Investigating the National Foreclosure Institute
I was recently contacted by the San Diego Union-Tribune about a Real Estate-related article they were preparing to publish. Reporters Lori Weisberg and Emmet Pierce wanted to know what I thought about the National Foreclosure Institute’s free workshop focused on strategies that the Institute says are “perfect for the novice and pro investor alike,” and are aimed at getting attendees to fork over $2,995.00 for a three-day follow-up seminar.
Having previously attended one of National Foreclosure Institute’s free workshops and co-authored two related books–”Protect Yourself from Real Estate and Mortgage Fraud” and “Foreclosure Investing For Dummies“–I figured I was just as qualified to comment on the benefits or lack there of, of attending as the guy who stood up at the San Diego workshop and proclaimed, “Three deals, three months; everyone say, ‘cha-ching’. ”
As I told Weisberg and Pierce when they called, the whole course is probably worth $100. Think about it… If the content of the Institute’s three-day workshop is so good that someone can stand up and proclaim that he booked $100,000 in profit from just three transactions—which is what James Gripshover said he did when he rose to say, Everyone say, ‘cha-ching,’–then the National Foreclosure Institute and it’s slick spokeswoman, Ann Goldschmidt, wouldn’t be conducting seminars, now would they. Why not? Well, think about it for a second. If it were so darn easy and profitable, Goldschmidt and the Institute’s staff would be spending all of their time doing it themselves!
Read Weisberg and Pierce’s article here. It appeared in yesterday’s Sunday Edition of the San Diego Union-Tribune. The article, “Seminars promise quick cash in foreclosures,” does a nice job of questioning this so-called institute about its content and the way its conducts business.
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I took this class.
I am searching the web for information about this company.
How many people actually do experience some success with this course?
My only complaint is after paying almost $3,000.00 for the course, the institute greatly offers coaching, a computer program called gps for a total investment of probably more than $10,000.
My experience with the class it was almost a big 3000. dollar sales pitch of explaining to you how to buy foreclosures using tools one has to further invest in. I would not go as far as saying it was only worth 100 in information but clearly not worth 3000 dollars.
Comment by Sandra — November 17, 2007 @ 6:20 am
me and my mother paid the money for this training and did a little research then deciding to back out. we then followed the proper procedures to obtain our refund and were told it would be within 30 days. the 30 days have past and we havent received our money. when we call they tell us they dont know whats goin on or when we’ll get our money back.
Comment by Ryan — December 13, 2007 @ 11:36 pm
Thank you for posting info on this. I was highly considering attending after reading about the seminar in the Chicago Tribune. I am glad that I first did a internet search stumbling across your insight on what it is about. Of course in the Tribune they do not list an email or phone # or anything to direct questions to. That was enough to make me question it all. Wish I could find a free/ligit way to get home foreclosure listings….mainly for the purpose of a new primary residence.
Comment by Christine — January 4, 2008 @ 6:37 am
I signed up for the course in Monterey, California in January of 2008. After realizing that I couldn’t attend the training as it would require being away from home for three nights, I cancelled my membership. I followed the instructions to cancel and was told that I would get a refund of my $1995.00 in 30 days. It has now been 45 days and no refund. Incidentally, it only took them a few hours to charge the credit card - why so long for a refund? When I call, I get many excuses, none of which make sense. I am beginning to think that their refund policy is a scam.
Comment by Carleen — March 1, 2008 @ 3:53 am
This institute is fake and full of it. I went to the seminar, and there’s a lot of things they don’t tell you and leave out. You can’t get a house with no money down, the banks won’t let you do that. There are so many things involved and they make it sound like it’s cake. So, we requested for our money back and still till this day nothing. Then, they KEEP YOUR CREDIT CARD ON FILE and continue charging it, after we told them to cancel it, and then they say oh we’ll cancel it but we’re not going to give you your refund back, what kind of bs is that? Don’t waste your money
Comment by Tomoko — June 26, 2008 @ 4:11 am
I took the course March of last year. It was a large amount of money to spend, yet I found the information very helpful.
There are things that I would have liked to have seen with the course and that is more examples and better step by step procedures.
Yes, there is alot of “fluff” in the items that they handed out, but there was alot of good information there as well. Since I have taken the course I have done 2 deals. Granted it isn’t the 3 deals in 3 months that they talk about, but right now it works for us.
Purchasing foreclosures is definitly not something that you can go into without having to do any work. It does take time and alot of patience.
Comment by Kimberly — July 22, 2008 @ 7:12 am
I’m having the same problem. Ann Goldschmidt did not commit to her promise about the money back guarantee. I’m $9995+ in debt due to this program. I don’t recommend anyone to join Discovering Foreclosure Profits through National Foreclosure Institute. It is very difficult to get these deals located, funded and closed on. I feel so bad for everyone that was trying to make this work and it did not. I feel worse because I’m sure they had a cushion to relay on, which is the money back guarantee, to find out later that they have been scammed and lost all of their money just like me. I would like this company to honor their oral promise to me, after all, a company should be held accountable for their advertising guru.
Comment by Aleena — October 25, 2008 @ 1:24 am