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Well, I have already written about this group and they are still active and going strong. My uncle has listened to them and may join up for the $75 fee. A friend of mine is having a presentation at his house (with some misgivings already) about the whole thing.

I went with my uncle to a presentation recently and the fee for the “Regent” tuition package went up from $16,000 to $20,000. Wow. Last year the classes were once a year for a month in Phoenix. The problem is that most people can’t really pack up and leave for a month and stay in a hotel in Phoenix. Now they are broken up into six one-week segments, still in Phoenix. It appears that all of the classes are taught each week so that you can go there and get the classes any time the college is open. It appears that the $20,000 tuition will not cover your hotel or travel expenses, even for one trip down to Phoenix. Here is a list of the classes taught. For $20,000 plus travel, lodging, and meals, you can be taught:

Bookkeeping: how to use Quickbooks to track several accounts. There are several free resources on how to do this.

Building your team: assembling professionals to help you in your investing. Maybe an accountant, an attorney, a real estate agent, a title company, and a handyman might be a good place to start. This is not rocket science. There are even several property management companies too if you don’t want to worry about doing it yourself.

The coursework is very thorough, but it is not any kind of bargain for $20,000.   There are many websites that also sell information on real estate investing, and if you can learn pretty well from books, you could buy tons of books on investing and do just as well learning wise and a whole lot better money wise.

Part of the trick of investing in real estate is a touch of luck.  The house next to mine went into foreclosure from a bankruptcy and someone bought the house for an OK price.  The prior owners held over tenancy for a period of several months until an eviction was effected and they moved out.  The house was a mess, but not really damaged.  The new owner spent thousands of dollars in legal wrangling to evict the prior owner and had to pour in money to fix it up some.

That is the rub and part of the angle Nouveau Riche University pushes.  You need to sell their system with the high comissions to have the cash flow to cover the down times.  Either way, you might be better off saving that $20,000 and buying some books instead.

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I had the joy/misery of attending a “group interview” about becoming an “apprentice” to a real estate investor with the potential of making $10k – $20k per month. What a crock. I have seen these signs on little wooden post signs, with stickers on the back windows of vehicles and in little cards in books at Barnes and Noble in the Real Estate section. After hearing the information at the “group interview” It is a waste of time as far as I am concerned.

I don’t know if the people who sign up with the company really are successful from investing in real estate or if they are just a large scale well polished sales company. Their schtick is to have people buy a start up kit for $75 (“we only charge the $75 to make it a binding contract!) and then pay for their home study course for $200. (per month, forever and ever if you want to have the benefit of selling their stuff).

If you want to make the REAL money in their system, you must pay the $75 one time fee, $200 per month and then purchase their $16,000 education course. (this course is called the “Regents” tuition package for “120 credits” over 20 days). Then you need to help sell four more of these $16,000 packages before you are able to get a commission on the sale of any additional packages. Wow. You need to pitch in your own $16,000, then help them rake in an additional $64,000 before you can start to get commissions from selling those tuition packages, if you want to be making the big money quick.

I could say more, I could go on, but I will save that for another time(or if you have additional questions, you can e-mail me). I had several questions they couldn’t really answer, but they made valiant attempts to do so. I was offered a one on one meeting for an hour to have my questions answered, but I already knew enough that I don’t really want a part of it.

I should quickly add that they have a web site and access to a portion called “click a mouse, buy a house” which you can have limited access to, but would have increased access to if you went through the $16,000 of courses, where you might see things like multi-family properties. If you don’t invest in yourself (through their programs) they do not feel comfortable showing these complex multi-family properties because they do not want you to fail. What a condescending load of crap. I have my suspicicions (no proof) that the owners of the company probably are placing properties that they own and want to sell on the website. What a racket, you pay them tons of money to buy properties from them or their holding companies, etc….

One lady told me that one class in the Regents courses was worth the tuition by itself. It was about “short sales”. This is a real estate term for when a property is in foreclosure and the bank sells the property for less than the value of the promissory note, etc… presumably so that you take the property over with that built in equity. This is not a big mystery and there are several books that treat the topic already. You could spend $200 in books and study them instead and probably have a more complete education on the matter.

The name of the company is Nouveau Riche. They have a website. I believe that their company is a waste of money based on the information you get. They claim to have a mentoring service, etc… but you can find mentors in almost any subject if you look hard enough, for free.

Until next time….

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