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  • Report: #216215

Complaint Review: American Cash Flow Corporation - ACFC - ACFA

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  • Submitted: Tue, October 17, 2006
  • Updated: Tue, June 12, 2007

  • Reported By:San Francisco Bay Area California
American Cash Flow Corporation - ACFC - ACFA
corporation.americancashflow.com/Index.aspx Walnut Creek, California U.S.A.

American Cash Flow Association - ACFA - American Cash Flow Corporation - ACFC ripoff biggest waste of money for "training and info" that you can find for free Walnut Creek California

*Consumer Comment: Right to Rescind

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American Cash Flow Corporation's (ACFC) or American Cash Flow Association's (ACFA) program is the biggest waste of money that any consumer who does not do his/her "homework" can spend for any "industry training" or "private information".

I, unfortunately, got "taken" by their trap like the many other people in the "free seminar". That's their jig -- they get you caught up in the excitement to think that you are getting "specialized training" and will be offered "privy information" to cash-flow leads and master brokers lists that you end up overcoming your fears of laying out over $2500 for their course materials. Not to mention that they will also get you to sign up for their website services which are collectively listed thru their ACFA portal -- more $$. You end up feeling compelled to sign up for everything just to make sure you aren't missing any "tools" to be "successful" in your new venture.

The fact is the "industry" is legitimate but ACFC or ACFA is a VERY EXPENSIVE way of entering it. In fact, with a little research, one can essentially get the same info ACFA provides by going to the internet. Websites such as papersourceonline.com provide plenty of sources for the cash flow business and a google search for cash flow brokers can yield numerous master brokers who can fund the deals you look to do without the high commissions that ACFA master brokers charge.

Of the 30 or so friends I made during the seminars, I found that no one has been successful or closed deals. Many of us have decided to just take our losses and "chalk it up" as an "expensive lesson" since we do not have the time or money to pursue the greedy corporation that prey's on the average-Joe-citizen.

Another hook to be careful about is that students of the Robert Allen Real Estate Seminar are being advised to find Cash-Flow Brokers (preferably from the AFCA) to partner with in order to provide leads in owner carried real estate notes. I met and partnered with one such student and he worked diligently on the lists that the Robert Allen Seminar SELLS to their students. After six months of making 25 phone calls per day for 5 days per week, he was not able to secure one valid lead. They are being duped in that program as well. In fact, you can read numerous reviews by John T. Reed at his website johntreed.com that rates and criticizes the dozens of Real Estate and business gurus. You'll find that Larry Pino is listed there and does not have a favorable rating. Accordin9g to friends, Larry is allegedly one of the founders of the Cash Flow Training seminars. His company Diversified Cash Flow Institute was sued by the State of Tennessee for using earnings claims that are not representative of the results an average participant in the training program could expect.

The last piece I'd like to comment on is the fact that in order to broker mortgage notes in the state of California, you apparently need to have a real estate license. The training seminar trainers brushed this question aside and told the students that they are not "lawyers" and each state is different so we would have to research that answer independently. It was NOT difficult to find the answer since the Department of Real Estate (DRE) puts forth guidelines that clearly indicate that you must have a license to broker such deals in the state of California. I should note that many deals do occur in the state without licenses but the brokers put themselves at risk if the owner comes back and pursues the broker with a lawsuit. Brokers would need to carry Errors and Omissions (E&O) insurance; however, I'm not sure that would even protect them depending on the circumstances of the litigants lawsuit.

In short, the ACFA/ACFC training program is EXPENSIVE, WORTHLESS AND A RIP-OFF!

I.
San Francisco Bay Area, California
U.S.A.

This report was posted on Ripoff Report on 10/17/2006 09:52 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Cash-Flow-Corporation-ACFC-ACFA/Walnut-Creek-California/American-Cash-Flow-Association-ACFA-American-Cash-Flow-Corporation-ACFC-ripoff-bigge-216215. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Right to Rescind

AUTHOR: Gregory - (U.S.A.)

Can anyone advise me to the best way to rescind within the 3 day time period. I would choose to send the letter by certified mail with delivery confirmation. Is that good enough is there something else that is better. Does the 3 day period include the day the letter is post marked or actually delivered? Either way, couldn't the company state they never received the letter to rescind?

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