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In a half-page in the Union-Tribune Feb. 1, Robert Allen says he will tell people how to get rich buying foreclosed properties cheap. He is holding seminars Feb. 2 in Mission Valley, Feb. 3 in Del Mar, Feb. 4 in Mission Valley and Feb. 5 in Carlsbad. This is the Robert Allen who wrote two runaway best-sellers, "Nothing Down," and "Creating Wealth." The last time I talked with him (he was reluctant to speak) was in 1996. He was touting his books and his seminars on getting rich in real estate. But he was in Chapter 7 liquidation bankruptcy. And living in Rancho Santa Fe. A word to the wise should be sufficient.

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Comments

timesoldier Feb. 2, 2008 @ 1:38 p.m.

Here's what I find amazing...Don Bauder writes that the last time he spoke to Robert Allen was in 1996. Well Don, it's 2008 now, if my calendar is right. Knowing Robert Allen personally (and yes, he does have a beautiful home in the ranch), and having read most of his books, I find him not only genuine, knowledgeable and inspiring, but also a man of real values. If Mr. Bauder had personal and first hand knowledge of all the information and facts regarding Robert Allen's situation in 1996, he might not be so quick to post with such a typical, "mud-slinging", "hit and run" blog. It must feel powerful to be in the news "spinning" business where you can take quick pot shots at high profile people.

That's really sad.

The most successful people in history have travelled the difficult road we call life, falling down numerous times. What makes them different from most is their tenacity and willpower in the face of adversity, and the fact that they get up, brush themselves off, and go on to create great things, and, by example, make a positive contribution to society and those needing inspiration and hope.

Apparently Mr. Bauder has never stumbled, fallen, or made any mistakes on his road.

Must be nice. I wonder where HE resides.

If you want to learn how to take advantage of one of the greatest times to invest in real estate, go to Robert Allen's seminar. You might just learn enough to get your own place in the ranch some day!

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Anonymous Feb. 2, 2008 @ 2:38 p.m.

It would not surpise me if the IP Address of post #3 came from The Ranch.

I heard the reasons leading up to his bankruptcy was he did not insure his house and it was destroyed in a disaster. What kind of idiot doesn't insure his property?

I don't have first hand knowledge of his situation, but I can share the names of his creditors in his 1996 bankruptcy which left his creditors "no money."

American Express Optima Card Bank of New York Citibank Visa Farmers InsuranceGroup (San Diego) Ferrette & Slater ALLC (San Diego) Franchise Tax Board (California income tax) Internal Revenue Service John Graff (Highland, UT) Mark IV Properties (San Diego) McKay, Burton, Thurman (Salt Lake City) Neiman Marcus Nordstrom Robinson-May Saks Scalley & Reading APC (Salt Lake City) Scott Meredith Agency (New York city) Shirl and Gail Loveless (Provo, UT) Simon & Schuster (New York City) The Broadway (Phoenix)

Not many real estate banks, property managers or such are there? No mostly a bunch of luxury retailers he stiffed. Do you think he paid any of them back when he got on his feet?

Robert Allen makes his money selling books and high pressure seminars. He DOES NOT MAKE HIS MONEY IN REAL ESTATE INVESTMENTS.

Information from this web site is quoted below. I urge people to check this website for other investment advice scam artists...

http://www.johntreed.com/Reedgururating.html#anchor496881

I also heard that Allen was telling people his bankruptcy was caused by an avalanche that destroyed an expensive home he and his wife were building. He tried to pawn that story off on me, too. Here are the details as I recall them. The avalanche occurred around February. But the IRS and the State of Utah had filed liens against him for non-payment of taxes months before the avalanche. Furthermore, I interviewed him by phone about all this and recorded the conversation with his approval.

I asked him what kind of real estate genius, as he was claiming to be at the time, would fail to insure his home. He said he did have insurance against the avalanche. “Did you file a claim?” “Yes.” “Did the insurance company pay it?” “Yes.” “So how did the avalanche cause your financial difficulties if it was fully insured?” He then mumbled something about a deductible. Gimme a break. At the time, he was claiming to be a multi-millionaire. Millionaires are not bankrupted by the deductible on their homeowners insurance. Plus there is still the pesky fact that he was in financial difficulty before the avalanche ever happened. And then there is the question of why he was building a mansion in the mountains when he was not paying his state and federal taxes like the rest of us.

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Anonymous Feb. 2, 2008 @ 2:43 p.m.

More Robert G Allen resources:

The Rip Off Report.. http://www.ripoffreport.com/reports/0/059/ripoff0059044.htm

Real Estate scam? http://www.buzzle.com/articles/129834.html

filed for bankruptcy. It's speculated the move was to avoid paying mounting refund requests. http://www.reviewopedia.com/robert-g-allen.htm

Want more? I could post hundreds. To finde them for yourself, go to GOOGLE.COM and type in ROBERT + ALLEN + SCAM or CROOK or FRAUD.

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DavidGUrban Feb. 2, 2008 @ 3:50 p.m.

Thank you, sdblogger. I checked out a few of your links. This guy Allen sounds like a loser. I think timesoldier owes Mr. Bauder an apology.

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Anonymous Feb. 2, 2008 @ 6:20 p.m.

Plenty of people file Chapter 7 Bankruptcy and keep their homes. They usually have a homestead exemption as well as having taken much of the equity out. They can reaffirm the debt on the home in the proceeding and when they are discharged they have to begin paying the trust deed holders again. If they have an income stream - job or business - they simply commence making their payments again.

In the past, it was quite common for people with million dollar homes to file Chapter 7 and keep their homes. It has become far more difficult since the Bankruptcy Reform Act that became law in 2006. Those that are deemed to have a substantial future income potential are typically forced into Chapter 13 and made to repay a good portion of their debt over 3 to 5 years.

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Anonymous Feb. 2, 2008 @ 10:11 p.m.

Now it's how to get rich buying foreclosed properties? I'mn sure there must be some taking advantage of people in their time of need or misery. There's no secret to buying foreclosures. Just go to the county recorders office, get a list of public sales and do your research.

Again, the only person who's going to make money on this is Robert Allen. If these deals were so good, he'd be out there with some money partners buying them all up.

If you buy a foreclosure, you'd better have cash and be planning on living in it. This is no timeto be flipping even if you get a great deal it could take a year or more to sell.

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Anonymous Feb. 1, 2008 @ 6:31 p.m.

Mandate attendance by all City Financial Management Employees

Then they'll know what to do when we go bankrupt.

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JohnnyVegas Feb. 1, 2008 @ 7:59 p.m.

How can you be in BK AND living at the Ranch????????

Please tell me.

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Don Bauder Feb. 4, 2008 @ 8:59 a.m.

Response to post #1: That's a great idea. If they can learn how to live in Rancho Santa Fe while in Chapter 7 bankruptcy, they can figure out how to get San Diego out of the financial quagmire it is in. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 9:03 a.m.

Response to post 2: Even though he had written books and made hundreds of speeches on real estate, he listed no real estate assets on his Chapter 7 filing. He told me it was the result of a dispute with the IRS. My guess is that there are several people living in RSF right now who are in BK. All you're doing is shucking your debts off. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 9:08 a.m.

Response to post #3: I have tried unsuccessfully to reach Allen since 1996. There are a lot of people like Allen who have gotten rich selling books and giving speeches on how to get rich in real estate. But have they gotten rich talking about it, or doing it? And have the people who paid for their books and seminars gotten rich? Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 9:21 a.m.

Response to post $4: This is helpful new information. He only told me about the IRS dispute. He didn't tell me about the luxury retailers (hardly surprisingly). The bankruptcy trustee was helpful, but I didn't ask for enough detail back then, apparently. I must have had other fish to fry, or was in a hurry for some reason.

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Don Bauder Feb. 4, 2008 @ 9:23 a.m.

Response to post #5: I suggest people go to those websites before attending a seminar. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 9:25 a.m.

Response to post #6: It sounds to me like the people who listen to him are the losers. He may not be. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 9:28 a.m.

Response to post #7: Florida makes a racket of the homestead exemption. People who are told by the court to forfeit their assets hustle down to Florida and build a $45 million home. It can't be touched. O.J. Simpson is just one example. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 9:31 a.m.

Response to post #8: Yes, beware of those claiming there are fortunes to be made off foreclosures. You can get assets cheap, but you have to have staying power. Best, Don Bauder

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timesoldier Feb. 4, 2008 @ 12:11 p.m.

My, such emotion fueled bitterness.

And no, my IP address is not in the Ranch.

There is always more than what we see on the surface, and, as usual, the media rarely looks at anything other than that they can "spin" for readers.

Good luck in all you do, Don et al. Be happy.

timesoldier

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JohnnyVegas Feb. 4, 2008 @ 12:34 p.m.

7.

Plenty of people file Chapter 7 Bankruptcy and keep their homes. They usually have a homestead exemption as well as having taken much of the equity out.

By sdblogger 6:20 p.m., Feb 2, 2008


Not in CA. The Homestead exemption is $50K for an indivudual and I think $125K for couples.

As for taking equity out of a home before filing BK, that would be considered fraud and violate BK law, and a discharge would NOT be granted on such circumstances.

To Don-

The homestead exemption in Florida, while still a sham, is $1 million dollars (20 times CA). So if you had any equity over that amount it would be tapped in BK. And you are correct-OJ and many other shamsters go to Florida for this very reason.

This shows how screwed up the BK system is when it allows the states to vary so widely on a homestead exemption. CA has the HIGHEST home values in the nation, but has one of the LOWEST homestead exemptions in the nation. MASS reently raised their homestead exemption to $400K.

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Anonymous Feb. 4, 2008 @ 2:16 p.m.

Go to the bankruptcy court and watch a morning of proceedings. The creditors hearing is about the only time a debtor appears and the heairng lasts abotu 5 minutes. The bankrupcty court takes move declarations on the debtors word and few people are investigated andfewer are charged with fraud. It's very easy for people to hide, transfer, defer income and assets. There are lawyers that specialize in BK planning, frequently a year out so they can slip under the beneficial transfer rules.

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Don Bauder Feb. 4, 2008 @ 2:46 p.m.

Response to post #19: Yes, and then there is offshore, where so many assets are hidden from the bankruptcy court, the IRS, etc. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 2:40 p.m.

Response to post #17: Despite all the anger welling within me, I am happy. Best, Don Bauder

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Don Bauder Feb. 4, 2008 @ 2:44 p.m.

Response to post #18: The homestead exemption serves poor and middle class people well. But, like so many other things, it is abused by those in the higher income ranges. Best, Don Bauder

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Don Bauder Feb. 11, 2008 @ 4:44 p.m.

Response to post # 23: That's hilarious, and so, so true. For decades, I have been writing how financial scams and religion so often go together. The people who take things on faith are easily hoodwinked. Best, Don Bauder

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