Tuesday, March 3, 2015
The sheer depravity of real estate gurus never ceases to amaze me because I expect the unexpected.
Selling bogus get-rich-quick home study courses and seminar tickets and scamming innocent hard working people out of their savings and credit is not enough.
Neither are crooked real estate deals, convictions for foreclosure rescue fraud, blatant illegal shilling for their products, launching anonymous smear campaigns against critics of their industry, even strong direct links to pedophiles and kidnappers. All these have been proven by me in this blog.
I thought a real estate guru selling cocaine out of his property management office to buy rental properties with the proceeds was the bottom, the lowest they could go.
I was wrong.
A famous real estate guru still selling his courses and seminars today has been accused of raping a female attendee at one of his events. According to pleadings submitted in a state court civil filing, this guru lured a woman to his hotel room with the promise of a free home study course after one of his seminars. When she resisted his advances, he forced himself on her for nearly one hour, repeatedly raping her and saying "You should feel lucky" and "Tell me how lucky you feel" while he sodomized her.
After the attack, he threatened the woman with a lawsuit and other violent retribution if she disclosed the rape. His last words to her were "No one will believe you. I'm famous and you are nobody." The woman went home to her husband and together they reported the rape to police three days later. The local authorities are now conducting "a felony investigation into this man's history and the events of this night."
I am not disclosing the name of this guru at this time. He has not been convicted in a criminal court or found liable in a civil one. But the witness statement and evidence against the guru are strong and believable. She did attend his event. He was staying in a hotel room where his seminar was being held. And I also know by reputation what a disreputable sleaze this guru truly is.
The real estate gurus when confronted with the widespread fraud and criminality within their profession often make the argument there are bad apples in every bunch. Wrong. Sellers of get-rich-quick real estate courses are criminals by definition and the whole barrel of them is infected. When criminals consort together some will be more morally decayed than others. The only real question is why any person would want to be a member of this sickening club.
Thursday, February 19, 2015
This is, by far, one of the best real estate books I have ever read. And I've been reading them non-stop for nearly thirty-five years.
Gerald D. Hines is a legend in the real estate world. His company builds some of the finest properties in the world. He deserves a book of this quality on his life and career and he got it.
You can buy the book HINES: A LEGACY OF QUALITY IN THE BUILT ENVIRONMENT on Amazon.
I just put this book down. It is a MUST READ for all real estate investors.
Monday, February 16, 2015
I have attended those free real estate seminars hosted by real estate gurus held in hotel ballrooms for more than thirty-five years. I've been to them with other real estate lawyers, psychologists, regulators, and other professionals to give me a second, third, fifth, and tenth opinion on the legality of what is being sold to "newbie" investors in real estate and how especially they peddle their worthless courses.
I know what they are selling is a great con. Many of the real estate investing techniques offered are ILLEGAL. Most are UNETHICAL. Almost none actually work in the real world.
But again, this is just my opinion and I've said it here many, many times.
Now things have changed. For the first time a major metropolitan newspaper has brought along its own reporters, top notch real estate lawyers and even state regulators to see what goes on for themselves.
The newspaper is the Cincinnati Enquirer. The regulators are from the Ohio Department of Real Estate and Professional Licensing. And the lawyers are some of the best real estate experts in the state.
You can read how the media exposed real estate guru fraud after a recent get-rich-quick real estate seminar in Ohio by clicking on the link.
I hope this experiment is expanded to all fifty states. These gurus are sleazy low rent con artists and they need to be exposed. Their list of victims is long and still growing.
Again, don't believe me. Believe the state of Ohio and one of the nation's largest newspapers.
Saturday, January 31, 2015
The General Motors Building in New York City at 767 Fifth Avenue hosts some of the most expensive rents not just in Manhattan but in the United States. Upwards of $100 per square foot and more.
One of the few buildings in New York to occupy an entire city block, the iconic structure has stood since 1968 on real estate well known to city residents for more than a century.
THE LIAR'S BALL by author Vicky Ward tells the story of the GM Building and especially all those real estate developers and property owners who have coveted this gem and the land underneath it for decades.
This book reads like a Who's Who of real estate. Harry Macklowe, Sam Zell, Mort Zuckerman, Donald Trump, and many others who attempted to buy the GM Building with some failing miserably while others succeeded.
Currently the building is valued at around $3.4 billion. This much money brings out the best (and worst) in people.
Too many real estate books are wonky and read like an IRS opinion letter, too many facts and figures which make eyes glaze over and sound like BLAH BLAH BLAH. Others focus on the great wealth and excesses (financial and otherwise) of the billionaires who spend money on $10,000 shower curtains and $300 cups of coffee, making these books feel like the real estate version of the National Enquirer.
This work is a perfect mix of both. Lots of numbers to appeal to real estate investors but also filled with a cast of characters which cannot be believed.
I highly recommend THE LIAR'S BALL. It's a short book, about 160 pages, but one you just cannot put down, especially if you know the GM Building and can imagine what it would feel like to own this world class gem.
The following is a radio interview with Vicky Ward discussing her book and a television interview with Ward discussing why Donald Trump is bashing THE LIAR'S BALL and his mentions in the text. (Trump lost control of the building under strange circumstances.) You can judge for yourself who is more right than wrong.
Friday, January 23, 2015
The U.S. residential market is slowing down FAST even in the hottest U.S. markets, relatively speaking of course. This is a fact despite record low interest rates for years now and supposedly endless demand from buyers which is not materializing.
I don't need to write much here. You can follow the links which speak for themselves.
Home Sales Market Slowing
Nothing is Going to Save the Housing Market
End of the Suburb Myth
High Housing Prices Dampen Sales
I could go on and on but what is the point?
The bulls have retreated into the woods and the bears roam with claws ready.