According to customer complaints received, the only "cash flow" in the Dalbey "Cash Flow" business appears to be from your pocket to his. This may or may not be a simple case of "sour grapes" from those who were unsuccessful. We only report what customers write. Note that, no matter how good a program may be, there will always be dissatisfied people ready to complain.

Russ Dalbey markets a $99 "note network" program called "Winning in the Cash Flow Business", where you supposedly find notes, list them on a website, and sell them. Seems simple enough. But actual Dalbey customers have complained that in order for you to have all the tools and info necessary to start, it can cost you $2000-$14,000 or more, and high pressure callers call daily, trying to sell you another "necessary" (and costly) "back-end" item.

When queried about this, the Dalbey people did not dispute the calling to upgrade, but they did say that different people have different needs, and they want to make sure each customer knows about all the optional upgrades, so that those who "want to invest in some additional tools" may do so. They also state, "The course contains all the information someone would need to become a success in the note business."

The website you need - they charge an additional $395 for that. The Dalbey people have not disputed the cost, but according to their previous statement about upgrades, a website is not necessary - it is optional.

Of all those who have written in, none seem to have made a dime from his program, but that is not unusual - if they made money, they would not be complaining. This does not mean no one makes money with the Dalbey system - it only means that some have not, and they are unhappy about it. In all fairness, the Dalbey folks say they have numerous "success stories", and you may find some on their website (link is below).

In short, you may have to pay out a ton of cash to become little more than a "bird-dog", doing all the work of locating notes, while risking that you will ever earn your investment back. Maybe you will, likely you will not. The competition is fierce in the "paper biz". But we can tell you in all honesty that this business does not require any major investment, so we would probably not recommend buying into any expensive up-sells.

Some of the complaints say that more often than not, the "America's Note Network" owned by the Dalbey folks reject many of the notes even if you find them. However, the people I contacted at the Dalbey network claim that almost all notes are accepted. You would have to decide for yourself - we can only report what others tell us. We try to give both sides here. And both sides are apt to be biased, so the truth is probably somewhere in between..

NOTE: It has been implied by many that Mr. Dalbey, Mr. Allen, Mr. Beck and some other "gurus" farm out their mentoring (which is very expensive) to other companies such as PMG, which also goes by PMI and about 40 other names. This company is to be avoided at all costs. They have been reputed to drain credit card balances, and provide little, if any, mentoring of any value.

But the Dalbey folks, while not admitting nor denying the use of such "mentor companies" say that they now do "MOST (90%)of their mentoring in house" at this time, which has got to be an improvement, and shows they are trying to provide a higher quality of service.

Their record at the BBB is mixed - in all fairness, it does appear that they have resolved most of the 165 complaints filed with the BBB in the last three years. It is good that complaints get resolved. It is not good that there have been that many complaints that made it to the BBB, when they should have been resolved sooner.

The investors who developed "The Simple Man's Guide to Real Estate" were among the first in the country to use notes for investing in real estate. We have been using notes for over 30 years. And we can say, in our opinion, that Mr. Dalbey's "system" is, for the most part, unworkable for many people. Because notes are a security, like stocks and bonds, trading in them may require a license as a note broker, which is regulated by the SEC (Securities Exchange Commission). Furthermore, many notes are worthless, and most good notes are sold directly to investors - not through any "note network".

In our opinion, the small chance of any substantial success is not worth the possible substantial cost. Just our opinion. Visiting the Dalbey site, you may find out more, from their viewpoint, and perhaps check out positive testimonials. You can check it out at www.notenetwork.com

If you are truly interested in really learning how to make money in notes and real estate, pay under $70 and receive the benefit of free, unlimited coaching from in-house members of their own investor group, "The Simple Man's Guide to Real Estate"^®, is worth considering. Their personal coaches are actual, practicing investors who volunteer (it's free) on a not-for-profit basis to help others. It is the only low cost program found that provides free, unlimited coaching from actual investors.

"The Simple Man's Guide to Real Estate"® has a very good section devoted to buying, selling and trading notes. You do not "bird-dog" for anyone - you get the full benefit of any notes you find. You need not put up any cash, either, and there are no expensive "back-end" necessities for you to purchase. And their "Read it Even Before You Pay For It" policy means you risk nothing! It really is worth a look.

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