Posted by Super Guru on November 12, 2005 at 18:54:57:
Charlatan Sheets is just another snake oil salesman, imo. I can’t get through 20 minutes of his infomercial without laughing at how pathetic and transparent it is.
Anyone ever heard of Dave Del Dotto?? - Posted by Bryan
Posted by Bryan on December 11, 2001 at 01:44:20:
Recently in a discussion with my rapidly aging grandmother, she told me that she was once interested in investing in real estate but never did because she listened to all of the nay-sayers in the family. She said that she learned a lot from a course she bought through an infomercial by someone named Dave Del Dotto. I would greatly appreciate any feedback on this person and wether his systems work or wether he is another “book and Tape guy”.
Bryan
Michigan
posted: 12/11/01
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on December 11, 2001 at 23:01:59:
Bryan–(MI)----------
“or wether he is another “book and Tape guy”.” That would describe him to a tee.
He probably did not buy more than three or four properties, other than his own residences and his office building.
He was a brilliant marketing fellow who was pretty uneducated, knew almost nothing about real estate when he started, and picked up all the good ideas from other speakers to incorporate into his sales presentations.
I met one person who bought a foreclosure property “because of Dave Del Dotto’s book.” He was satisfied with his purchase of the materials because he made $20K profit. I doubt if there were very many people that made good use of his materials. They were pretty thin and I don’t think he ever improved them. Why bother to make the educational materials better if you can improve your sales pitch? Easier and less costly.
You would be better off reading the good materials that are avaiable, I think.
Good InvestingRon Starr***
From the Seattle Times, 1998 - Posted by John J.
Posted by John J. on December 11, 2001 at 09:32:56:
"State sues to stop seminars of real-estate pitchman
by Kerry Webster
Seattle Times staff reporter
State officials cracked down yesterday on a real-estate guru they
say has been preying on low-income home seekers by charging
high fees for virtually worthless information.
The state attorney general filed suit against television infomercial
pitchman David Del Dotto, saying his Affordable Housing Network
has been charging would-be homebuyers $500 for little more than a
pep rally and outdated copies of government forms.
“They lure in people who, either because of lack of assets or credit,
have not been able to buy a house, and they convince them if they
pay $500, they will be given the secrets to getting all sorts of
government loans,” said Assistant Attorney General David Horn.
Del Dotto, a former drywall hanger who says he has made a
fortune in real estate, has given four seminars in the Seattle area this
week, telling audiences they can qualify to buy homes even if they
have no cash, no income and bad credit.
Most of the information Del Dotto gives out is “worthless,”
according to Cal Scott, director of the nonprofit Washington
Community Housing Network. “It’s old, reprinted manuals on
foreclosures, information on HUD foreclosures that doesn’t even
apply any more, Xeroxes of old government forms.”
In the suit, filed late yesterday in King County Superior Court,
Horn asked for an order restraining Del Dotto from holding more
seminars in the state, and freezing any money already paid to
Affordable Housing Network.
Horn said Del Dotto misrepresents himself “as a successful,
self-made millionaire whose system can lead others to success in
real estate,” when, in fact, his record is littered with bankruptcies,
foreclosures and “numerous enforcement actions” by state and
federal agencies.
It also accuses Del Dotto of acting as a mortgage broker without a
license.
The Affordable Housing Network had booked the Grand Ballroom
of the Seattle Westin Hotel for a two-day “Millionaire’s School” this
weekend. The hotel said up to 300 people were expected to
attend.
Del Dotto could not be located for comment yesterday. His
attorney in Long Island, N.Y., did not return telephone calls.
Earlier this week, in a motel meeting room in Fife, he held an
audience rapt as he scrawled rapid-fire numbers on an overhead
projector screen and spoke of riches for the taking.
“Would you like a zero-percent loan with no payments?”
“Yes!” cried the crowd.
"Would you like to buy a home with no money or bad credit?
“Yes!”
“Well, stick around, because I’m going to show you how.”
The 300 men and women in the room Tuesday night bent earnestly
over their yellow legal pads. And after two hours of revival-style
oratory, nearly half of them lined up to pay $500 each to attend the
“Millionaire’s School.”
Tracey Bolvin stayed in her seat. A community-lending specialist
with Key Bank, she had a succinct assessment of Del Dotto’s pitch:
"It’s a crock.
“He puts enough truth in there to fool people, but it’s all laced with
untruths,” said Bolvin, who had come to the meeting to check out
Del Dotto’s claims.
Del Dotto emphasizes the vast number of federal, state and local
programs that provide low-interest loans or down-payment
assistance, urging his listeners to “get all you’ve got coming” from
the government.
“What he’s not telling people,” said Bolvin, “is that many, if not all,
of those programs are for very specific groups - low-income,
elderly, Title 8 renters. And even if you’re in that group, you have to
have good credit to qualify.”
Some of Del Dotto’s pitch is just flat wrong, she said. For instance,
he tells audiences they can acquire land by paying someone else’s
overdue tax bills. But a so-called “tax deed” is only a lien, not a
deed, and it doesn’t convey ownership.
For buyers of his $296 package of computer programs, Del Dotto
offers to throw in the “secret code” for access to an Internet page
listing HUD foreclosures. However, HUD foreclosures are no
secret. They’re posted daily on HUD’s Web page, and in the
real-estate listings in newspapers.
“It’s so sad, because they are targeting low-income working people
who can least afford to lose this money,” said Paula Benson,
director of home ownership at the state Housing Finance
Commission.
Experience with bankruptcies
David Paul Del Dotto, 47, describes himself as a self-made
millionaire.
“I made my first million at the age of 35,” he told the Fife audience.
“I bought 50 houses my first year in real estate.”
In the 1980s, Del Dotto was a fixture on late-night infomercials
featuring singer John Davidson and other celebrities. He was
always shown lolling in a beach chair in Hawaii, palm trees in the
background.
He weaves casual references into his speeches to his three
Mercedes-Benzes and his $2 million mansion in Hawaii. But court
records show Del Dotto has spent much of his career one step
ahead of the bankruptcy judge. In 1993, he lost his headquarters in
Modesto, Calif., to a bank foreclosure. The same year, the IRS
placed a lien on his house in Kona, Hawaii, alleging evasion of
income taxes. In 1995, according to Pacific Business News, he
was sued by the state of Hawaii over nonpayment of seven loans
totaling more than $5 million.
In 1996, his real-estate holding company, Investmark Asia, filed for
Chapter 11 bankruptcy protection, listing assets of $2.5 million and
debts of $6.2 million. The same year, Del Dotto filed for personal
bankruptcy protection under Chapter 7.
Court records show a long series of bank-loan defaults, as well as
federal and state tax liens against Del Dotto properties in California
and Hawaii.
Two years ago, Del Dotto agreed to pay a $200,000 fine to the
Federal Trade Commission to settle charges that he made
deceptive claims in marketing his “Cash Flow System,” a set of
books and tapes on real-estate investing. Specifically, Del Dotto
promised not to misrepresent the availability of government grants
and loans.
Some suggestions `unethical’
With a few swift strokes of the felt pen, Del Dotto filled the screen
with numbers.
“I am going to show you how to live for nothing,” he said.
The advice boiled down to this: Get a low-interest government loan
and buy a fourplex. Get another low-interest government loan and
fix it up. Fill three units with renters and live in the fourth.
“The tenants pay the mortgage and you, my friend,” Del Dotto
concluded with a flourish, “are living free.”
Well, maybe, say real-estate experts. What Del Dotto forgets to
include are details like maintenance costs, or who pays the
mortgage if your three units go unrented, or whether you can even
qualify for a government loan in the first place.
“Yes, people have done well doing rehabs of old property,” said
Carol Gipsen of the nonprofit Community Home Ownership
Center. “But his presentation is simplistic. He doesn’t tell you that
it’s not easy to get these loans, that you have to qualify and have
good credit, that there is a limited amount of money available.”
And some of his suggestions, according to Gipsen, are “borderline
unethical.”
As a credit-repair tactic, he suggested flooding credit-reporting
agencies with so many “requests for correction” that derogatory
information is kept permanently in computer limbo.
“Oh, that’s wicked!” he chuckled during the session in Fife. “Oh, I
really shouldn’t teach such things.”
To claim the family car as a business expense, he suggested, “fill the
glove box with business cards and every once in a while throw a
couple out the window. It’s called advertising.”
There is a moment in the pitchman’s trade called “turning the tip.”
It’s when the entertainment is over and it’s time to extract some
serious money. Del Dotto appeared to handle it masterfully.
What’s it worth to you, he asked, to learn my techniques?
$40,000? $5,000?
By the time he shows his cards, the audience is almost relieved to
learn that the two-day “Millionaire’s School” at the Seattle Westin
Hotel will cost them only $500.
There is one awkward moment, when a man in the audience stands
up to complain that he’s already paid his $10 for the lecture
advertised on television, “and now you want us to pay more.”
Del Dotto had an answer. He held up an impressive-looking
certificate.
“Would anyone here like a $500 grant to attend the Millionaire’s
School?”
Hands shot up.
“Well, you just see me in back of the room during the break, and
we’ll take care of you.”
The “grants,” it turns out, are promises to pay $500 toward the
closing costs of the student’s first property purchase - providing the
deal closes within six months.
“It’s a pretty safe bet he’s never going to have to pay anyone $500,”
said Scott. “They target people they know can’t possibly qualify for
a house in the first place.”
Seattle Times research librarian Vince Kueter contributed to
this report."
He’s not dong RE Anymore - Posted by Frank Chin
Posted by Frank Chin on December 11, 2001 at 06:28:22:
Here’s an old article on him. He was pushing “telephone cards” a few years ago.
"OR RELEASE: OCTOBER 21, 1993
DEL DOTTO ENTERPRISES AGREES TO SETTLE FTC CHARGES
THEY MADE FALSE AND DECEPTIVE CLAIMS FOR “CASH FLOW SYSTEM”
David P. Del Dotto, his wife, Yolanda Del Dotto, and their
firm, Del Dotto Enterprises, Inc., have agreed to settle Federal
Trade Commission charges that they deceptively represented
numerous features of their “Cash Flow System,” including that it
has helped hundreds of thousands of consumers make substantial
sums of money buying and selling real estate. The proposed
settlement would prohibit the Del Dottos and their firm from
making a host of false claims regarding real estate, credit,
investments, or business opportunities in the future.
The proposed settlement also would require the respondents
among other things, to substantiate any future representations
they make about the success rate or performance of such products
or services, and would prohibit them from misrepresenting the
terms of any warranty, guarantee or refund policy of any product
or service they market in the future. In addition, the
respondents have agreed not to contest findings that could form
the basis for the FTC to seek a federal district court order
requiring them to pay redress to their customers.
According to the FTC’s administrative complaint detailing
the allegations, issued this past April, Del Dotto is president
and his wife is secretary of Del Dotto Enterprises, based in
Modesto, California. (The respondents are referred to
collectively below as Del Dotto.)
The FTC alleged that, in marketing their Cash Flow System (a
set of books and audio tapes about purchasing real estate and
obtaining credit) at seminars, through televised infomercials and
otherwise, Del Dotto misrepresented the success rate of those who
used the system and a number of the system’s features. The FTC
also alleged that Del Dotto failed to deliver products or refunds
- more -
(Del dotto stlmt–10/21/93)
on time, did not disclose a fee imposed on their money-back
guarantee, misrepresented that testimonials they used in their
marketing efforts showed the typical experience of users, and
deceptively represented that the infomercials were independent
television programs rather than paid advertising.
The proposed consent agreement to settle the charges,
accepted today for public comment, would prohibit Del Dotto from
making the claims challenged as false in the complaint, as well
as certain other false claims when marketing any real estate,
credit, investment or business opportunity in the future. For
example, the settlement would prohibit false claims about the
availability of loans or credit, that users can “pocket” some
portion of certain loan proceeds, and about how successful users
will be. Del Dotto also would be prohibited from making any
performance or success-rate claims when marketing such programs
or services unless the claims are true and substantiated.
Further, the proposed settlement would prohibit Del Dotto
from misrepresenting that any endorsement for a product or
service represents the typical or ordinary experience of those
who have attempted to use it. The settlement also would prohibit
Del Dotto from using the terms “Money Back Guarantee,”
“Satisfaction Guarantee,” or similar representations in
advertising unless the respondents, in fact, refund the full
purchase price at the purchaser’s request. In addition, Del
Dotto would be prohibited from failing to disclose clearly and
prominently, any material terms or conditions that apply to any
guarantee, warranty, or refund policy, and would be required to
provide refunds within 30 days or the time clearly disclosed in
their solicitations. Del Dotto also would be required to deliver
promised goods on time, or offer purchasers the opportunity to
consent to a delay or to cancel their orders and receive a full
refund.
Under the terms of the proposed settlement, Del Dotto would
be prohibited from representing that any advertisement is not
paid advertising and would be required to make, in any video
advertisement 15 minutes or longer, within the first 30 seconds
of the advertisement and before each presentation of ordering
instructions, the following disclosure:
“THE PROGRAM YOU ARE WATCHING IS A PAID ADVERTISEMENT FOR [the
product or service…]”
Finally, the proposed order includes various reporting
requirements that would assist the FTC in monitoring Del Dotto’s
compliance with its provisions.
(Del dotto stlmt–10/21/93)
The proposed consent agreement will be published in the
Federal Register shortly. It will be subject to public comment
for 60 days, after which the Commission will decide whether or
not to make it final. Comments should be addressed to: FTC,
Office of the Secretary, 6th Street and Pennsylvania Avenue,
N.W., Washington, D.C. 20580.
The five-member Commission vote to accept the consent
agreement for comment was 5-0. This case was brought by the
FTC’s Atlanta Regional Office.
NOTE: A consent agreement is for settlement purposes only and
does not constitute admission of a law violation. When the
Commission issues a consent order on a final basis, it carries
the force of law with respect to future violations. Each
violation of such an order may result in a civil penalty of up to
$10,000.
Copies of the proposed consent agreement, as well as the
press release issued when the Commission announced its
administrative complaint, and other documents associated with
this case, as well as a consumer fact sheet on infomercials, are
available from the FTC’s Public Reference Branch, Room 130, 6th
Street and Pennsylvania Avenue, N.W., Washington, D.C. 20580;
202-326-2222; TTY for the hearing impaired 202-326-2502.
#
MEDIA CONTACT: Howard Shapiro, Office of Public Affairs
202-326-2176
STAFF CONTACT: Chris M. Couillou or Andrea L. Foster
Atlanta Regional Office
1718 Peachtree Street, N.W., Room 1000
Atlanta, Georgia 30367
404-347-4837
(FTC File No. 912 3061)"
“He was a brilliant marketing fellow…” - Posted by Lee
Posted by Lee on December 14, 2001 at 17:32:26:
Yes, indeed!
According to some of the FTC information, he had sold over $88 million dollars worth of his courses on late night TV infomercials over the time they ran.
It’s hard to believe that he doesn’t still have a lot of that money somewhere.
Kind of make me want to get my own late night TV spot!
“You too can be dirty rotten stinkin’ filthy rich! Come to my seminar!”
Re: Anyone ever heard of Dave Del Dotto?? - Posted by David Krulac
Posted by David Krulac on December 12, 2001 at 16:47:18:
I had heard that he was hanging drywall in Modesto, before the guru gig?
Re: He’s not dong RE Anymore - Posted by Vanden
Posted by Vanden on January 13, 2002 at 15:24:28:
funny how their punishment is that they are prohibited from doing anything illegal…(?!)
Re: “a brilliant marketing fellow…” - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on December 16, 2001 at 24:18:18:
Lee---------------
Yeah, you might be a success. You write well and you have a flair for words.
However, it turns out that making money selling people real estate education is not as easy as it looks to the outsider. You see all the sales at a seminar or convention and think about all the money flowing in. But you don’t see the expenses behind the scenes: advertising, travel, hotel room rentals, producing the materials, which often involves hiring editors and, for some people, such as Al Lowery, hiring the ghost writers who produce the materials to be sold.
Many have lost money doing it.
If you want to give it a try, here is a rule of salesmanship for selling real estate educational materials: Those who lie the most sell the most.
Good InvestingRon Starr********
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Ronald * Starr
Posted by Ronald * Starr on December 12, 2001 at 19:57:10:
David Krulac-------
That’s what I understand also. One of the two articles posted before my post mentions it too.
Of course between being a drywaller and a r.e. guru, he was a real estate investor–very briefly, I believe.
Good InvestingRon Starr*****
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Bernie
Posted by Bernie on December 12, 2001 at 21:28:21:
Dave DelDotto had his main office “foreclosed.”
I saw his name on one of the internet malls selling multi-level prepaid phone cards. Quite a change.
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Bryan
Posted by Bryan on December 14, 2001 at 02:31:54:
thank you all for confirming my suspicions
Bryan
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Mark
Posted by Mark on December 16, 2001 at 17:31:22:
Theres probably a good reason you dont see to much of old Dave anymore!!!
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Ian J. Younger
Posted by Ian J. Younger on May 19, 2002 at 19:37:22:
I believe that was William J. McCorkle and his wife Chantal that went to jail. He was a guy supposedly doing pre-foreclosure deals with owners to bail them out of foreclosure. If they missed a payment he would take the house somehow even if there was existing financing on the house. That was his scam, it didn’t work.
Re: Anyone ever heard of Dave Del Dotto?? - Posted by Coz
Posted by Coz on December 22, 2001 at 21:25:44:
Guys, guys…Dave Del Dotto went to jail if I remember my 20/20 episodes correctly. He was an out and out scam artist! There was a huge presentation done on 20/20 on how ALL of his infomercials were scams. He knew nothing about real estate investing, he used props that he posed as his boats, planes, etc. Both him and his wife went to jail because of it.
That’s why ya gotta take all of the infomercials with a grain of salt. I give Carelton Sheets alot of credit though, at least he’s been doing what he’s doing for close to 20 years, with a proven positive record. Ol Dave was in it for the quick buck, that’s it.
I first heard of Dave Del Dotto back in 1990. I was a horrible time for me as I was newly separated and going through a nasty divorce. I lost everything,. All I had was a empty small apartment, no furniture, my clothes and a small 9" tv and a 11 year old dog.
I caught Del Dotto’s informercial with John Davidson and immediately thought it was a load of bull. Books and tapes, informercial guru, probably was illegal and a scam.
But then I looked at my situation. My soon to be ex wife had taken me to the cleaners. I lost everything. We had two cars, a new model Lexus which she took and she left me with a beat up, 10 yr old piece of junk, two toned car, grey on the top, rust on the bottom with dents all over. It was an embarrassment. But It ran. I still had a job thank God.
So figuring I had nothing to lose, I figured I would try the Del Dotto program. Big problem. My wife had also maxed out our credit cards and wrote several bad checks from our joint checking account and signed my name to them so the bank froze the accounts. I was deeply in debt and creditors were calling me threatening to imprison me if I didn’t come up with the money and fast.
I wanted Del Dotto’s course in the worse way but had no way to buy it. I also wanted his book which was then a NY TIMES Best seller. But I was so broke that I couldn’t even afford the $19.95 to buy his book.
Then good fortune happened to me. I checked our local library, orange country library system in Orlando, FL. I called and they told me they had his book! WOW! I was thrilled. I figured I could start here.
I drove over to the library with my beat up piece of junk old chevy, went to the business book section and grabbed the book.
While I was there, I asked the librarian if they had any information on real estate investing. She directed me to the cassette section and I found many programs on real estate investing but what I saw next really blew my mind. They had Del Dotto’s entire cash flow system, the same program advertised on tv available for loan.
There were about 11 books and 24 cassette tapes. I couldn’t believe my eyes!
I spent that entire weekend and several weeks thereafter devouring the material. And at that time, our local newspaper, the Orlando Sentinel had a complete seciton on Saurday and again on Sunday all on real estate, homes for rent, or sale, buyers looking to buy and sellers looking to sell.
Figuring I was as low as I could go, and with nothing to lose, I went full bore using everything Del Dotto taught looking for distressed properties, foreclosures initially. I found several properties, made offers on 10 using as DelDotto advises a promissory note, not real cash because I didn’t have any cash. One deal turned out to be a winner.
I was able to get one for nothing down, got a quit claim deed, cleaned the property up, planted a flower garden garden, some shrubs, painted the home, the garage, mowed the lawn and did minor fix up, installed some ceiling fans, put a new door on and then ran ads in the paper as per Del Dotto’s suggested ads and sold the property for a profit of $19,782.93.
That did a lot for my self confidence and cash flow. I started looking for more deals while going through Del Dotto’s credit repair ideas since my credit was ruined thanks to my ex. I found in a short time I was able to remove accurate but negative credit information and with the use of co signers, got secured loans, secured credit cards and additional credit as an authorized user, . Immediately I acquired a line of credit of over $50,000. This was coming from a negative credit rating with 0 borrowing ability.
I started using Del Dotto’s cash flow ideas on buying things from auctions. I needed furniture and mor so bought some for pennies. I turned that into a business selling these items which I bought for pennies on the dollar and turned that into a nice income.
Soon I was driving a new Lexus and got rid of the clunker. My apartment was now refurbished. I had a new attitude, replaced the savings my wife “stole” from me, creating a massive cash reserve and started buying even more properties, nothing down, mostly distressed or foreclosures. The timing was right for me. This was early 1990 with the S&L Bailout.
Over the next year, I acquired a net worth in excess of $596,000 and a monthly cash flow of $5318. 00+ per month. My divorce went through and I found a new, more loving, nore sensible partner.
So for me it was a complete nothing down deal. I even got Del Dotto’s book and course for free, at first. then I returned the materials to the library once I couldn’t renew them anymore, bought the program from the informercial and even paid another $500 for the weekend seminar. It was well worth it.
It occurred to me that I could copy all the material. I thought that would be unethical.
All I’ll say is the program worked for me probably because I worked the program. Over the years I have run into several people who were unhappy with it. In essence I found out that they never really used it. You can’t buy it and leave on your shelf. You have to open it and use it. The other thing for me was I was at the end of my rope. I had to make money quickly so was high motivated to make the program work.
Thank you Dave Del Dotto for this great program. I’m glad I have it and only sorry that it is no longer around for others.
Perhaps some day I will stop at Dave Del Dotto’s winery in CA, shake his hand and thank him personally for what he did for me. BTW glad to see that Dave has bounced back, is having fun and now has a net worth of over $20 million from his winery business. I knew when I first saw Del Dotto that he was a winner and so he is
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