Trolling the Town for Trump Chumps

TROLLING THE TOWN FOR TRUMP CHUMPS “The seminar, one of seven held in the Houston area this week, attracted people hoping to find a gold lining in the economic downturn. Banking on the Trump name to draw crowds, the classes promoted a method of house-flipping some Houston financial advisors call a high-risk sleight of hand, difficult to pull off without a measure of deception. Trump didn’t make an appearance: the class was taught by his ‘No. 1 instructor,’ Stephen Goff, who says he has flipped 200 properties with great success. ‘People ask me, “Steve, if you’re making so much in real estate, why do you travel the country teaching people?”’ said Goff, wearing a charcoal suit and a button-down shirt the color of money. ‘If it was in your heart to help people, and Donald Trump asked you, what would you do? I got on the first plane.’ Goff led the seminar in the call-and-response style customary to revival meetings. . . . [Retired real estate agent Jayne] Pace said Goff reminded her of Houston’s ‘prosperity preacher,’ Joel Osteen, but without the same megawatt smile.” [Houston Chronicle]

9 Comment

  • sounds like a guy who sold a bunch of the New Jersey swamplands for the Trump empire.

  • When will people learn that only scheme that will get you rich quick is selling get rich quick schemes to suckers like themselves.

  • I was going to say the same thing Donovan!

    The only touring financial help guru that is worth anything would be Dave Ramsey or Suze Orman, but you don’t have to attend their seminar to learn anything that can’t be reach through a little web searching.

    The adage “If sounds to good to be true, it probably is” absolutely applies!!!!!

  • What a joke, people are paying $1,495 each to get trained on how to operate this investment strategy:

    From the article…

    “You find a property worth $200,000, but the owner’s willing to take $125,000. Why?” Pause. “Because he’s in trouble.”

    You put in an offer, even if you don’t have the money. Then you sign a contract, giving yourself 60 days to close. The next day, you put an ad in the paper, advertising the $200,000 property for $150,000. You get that money — in cash — before the 60 days is up, and voila: $25,000 profit without putting down a penny of your own money.”

    There are so many things wrong with that business plan I don’t even know where to begin.

  • Dave Ramsey is good enough for the masses, agree 100%. Years ago, I bought two of Charles Gooding’s books, learned all I needed about techniques of wealth-building (example, what is now promoted in late-night TV ads as the “cash flow business”) and managing my own household.

    As South Vietnam was collapsing in the mid-1970s, real estate speculation was rampant and rife. Greed, desperation, and idiocy trumped while their dreams were ground into dust.

  • OK, so here’s what I don’t get: Where ARE the get rich quick millionaires? I don’t play the lottery, but in my life I have actually known 2 lottery winners, as in the “set for life, big money winners”. Meanwhile, I really do “do” real estate– I have rental property, have bought foreclosures at auction,bought notes, am a Realtor. I know tons of collegues, and some of us feel like real estate has been a good living. But although I see many who do the seminars, join the investment clubs, buy the tapes, none of those guys ever seem to do squat. Like Amway. I have completely lost friends to Amway (as in they become insufferable social pariahs blabbing about going to the Double Diamond Level) but I never see them get beyond an overpriced lease car. So, lot of real estate people here on Swamplot– do you guys know any people who have got rich on these seminars??

  • I don’t know anyone who ever “got rich” as a result of these seminars and at best all they do is build a little confidence.

    As for flips, flips can turn into fraud very easily. Especially these “delayed” closings. Depends on what was disclosed to the seller and what was disclosed to the buyer. Personally I wouldn’t touch them with a twenty foot pole.

    Reality of real estate is that those who have done extremely well all have one thing, only one thing, in common. They work hard. Real estate is not a Monday through Friday and 9-5 job. It is 24-7.

  • And let me add what an attorney told me years ago about fraud. What may not be criminal fraud can still turn out to be civil fraud. Either way “Fraud is often in the eyes of the jury.”

  • ha, ha. there’s a sucka’ born every minute.