Matthew Cox | Inside True Crime Podcast
The Secret Playbook of Online Gurus | Ex-Partner Exposes Everything
Sat, 22 Mar 2025
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Chapter 1: What did Fiya lose in the real estate program?
This real estate program, they do like a $40,000 fee, and I lost more than $300,000. I'm trying to get my money back for the program that you lied me into, the deal that you caused me to lose, and now... There's an SEC investigation, and the SEC says, hey, will you sit down with us and go over all of this? Yeah. I came across an ad.
I don't remember if it was on Facebook or email or what it was, but it was for this real estate program. They do like a free one day class, come to this free one day class, you know? So I didn't even really understand what it was about, but I was like in that mode of like, okay, something's got to change. So I went to the one day class at some hotel and what they say is,
okay, you will pay $1,000 for this three-day class and we'll teach you everything you need to know about how to buy apartments. So I was like, okay. And they say, you don't need your own money to buy apartments. I'm like, all right, okay. So I was intrigued. It seemed kind of far-fetched, but they do a really, really good job of pitching it.
One thing I'll say about this whole program is the salespeople are really, really great at their jobs.
How many people were at the seminar?
I would say there was about 50.
Is this like a Hilton or is this like a Motel 6? Is this like a Hyatt? You walked in and said, hey, this is... It wasn't that nice of a hotel. You've been to them. You'll go in one place and you're like, they spent some money on this. There's some money behind this. And then other ones you go to and you're like, oh, wow, this is pretty bad.
So I decided to pay for the three-day class. And that was at a, okay, mediocre place in Garden City, which is part of Boise. But I decided to go ahead and pay for the three-day class. I was just in that place in life where it's like, I'm going to do something. Something's got to give for me and my kids. So I decided to go ahead and do it.
And they're telling you, you're going to learn everything in three days.
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Chapter 2: What was the initial seminar experience like?
So the general partners are putting up whatever. A million. And then the next millions coming from limited partners, the limited partners have no say in anything though. They're giving you like, here's 20 grand, here's 40 grand, here's five grand.
And they're going to get a percentage on whatever that property ends up yielding after the rehab, after it's renovated, after it's occupied, after everybody gets paid, whatever profit, they get a little piece of that.
Usually around what they say is usually around the end of the third quarter is when investors should start getting some kind of distribution.
Because it takes time.
Yeah, a little bit of time to get the rehab going and everything. But yeah, you've got the loan and then the investor's money. And what I didn't know at the time from this class is one of the big things that drew people into this particular program, and this program's called the Multifamily Mindset. These programs go from state to state, city to city, every single weekend selling these programs.
is one of the big sales pitches for this particular program is they're saying general partners get a 5% acquisition fee, and it's right off the bat, right when you close. So the lending process, though, for these commercial loans, the general partners have to be able to qualify for whatever million-dollar loan it is. Mm-hmm.
And it is quite a bit of paperwork, quite a bit of proof that you have the net worth of that loan. But the lenders understand, okay, this is a syndication process. They understand that they're raising the money. So they don't expect them to have it all at that point in time, basically.
Well, the underwriting guidelines are more laxed because the bank is in first position and they're not covering 90% of the purchase. They're covering 60%. Right. It got lower over the last couple of years.
Well, yeah, they used to do like 75 to 80. But once we hit about 2021, it started going down to 60, 65, 70%. Yeah. So with this 5% acquisition fee that was drawing in the students, I didn't know until about a year ago that that is not a normal acquisition fee, that that's something that the SEC considers a huge red flag.
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Chapter 3: How does the real estate syndication process work?
And I think part of it was the time, the low interest rate, the high flips of the properties, let's say 2016 to 2019 in that timeline, right? They had bought some apartment complexes and flipped them pretty quickly and got high returns. So they used those numbers as well to sell the program. Right. So the other thing was, is they were buying these properties where Lisa and Greg lived.
So they were there, they were able to manage them, oversee them, and they had the experience. Then they start the program. So they're going all over the country. And anyway, so we get connected to Lisa Parrish. She actually came to my team because she had two sons that were the same age as those three young guys on my team.
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And was like, hey, you know, I want to work with you. My kids are this age. I really like your guys' vibe. And since I was like the only person in the whole program that had put together that kind of team, I was becoming very popular. And the coaches who didn't have experience were sending the students to me to coach. I wasn't getting paid.
I was going to say, are you charging to be paid? No. Okay.
No. And I was just like, okay, you know, but I was like loving that I found something. I'm like, man, I'm actually good at this. You know, I had all these crappy $16 an hour jobs. And then, you know, I'm like, the only thing I was teaching people was how to put a team together. And the guys I was working with had put together these processes and that was it.
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Chapter 4: What are the red flags in real estate programs?
Yeah. Right. Oh, the other thing.
How many people really pay the 40? It's probably quite a few, quite a few.
One thing I didn't mention was after I joined, they had a guy start going around to the three day class. I guess it's called pathway selling credit cards. So people ended up in massive debt. So they've convinced people to empty out their 401ks. And then this guy would get people to buy like four or five credit cards and
So they would, people would pay about eight to $10,000 for four or five credit cards. And what the salespeople that they call strategists would tell them is we will get you into a deal and get it closed in three months before that 30% or whatever percent interest hits.
So what were these people apply for a credit card and the guy, they put their doubt, then they put their, their fee on the credit cards.
Yes. Yeah. Whoever the guy is that's going around with them to all their three-day sales events called Pathway or something like that.
So they're financing the $40,000.
Yes. So they pay that guy like eight to 10 grand and then have four or five credit cards. And the salespeople are there at the credit card table while the guy is making phone calls to get them approved, telling them, we will close you in a deal before this time is up. And none of them do. So they end up in massive debt after that.
And a lot of these testimonies or comments, you could call it, are on my Facebook page. The other thing, um, what's her Facebook page? Yeah. Mostly. Okay.
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