BBB warns against house flipping seminars

3 years 1 month 18 hours ago Friday, October 14 2016 Oct 14, 2016 Friday, October 14, 2016 3:34:00 PM CDT October 14, 2016 in News
By: Abby Breidenbach, KOMU 8 Reporter

COLUMBIA- The Better Business Bureau warns against a series of house flipping seminars coming to Columbia in October.  

This is the second round of these seminars in Missouri. The Utah-based company, Premier Mentoring is back after their last seminar here five months ago. This time the program just has a new name, 'Success Path.'

Premier Mentoring received a 'D' rating from Better Business Bureau. There were more than 260 complaints about the group's real estate seminars.

Invitations that came in the mail call this a "wealth building event," that will teach attendees how to flip houses for a profit.

The program website also mentions guest appearances from HGTV stars.

"Always read the fine print," warned Sean Spence. He's the regional director from the mid-Missouri Better Business Bureau.

Molly Horak from the Susan Horak Realty Group in Columbia described "house flipping" as "buying a home that isn't ready for sale, putting in the work to fix it up, and selling it at the price it would have been if it had been updated. In that equation, you can actually make a bit of profit."

She advised, seminars are unnecessary for somebody who wants to flip houses.

"If you're looking to flip houses, you're better off hiring a local realtor to help you out. Chances are their advice will be free too." Horak said 

The Better Business Bureau warns, though these seminars are free, they are mostly an extended sales pitch. Once people get there, they will be prompted to spend thousands of dollars to learn something, join a mentor program or receive any actual training.

Horak added, local realtors know the most about the local market, homes in the area and local services to use when buying and re-selling.

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