We may have missed an episode in August, but believe me when I say this series is going to run for a while!
In our hyper-sensitive real estate market, there’s no shortage of topics to cover. And today, we’re going to look at those awful real estate seminars that prey on the naive and hopeful.
I’m sure you’ve heard radio ads for these seminars, and I guarantee you’ve seen their ads on Facebook.
So let me show you what they’re all about in the following video…
Free coffee to anybody who can name the movie character that I modeled this real estate seminar guru after. Anybody?
This past summer, I got two phone calls from people who, to be complete honest and blunt, were utter morons.
Both of them sounded awkward on the phone, and both didn’t really know what they were asking me.
Both of them, it turns out, had attended a real estate seminar, and both of them wanted to know where they could buy foreclosures at auctions in Toronto, and if I had contractors that could build houses so they could flip them.
The timing of their calls suggests that perhaps they attended the same seminar.
Or maybe, they were just separated in the womb.
These two characters informed me that they had attended a workshop, and after three days of learning, they were ready to “buy properties to flip” in Toronto.
One of them told me that she had didn’t have a penny to her name, but the course spent a good amount of time on how this could be accomplished without the flipper using any of their own equity.
I was astounded.
But somewhere in my subconscious, was this radio advertisement, making these very claims.
“Learn how to make money flipping properties in the Golden Horseshoe without any of your own money.”
I don’t know where I heard that, and yet it was there, somewhere, in my brain.
I felt bad for these two people
I spent a decent amount of time with the one guy, purely out of fascination. I asked him, “Why would a bank sell a property for less than fair market value in the hottest market on earth.”
He said, “Because they want to get rid of it quickly.”
I followed up with, “But do you think they’d really sell a $500,000 house for $300,000 in a day, rather than wait a week to get, say, $600,000?”
He politely informed me, “That’s what they do!”
I guess if people want to believe something so bad, they’ll find a way to do so.
I thought about attending one of these seminars, just to see what it’s all about, but I fear I’d grow so frustrated that I might jump up on stage and build a small house around the speaker – using none of my own money, of course, and then lock him inside it.
But in the end, I figured a satirical video was a better option.
Hope you enjoyed!