Russ Dalbey, Note Network, and America's Note Network

I had seen Mr. Dalbey's infomercial so I decided to check out the ANN (America's Note Network) website. Basically, it seems to me that Mr. Dalbey is selling a course teaching people to hunt down and act as a broker to sell these notes. After talking to several people who have purchased his course, this is the way that I understand it. The ANN site includes a free note listing service that led me to conclude that ANN was teaching this information to build up a network of "scouts" to bring them business so that they could purchase these allegedly valuable notes. It sounds like a smart move for ANN and the "scout" still makes a fine profit. After futher investigation of the site I believe there's excessive pricing going on for other products that would make it difficult for buyer of this course to get started in this business.

Now, if selling booklets is one's primary business then I am all for it. However, one would think that, if selling notes is so lucrative, ANN would sell their information and start up tools more reasonably.

I can say that out of all the people that have called me about the note business, not a single one of them has ever described it as a good business to me. Nor have they told me about any significant income generated from dealing in notes.

Below is a quote from one of my sources who actually bought and tested out Russ Dalbey's system.

"I bought into the Russ Dalbey course. Of course I can't get my refund back on it because it took the whole 90-day money back period to figure out his program. I think it's set up that way so they can keep your money. During that time I let them talk me into getting a website. It cost me $900.00 extra dollars. Well, I'm getting all of my money back or I turn them into the Federal Trade Commission. If that doesn't work, I will sue them, if that doesn't work, I will pull a network of people together to expose that crook through 60 Minutes. I hope that answers anyone's questions." Source: Harold Luce, November 11, 2002,

Another had this to say:
"I purchased the Russ Dalby's 'Winning In The Cash Flow Business" in January of 2003. I have no training in real estate or note purchasing or selling, and was having difficulty understanding much of it. Only later did I realize their course materials are specifically designed to confuse...so that additional products, services, and/or training were needed - at GREAT additional expense. The original purchase is woefully inadequate for a "beginner."

I was repeatedly contacted, both by America's Note Network (ANN) and a company with whom they contract, PMI or PMI/Mustang to purchase additional tools and or training, ALL of which they insisted were REQUIRED TO BE SUCCESSFUL. All of them used extremely high-pressured sales tactics, (the offer expires at midnight tonight, etc.) one of them even went so far as to suggest I take a mortgage out on my house for FOURTEEN THOUSAND DOLLARS. Others suggested I use my credit card to utilize a business practice they call OPM or using Other People's Money to "invest in myself." After about 10 calls, I decided I'd had enough and requested a refund in March 2003. Instead of a refund, I was offered a mentoring program they call Protege (a 300 dollar value, supposedly, but given to me at no charge.) Protege turned out to merely be another method they utilize to sell additional products and services. Protege is also their way of preventing people from getting a refund. When I requested a refund a second time (via email, April 2003), they blocked my email address and I am no longer able to contact them by that means.

I do believe they are shady and unethical, and as some others on your site have mentioned, if selling notes were so successful, why is Russ Dalby selling course materials instead of real estate notes? Out of some altruistic gesture to share his wealth and knowledge? Please! The ONLY "cash flow" going on with Russ Dalby is from you to him. It's all about him achieving HIS financial dreams, not you achieving yours (or mine.)" Source: Wesley Ford, March 20, 2003

It goes without saying, that I don't recommend Russ Dalby or his Note Network. At this point, I don't recommend even being involved in the note business.