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BronxLens's avatar

Has anyone tried the Multiple Streams of Income Study Course?

Asked by BronxLens (1539points) June 9th, 2008

It’s by Robert G. Allen. If so, can you share your success/not successfull story on implementing his system? I am skeptical of most get-rich systems but want to check this one out of pure curiosity –

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2 Answers

RealEstatePro's avatar

My father-in-law got into this. So far they haven’t provided him with any homes to buy. The advice they have given him is text book with NO secrets.

The BEST advice they gave in their seminar was to go to the REAL PRO’s when you want advice. People who have REALLY been there, done that.

Here’s the TRUTH! This program gives a person some motivation to get into real estate investing. There are other groups out there doing the same thing. You attend the meeting and pay $3,995 to join. Then they give you some reading materials and put you through three days of teaching you the ropes. They give you a list of web sites to go to to search out properties. Then you still don’t feel strong enough to go it alone so you then pay an additional $10,000 and they will give you a years worth of support for as many homes as you want to buy and sell.

I’m a Real Estate Counsellor. I have a Real Estate license and act as a Realtor. I work with several banks, financial advisors and lenders. I have sold millions of dollars worth of homes. I invest in Real Estate. Here are a few things to consider.

They claim that you can do this TAX FREE. But you’d better know the laws. Tax free is only for properties that sell every two years. So, you have to keep the property for two years and you have to live in it for that time (you can’t rent it out) to get the tax “exempt” equity from your home. An investment property is different. It is taxed based on your income level. If you sell it in under a year your tax could be 28% however if you sell it in over a year your tax could be 15%. Either way you are allowed to keep 5%, yep ONLY 5%, as tax free. Therefore they will try to tell you to take it easy and only do a few homes at first. You will find yourself “rolling” the money into another home and you will discover that if you don’t then you will pay dearly at the end of the year.

A bank will hire a Realtor to sell a home, even if it’s NOT on the MLS it will be represented by a Realtor. The Realtor had to pass a national and state test in contracts and law that is why they are trusted by the banks. So you will deal with a Realtor in a short sale situation anyway.

I suggest that you keep your $15,000 in your own pocket and hire a Realtor and a licensed Financial Advisor. The Realtor and the Financial Advisor will agree to only get paid when you do. No risk there. You can do this but you don’t need to lose $15,000 for a few books and some flash-in-the-pan hype.

I have all the websites that the students of these programs paid 1,000’s for and I didn’t pay a dime for them.

AnnCassel's avatar

Thank God for Google! every single time I see one these “so called Opportunites” I google them and am spared from being ripped off! This one I will say seemed legit because he was “on TV”! and had books published! WOW and when I was about to leave the site a pop up box with a “live person” started chatting with me. It seemed real until I typed that my husband and I were both unemployed and don’t have credit that is good enough to buy homes anymore, they just went on and on about over 200 so and so ppl have been successful. right!! Thanks Google again

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