A Hard Cold Look at Wayne Phillips’ Program
Hey, good morning!
It’s the a.m. for me, anyway. (Maybe not for you, I know.)
Got my cuppa joe close by, got my feet up, and I’m all set to chat with ya for a few minutes.
The guy under the microscope today is Wayne Phillips.
I’m thinking you probably already know it’s a Dudsville review. The guy was a bad apple and didn’t do right—but since he wrote a book and was a light in the sky for a bit, I’ll give him a lil attention.
Aaaaaaand, since you dropped your chute onto my page, I’m going to be bold and ask what brought you here.
Tired of life serving up the same old same old? Looking for a little light refreshment? Want a whole new menu change?
Thinking real estate? A side gig or two . . . maybe even career change?
I’m tracking with you. That was me, not far back. Learn more about me here.
I gigged it and then I un-gigged it. I rocked the REI dream . . . then the bottom fell out . . . then the bank suits unrocked my dream and bam, I was officially ungigged.
Clawed out of that pit, spitting out the dirt, and looked up to see a guy who had made his massive money online, who said,
Hey, take a look at digital properties. Might just be something for ya.
I did, and I haven’t looked back. I wouldn’t hit real estate again for anything.
I say this, because digital properties might be a thing for you.
Check out the recommended resources section to learn more.
Here’s the review on Wayne Phillips.
Wayne Phillips Bio and Book
Phillips did his real estate thing back in the 80’s. He was big into making use of government lending programs to acquire properties with little personal cash involved.
In 1986 he released a book, published by Simon and Schuster, called Government Loans: The Road to Real Estate Wealth.
The book is all about using government lending programs and other types of programs to buy property without a down payment and with minimal interest.
Phillips discusses lending programs through government entities such as the FHA, HUD, and Urban Development, that can be used to creatively fund real estate transactions. You have to know what you’re doing, where to look, and how to access these programs, he says.
In the book, Phillips calls the government programs “gold mines,” and writes about how to find them and use them. He says that these programs, set up to help the poor, elderly, and needy, often don’t end up effectively getting the resources to their targets. He implies that federal and state reps get in the way of the effectiveness and implementation of the programs.
Opinions about the book seem to vary. Some find it helpful as a step-by-step guide to accessing and using government lending programs.
Things began going south for Phillips in the early 1990s. He was involved in investment programs in the inner-city that threw his integrity into question. He was airing commercials that the Federal Trade Commission found to be fraudulent. Some were in his “Money, Money, Money” infomercial series.
Wayne Phillips a Scam?
The FTC charged Phillips for duping customers with dishonest and misleading information regarding the use of government loans.
In 1991 the FTC fined him $50,000 for making dishonest and fraudulent claims, and then $2.1 million more in 1995 for not paying the original fine. In addition, he owes a $30,000 fine in Texas.
Phillips ended up with a reputation as a scam artist and basically fell off the grid.
His book is still around, though. You can find it on Amazon from $11 new. Or you can pick it up for a penny from an Amazon affiliate seller (plus $3.99 shipping).
I did check out consumer gripe sites (PissedConsumer.com, RipOffReports.com) and there’s no mention of Phillips. He’s not on the Better Business Bureau either.
So that about sums it up. He was a flash in the pan that fell into his own pit and left a book behind.
Thanks again for dropping in!
It could be the gig you’ve been looking for.
Also, check out my other reviews!
Talk to ya soon,
Peace….
