Monday, August 3, 2009
So How Much Have the Creative Real Estate Fraud Millionaires Really Lost?
During the recent bull market every get-rich-quick creative real estate guru claimed to be an "investor millionaire." They touted the millions in real estate riches they earned using their, of course, bogus home study courses and seminar techniques and screamed "LOOK AT ME!" You could be a real estate investor millionaire too---if you just had my $495 home study course, of course.
Their riches rivaled the Kings of Persia. Private jets, ski chalets, cigarette boats, waterfront mansions, horse farms, BMWs, trips to every country in the world including those without names, you name it. Everything including the kitchen sink, six bikini clad models from Belarus, and even a hot air balloon was featured in their sales and marketing pitches.
Well, that was then.
This is now.
The bubble has burst. POP!
So I'm asking the simple question?
How much have these so-called "real estate investor millionaires" lost?
Aren't you curious too?
It is impossible for them to claim they haven't lost anything but that is precisely what all their Internet advertising claims. Nothing has changed on their websites since 2003. Not a word admitting they were wrong. Every homeowner in America has lost money but not these creative real estate guru frauds.
So I'm asking again. How much have they lost? It is disingenuous for them to boast of their millions then at the height of the bubble but now, of course, their net worth is closely guarded state secret worthy the security of Dick Cheney's undisclosed location.
I dare one, just one, to come forward and tell the truth.
But you don't need to wait to find out the real answer. I'll tell you how much these frauds have lost.
In many cases, the answer is nothing.
They never were real estate investor millionaires in the first place.
It's hard to lose money without any skin in the game.
Just like the phony testimonials, the fabricated success stories, the made up war stories of legendary real estate investing prowess worthy of a gold medal at the next Olympics, these creative real estate frauds fabricated their net worths to sell pointless home study courses.
Of course I'm not claiming these con artists weren't rich, even millionaires.
They made a fortune selling get-rich-quick home study courses on flipping properties, lease options, asset protection, wholesaling homes, and more. Many were, or even still are, millionaires.
Just not real estate investor millionaires.
It's going to be very interesting using the discovery powers of the courts to see how rich (or poor) these gurus really are and how they REALLY made their money.
Robert J. Abalos, Esq.