Real Estate Investing??? If you are thinking of signing up for a course offered by Doug Fath, take my advice: DON'T!!! STOP NOW!!!
In March of Doug launched a heavy marketing campaign to sell his "6 Figures in Student Housing" course consisting of several webinars and other materials related to investing in rental houses for college students. All for a cost of approximately $1500. The kicker is that he sold this program with the promise of GUARANTEED FUNDING. He sent out the "guaranteed funding" module first, to get people to sign up. The basic promise was this: if you find a property that meets certain criteria (calculated on an excel spreadsheet program), he GUARANTEES that he will fund it in one of three ways. No problem, no banks... He made it sound like he had funds lined up and investors ready to take down properties as soon as you submit them and they qualify.
I bit! I am a seasoned real estate investor myself, and this GUARANTEED FUNDING component was perfect. I signed up for the course and, within the first 4 weeks, submitted a total of 35 properties. And, as instructed in Doug's materials, I tied many of these properties up with my own earnest money deposits.
The bottom line: 4 months and 35 submitted properties later, NOT ONE PROPERTY WAS FUNDED!!! 35 Submitted, 0 Funded! And every single property that was submitted qualified for funding under the program's guidelines.
I lost all the earnest money deposits, lost all my credibility with the real estate community where the properties were located, spent a LOT of time and money on travel, hotels, crunching numbers, etc. Etc. Etc. But the bottom line, the whole thing was an absolute waste.
NOTHING WAS FUNDED... Even though funding was "guaranteed."
I lost several thousand dollars and a lot of time. If you plan on joining any of Doug's programs, please BE VERY AWARE that, at least in the case of this student housing fiasco, it was nothing more than a HUGE rip off.
I am currently talking to my attorney about starting a class action suit.
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