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Reggie Middleton answers the question: “Why hasn’t anyone became wealthy trading Wall Street investment advice?” We believe Reggie Middleton and his team at the BoomBust bests ALL of Wall Street’s sell side research.
Since the inception of his BoomBustBlog, he has established an outstanding track record, including but not limited to, the fall of….
The housing market crash in the spring of 2006 and publicly in September of 2007
The collapse of Bear Stearns in January 2008 (2 months before Bear Stearns fell, while trading in the $100s and still had buy ratings and investment grade AA or better from the ratings agencies).
The warning of Lehman Brothers before anyone had a clue!!! (February through May 2008).
The fall of commercial real estate in general (September of 2007) and the collapse of General Growth Properties [nation's 2nd largest mall owner] in particular (November 2007).
The collapse of state and municipal finances, with California in particular (May 2008).
The collapse of the regional banks (32 of them, actually) in May 2008 as well as the fall of Countrywide and Washington Mutual
The collapse of the monoline insurers, Ambac and MBIA in late 2007 & 2008.
The overvaluation of Goldman Sachs from June 2008 to present)
The ENTIRE Pan-European Sovereign Debt Crisis (potentially soon to be the Global Sovereign Debt Crisis) starting in January of 2009 and explicit detail as of January 2010: The Pan-European Sovereign Debt Crisis
Ireland austerity and the disguised sink hole of debt and non-performing assets that is the Irish banking system.
The mobile computing paradigm shift, May 2010.
http://www.pprnoteco.com/freeworkshops Advantage #6 Volume — You can easily manage more loans than properties or rehabs. A loan servicer is much more cost efficient than a property manager ($25 set up, $15/mo. for a servicer, versus 8-10% for property management)
http://realestatemarketingthisweek.com – If facing foreclosure call a short sale expert and get working on your short sale today –
Part 4 – The lenders, its the loss mitigation departments that youre dealing directly, with the two of you doing the negotiations on behalf of the homeowner. Good, and then do you contact the lender immediately when someone calls you, and were going to talk about when they should call you in just a few minutes, but when the homeowner calls you do you immediately contact the lender and find out when the foreclosure date is and try to get that pushed back?
We do that as soon as possible, we can check the foreclosure date on tax records, if there is one that has been set, but there is some paperwork that is involved before we can contact the lender, because the lender will not just speak to anyone on behalf of the homeowner. You can get a lawyer and they will not talk to your lawyer unless they have authorization in writing from you the homeowner to speak about their financial situation and their mortgage on their behalf. So we do have some paperwork that we have clients do and the first thing is the authorization letter, as soon as we have that we can begin speaking to them on your behalf.
So Kalyn the next question is, when should someone start the process? Now. Honestly if youre listening to us right now and this is striking any sort of nerve you should be calling us. If you have concerns about being able to afford your home, or you cant sell it, if youre in a situation like going through a divorce, going through relocation like Jeri mentioned, all of these situations are possible short sales and you definitely should be on the phone now because too many times we see where people are in denial of whatever the situation may be and finally they are two weeks before foreclosure date and they are calling us.
We dont have enough time with just two weeks. There is too much involved for us to get the foreclosure extended, get an offer, get all the things that are included when you only give us to weeks, and then where are you, a lot of the time they dont even have a place lined up, and if you have a foreclosure on your record its a lot harder to get a rental.
Yes the foreclosure has significant impact on your credit report where as a short sale could be potentially much better. Maybe the foreclosure process will be started during the short sale process but not having it completed is better than having an actual foreclosure on your record.
Absolutely, the foreclosure proceedings started will not even show on a credit check if a landlord or a management company is pulling your credit to approve you for a rental, but its the worst thing in the world if you have gone through a foreclosure and youre just now calling us. I have some clients who need to be in a house this weekend and they have a foreclosure. They contacted me after the foreclosure had gone through and you would think that people would understand with the number of foreclosures going on that would not be as harsh on your credit but its. Were having a really difficult time finding landlords that will accept people who have foreclosures on their credit.
Me as a landlord, my wife and I have several rentals and I were to look at a credit report and see that a foreclosure proceeding had been started but the homeowner and potential renter says, we started it but we were able to sell the house short so we didnt have to go ahead with the foreclosure. That absolutely would be someone that I would consider over someone that had a foreclosure because it shows that they care, they certainly tried their very best, so I would think that is a great situation to be in. So two weeks left before your sale date is too late, its not going to work out.
Well I have recently done one in ten days. So it can be done, I had a one ten days before the foreclosure date and I had the bank put out the foreclosure date about a month and a half and we will close a short sale on that. 90% of the time though we wont be able to help you with that little of time.
Well the hardest part about the process is the beginning process, getting the lender to even acknowledge that they have received the authorization letter or the information packet that we have sent, the financials and the offer. You have to understand that lenders have thousands of foreclosures going on and they may have 20 bulk fax machines in their offices and as the paperwork comes through if its not that persons paperwork it may get tossed. That process alone can take 30 days before they even tell us they got what they need… http://realestatemarketingthisweek.com
http://www.pprnoteco.com/freeaudio ” PPR took a lot of time to explain things and to give a lot of context about what the nature of doing and investing in notes is, it’s such a different aspect of real estate……….. This was the first major investment that I made with the company, and they really took the time to explain what I was getting into and really made sure that I fully understood what they were doing, and it was really that kind of TLC that they put into it that’s most impressive. Don’t you wish the places we invest in stock would do that?”
http://www.pprnoteco.com/freeworkshops Advantage #3 Control – Notes are more passive and easier to manage than hard real estate, especially with a servicer in place (Like property management for real estate, but for a note). There’s usually less responsibility and liability. It’s rare to deal with maintenance, tenants, contractors and vacancies. It’s a homeowner mentality versus a tenant’s.
http://www.pprnoteco.com/freeworkshops Advantage #4 Profitable — Very high potential returns. Sometimes even infinite. Just like real estate you make your money when you buy. With institutional notes you make your money off the banks not the homeowners. It’s the opposite of the “We Buy Houses” business. Your best exit is usually through the borrower and not the property.
Bank Debt Direct specializes in the buying and selling of real estate loans, performing and non-performing loans on residential and commercial properties. visit us at www.bankdebtdirect.com
http://realestatemarketingthisweek.com/short-sales/avoid-a-foreclosure-on-your-credit-report-short-sale-your-home-and-save-your-credit/ – Avoid a foreclosure on your credit report, short sale your home and save your credit
Part 8 – Ok, so that is good to know, I know there are people who want to try and do that and I really dont know. I am really a full time mortgage professional, I didnt get into the loan modification business on purpose, we write mortgage loans, real estate loans for residential and commercial, so therefore I dont know your laws on the same token you dont do loan modifications and you dont write loans, youre professional realtor.
Exactly, and one more thing, bottom line is you cant be defrauding the bank. Because then youre stepping into mortgage fraud, as you know. You do have to have a hardship, you honestly do have to show, if youre going to be benefiting from staying in the home, you have to show a hardship that you cant afford the current payment. If youre making a couple hundred thousand a year and have a million in the bank and owe $200,000 the bank isnt on your side in that case.
There are a lot of situations though when a homeowner wants to stay in their home, if that is the case, then we market it to investors, because there is a lot of the people who are buying these homes so we work with the investor and we work out the lease amount and the homeowners can stay in their homes in those situations. Whatever it looks like at the end of the day, the homeowner needs to picture where they are going to be in the short term midterm and long term and where this house fits into those plans, if a loan mod isnt right a short sale is a significantly better option than a foreclosure.
They need to call now, they need to take action because you do need to find a place to live and were here to help you, you dont want to get two weeks to the point of foreclosure and have no where to move your family. And the Dreamvestors Team that is your main focus right now, but people still call you for first time home buyers.
We work with buyers as well as people who are short selling. We have been in real estate several years and we didnt want just short sales, were fortunate to have a very strong clientele base and were always taking new clients. We have just adjusted our focus as the market called for it and as our clients called for it.
The other thing too when we talk about these short sales, getting out of that home before it goes to foreclosure is always the best case scenario, the bank is happier with it, the house is more saleable in most cases, people are still living there, its still there home, they still feel like the pride of ownership.
Yes, and in addition, pride of neighborhood is another point. Your neighbors are going to like you better because there is not a foreclosure in their neighborhood, it helps keep the prices up when the bank takes them back the banks price them even lower typically, well sure and then its vacant and we have the potential problem of neighborhood kids turning the house into a paintball arena.
I saw that in a fantastic two story home with an amazing backyard, this house was to die for, a million dollar home and the neighborhood kids turned this house into a paintball arena. Now I am not going to lie, that might have been fun when I was a kid, but this house was trashed, wires hanging out, I mean it was just an absolute mess. The lenders dont want that, you dont want that. They need to take action they need to call you.
Yes educate yourself and call someone today. Folks its important to point out today that I would like to see you call Kalyn and Jeri for this because I know, I have seen their track record. I know their close ratio and I know that they generally care about you and your needs first, but if you have someone who does this and youre contemplating it, if you have a sale date coming up, you need to take action. Move on with your life, put this part of your life behind you.
One of the things to and we dont want to get to deep into this, Jeri or Kalyn, but after the short sale is done its all said and done, you have an affiliation with people who can help them out in getting their credit repaired and ready to go. We do, we really pride ourselves on being a one stop shop, so we help educate them, if its going to be a loan modification or a short sale once they get through the process then we begin working with them on credit repair. We have a program that we work ourselves, and if its a really sticky issue with your credit we have people that we work very closely with that we will refer you to, we also have a team that includes a bankruptcy attorney, a real estate attorney and a real estate CPA… http://realestatemarketingthisweek.com
http://www.benlowrey.com creditors in commerce winston shrout jack smith gordon hall brandon adams robert menard accepted for value A4v john harris commercial redemption free man on the land ben lowrey bashar john demartini tony robbins zeitgeist fractional reserve modern money mechanics money as debt fiat alex jones prison planet info wars project camelot TPUC Tim Turner Sam Davis Douglas Riddle
http://www.benlowrey.com creditors in commerce winston shrout jack smith gordon hall brandon adams robert menard accepted for value A4v john harris commercial redemption free man on the land ben lowrey bashar john demartini tony robbins zeitgeist fractional reserve modern money mechanics money as debt fiat alex jones prison planet info wars project camelot TPUC Tim Turner Sam Davis Douglas Riddle
Reggie Middleton answers the question: “Why hasn’t anyone became wealthy trading Wall Street investment advice?” We believe Reggie Middleton and his team at the BoomBust bests ALL of Wall Street’s sell side research.
http://www.pprnoteco.com/freeworkshops Advantage #6 Volume — You can easily manage more loans than properties or rehabs. A loan servicer is much more cost efficient than a property manager ($25 set up, $15/mo. for a servicer, versus 8-10% for property management)
http://realestatemarketingthisweek.com – If facing foreclosure call a short sale expert and get working on your short sale today – 
http://www.pprnoteco.com/freeaudio ” PPR took a lot of time to explain things and to give a lot of context about what the nature of doing and investing in notes is, it’s such a different aspect of real estate……….. This was the first major investment that I made with the company, and they really took the time to explain what I was getting into and really made sure that I fully understood what they were doing, and it was really that kind of TLC that they put into it that’s most impressive. Don’t you wish the places we invest in stock would do that?”
http://www.pprnoteco.com/freeworkshops Advantage #3 Control – Notes are more passive and easier to manage than hard real estate, especially with a servicer in place (Like property management for real estate, but for a note). There’s usually less responsibility and liability. It’s rare to deal with maintenance, tenants, contractors and vacancies. It’s a homeowner mentality versus a tenant’s.
http://www.pprnoteco.com/freeworkshops Advantage #4 Profitable — Very high potential returns. Sometimes even infinite. Just like real estate you make your money when you buy. With institutional notes you make your money off the banks not the homeowners. It’s the opposite of the “We Buy Houses” business. Your best exit is usually through the borrower and not the property.
Bank Debt Direct specializes in the buying and selling of real estate loans, performing and non-performing loans on residential and commercial properties. visit us at www.bankdebtdirect.com
http://realestatemarketingthisweek.com/short-sales/avoid-a-foreclosure-on-your-credit-report-short-sale-your-home-and-save-your-credit/ – Avoid a foreclosure on your credit report, short sale your home and save your credit
http://www.benlowrey.com creditors in commerce winston shrout jack smith gordon hall brandon adams robert menard accepted for value A4v john harris commercial redemption free man on the land ben lowrey bashar john demartini tony robbins zeitgeist fractional reserve modern money mechanics money as debt fiat alex jones prison planet info wars project camelot TPUC Tim Turner Sam Davis Douglas Riddle
http://www.benlowrey.com creditors in commerce winston shrout jack smith gordon hall brandon adams robert menard accepted for value A4v john harris commercial redemption free man on the land ben lowrey bashar john demartini tony robbins zeitgeist fractional reserve modern money mechanics money as debt fiat alex jones prison planet info wars project camelot TPUC Tim Turner Sam Davis Douglas Riddle