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Dave Del Dotto
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Real Estate Personality
I met Dave Del Dotto at a seminar in Las Vegas many years ago. I did not buy any of David's real estate information ay the time but I have read much of his material. If you have read some of my other real estate guru critiques you will notice that I do not think very highly of some of them.
The following are some others experiences of Mr. Del Dotto:
1) “Perhaps you've heard of Dave Del Dotto. I challenged Dave to prove his course was not a scam. Yes, I challenged Dave Del Dotto. I told him I had $5000 to invest (he says you need nothing down.) I offered to put up my $5000 to get my first property. When I sold it at a profit, I would take back my original $5000, give him 50% of the profits and give 50% to a charity of his choice (his course was $350.)
All Dave had to do was send the tapes and accept my secured promissory note for $1,000. This way, if I burned him, he could collect more than enough to pay him for his troubles. According to advice I've heard from his own lips, this would be a good deal for him, a chance to make a new customer, and to put plenty of profit in his pocket from me. Never heard from him.
That's right, I asked Mr. Del Dotto to put his money where his mouth was and I never heard him flap his gums at me again.”
2) “Former sheet rocker from Modesto who did infomercials featuring himself sitting on the beach in Hawaii. I debated him on Larry King Live. Del Dotto strikes me as the dumbest of the famous gurus. In one of the books he sold with his home-study course, he said to take advantage of a Farmers Home Administration loan. If you're not a farmer, he said, get one to front for you. Many of the other gurus give similar advice. But Del Dotto is the only one I know dumb enough not to understand that the standard, get-rich-quick-guru way to deal with the issue is not to mention the farmer requirement. For the record, getting a farmer to front for you in a loan program that's for farmers only is a felony. Del Dotto's Modesto headquarters was foreclosed in the '90s.
The Wisconsin State Bureau of Consumer Protection published a Guide for Wisconsin TV stations, which lists several "Questionable infomercials," among them those of David Del Dotto. In the 6/8/98 Newsweek, Jane Bryant Quinn said that Del Dotto had gone bankrupt. I still see him on TV, only now this one-time "real estate expert" is selling products unrelated to real estate. The WA attorney general sued Dave Del Dotto and his Affordable Housing, Inc. The suit alleges Del Dotto made numerous misrepresentations about real estate investing, some of which violate a U.S. District Court order. It also accused him of acting as a broker without a license: he collects $500 deposits to be credited toward closing costs for a mortgage, which he will help them get.
The court papers said Del Dotto was a principal in a firm that filed bankruptcy and has been the subject of repeated enforcement actions by regulators, including the FTC and the Insurance Commissioner of Hawaii. They also allege that he tells seminar students inaccurate information, i.e., that they can pocket the proceeds of government-insured home-improvement loans, that they can get mortgages for 1% to 3% less than less informed consumers, that his customers typically make a profit in real estate using his system, that you can get free-and-clear title to a house by simply paying back taxes of as little as $500, that it's easy for people with bad credit to buy houses for nothing down, and that you can add $50,000 equity to a home by painting and adding carpet.
In short, WA says Del Dotto "charges high fees for information which is virtually worthless, outdated, and unethical." WA authorities were seeking a restraining order to prevent Del Dotto from holding a seminar in the state. Court papers reveal previously unknown facts about Del Dotto: IRS placed a lien on his Hawaii house in 1993. In 1995, Hawaii sued him for nonpayment of $5,000,000 in loans. He filed for Chapter 7 personal bankruptcy, and his corporation filed for Chapter 11 bankruptcy in 1995. In 1996, he agreed to pay a $200,000 fine to the FTC.
What's new here is that government authorities have finally become appropriately aggressive in pursuing guys like Del Dotto. Unfortunately, the gurus seem to be ignoring the authorities to an extent, witness Del Dotto's alleged ignoring of a previous federal court order. Another new development: many gurus have begun to structure their pitches so as to run afoul of securities and licensing laws.
Many investors originally came into real estate as a result of pitches from gurus like Del Dotto. Too many investors still have vestiges of those original pitches in their real-estate-investment programs.”
There very few things around today that will allow the average person to really get rich. Real Estate is one of those things. In case you didn't know it there have been more millionaires created because of real estate than any other business.
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