it is empty. During the option period you get leases from national retail tenants and get the tenants to give up letters of credit for 10 years. As soon as you get those letters, the property is worth 40% more than empty. So you then call his list of members in his "I PAID $3,000" club, who he says MAY have money to invest, and you show them they can make quick money if they partner with you. They give you money for the buy.
You buy. With the new tenants in, you pay a new appraisal and the bank gives you 70% of the new value and you pay off the partner and take profits.
So if you have a ready list of tenants, you can win. If not, you lose. At the free seminar I asked how you get the tenant list; do we get a national retailer list? he said that is one way, and dropped it. Someone complaining last week said he promised to put such a list up on the web in the $3,000 class but did not do it. That does not mean fraud. When you pay $3,000 to take the class, you take what he gives you. He made no prior promise of a list.
However, careful listening will also reveal that he said he has a staff of 400 in Florida working for him. That is not good. He clearly does not need them for his $3,000 class. And he does not offer to partner with his own students and use his own money. So they must be for his continuing search to make money for himself.
His "official" website is also not done. The "mad" club says the $3,000 website is also not done, and he gives no tenant list. The list of lenders he does give is puff. Anyone can compile that list by sitting down with 12 mortgage brokers for a few hours each.
So, we know he has the tenant list because he has 400 people using it to follow up with properties for sale all over the country. That means he does not give his students the list because they will compete with him and his 400, and his students calling his own contacts will prompt those contacts to disconnect their lines to avoid talking with newbies and idiots. He does not complete his web site and class web sites because he does not want to.
So, since he teaches the class it is because he needs money and his commercial empire is not going so well. That means if it were easy to make money with his program, he would not need to teach. Or at least he would not need to teach and hide what he teaches.
But it is worse. Another mad student said his club is unreliable and no one responds. So that means investors still have to place ads in papers, the old fashioned way.
Without the tenant list and without the old rich people in the club, which may actually be empty, this message is as good as his class. So do not spend money until he proves he has both of those available, including an actual number of names who have money to invest as partners, before you pay. Then if he does not produce them, it is clearly fraud.
For those still mad, you can waste your time with a complaint to the Federal Trade Commission if you want.
But it will not go after national advertised fraud when a Republican is President. Only when a Democrat is President. Since the nation is racist it will not elect Obama, and the war will guarantee McCain will win so Democrats will never get in. So there will be more bankruptcies next year and great bargains out there.
Good luck.
- Re: Cherif Medawar DBD 07:58:56 04/05/08 (0)
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