According to the St. Louis Better Business Bureau (BBB), reality television personalities sponsoring real estate seminars are a red flag for consumers. The BBB recently published an official warning about these free seminars, where attendees learn basic information about real estate investing in exchange, usually, for their time and contact information. At the events, however, the BBB stated, attendees are asked to “buy advanced education courses that cost up to thousands of dollars.”
Of course, real estate investors understand better than just about anyone how valuable the right knowledge can be when it comes to improving their bottom lines, and that is why you will often find experienced investors and brand new investors side by side at the same events and trainings, working hard to maximize their knowledge, and most investors have no problem paying for education and training that they believe will help them make bigger profits. However, some reality real estate stars are earning themselves a bad name, said the St. Louis BBB, citing Scott Yancy of “Flipping Vegas” in particular. They gave Yancy an “F” rating because buyers reported requesting refunds after their purchases did not, they said, pay off as promised.
We don’t know the specifics of those complaints, but we do think it’s worth noting that Yancy got that failing grade not because he didn’t refund the money (he appears to have done so) but because buyers requested refunds. While investors may “need to understand that these seminars are sales presentations,” as the St. Louis BBB president said so patronizingly, investors also should be aware that paying for a service that is actually delivered (we have no idea what happened and whether it was or not in the Yancy case) is a valuable move that can revolutionize a business.
Listen to your BBB’s warnings, but take them with a grain of salt and use your own common sense!
Point to Ponder:
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Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.