reii.com, mentors?

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Posted by Andrew Jastrzebski on May 04, 2004 at 01:44:15:

Just completed a call with the "director" of Real Estate Investing Institute (www.reii.com)---what an experience! I originally was researching the concept of having a "mentor" and was investigating this possibility when I came across their web site. It seemed interesting and on the surface seemed legit since they had links enabling one to check their credentials (BBB, D & B, and the Utah Chamber of Commerce). After filling out their online form, I was contacted via email and telephone by aggressive sales people making bold statements: "majority of students close their first deal in 60-90 days with profits averaging $5-$20M and that many students are making a six figure incomes after one year". Each refused to satisfy my request for information regarding student results---in writing. The first guy said he was not willing to send anything and recommend that I read the testimonials on their web site but continued his sales pitch with "facts" of how the majority of students flip their first foreclosure deal in 60-90 days with a profit as high as $60M. But the "director" told me that 25% of all students drop out and his "best guess" was that 30% complete their first deal in 90 days which was a far cry from what the first guy stated. He refused to provide any verifiable statistics and flatly refused to send anything in writing, not even a brochure (certainly the $5M-$10M up front tuition can help pay for some brochures). He then went on the offensive saying that my focus should be on what investing in real estate can do for my future but that I'm the guy "who needs everything laid out in front of him" before making decisions and that in the many phone interviews he has conducted (20 minutes with me) it was obvious to him that I may be successful in many things, real estate was not going to be one of them. End of phone conversation. If there is any value in what these "mentors" can provide, it's unfortunate that their sales force leaves one with the impression that you just walked off a used cars lot. There's no doubt in my mind the sign next to the java maker reads, "coffee is for closers".

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