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 that Mr. Dalbey is selling a course teaching people to hunt down and act as a broker to sell these notes. I have not purchased the course but I have been reading the information on his site for a couple of days and 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. Further investigation of the site shows what I believe to be excessive pricing by forcing you to buy other products that are supposed to help you to get going in this business.

My sources tell me that it can often take up to 90 days to test out the Russ Dalbey Course and system. And they say since it took them over 90 days to figure out this thing wasn't going to work form them, it meant they were now over the 90 day guarantee. So they couldn't even get their money back on the thing.

I just read the following statement on Google News apparently from a victim of Russ Dalbey "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, Papersourceonline.com, The Notes Lounge

Another person posted this message below to Google News but didn't leave his name. "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."

What I received were some glossy brochures and books, a video, and two CD ROMs. However, I was unaware that what I purchased was merely a small portion of what is required to operate this "business." I am very embarrassed and ashamed that I fell for the infomercial and many of their sales pitches, but I'm angry enough to bite the bullet and share this information so that others don't follow in my footsteps and find themselves broke, bankrupt or worse!

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.

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. 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 real-estate-online.com