NMR, Foreclosure World lure you in with income tax promises too Like others who have reported before me I fell ripped off $7,144 by NMR and Foreclosure World by being promised things that did not come true or are so far out there that they are practically impossible.
One of the pitchs that got me to come around and agree to the course was the promise that I could get most of my course money back on my income taxes. "The average return is $4,760" I was told. Well, when I had my taxes done this year I was told that the course only saved me a few hundred dollars at the very most because it helped put me in the itemized deductions bracket.
The main come-on line of the course is "0% down to purchase houses".in Nevada we have to hold onto the house for at least six months before we can resell it. I didn't have enough money to carry the mortgage for six months so I would have to get a renter of course. The trouble is that even here in L.V. The value of houses isn't rising that fast (and recently they've even backslid a bit). Well, I was told that I might even pay a little out of my own pocket just to hold the house while I had a renter cover most of it. I was considering that, but recently it's become something of a renter's market because there are too many of these houses bought for investment purposes the owners are caught with no renter (or buyers) and huge balloon payments owing. Financially I just couldn't run in that league.
So I learned something about purchasing real estate, how to make offers and buy run-down houses to rehab and resell at a profit and so forth. But realistically 0% down sounds too good to be true and it is. It's more like 20% down and you can get a low enough mortgage to charge a lower rent and get a renter whose rent covers the costs. A lot of the course is online. But you can access the NMRCoaching.com site without paying all that money. And the other websites as well. As for the phone lessons—they were good, but rarely went the whole hour and a few were skipped. Most of it was already covered in the nmrcoaching.com website. And you were just left to pursue on your own. If you called in for advice there was frequently no one there to answer your questions that day. All in all, I feel ripped-off, sold a bill of goods on the taxes, and can only say to anyone contemplating a course sold online—Buyer beware!!!
GriffithLas Vegas, Nevada
U.S.A.
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