Foreclosuresdaily.com - is it a real money making program or is it just another real estate scam?
Categories: Scams,Money,Fraud,Interesting,Real Estate,home,Business,Finance,Legal,Career
The other day I saw a flyer for some free real estate training on short sales offered by Dave VanHoose of Foreclosuresdaily.com (Mr. VanHoosen is one of the founders of Foreclosuresdaily.com as per their website). It stated that he has made a fortune in real estate and has helped others to do the same. So I went to the free training. One of the first things that was stated was that he (Mr. VanHoosen) wasn't going to sell us anything (what a lie - this is about all he did was to try and sell his $4000 real estate program which according to him is worth over $15,000).
Then he very vaguely gave a quick run down on some definitions like what a short sale is. Then pretty much most, if not all of the time was spent talking about what his program could do for us. How he could make it so it would be almost effortless to buy preforeclosures where banks routinely take a 60% or more short sale to avoid foreclosure (right - most banks won't even do a short sale and if they do it is a long and hard process loaded with perils where for all your efforts the home may still go to auction). According to Mr. VanHoose and Foreclosuresdaily.com there system is a sure win method for making millions and retiring on preforeclosures.
Its funny how Foreclosuresdaily's system is so great that none of the professional real estate investors (where real estate is their only income) use it. Why you ask? All it is is the same info you can get from the Mecklenburg Times ($60/yr) or other local government periodicals and Zillow.com (which is absolutely free). Great their system helps you print labels and they have some prewritten letters - you can get this all off ebay or the internet for free or next to nothing in no time at all.
To top it off the numbers they show are completely unrealistic for Charlotte, NC and numerous other areas - like short sales where the bank will commonly take a 60% short rather than going through foreclosure - not likely at all. Or that supposedly nobody calls the preforeclosures or bankruptcy lists - right, nowadays each person on those lists gets contacted probably 300 times by 300 different investors in the first week alone. On top of that they do not show all outstanding liens (second mortagages, tax liens, judgements, etc...) and someone (especially new real estate investors - newbies) could easily get burned - badly.
I just went to maybe hear some new news on the real estate business as that was what the flyer I picked up
at a local real estate investor meeting stated (it didn't state anything but that it was a free, educational meeting on short sales) and I came away with absolutely nothing that was useful and that I didn't already know. There was no real or useful info given. All he did was talk about their foreclosure system
and how it can help you and was a sure fire method to millions. Remember this, he even lied from the very beginning when he said he wasn't going to try and sell anything. Basically, the golden rule still applies -
if it sounds too good to be true it usually is. And if its such a great way to make money than why aren't
people lining up everywhere including all the experienced investors and why don't any of the
real experienced investors and buyers use it? If Foreclosuresdaily's real estate program is such a hot ticket then why isn't it the star of a Bravo, A&E, HGTV or similar channel and show on real estate?
This is similar to Sam Leccima of Flip This House whom has now been exposed on nationwide Fox TV as a complete scam and liar and is currently under investigation by the Georgia attorney general's office (A&E has now removed his episodes after Fox news reported the scam in two episodes - there was also a mention made that some of the other participants in the show may be scams also)! This should serve as a warning to newbies especially as they do not have the knowledge base or experience to not fall for this and other such related real estate scams. To learn more about real estate investment scams or to report and file a complaint go to:
http://www.ftc.gov/bcp/conline/pubs/invest/seminar.shtm
http://www.scamwatch.gov.au/content/index.phtml/tag/InvestmentSeminarsRealEstateScams
http://www.realestatejournal.com/buysell/agentsandbrokers/20030502-koprowski.html
Foreclosuresdaily's seminar that I attended failed just about every warning sign of a real estate scam according to the above trusted links.
It just makes me sick that predators like ForeClosuresdaily and others prey on those (newbies) whom can
usually least afford it. Use your local government periodical if you want lists of preforeclosures and, a better bet, if you want and must have a computer listed database is Realtytrac or Foreclosurefreesearch which charge a low flat monthly or weekly fee and don't directly offer investment scams. Also use Zillow to locate and figure out comps (comparible values), tax costs, purchase history, etc... If you want to find out all the loans and liens on a property do a proper title search or pay a title loan search company to have it done for you.
Yeah, I just looked up Mr. Vanhoose online - I Googled his last name and the supposed deals he has listed are way out there - like buying foreclosures at 80% off. Only if they are set to be razed or knocked down by the town will that ever happen. Has the FBI or FTC looked into his ridiculous claims as of yet? I wonder how many people Foreclosuresdaily hasripped off so far as the program is a complete farce. Be sure to report them to the FTC and your local state attorney general. In some states the real estate investment scam sellers have to post a bond like California - this guarantees that people can easily get all or most of their money back through their state attorney general's office. Look at the picture of Mr. VanHoose on this page he looks like he might have just snorted a ton of cocaine:
http://www.davevanhoose.com/calendar.html
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Can we say scam? Real estate investment scams like this Foreclosuresdaily one here have been around for years. From John Beck's Free and Clear system which is completely misleading to Carlton Sheets Classic No Money Down systems - they are all scams and are just a fact of late night infomercials and they should all be avoided! Some news channels have actively been investigating these real estate investment programs and their Teachers and its amazing that many of them make all or most of their money from their greatly overpriced seminars, investment tools, etc... and not from any real estate deals. They are complete scams and should be closed down and the principals put in jail.
Nancy P.
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Good job! You exposed another Internet schmuck AND provided the real resources for those interested in the subject.
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Hey, great info and tips. Thanks for the heads up. I recently attended a local REIA meeting and they were passing out info for the same FOreclosuresdaily.com. I asked them some questions just like you mentioned here and the guy at the table first tried to skirt or avoid answering the questions. Instead he would say you can make a lot of money with their program part time in minutes per day. He said its a no brainer. I then asked him why he was there standing at a table hawking this program and not out "in the field" making millions of dollars like he should be if the program really worked like they said. He skirted that one too and then didn't want anything to do with me. Foreclosuresdaily is a complete scam and I am reporting them to the Florida state attorney's office. They are a bunch of lying scamartists and are no better than those idiots hawking late night infomercials or Jim Bakker, Jimmy Swaggart or Robert Tilton the lying scam evangelists. They should all be expelled from the USA for scamming people.
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There is a new real estate scam on the horizon. Its name is Foreclosuresdaily.com. Please make a note of this and tell the world so that they can't keep ripping people off like this.
Jimmy P.
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I'm not really familiar with the site and the programme for sale, however i do know that if bargain like those mentioned are available you will be much better off finding them yourself. do some research on the internet, have a look at investors forums. read, read, read!!
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They are crooks. I ran into them at a local real estate meeting by the Rea or Reia or something like that. They were offering free meetings and I went to one and they were so full of crap - pardon my language here, but it just flowed. The meeting had almost nothing to do with what it was originally about, it was all a hard sell of their easy as pie program that they were seling for I think it was $5000. They should not allow crooks like this in the local real estate investor meetings or to prey on their newest members.
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Foreclosuresdaily is a scam from start to finish. But it gets worse, they even have partnering and sharing in the profits programs so even more people get ripped off. I wonder when the FTC you mentioned above will get involved and close them down. I went to one of these free meetings and all they did was push their no fail, guaranteed route to real estate millions. Here's a myspace page promoting this scam - now they're even offering free dinners - come eat on us and then watch while we try and scam you out of your hard earned money:
http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=251029334
Dwight
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I and my husband went to one of their meetings and it was supposed to be about real estate investing. Just as your article stated the man there said he wasn't going to sell us anything at all. That's almost all he did do was try and sell us on their investment software and package. That or how it worked and he said over and over that it was a guaranteed method. I knew it sounded too good to be true. We got right up and left once he mentioned how much money their program was. Shame on them for trying to take advantage of older, retired folks like us.
Mary S.
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Yep, they are a bonified scam. Heard it directly from the NC attorney general - Roy Cooper's - office. They are looking into it.
H. W.
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Yes, I agree - Foreclosuresdaily gets my vote for scam of the century! Everything they offer you can do on your own and better! Foreclosursdaily is a complete scam. I am sure they, along with all the other real estate scammers, will get nailed eventually and see huge fines and possible jail time.
Willard from Florida
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I think Carlton Sheets course isn't a scam. They used to just sell the course. Now they really upsell hands-on training for $1000-$5000, which I think people don't need if they have the motivation, the course has everything you need to gain good real estate investing knowledge. Not saying this information isn't avaiable in the library for free though, it probably is. In fact I think his course was so popular in the past 20 years , and got so many people in to real estate investing he had a big hand in appreciation over the past 10 years in the market, but in general the No Money Down course is now basically common knowledge, that's why they are pushing hands-on training now
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You folks are completley correct. I worked at ForeclosuresDaily.com and it is all about the money they can get into their accounts. There are a few owner(s). Dave Vanhoose, Michael Kane, Michael Parisi.
ForeclosuresDaily sold their $6,995.00 program last year with a money back guarantee after one year. Who could resist this bargain?
To make a "very" long story short, hungreds of suckers (ooops) investors purchased the product many thinking that they could look over the product for a whole year and if not satisfied they could return their product and get their money back...right? Wrong. ForeclosuresDaily spent the money and now owe approximatley $900,000 or more to the customers that returned the products. ForeclosuresDaily blames the third party banking institution for not returning the money owed back to the customer.
I am now trying to contact several customers in the Arizona area in order to try and bring a class action suit against this crooked company.
My main concern with ForeclosuresDaily is that they have tarnished the names of several reputable businessmen whom unknowingly aligned themselves with what they think is a reputable company.
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I believe that KARMA will catch-up to certain individuals within this organization.
Be angry, and yet do not sin; do not let the sun go down on your anger, and do not give the devil an opportunity. (Ephesians 4:26-27)
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james, is there any info you can post for those suckers who can't get the credit company to issue a refund. I have a friend who I attended the seminar with and she signed up, against better judgement, and has been fighting with the credit company for months now.
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Hey, I see exactly what everyone is saying. Foreclosuresdaily.com is a complete ripoff because Foreclosurepoint.com has all of the pertinant foreclosure info they do for free! That's right. It's a new service and it has the most up to date foreclosure filings for everywhere in the country and it's free plus they have the Zillow Zestimate (just like Foreclosuresdaily does but for free)!
Check it out at foreclosurepoint.com
Besides I went to one of the Foreclosuredaily info sessions and all they did was try and talk us into spending almost $10,000 to be a part of their scam. Stay away from them.
Real Estate Matt
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I actually had the good fortune to make good on all of the requirements for the money back guarantee from FD. I closed a short sale with their short sale team, thus entitling me to a refund. Guess what? After submitting the required proof of the transaction, I have continually called and emailed for six weeks now and can't even get past their reception desk at "customer care". I'm fed up with these guys and ready to sue - sounds like I need to get in line.
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Shari,
My advice to you is to get copies of all your documentation and request your credit card company to open up a dispute case on your behalf. I believe they will do that for a certain period of time & if ForeclosuresDaily does not reply back in 30-days or less, it will become a charge-back in your favor. I suggest that you hurry though. It would not surprise me one bit if they filed for Bankruptcy. They owe everyone and their mother TONS of $$$! I am sorry for your friend. These people are complete CROOKS!
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Check out this link:
http://www.ripoffreport.com/reports/0/353/RipOff0353920.htm
Just another report of someone being ripped off by Foreclosuresdaily scam. Unbelievable the extent that these scumbags will go to to rip people off. I imagine with all the complaints and reports filed against these scumbags they will be a center feature on the show American Greed on CNBC as huge frauds and hopefully they have jail time coming. What's amazing is I have told my local real estate investment associations about this scam and they keep promoting them for their advertising dollars and don't care. Unbelievable.
Steve P. - Miami, Florida
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Read this. What a JOKE. Who are they kidding. Somebody knows somebody at the newspaper...
http://tampabay.com/SearchForwardServlet.do?articleId=798640
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Foreclosuresdaily.com is a terrible scam. I used to work for them and they had us calling and calling people to get them to attend their "free seminars" which were basically useless as all they did was pitch their expensive and worthless foreclosure course. I have all of their materials and they suck compared to books you can buy for $20 or less at your local book store. The price for Foreclosuredaily.com's ripoff currently is over $7,000! Instead buy yourself 2 or 3 great books on real estate from Barnes & Noble or Walden Books. The info will actually be more up to date in the books and they will probably cover more material. Also the Forclosure lists and such that they promote as being direct from the courthouse aren't. They use the same olocal newspaper sources everyone else does. Just look and compare them - they even have the exact same typos as the local government paper - go figure.
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Here's another page of people that attended a seminar from Foreclosuresdaily.com and one of its speakers and how they ALL felt ripped off before the seminar was even over!
http://www.scam.com/showthread.php?t=33367
Here's a ripped off customer's report:
http://www.ripoffreport.com/reports/0/353/RipOff0353920.htm
And here's another:
http://www.ripoffreport.com/reports/0/370/RipOff0370894.htm
Someone go and get the attorney general's attention here in Florida for this real estate investment scam please! This scam has been ripping off too many people for too long and I am getting sick of hearing about them. They are a definite 100% scam and need to be put out of business and thrown in jail.
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Read this from the St. Pete Times:
http://www.tampabay.com/news/business/realestate/article856962.ece
Send the editors the correct information on these loosers. The public needs to be warned of these crooks. The owners channelled money from Foreclosuresdaily.com to a new company C4. That's is where all the employee paychecks went - wonder why they can't pay the employees?
The conducted their criminal activities across state line so doesn't that make it a case for the FBI?
The best place fo the owners is jail.
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Now, after all this wouldn't you know their websites are still up and you can still join and send them money. Their headquarters is closed and they don't return phone calls. The state attorney general and other agencies need to go after these guys for what you have here is an illegal ponzi scheme that now finally imploded.
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Here is an excerpt below from the President to his existing customers that was posted on their own website. We have all heard this scapegoat lame excuse before. Boo-hoo, "I was a VICTIM due to the ECONOMY. Blah..blah..blah...How about all these innocent good people (supposedly YOU called your customers) that were royally screwed over? What about all the hotels that were screwed over? What COWARD would switch hotels at the last minute because he knew the credit card he provided was going to bounce and got busted by several hotels. Remember this PROMISE..submit 2 short sales in a year and you will get reimbursed for $7K. Things that make you go HHhhmmm...STILL waiting for my rebate. What about the monthly boot-camps we would receive if we paid $7K. They are "exiting" the seminar biz because it's not profitable for them. What a JOKE! How about what was SOLD to your CUSTOMERS? How about fulfilling what you sold and promised? DUH! I guess the question we all keep asking ourselves is, "How do people like that actually sleep at night?" UNREAL.
EXCERPT:
Dear Valued ForeclosuresDaily Clients:
I would like to take this opportunity to set the record straight about our company. FD is not out of business! A lot of people in the media and on the internet have been taking shots at us, mostly behind "Alias" internet identities. How cowardly! I encourage you not to believe everything that you read in the papers OR on the internet. Anyone can write anything about anyone on the internet. That does not mean it is true. Here is the truth and what you, our valued customers, can expect moving forward: We are exiting the seminar business in the short term. Due to the economic conditions and the lack of capital available in the marketplace, we have made the business decision to cease all seminars since it was not profitable for us. Since a big portion of our business revolved around seminars, we had to lay off a lot of staff that supported these efforts. This is not what we wanted to do, but due to the current economic conditions, we could not sustain such a massive overhead. Obviously, many of these former employees were unhappy and I'm sure are contributing to the negative talk in the marketplace.
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I am ex-employee of FD and this has been a very hard pill to swallow. Did u know that Debbie one of the partners left the company and has started a new company called Florida Hot Leads in Pinellas County. I sent her an email telling her how nice is was for her to use my money for her own person use. She was so mean with her words in her reply to me. I will see that Justice is done. David Vanhoose has left the state, but Michael Kane and Michael Parisi are still operating the company. Rest assure I am working on sending those bastards to JAIL.. Mike Parisi was selling jet skis on craigslist for $14,000 oh, wow... Mike, Mike, DEBBIE and DAVE...I will not rest until you all are behind bars. THIS IS A SCAM YOU ARE RUNNING AND JUSTICE WILL BE SERVED>
Anyone interested in filing a class action lawsuit please contact me at kd32208@yahoo.com.Leave me your name and email address and I will contact you as soon as Possible. Remember FD took money from their customers but didn't even have the balls to pay their employees. DUVAL EX-Employee
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What? Foreclosuresdaily is out of business and flat out broke. They ran out of people to rip off and now can't even pay what is owed to their employees. Can anyone say major lawsuit and possible criminal investigation? Michael Kane should be doing time in jail and so should his corrupt scammer partners like Vanhoose and all the others. What a scam. It was a clear Ponzi scheme. Someone get the attorney general and nail their ass to the wall.
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That’s great, I never thought about is it a real money making program or is it just another real estate scam? like that before.
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I just read that you are filing a lawsuit. I was planning to contact the attorney general's office and states attorneys in both Pinellas and Hillsborogh counties. Will this hurt or help your case? Please respond by 6/22. I will wait until Monday to hear from you.
I too was take by Foreclosuresdaily. I should have been smarter,but we senior citizens are too trusting (dumb)
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