Libel Against REIN?

[Rickson9]

For anybody who might be interested, Garth Turner may be engaging in libel against REIN today.



"REIN is boot camp for speckers and flippers. It preaches financial independence through the religion of real estate, and real estate only. One asset class. No diversification. No deviance. No other god. Members are prodded to continually spend on seminars, workshops, field trips and more, from $37 for an email to $1,500 for advice on commercial property. And everywhere, the power of leverage is front and centre."



http://www.greaterfool.ca/2011/02/23/the-cult/



Best regards.

 

[REINteam]

What's new. Garth doesn't have anything better to write about today...guess Don is it. His mindless followers are always entertaining, gotta love their comments!



Thanks for posting Rickson

 

[rgill]

His website is "Greater fool".....hmmm..... interesting irony.

 

[bizaro86]

[quote user=Rickson9]REIN is boot camp for speckers and flippers.


I assume from context that the underlined word is derogatory slang of some kind, but I'm not familiar with it. A google search reveals only people with that name.



(One family plays the fiddle: http://www.thespeckers.com/)



Anyone have any idea what he's talking about?



Michael

 

[JimWhitelaw]

speckers = speculators

 

[EdRenkema]

[quote user=JimWhitelaw]speckers = speculators
Jim forgot to mention speckers is the redneck version.

He knew it right away though, not sure why

 

[GaryW]

Three years ago I would probably have believed this, because I was so uneducated about investing. Thank God , it REINed on my parade!!!



Gary

 

[bizaro86]

I learn something on myreinspace.com all the time. Although it's not usually slang.



I guess Garth Turner is good for something after all...



Michael

 

[JimWhitelaw]

Oh, and with respect to G.T. and his followers:



Just like some people are only happy when they are miserable, there are some people who can only be happy when someone else is miserable. Their source of happiness is not their own success, but their observance of the failure of others. It's the only satisfaction an underachiever can enjoy - to find someone who is doing worse than they are so they can point and laugh. They are the Nelsons of the world (Simpsons reference). Thus they easily fall in love with any idea or any person that can show them that some people are "wrong" and they are going to suffer for it. That's the crowd that Mr. Turner attracts. Read through the comments on his site, you'll see that mentality over and over, people who just can't wait to gloat over failed real estate investors. They offer no productive information, only derision. I have no time for that kind of mindset.

 

[MonteDobson]

Wow...GT is quite the dude!



This comment from his blog has to be one of my favorites...



"Hey Garth,I'm new to your blog and love it! I was saving for a house and to hell with that now.. I`m going to invest my cash to stay liquid. I rang my realtor last week and told him to take me off his list. So now I`ve a dilemma. I`ve a large lump sum earning 1.35%!!!! I know, I know but I just don`t know what to do. Can you recommend a financial advisor that I could work with in Vancouver?? Thanks Garth and keep up the great work! Jesse"



Another "tenant customer" for us folks that OWN real estate!!

 

[CarrieKoch]

I'm happy to belong to this cult.

 

[jonathanb]

I read Garths blog fairly often just for kicks- but this post makes me think he either has no idea whatsoever about what REIN "preaches" or he is trying to decieve people.



Ive never heard REIN recommend buying negative cashflow properties, or say speculating is the way to wealth.



So for all the real estate nay sayers on his blog, i wish them well- but still think an educated approach to investing in Real estate for the long term is the way to go.

 

[ShannonMurree]

Wow..must be a slow financial news day. No other real estate investment groups commented on. Wow then, REIN must be doing something right.

 

[EdRenkema]

[quote user=MonteDobson]Hey Garth,I'm new to your blog and love it! I was saving for a house and to hell with that now.. I`m going to invest my cash to stay liquid. I rang my realtor last week and told him to take me off his list. So now I`ve a dilemma. I`ve a large lump sum earning 1.35%!!!! I know, I know but I just don`t know what to do. Can you recommend a financial advisor that I could work with in Vancouver?? Thanks Garth and keep up the great work! Jesse"

[quote user=MonteDobson]Another "tenant customer" for us folks that OWN real estate!!


OK Monte I'm not on FB but can I 'Like' this comment

 

[MikeMcC874]

I think it would be fun if they invited Garth to the investors forum at the end of march. Let him have his say...

 

[JimWhitelaw]

Mike, I actually agree with you. I think it would be excellent if REIN invited him in to speak. I disagree with Garth and don't like his followers, but there is value in hearing all viewpoints. It never hurts to re-examine our own information and beliefs in the light of opposing opinions.



The problem is, I'm not sure Turner is capable of presenting a reasonable intellectual position. He doesn't seem mature enough to do so without name-calling and childish invective.

 

[BBShark]

Turner is a gifted story teller, but he uses very few facts to support his positions. Just see what happens when you ask him to reference some of his 'facts'. As you state, he mostly just offers up his opinion and then bullies anyone who asks for a source.



That being said, there are bloggers who are writing about their concerns over residential real estate and supporting it with more than just their opinion...



http://americacanada.blogspot.com/ (not an active site anymore, but it was interesting when he had it going)



http://financialinsights.wordpress.com/category/primers/



It is worth at least exploring the position of the 'other side'. People on 'bubble blogs' might arguably congregate there to find reassurance for their beliefs in the comfort of crowds. But it could also be argued that we're no different...unless we take the high ground and acknowledge their legitimate arguments and then counter them.

 

[housingrental]

There is a lot of value to be found in everything - including Garth's (often offensive) posts

There is a risk of significant and prolonged down turn in many real estate markets in Canada

No one knows exactly how the future plays out - but this does not change the fact that purchasing real estate in 2011 is not a slam dunk.....and even the most thorough investor prior to purchase can still end up owning a property that ten years later is worth 20% less than purchase...

 

[Lucy]

Well said common sense.

 

[Thomas Beyer]

[quote user=housingrental]owning a property that ten years later is worth 20% less


.. or 30% more ..