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WPVI TV show about Whitney Below is a link to a transcript of a WPVI (Philadelphia) TV 6 news segment about Russ Whitney. It apparently was broadcast around 3/3/04. I was surprised at how hard-hiting it is. https://abclocal.go.com/wpvi/news/print_022704_SR_realestatechallenge.html John T. Reed John T. Reed, a.k.a. John Reed, Jack Reed, 342 Bryan Drive, Alamo, CA 94507, Voice: 925-820-7262, Fax: 925-820-1259, www.johntreed.com The Get Rich Using Real Estate Challenge You've probably seen those get-rich-quick infomercials on TV. They promise to teach you how to achieve financial success and independence. But do the instructions really work? The infomercials promise step-by-step free instructions that'll make you a multi-millionaire through real estate. Is there a catch? That's what we wanted to know. Russ Whitney's Building Wealth Seminar is in the Delaware Valley this week. There are other get rich quick programs. The Rice brothers invited consumers to attend the "Cash Flow Generator Workshop" three weeks ago. The seminar attracted hundreds of people including Lena and Daryl Davis They ended up paying $1,590 for materials and more instruction. Lena Davis/Feltonville: "We wouldn't know whether it worked or didn't work unless we tried it." So we turned to the experts by assembling a team of five local real estate instructors and professionals. Here are their opinions on the instructions on wholesaling and retailing. Bill Lublin/National Association of Realtors: "There are portions of it that are morally reprehensible." Our panelists are particularly concerned with the recommendation that you get someone to sell you property you secretly don't have the money to pay for. The idea is you get someone to buy the property from you at a higher price and then use part of those proceeds to close with the original seller. Our experts say most parties who understood the facts would never go along with this. Ronald Rudolph/Century 21: "The materials basically as I read it is based on lies and deceit." Our panelists also say much of the advice about finding undervalued properties, improving them

and selling them is also unrealistic. Michael Frolove/Real Estate Institute: "I really found it to be a roadmap that was simplistically naïve." Coy Vickers/Greater Philadelphia Association of Realtors: "I haven't seen it done to this extent in my 26 years." Allan Domb/Allan Domb Real Estate: "I renovate properties all the time. I don't know one contractor who can put a new kitchen in for $1,200. If he's out there, I'd like him to call me." Here's something else. About 50 percent of the materials are contracts and forms you're supposed to use to conduct real estate transactions. The problem is "“ our panelists say you'd have a hard time using them in our area. The person Who's Really Behind the "Cash Flow Generator Workshop" is Russ Whitney. He's also promoting this week's "Building Wealth Seminar." Action News has learned both workshops are operated by his company "“ Whitney Information Network. We went to the seminar location in Harrisburg to ask questions. We couldn't find Whitney. But we did find company representatives who told us that they could not answer brief questions about how the seminar works and what was being taught. Pennsylvania has sued Whitney's company once before "“ while it was operating under the name Win Systems Inc. Here's what the attorney general charged at the time: Seth Mendelsohn/Pa. Deputy Attorney General: "What they were promising consumers "“ that this was a free seminar where consumers would be given information "“ turned out not to be true." In 1999 "“ the company did settle the case without admitting any wrongdoing. The Davises are not convinced Daryl Davis/Feltonville: "It's definitely not as easy as he made it seem." Whitney Information Network says your success with the program is dependent upon how hard you work. The company also says it disagrees with the opinions of our panelists. The company sent us a statement Monday. It reads in part: "What we teach works. The vast majority of our students who learn and apply our techniques have derived substantial benefit from doing so." But if you have a complaint about a real estate investment workshop "“ the Attorney General's office wants to hear from you. The Pennsylvania Attorney General's number is: 717-787-9707 or you can Click Here for a direct link to a complaint form. ('© 2004 WPVI-TV 6. All rights reserved.)

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