Premium Financial Training AKA Flipping Formula AKA Success Path AKA Advanced Real Estate Education AKA Premium Financial Mentoring Company does NOT deliver what is promised! Salt Lake City Utah

DO NOT WASTE your money on any of the packages this company offers. You'll end up PAYING THOUSANDS and what you'll get in return are strategies that are either NOT TRUE or just plain DON'T WORK. 

You think that it's not too good to be true because you are paying a large amount of money and that's the catch. The reason not everyone is doing it is because they can't afford it, right? Wrong.

Here's how they do it...

* They have people speak that know Donald Trump and show pictures of them shaking The Donald's hand or speaking at the same event. They'll tell you about all of their successful students and how the same guy that knows Donald Trump is tight with many of the students. He tells stories of the student's successes and how he's had many personal conversations with them.

* They say they'll send you to a bootcamp where an expert will take you to properties and go through from start to finish how to make money on it right.

* They tell you that you'll have a mentor that you will be very close too and they'll even come and spend 3 days to work personally with you.

* They mention you can network with other students and use their connections so that don't have to go through the work and expensive lessons learned to find your own Power Team. 

* You'll have everyone's email (including Dave and Pete) that are speaking at the conference to contact at anytime.

* They'll tell you that you can get all your money back if you aren't successful by giving you a money back guarantee that when you read the fine print is next to impossible to claim.  

Here's what you actually get...

* At the bootcamp you get a teacher from another market who will give you advice on how to flip homes in Austin Texas even though you are sitting in Boston. She gives you reference sheets with pricing that is super low (not accurate) for building materials to use when calculating rehab costs. You learn that Hard Money is basically free up front and easy to get. Just pay the points at the end...no big deal. If they ask to check your credit or require that you give them money up front then walk away. What??? They take you to properties where the teacher stands there and talks only when asked a question. Basically if you or anyone else in the class doesn't ask the teacher the right question you don't get the information. 

* The 'mentor' you were supposed to have only exists for the 3 day period that they come and spend personal time with you. You don't get Dave and Pete's email and when you try and email others you don't get a response. I attempted to email the bootcamp teacher when I couldn't find ANY hard money lender that would let us pay points at the end and obviously got no response.

* They call you asking for another $25,000 to have an actual full time mentor that will work closely with you for a whole year! When you tell them you've been mislead on some things so far they apologize like crazy and give you the package for 1/2 price acting like they are very concerned.

* The new mentor does call you once a week for a 1/2 hour but is sitting in Salt Lake City and has no idea about Massachusetts laws or processes. He gives you advice but it's advice that only works in the world they made up where everything is easy. After a few weeks the mentor just quits calling. You were told you'd also have weekly calls with a group of people and this mentor. This also has not happened.

* You ask Pete and Dave at a seminar in Vegas if they will wholesale to their own students and they stumble and say they'll think about it. Basically even though you've paid thousands thinking these guys stand behind all of this education, they want nothing to do with you.

After all of this...you still have to do everything you would have done if you never went to their bootcamp. You still learn expensive lessons and find that nothing is as cheap and easy as they claim it is and you are now have $50,000 less to work with.

Additional specifics:

General

• Telling us at the initial free seminar we could get all of our money back if we did not do a deal in 90 days. In reality the contract listed many things that needed to be done that were not mentioned at all in order to get a refund.
• Continuing the promise of a money back guarantee each time a new “opportunity” that cost thousands was presented. Each money back guarantee came with more conditions that needed to be met in order to actually get the money back. Again no mention of the conditions when the “guarantee” was promised.
• Telling us they would a fund deals for us with minimal money needed from us. The conditions where that they would take a small portion of the profit in return. In reality we were sent to a company called USA Private Money that required us to provide 20% of the funds plus interest points and monthly interest only payments at 12% ARP.
• Telling us we could network with other students in our area to utilize their knowledge and resources. They made no effort to assist with networking with other students. All networking had to be done on our own if we wanted to ask others in class for their contact information. We had no information on existing or previous students. 
• Making us believe we could get an offer accepted at pennies on the dollar, which is not true.
• Leading us to believe banks would accept below 75% of asking price, which is not true. 
• Encouraging us to sign up for more pieces of the puzzle that we are missing only to find out they give us the same information as the very first seminar. When we met with first “mentor” his advice was the same as we had already been told to do which was NOT productive.
• One person told us absolutely do not become a realtor what a waste of time and money. Then one day later a different person said “what are you talking about the best idea ever, don’t listen to the person who told you not to”. Your people don’t even agree and shows your firm really doesn’t know this industry.

Here are some of the things we encountered categorized by package:

Bootcamp package: $26,297.00

• We were told the boot camp would take us through purchasing and rehabbing a property step by step at an actual property. The actual boot camp consisted of going to 3 properties that were found on the MLS the day of the boot camp. Our visits to the property did not include instructions on how to buy and rehab the property, the teacher answered questions when asked. Information was only provided when asked for.
• We were taught at boot camp that hard money is very easy and virtually free up front to get. No hard money lender will agree to the terms they told us to ask for including all points paid at the end and no personal credit checks.
• Telling us we needed to find a realtor that would submit a minimum of two offers a day at pennies on the dollar, which no realtor would do.
• Telling us to create our power team when it is a vicious cycle. You need a deal to have a team and a team to have a deal. Nobody was willing to work with someone who didn’t have any experience or any jobs in place for them to do but you can’t do a deal with out them in order to get the experience.
• Calling us to encourage us to spend more money on our credit cards for the inner circle after we had already bought into the boot camp and the software that is not very useful or dependable. The most valuable features rarely work.
• We were advised in the first paid seminar that the property farm software was the best thing ever. Our teacher for the boot camp told us the software was not that great. Which is it?? 
• We were told by boot camp Zillow is a great source to do our comps. When we spoke to a mentor from the “Inner Circle” he said Zillow was the not very good and recommended another site, Redfin.com. The system has many holes.
• Our boot camp instructor was from Austin Texas and was not familiar with the Boston market. She gave us reference material to be used to calculate rehab costs that were highly inaccurate.

Year long-mentoring/Inner Circle: $27,500

• When we were hesitant on buying into the “Inner Circle” our dedication to being a “serious “real estate investor was questioned. We told we were not serious about doing this and we would likely not make it without their tools.
• We were told that we would have a personal mentor upon purchasing the first package that included the boot camp training. When we decided to upgrade to the package that included the mentor coming to meet with us for two days in person we were told the package we purchased did not include a personal mentor but something that resembled a mentor hotline where we would have access to many mentors but not a personal mentor. The new upgraded package included the personal mentor. We were then told that we needed to pay another $26k to get a personal mentor and the upgraded package we purchased that included the visit from a mentor did not include ongoing communication with that person. When we asked for our money spent to upgrade the package back we were told no but they would sell us the Inner Circle package for half price. We were told the person who mislead us would be reprimanded and asked not to share that we got this upgraded package at a lower price because they NEVER do that for anyone.
• Once our credit card was charged we were told we would have 6 weeks of 1 on 1 calls with our mentor and after that we would be a part of “group” calls where we were on with our mentor but also with other people. This never even happened and our mentor simply stopped calling after 8 or so weeks.
• Our calls with the mentor were a half hour long and much of the time was spent on small talk and other talk not related to our real estate investment business. Even though we had only talked about relevant topics for 10 or so minutes, the call was over after 30 minutes no matter what.
• Our mentor often called a half hour to an hour late only after we texted him asking if we were going to have the call or not.
• The advice given by our mentor included tactics like finding a buyer for properties before we had the property under contract and then trying to get the property under contract once we had a buyer. No person would tell someone they would by a property from another person who did not own or at least have the property under contract. 
• Our personal mentor was a person from Utah that we never met and he was not familiar with the Massachusetts market or laws.

Tax-lien software: $1,997.00

• Sold us a package that included a login to a system that had lists of properties with lax liens that could be purchased for pennies on the dollar. These liens were also supposed to pay quarterly interest only payments on the money you spent on the tax lien. In reality, the state of Massachusetts does not sell tax liens and tax liens in other cannot be easily purchased and you often have to pay many times the lien amount due to competition for the lien.

Accounting Services Package: $2,360.00

• Telling us we needed to find an accountant fast because quarterly taxes were coming up and we needed to buy an accounting package from them in order to receive the tax deductions we were entitled too.  After we signed up we were told we didn’t have to file quarterly taxes because we hadn’t made money yet.
• We were told the accountants they had were the only ones that would do things like deduct the cost of education because they knew the laws inside and out and other accountants would likely not take advantage of the full deductions. 
• Telling us we would have access to an accountant at anytime but once they had our money we were not able to get in touch personally with anyone after the initial call where a person told us we didn’t have to file quarterly taxes.

Business Credit Building Instruction: $2,495.00

• Telling us they would help us establish business credit faster than we could do on our own. They knew the tricks of the trade that would help us build our business credit so that we could get business lines of credit. When they had our money they simply pointed us to a site with a list of places we needed to make sure our business address was the same at all locations otherwise creditors would not take us seriously as a business.