I've signed up for the Robert Allen Institute - Creating Wealth Through Real Estate Seminar about a year ago. This was after seeing a commercial during the day about investing in real estate without using my own money at all to return a healthy profit. I was excited.
I called and set up a meeting in so called limited seating. The commercial showed a massive room with hundreds of people listening to this legendary Robert Allen on stage. When I showed up, it was in the small rooms reserved at a hotel with only 20 people in attendance. And at least there was a cardboard cutout of Robert Allen.
The speakers that were there made it very apparent that they couldn't say anything about the specifics of the program and only hyped it up by showing pictures of house they were about to "flip" and copies of the checks that went into their bank account. Although they were extremely vague I was still excited about it although it had a $3000 price tag.
I opted in and made a down payment of $1500 and got a personal loan of $1500 from one of Mr. Allens affiliates at a high interest rate. Wasn't too concerned about it because the claim was that I would make that money back and then some on my first sale.
At this time I was not told about any other packages or extra money that I would need to put up whatsoever. But on the final day of the three day seminar, I was asked to pay around $10,000 for software and mentor programs to ensure that I would succeed. What did I just pay for? $1000 a day for information that I could of got out of a book for $30? I DIDNOT have $10 grand nor did I want to get a loan with his affiliate at a 17% interest rate.
I'm not going to say that their was no useful information during the seminar, but absolutely none of it I saw was worth that much money whatsoever. Limited and misguided information made it hard to start investing in any real estate. The worse of it being the use of hard money lenders. I couldn't use any of the hard money lenders in the booklet I received from them because of my lack of experience and credit.
I am horribly dissatisfied with their services. They went through the information extremely quick, and basically skimmed thorough everything. I should of known that there is no way to learn anything in three days, and that if they can't answer a question on the first day, and require you to pay for the information first, then it is a complete scam.
Promises of great expectations slick salesmen vague explanations = complete rip-off
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