Money for nothing.

• Author: Levine, Art
• Position: Get-rich-quick schemes

"How would you like to make a lot of money?" It seemed to be just another late-night TV ad for a get-rich-quick course, like so many that clog the airwaves in these recessionary times--but, somehow, this time I felt it was speaking directly to me. The announcers were touting the course offered by Mike and Irene Milin, two Houston-based real estate investors. As the screen flashed images of the Milins leaving their mansion, soaking in a hot tub, and flying in a private plane, I leaned forward, eager to learn their secrets of wealth. I certainly could use the help: My net worth--including a few thousand in savings--was the equivalent of a mid-priced sedan (options not included). Mike promised that "anyone can make money if you're willing to work a program of action."

In quick succession, the testimonials began: A parking lot attendant who made $13,500 buying discounted real estate, a young immigrant who made $56,000 at a government auction... Normally, I might simply have scoffed, but when the announcer intoned, "Stop making excuses and take control of your financial future--today," I knew I had no choice but to make my pilgrimage to hear these wealth-building gurus and try for myself the magical techniques they offered at their $10-a-head seminar.

I wasn't alone. All across America, thousands of people are flocking to hear dozens of self-styled experts on wealth tell them how to get rich. People like the Milins, Tom Vu, Robert Allen, and Charles Givens offer a seductive mix of rags- to-riches tales and seemingly easy-to-follow recipes for success that spur sales of their books, tapes, and seminars. But do their methods really work? I was determined to find out. In doing so, I would not only address an issue of great public concern, but, equally important, I could make piles of money for the first time in my life.

Affluent, sophisticated investors generally don't go to budget-priced hotels at 9 a.m. on a Saturday to learn how to get rich quickly. So I shouldn't have been too surprised to find that many of the 350 would-be millionaires who shuffled into the hotel ballroom in suburban Maryland to hear the Milins were bricklayers, computer operators, and the like. Mike Milin, a short, pudgy man in a cheap-looking gray suit and orange tie, was the cheerleader of the wonder couple. Speaking with a quiet intensity, the balding, nerd-like Milin said, "I can teach any one of you, no matter how broke you are, that if you' re willing to work just four, six, eight hours a week, you can retire in less than two years from now with a cash income of $10,000 to $15,000 a month." And there was a way we could jump-start that perpetual cash machine: by going to government auctions. "Anybody here willing to take a day off work can put $1,000, $1,500, maybe $2,500 in your pocket," Milin announced.

Unfortunately, their cash flow system was actually a series of complicated leasing arrangements that depended on finding desperate owners willing to let you take over their property for a song. I became even more despondent when Irene chirped happily about their book, Landlording Made Easy. Not only was I not qualified to become a landlord, but by the rigorous screening methods the Milins used, I wouldn't even qualify to become a tenant. After an hour of listening to the Milins, I had gone from aspiring millionaire to worrying about becoming homeless.

There was, however, still a reason to hope. The banks and government auctions Mike hyped sounded like an especially easy way to make money: For instance, he and Irene, he claimed, once picked up a Mercedes, a BMW, and a few motorscooters in a back lot for $100. Mike flashed some genuine-looking sales documents.

The only catch was that we'd have to shell out $495. This would entitle us to books, tapes, and the right to participate in the Milins' co-venture program which doled out...