I just got back from the Russ Whitney workshop. I was told the seminar started at 6pm, but this was actually the start of registration. We all filled out cards, and then went inside. The seminar employees directed us where to sit. While we waited, they played a video of testimonials. There were about 40 of us there.
We were told no audio/video recording equipment was allowed. But I didn’t see anyone searched or anything.
The actual seminar started at 6:30pm. The speaker came out and introduced himself as Russ Whitney Jr, the son of Russ Whitney. But I didn’t check his ID or anything. He said the the first session would last about an hour and thirty five or forty minutes, we would take a fifteen minute break, followed by a second half hour session in which we could learn how to make $2000-$4000 in the next couple weeks.
Some things I have read on the net said they tend to keep the seminar room cold. The thermostats were set to 67 degrees, and I was comfortable in a short sleeve shirt.
One of the phrases that was used a lot was multiple sources of cash flow. I usually hear this referred to as multiple sources of income. It is an excellent idea, and I try to have multiple sources of income myself.
Russ Jr also threw the term JOB (Jay Oh Bee) around which stands for Just Over Broke. Russ Jr started of speaking very monotone, but as he got into the seminar (sales spiel), he became a little more dynamic. He has lots of room for improvement. I think he has potential to be a much better speaker. He wore a big gaudy pinky ring on his right hand, and big gaudy watch on his left wrist. His shirt appeared to be monogrammed. And he wore what appeared to be a Livestrong band, and another blue band as well.
He mentioned the cost of the 3-day seminar was $3,000.
There was some talk of asset protection. He quoted John D. Rockefeller as saying “I am worth billions. I own nothing.” Searching the net, I didn’t find this exact wording, but found similar quotes attributed to John D Rockefeller, but also to Nelson Rockefeller.
Then he got into the types of investment properties to buy. Low-Moderate Income, and Upper Income. He recommended the low-moderate income type properties.
The idea was to buy cosmetically distressed properties from motivated sellers. Try to get seller financing.
He then went into a little trick to get a down payment by depositing $1000 into a local bank, then borrowing a $1000 against the savings. Open another account at another bank with the $1000, and the borrow against. Do this with five banks, and with the final $1000 loan, pay off the loan from the first bank. Take out the $1000, and pay the loan from the second bank, etc. Then get a signature loan for $5000. If anyone is considering trying this, I would seriously look into the legality of doing it. He recommended using local community banks. How many local community banks are even left? I think most of them have been bought up by the big boys.
When you buy a property, make the minor cosmetical repairs. He referred to this as sweat equity.
He rattled off a whole list of ways to make money from real estate such as tax liens, foreclosures, pre-foreclosures, etc.
He talked about finding motivated sellers by placing newspaper ads. He also suggested putting together a “power team” of people from code enforcement, real estate agents, and mortgage brokers.
He mention no documention loans (no doc loans). Then went off into senior citizen housing grants for a senior citizen rooming facility.
Now he went into the selling part. He showed us a package of videos, and books for $995. The 3-day seminar cost $2995. He mentioned dropping the price to $1990, but then offered the 3-day seminar for $995. This included a free guest. Lifetime access to a REA (real estate advisor), and the first 7 people would get the package of videos and books thrown in for free.
The break came at 8:30pm, so the first session lasted about 2 hours.
Following the 15 minute break Russ Whitney Jr. came out and started the second session. Only about 20 people hung out for the second session. In this second session he explained how we could sell bi-weekly mortgage programs. We would get the software, books and stuff, tell people how they could save money on interest by making bi-mortgage payments. Then we could sign them up. They would simply fill out a form, and we would collect a fee of $495. We would send the completed form, and $95 back to the company, and would keep the $400. The people who had purchase the 3-day workshop got this stuff included for free. We could buy this package not for $995, or even $495, but for only $199.
I didn’t buy anything. I enjoyed myself at the seminar though. I picked up my free gift which was a CD-ROM titled Russ WHitney’s Building Wealth Entrepreneur Start-Up Kit.
Audio Books by Russ Whitney:
Building Wealth: Communication, Negotiation & Salesmanship