A Look at Jim Banks Real Estate Investing Strategies.
Taking a look at probate properties today.
Jim Banks Background and Bio
Jim Banks is acclaimed for specializing in probate properties and making money through the process. He is reported to have bought his first probate property for $30,000 dollars and sold it for $95,000.
With a background in law and decades of real estate investing, Jim has created a program that offers its members insights into probate property investing.
He claims to be able to help you “niche down” in the real estate game and offer you a competitive advantage over the other real estate investors.
His course is called Probate Profits Course and I found the info on jimbanksprobate.net.
More about that in a sloppy second. (just invented a new meaning for that one. LOL)
Seriously… What’s got ya here? checking out all the info on the REI world?
Tired of the going to a 9-5?
Dragging yourself out of bed for ungrateful employers?
Wanna finally do it on your own?
I get it. I was you.
Beat down in the corporate clanky dungeon, ready to be my own man. Jumped out and got spanked in the real estate market and went back to the corporate dungeon to serve hard time for being a dreamer.
I kinda thought it was the end of my entrepreneurial phase. Nah, I’m lying. I knew I’d figure something out.
Enter a dude with a self-taught degree in digital marketing….he showed me how to own digital properties that pay me every month.
Jim Banks has a light bulb idea on real estate niche marketing…
As much as I believe in the “riches are in the niches b!#@hes” mentality, Am I gonna pursue real estate niches. NOPE
I found a better way.
Jim Banks PRODUCTS & RESOURCES
I’m finding evidence on various sites of Jim Banks’s probate profits course, including his own website: JimBanksprobate.net. This website shows a course that comes with four manuals, three books, and a bunch of CDs. However, there are are no prices listed and no details given regarding actual course content.
This course is the only one that seems to be available on his website. There are no other books or programs or systems. He also has no blog posts, video blogs, or podcasts at his website. The resources are minimal.
On YouTube, Banks only has one or two videos posted and those are from at least a year ago.
Jim Banks has written a book called Creating Wealth Through Probate: The best kept secret in real estate investing. This was written in 2005. In this book Jim Banks supposedly uncovers a huge source of profits most investors overlook: properties and other assets in probate.
Supposedly this resource outlines a system for how to buy real estate and other assets at 30 to 50 percent below market value through the probate process.
There does seem to be some bad press out there, however.
MarketWatch by Chuck Jaffe–a senior MarketWatch columnist–reviewed Jim Banks’s Probate Program, Probate Profit Made Easy.
He remarks that Probate Profits Made Easy sells for an initial $9.95 + $14.95 shipping and handling. Following that there are six payments of $49.95 per month which makes a total cost of approximately $325.
Jaffe describes the course as including three toolboxes, three reference books, nine audio CDs, DVDs, plus a bonus programs. Supposedly the course materials proclaim that the same secrets that were sold at $6000 Banks seminars are now available in this handy home study kit.
I have not been able to find current information about Banks and his training seminars. Apparently he is not actively running those training events.
Jaffe mentions that there’s nothing upfront in the material describing who the training is right for and who would benefit from it. There’s also no information given about who actually has made this program work for them.
Jim Banks a Scam?
I don’t think so, but on complaints board.com a complaint was filed in 2010 titled the Jim Banks Probate Scam: Professional Marketing International.
The person who complained was able to get a refund but not easily, apparently. The person that filed the complaint was charged $7000 for a particular Banks package and then the next day called up to cancel. This apparently was the beginning of the dispute. Eventually, he got the refund however he believes that he would not have been refunded if he had not documented everything well, disputed it with his credit card, and follow it up in a timely way.
Several other disputes were also filed at the same website. Final quotes Include the following:
- They don’t strike me as ethical operators
- gaming, trying to break me down, consistent hammering
- violating fiduciary duty.
- Cheap faulty something is a mess,
- Some game where I get played and they do anything to make a buck
- No money back guarantee or refund if I make no money
That report was somewhat difficult to wade through but the overall communication was a satisfaction problem for a number of investors who purchased the Jim Banks probate materials .
Another independent review site describes Jim Banks’ material as containing no special techniques or tricks for acquiring real estate. “His real estate courses have no depth and are useless.”
Take it all with a grain.. I say… Always gonna be moaning out there. Keep your eyes open and find something you are passionate about.
Then go for it like an 18yr old on Viagra, wink.