Foreclusure Blog

[pearlized]

Im sorry if this is a repost but i am reading this blog with my mouth on the floor. You have hardworking people who cant buy a home and this 24 yo with no income purchased 8 homes as an investor and is now facing foreclosure on 5 of them!

 

Background:I'm a 24-year-old aspiring real estate investor from Sacramento CA. After going to few seminars I bought 8 houses in 8 months across 4 states with no money down. I fixed and sold 2 and then ran out of cash. I am now facing foreclosure on 6 5 houses. I'm learning my lessons, finding solutions and blogging about it. Comments appreciated!

http://iamfacingforeclosure.com/33/will-i-...mortgage-fraud/

[grammers]

OMG! There and NOT the words.

 

When the lenders do foreclose, I hope they prosecute him for mortgage fraud. He got the loans by LYING and now the lenders stand to lose money when they foreclose.

 

He's a criminal with a blog. End of story.

[pearlized]

His lawyers asked him to close the blog and he did for a few days but i guess his ego couldnt live without the 15 minutes of fame.

[orangecrush]

I have a feeling that some of the brokers and others may be in troble too. What a moron.

[Cushie]

How can he ever look at himself in the mirror? Unbelievable. I hope he gets hit hard.

[gregcjackson]

From my years of seeing infomercials, reading online,etc- it seems very close to 100% of the "No Money Down/Real Estate Wealth" "Gurus" advocate and sell programs that instruct their "students" to commit mortgage fraud or at least very questionable tactics to invest in RE.

[beastmaster]

From my years of seeing infomercials, reading online,etc- it seems very close to 100% of the "No Money Down/Real Estate Wealth" "Gurus" advocate and sell programs that instruct their "students" to commit mortgage fraud or at least very questionable tactics to invest in RE.

 

 

That dude's an salamander but he'll be wealthier than me in the end because I have to sleep at night.

 

And I ADORE your sig line.

[nutty]

HOW COULD THE DUMMY LOSE MONEY IN CALF R/E???

 

 

DUMMY.

[MrEd1970]

There was an article in todays LA Times that stated Countrywide was going after someone for mortgage fraud! Needless to say, heads will be rolling at that Mortgage Broker's place of employment

[DallasLoanGuy]

when i was doing investor loans last yr.... my name got around as a good investment lender.... and i had them coming out of the woodwork trying to get me to do their deals.

 

 

 

need cash back at close(cuz i aint gotz no money)

 

oh, yes, we intend to live there(for 15 minutes)

 

stated income and stated assets (because they didnt have 2 nickles to rub together)

 

 

 

i call them 'posers' or 'wanna-be investors'

 

 

 

most of them spent more time talking about doing deals than actually DOING them

 

 

 

i can spot them a mile away now.... and i run.

[Skipper12]

when i was doing investor loans last yr.... my name got around as a good investment lender.... and i had them coming out of the woodwork trying to get me to do their deals.

 

need cash back at close(cuz i aint gotz no money)

 

oh, yes, we intend to live there(for 15 minutes)

 

stated income and stated assets (because they didnt have 2 nickles to rub together)

 

i call them 'posers' or 'wanna-be investors'

 

most of them spent more time talking about doing deals than actually DOING them

 

i can spot them a mile away now.... and i run.

Hi Dallas!

 

We own an S Corp where we do pre-foreclosure research + investing, do rehabs, own a RE Brokerage, plus own and manage rentals.

 

We have met many wannabee RE investors.......that have no clue what rehabbing means or what flipping a place actually takes. They usually spin a good "story", but have no cash, no LOCs, and on + on.

 

We basically avoid the "wannabees"......too much drama and too much complaining.

 

The sad thing is: There is nothing wrong with leveraging at all.....It is a solid path to becoming wealthy. Of course, lotsa leveraging takes plenty of experience, a solid grasp of market realities, and an exit plan worthy of the name.

 

The old Texas saying fits in here pretty well: These REI spin doctors are really just "All hat, and no cattle".

 

Take care,

Skipper

[hb55]

Just a thought - I read this guy's blog - and he writes it in such a likeable, "poor me - I really messed up on these deals - here's what I did and if I don't pay these bills, I'm facing foreclosure" that I'm wondering if it's not a VERY clever sales gimmick?

 

LOTS of pictures online - one or two properties show "sold"

 

....and isn't "everyone" "facing foreclosure" if they don't pay their mortgage?

 

The guy is either very dumb or brilliant - LOL - I'm thinking pretty smart to come up with this sales strategy - the exposure his blog has received is priceless in terms of free advertising!

[NINA_dood]

Just a thought - I read this guy's blog - and he writes it in such a likeable, "poor me - I really messed up on these deals - here's what I did and if I don't pay these bills, I'm facing foreclosure" that I'm wondering if it's not a VERY clever sales gimmick?

 

LOTS of pictures online - one or two properties show "sold"

 

....and isn't "everyone" "facing foreclosure" if they don't pay their mortgage?

 

The guy is either very dumb or brilliant - LOL - I'm thinking pretty smart to come up with this sales strategy - the exposure his blog has received is priceless in terms of free advertising!

 

 

I sorta agree with you - either VERY DUMB or brilliant. Criminal?? lol. How about just plain STUPID and greedy? The only person who's made any $$s so far in his scheme, has been the 'shady' realtors who pocketed 7%+$2K ($30K) in commissions on a 'wrap-around' arrangement. Unfortunately, this kid is just greedy and stupid beyond belief. The only 'great' idea he had, was the web site name (too bad he didn't think of it when he bought his '1st' house). But, of course, he's already proved that he doesn't 'think' much.

[angeleyeskkhr]

Personally if this is true, I think he got what was coming to him.

 

He was greedy, saw what he thought was a "get rich quick" deal and jumped in without properly researching what he needed, what needed to be done, HOW to do it right, etc...AND on top of it, he bought 8 freaking houses practically all at once??

 

Dude, if it had been me (of course I would NOT have committed mortgage fraud first of all)...I would have researched what types of loans I could get w/o having to put money down (or if that were even available)...Found a bunch of houses and gotten a general idea of what would need to be done...Researched HOW I could go about doing that within a certain budget (yes that's a biggie)....and then bought ONE house and waited on buy another til that sold..

 

I would continue one house at a time until I felt I had enough experience and money to COVER MYSELF and enough other resources (labor etc) that I could safely invest in more than one house at a time.

 

Seriously though, just starting out I can't imagine unless you're already rich, how you'd have a large enough budget and enough time and energy to fix up 8 houses and turn around and sell 'em for a profit....Seems more likely that each house would be a half-flowers job done poorly.

[Ocean]

incredible!!!!!!!!

[cavgirl]

Yes, he is a criminal. Some on his blog were encouraging him to write a book. Crazy world we live in.

[Ocean]

Still cant believe people will fall for the get rich quick stuff......

[Ocean]

when i was doing investor loans last yr.... my name got around as a good investment lender.... and i had them coming out of the woodwork trying to get me to do their deals.

 

need cash back at close(cuz i aint gotz no money)

 

oh, yes, we intend to live there(for 15 minutes)

 

stated income and stated assets (because they didnt have 2 nickles to rub together)

 

i call them 'posers' or 'wanna-be investors'

 

most of them spent more time talking about doing deals than actually DOING them

 

i can spot them a mile away now.... and i run.

Hi Dallas!

 

We own an S Corp where we do pre-foreclosure research + investing, do rehabs, own a RE Brokerage, plus own and manage rentals.

 

We have met many wannabee RE investors.......that have no clue what rehabbing means or what flipping a place actually takes. They usually spin a good "story", but have no cash, no LOCs, and on + on.

 

We basically avoid the "wannabees"......too much drama and too much complaining.

 

The sad thing is: There is nothing wrong with leveraging at all.....It is a solid path to becoming wealthy. Of course, lotsa leveraging takes plenty of experience, a solid grasp of market realities, and an exit plan worthy of the name.

 

The old Texas saying fits in here pretty well: These REI spin doctors are really just "All hat, and no cattle".

 

Take care,

Skipper

Never lived in Texas.....But I LOVE THAT statement!!!!!!!!

[pearlized]

Just a thought - I read this guy's blog - and he writes it in such a likeable, "poor me - I really messed up on these deals - here's what I did and if I don't pay these bills, I'm facing foreclosure" that I'm wondering if it's not a VERY clever sales gimmick?

 

LOTS of pictures online - one or two properties show "sold"

 

....and isn't "everyone" "facing foreclosure" if they don't pay their mortgage?

 

The guy is either very dumb or brilliant - LOL - I'm thinking pretty smart to come up with this sales strategy - the exposure his blog has received is priceless in terms of free advertising!

he will probably be making the talk show circuits pretty soon. surprised he hasnt been on one of those morning shows

[grammers]

How on earth any one person could manage to rehab 8 properties sspread across, what was it, someting like 3 or 4 states?

 

I'd be so wary of buying from this guy - he's willing to commit mortgage fraud when buying, why not when selling?

 

And just how high a quality of workmanship could a buyer expect in one of his houses? He doesn't have the money to have paid for the good stuff, or the good workers, so just how bad a mess would you be buying from him?

 

Is that sharks, I mean lawyers I smell circling around??

[Skipper12]

The old Texas saying fits in here pretty well: These REI spin doctors are really just "All hat, and no cattle".

 

Take care,

Skipper

Never lived in Texas.....But I LOVE THAT statement!!!!!!!!

Hi Ocean!

 

I never lived in Texas either....

 

But, I can understand the saying...It fits in pretty well in this situation.

 

Take care,

Skipper

[chatterweb]

He seems like a complete newbie who just went head on into it, no anaylasis at all...

 

He seems upfront on all the props and where they stand, I was impressed at that. Not salesman like at all, just a clear concise, here it is take it or leave it, maybe though, he was a bit too hopeful on some of the prices...

 

 

 

I felt better after reading the blog of this guy, at least our neg cash flow on our only rental is manageable, and equals an economy car payment each month!

 

I could not imagine owing 22 mil, or the 220K he modestly sets it at, after the properties sell...

 

As Hubby stated:

 

What a complete salamander. Sounds like he got duped and sucked in after Deal #1 !

 

A lesson learned, do not trust those RE Gurus at ALL!!!!

Edited October 3, 2006 by chatterweb