- 1 - W W W .U ltim a te F o r e c lo s u r e P r o fits .C o m

J a s o n : I’m J a s o n L o u c k s a n d w ith m e to d a y is J a m e s E y n o n .

I a m u s in g J a m e s a s a g u id e b e c a u s e J a m e s is w h e r e a lo t o f y o u a ll a r e .H e is in th e b u s in e s s , w o r k in g a n d c a s h in g c h e c k s . H e is r e a d y to ta k e itto th e n e x t le v e l a n d le a r n s o m e o f th e in s ig h ts to th e fo r e c lo s u r eb u s in e s s .

T h a t is w h a t I w a n t y o u g u y s to le a r n to d a y s o J a m e s is g o in g to b e a b leto a s k th e q u e s tio n s to g e t th e a n s w e r s th a t y o u w a n t to h e a r .

D o y o u w a n t to in tr o d u c e y o u r s e lf J a m e s ?

J a m e s : H e llo e v e r y b o d y th is is J a m e s E y n o n h e r e . I h a v e b e e n in th e b u s in e s sa b o u t a y e a r n o w a n d h a v e b e e n d o in g r e a lly w e ll. N o w it is t im e to ta k eth in g s to th e n e x t le v e l.

I a m g o in g to fe e d J a s o n a b u n c h o f q u e s tio n s a b o u t fo r e c lo s u r e s a n d tr ya n d a s k h im th e ty p e o f q u e s tio n s th a t I th in k a ll o f y o u a r e g o in g to h a v ein y o u r m in d ju s t lik e I d o n o w .

J a s o n : E v e r y th in g is a b o u t fo r e c lo s u r e s h e r e to d a y a n d th e r e a r e a c o u p le o fg o o d r e a s o n s fo r th a t.

F ir s t a n d fo r e m o s t is r ig h t n o w fo r e c lo s u r e s a r e th e h o tte s t p la c e to b e inth e r e a l e s ta te b u s in e s s . I’v e s a id it a m illio n tim e s - r ig h t n o w th e r e is th ep e r fe c t r e c ip e .

If y o u w e r e tr y in g to d e c id e w h a t w e r e th e p e r fe c t fa c to r s to m a k e r e a le s ta te in v e s to r s a fo r tu n e it w o u ld b e a s te a d y s u p p ly o f p r o p e r t ie sa v a ila b le a t a d is c o u n t, r ig h t n o w fo r e c lo s u r e s a r e a t a 5 3 y e a r h ig h . Ina d d itio n to th a t s e llin g p r o p e r tie s is e a s ie r n o w th a n e v e r , a t le a s t s in c e Ih a v e b e e n in th e b u s in e s s a n d s in c e a n y tim e I c a n r e m e m b e r . T h e s a les y s te m th a t I s e t u p fo r p r o p e r tie s is g e ttin g u s b e tw e e n th r e e a n d s ixq u a lifie d b u y e r s a d a y .

If y o u c a n p ic k u p p r o p e r tie s a t a d is c o u n t a n d s e ll th e m in m in u te s it is ab ig s te p to w a r d s m a k in g a fo r tu n e in fo r e c lo s u r e . P ic k in g u p a b igp a y c h e c k is e a s ie r th a n e v e r . I a m g o in g to c o v e r th e b a s ic s to m a k e s u r ee v e r y b o d y is u p to s p e e d . F o r s o m e o f y o u th a t a r e a d v a n c e d th e fir s t fiv eo r te n m in u te s m ig h t b e a g r e a t r e fr e s h e r . F o r th e o n e s th a t a r e n e w toth is b u s in e s s th is is g o in g to b e v ita l in fo r m a t io n th a t y o u a r e g o in g to w a n tto s to r e in th a t b ig g r e y c o m p u te r in s id e y o u r h e a d .

J a m e s : I w a n t to ta k e it b a c k s tr a ig h t to th e g r o u n d b r e a k in g . W h a t a c tu a lly is afo r e c lo s u r e ? I k n o w a lo t o f p e o p le u n d e r s ta n d it a s s o m e th in g th a t isr e a lly b a d a n d h o w p e o p le g e t th e ir h o u s e b a c k . L e t’s e x p la in it a little b it

- 2 - W W W .U ltim a te F o r e c lo s u r e P r o fits .C o m

b e c a u s e w h e n I fir s t g o t in to th e b u s in e s s I c o u ld h a r d ly s p e ll r e a l e s ta tele t a lo n e u n d e r s ta n d m u c h a b o u t it. L e t’s s ta r t o u t w ith w h a t a c tu a lly is afo r e c lo s u r e a n y w a y ?

J a s o n : I th in k w h a t y o u ju s t c o v e r e d is o n e o f th e fu n n ie s t th in g s in th is b u s in e s sto o . T h e r e a r e s o m a n y p e o p le th a t h a v e a m is c o n c e p tio n a b o u t w h a tfo r e c lo s u r e is . T h e y a r e a litt le c lo s e b u t th e y a r e w r o n g . M o s t p e o p le th in kth a t fo r e c lo s u r e is h o w a b a n k ta k e s a h o u s e b a c k . T h a t is n ’t tr u e , in fa c t ifd o n e p r o p e r ly a b a n k w ill n e v e r o w n a h o u s e . T h e y d o n ’t w a n t th e h o u s e ,th e y w a n t th e m o n e y . F o r e c lo s u r e is h o w th e y s e ll th e h o u s e a t a u c tio n ;a c tu a lly th e y d o n ’t s e ll it th e c o u n ty d o e s to p a y b a c k th e m o r tg a g e .

J a m e s : S o th e y d o n ’t lo a n a ll th is m o n e y a g a in s t th e h o u s e . T h e h o u s e is th e irs e c u r ity b u t if s o m e th in g e v e r d o e s g o w r o n g th e b a n k d o e s r e a lly w a n tth e h o u s e b a c k th e y ju s t w a n t th e ir m o n e y b a c k . S O th e y h a v e a s y s te ms e t u p fo r th e m s e lv e s to b a s ic a lly g e t th e ir m o n e y b a c k o u t o f th a t h o u s ea n d n o t h a v e to w o r r y a b o u t it.

J a s o n : It is n o t s e t u p b y th e m s e lv e s b u t b y th e c o u n ty . A c tu a lly it is d o n e b y th ec o u n ty b u t s e t u p b y th e s ta te . T h a t d o e s n ’t r e a lly m a tte r ; th e p o in t is th a tth e p r o c e s s is n o t e s ta b lis h e d b y th e b a n k b u t b y th e g o v e r n m e n t. It is th ew a y th e b a n k c a n s e iz e c o lla te r a l. T h e y c a n d o th e s a m e th in g w ith o u th o u s e s . T h e y c a n d o it w ith c a r s a n d b o a ts , th e r e is a s y s te m fo r e a c h o fth o s e th in g s b u t w e a r e s p e c ific a lly ta lk in g a b o u t h o u s e s b e c a u s e in m yo p in io n th a t is w h e r e th e m o n e y is . G e n e r a lly , th e p r o c e s s s p e c ific toF lo r id a a fte r 9 0 d a y s p a s s a n d n o p a y m e n t h a s b e e n m a d e th e b a n k w illfile th e p a p e r w o r k to g e t th e p r o c e s s g o in g . T h a t is fle x ib le ; th e y c a n filea s s o o n a s 3 1 d a y s . T h e y g e n e r a lly d o n ’t b e c a u s e th e y w a n t to w o r k it o u tw ith th e h o m e o w n e r .

J a m e s : L e g a lly a t 3 0 d a y s th e y c a n a c tu a lly s ta r t fo r e c lo s in g o n a p r o p e r ty . N in e t yF iv e p e r c e n t o f th e tim e th e y w o n ’t b e c a u s e th e y w a n t to w o r k it o u t w ithth e h o m e o w n e r s o th e y c a n g e t th e ir in te r e s t.

J a s o n : A b s o lu te ly , w h a t m o s t p e o p le d o n ’t u n d e r s ta n d a b o u t fo r e c lo s u r e is th a tth e b a n k is n e v e r r e q u ir e d to w o r k it o u t. If y o u a r e 3 0 d a y s la te th e y c a na c c e le r a te th e lo a n a n d d e m a n d a ll th e m o n e y r ig h t th e n .

J a m e s : T h e y w o n ’t th o u g h b e c a u s e th e y w a n t to m a k e th e ir m o n e y .

J a s o n : T h e y d o n ’t b e c a u s e th e y w a n t th e h o m e o w n e r to w o r k it o u t. B a s ic a lly ,th e y w a n t to g e t p a id , th e y d o n ’t w a n t a n y h a s s le . T h e y h a v e d is c o v e r e dth a t a lo t o f p e o p le g e t o n e p a y m e n t b e h in d a n d m a k e it u p a n d s o m ep e o p le c a n g e t tw o p a y m e n ts b e h in d a n d m a k e it u p b u t a t th r e ep a y m e n ts th e w r itin g is p r e tt y m u c h o n th e w a ll s o th e y g e t th e ir le g a lr e c o u r s e s m o v in g .

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J a m e s : S o in a b o u t th r e e m o n th s is w h e n th e le tte r s s h o w u p th a t lo o k r e a lly s c a r ys h o w u p a n d th e L is P e n d e n s is a b o u t to b e file d .

J a s o n : T h e s c a r y le tte r s s ta r t e a r lie r b u t th e y h a v e a d iffe r e n t to n e a fte r 9 0 d a y s .T h e fir s t 3 0 d a y s o r s o y o u ’ll g e t a p h o n e c a ll a n d le tte r s fr o m th e b a n ka n d th e y w ill g e n e r a lly a n g r y le tte r s s a y in g p a y n o w . B e tw e e n 3 0 a n d 6 0d a y s th e y ’ll h a v e a d iffe r e n t to n e to th e m , th e y ’ll b e a s k in g if y o u n e e dth e m to h e lp y o u o r if y o u c a n e s ta b lis h s o m e k in d o f w o r k o u t p r o g r a m .

J a m e s : T h e h o m e o w n e r d o e s n ’t e v e n u s u a lly d o a n y t h in g w ith th a t d o th e y ?

J a s o n : W e ll, m o s t h o m e o w n e r s a r e o f th e o p in io n th a t th e y a r e g o in g to w in th elo tte r y a n d A u n t M a r g e is g o in g to s e n d th e m a c h e c k o r th e y a r e g o in g tog e t th a t b ig b o n u s a t w o r k . O r th e y th in k th e y s till h a v e tim e s o th e y d o n ’tg e n e r a lly d o a n y th in g a b o u t it. A t a b o u t 9 0 d a y s th e b a n k is g o in g to file aL is P e n d e n s . T h a t is w h e n th e v a s t m a jo r it y o f in v e s to r s b e c o m e a w a r e o fth e p r o p e r ty b e c a u s e it is p u b lic r e c o r d . Y o u k n o w th a t th e h o m e o w n e r isin d e fa u lt a n d y o u k n o w th e ir a d d r e s s , th is is a g o o d th in g fo r a n In v e s to r .

J a m e s : S o in a b o u t th r e e m o n th s , r o u g h ly , th e y a r e g o in g to f ile th is th in g c a lle d aL is P e n d e n s a n d fo r th o s e o f u s g e ttin g fo r e c lo s u r e lis ts th a t is w h a t w ea r e s e e in g . W e a r e s e e in g th e L is P e n d e n s ’s th a t h a v e b e e n file d , w h o th eo w n e r is e tc e te r a . H o w m u c h d o e s th a t a ffe c t th e a c tu a l h o m e o w n e r a sfa r a s a L is P e n d e n s is c o n c e r n e d ?

J a s o n : A s s o o n a s th e L is P e n d e n s is file d it m a y s h o w u p o n y o u r c r e d it r e p o r t.T h e c r e d it r e p o r t in g a g e n c ie s a r e b e h in d th e tim e s a n d th e y g e n e r a llyd o n ’t s e a r c h p u b lic r e c o r d b e c a u s e th e y h a v e n o r e a s o n to u n til s o m e o n er e p o r ts th e p r o b le m . M e a n in g th e b a n k h a s to n o tify th e m o f th is L isP e n d e n s . A lo t o f s e lle r s a r e u n d e r th e im p r e s s io n th a t b e fo r e th e h o u s e iss o ld a t a u c tio n th e y a r e s till o k a y w h ic h is n o t th e c a s e . N o t o n ly d o th e yh a v e 3 0 , 6 0 a n d 9 0 d a y s la te s n o w th e L is P e n d e n s is w h e n th e filin g isn o w v a lid .

J a m e s : T h is is th e p o in t w h e r e p e o p le s ta r t g e ttin g a ll th e s e le g a l fe e s a tta c h e d tow h a t th e y o w e a s w e ll?

J a s o n : A b s o lu te ly , b e c a u s e th e b a n k d o e s n ’t g o a fte r th e m th e m s e lv e s , th e y s e n da tto r n e y s .

J a m e s : W h a t is th e n e x t s te p , w h e r e d o w e g o fr o m h e r e ?

J a s o n : If th e h o m e o w n e r d o e s n ’t d o s o m e th in g a fte r a n o th e r m o n th o r tw o ,g e n e r a lly a r o u n d 4 5 d a y s la te r ...

J a m e s : O k a y , s o w e a r e u p to a b o u t 1 2 5 d a y s fr o m th e m b e in g la te th e fir s t tim e .

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J a s o n : R ig h t, th e b a n k w ill h a v e th e c o u n ty s h e r iff s e r v e n o tic e o n th e p r o p e r tyth a t it is g o in g to b e s o ld a t a u c tio n . T h e r e a r e a fe w s te p s in v o lv e d th e r es o I d o n ’t w a n t to o v e r s im p lif y b u t th e b o tto m lin e is th e y w ill g e t w h a t isc a lle d a ju d g m e n t. T h e ju d g m e n t w ill b e fo r t h e fu ll a m o u n t o f th e p a y o ffo n th e lo a n p lu s a n y fe e s p lu s a n y a tto r n e y ’s fe e s p lu s a ll th e la te a n db a c k p a y m e n t. T h is is g e n e r a lly a h u g e s h o c k to a h o m e o w n e r . I ju s t d e a ltw ith a h o m e o w n e r r e c e n tly w h o o w e d $ 2 2 8 ,0 0 0 o n a lo a n th a t s ta r te d o u ta t $ 1 8 5 ,0 0 0 . W h e n I w a s ta lk in g to h im h e s a id h e w a s a b o u t 3 m o n th sb e h in d s o it s h o u ld b e a r o u n d $ 1 9 8 ,0 0 0 o r w h a te v e r th a t w o u ld w o r k o u tto a t r o u g h ly $ 1 8 0 0 a m o n th .

J a m e s : H e d id n ’t th in k a b o u t le g a l fe e s a n d e tc e te r a .

J a s o n : H e d id n ’t ta k e in to a c c o u n t a n y o f th o s e c o s ts th a t p ile u p . If y o u c a n g e t toth e m b e fo r e a ll th a t s tu ff is s tu c k to th e p r o p e r ty y o u ’r e g o in g to m a k e y o u rjo b e a s ie r .

J a m e s : I h a v e a c tu a lly d e a lt w ith s e lle r s b e fo r e w h e n I h a v e a s k e d th e m w h a t th e ym ig h t o w e a n d th e y te ll m e a b o u t th e s a m e th in g . O n e g e n tle m a n s a id h eo w e d a b o u t 6 5 ,0 0 0 a n d th r e e m o n th s in p a y m e n ts a n d it s h o u ld b e$ 6 6 ,0 0 0 n o w o r w h a te v e r . I a s k e d h im to g iv e th e m a c a ll a n d fin d o u tw h a t h is le g a l fe e s a n d a ll th a t s tu ff w a s a n d h e d id n ’t e v e n k n o w a b o u tth a t. H e c a lle d b a c k a n d h e o w e d $ 7 8 ,0 0 0 to ta l.

J a s o n : It is a b ig d iffe r e n c e . Y o u c a n im a g in e if it w a s a $ 6 5 0 ,0 0 0 h o u s e . W h e nth e s h e r iff p o s ts th a t n o tic e w ith a ll th o s e c o u r t fe e s , th e n o tic e b a s ic a llys a y s to e v e r y o n e w h o is in v o lv e d th a t th e p r o p e r ty is g o in g to b e s o ld a tp u b lic a u c tio n . A s I s a id b e fo r e th e le n d e r n e v e r r e a lly h a s to a llo w th eh o m e o w n e r to m a k e u p th e fe e s a n d p a y m e n ts b u t o n c e th is h a p p e n sth e y a r e e v e n le s s lik e ly to d o s o . W h e n I g e t in to h o w th e fo r e c lo s u r eb u s in e s s h a s c h a n g e d in th e la s t y e a r y o u a r e g o in g to s e e e x a c tly w h y .

O n e o f th e r o a d b lo c k s th a t I h a v e b e e n r u n n in g in to is it is n o t th e s a m eb a n k a n y m o r e . It is a n o th e r b a n k th a t b u y s d e fa u lte d p a p e r . I a m g o in g tog e t in to th a t in d e p th la te r .

J a m e s : S o , w e a r e a b o u t fo u r o r fiv e m o n th s d e e p s in c e th e s e p e o p le h a v em is s e d th e ir fir s t p a y m e n t. In a b o u t 9 0 d a y s th e y g e t th is L is P e n d e n s a n d3 0 d a y s a fte r th a t th e ju d g m e n t is file d w h ic h a tta c h e s a d o lla r a m o u n t tow h a t th e b a n k is o w e d . A t th a t p o in t th is is s e r v e d to e v e r y o n e in v o lv e d ,th e y a r e g iv e n n o tic e th a t th is a m o u n t o f m o n e y is o w e d to th is b a n k fo rth is p r o p e r ty a n d it is s e t fo r a u c tio n fo r th is d a te . N o w th a t th e b a n k isc o m m itte d th e y a r e c o m in g to g e t th e ir h o u s e b a c k , th e y a r e g o in g to s e ll ita t a u c tio n a n d g e t th e ir m o n e y .

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J a s o n : R ig h t. T h e r e is a n o th e r k e y h e r e a n d th a t is th a t it is a c e r ta in a m o u n t o fm o n e y a n d it is a c e r ta in d a te . If th e p r o c e s s ta k e s lo n g e r th e y c a n a lw a y sa d d to th a t. It w ill s a y s o m e th in g lik e a ju d g m e n t fo r $ 2 2 7 ,8 0 0 h a s b e e nfo u n d a g a in s t th is p r o p e r ty a n d th is h o m e o w n e r a n d w ill b e s a tis fie d b yM a r c h 1 8 th fo r e x a m p le .

T h e n e x t s te p is r e a lly th e d o o z y , a n d w h a t e v e r y b o d y th in k s isfo r e c lo s u r e . T h e c o u n ty w ill h a v e a n a u c tio n , th e y w ill a u c tio n o ff th ep r o p e r ty to th e h ig h e s t b id d e r w h o m a y o r m a y n o t b e th e le n d in gin s titu tio n b y th e w a y a n d th e d e b t w ill b e r e p a id w ith th e m o n e y . A c o u p leo f d iffe r e n t th in g s th a t p e o p le d o n ’t k n o w a b o u t a r e n u m b e r o n e , if it is n o te n o u g h m o n e y th e b a n k m a y s till c h o o s e to n o t b e th e w in n in g b id d e r . T h eb a n k 9 tim e s o u t o f te n if th e y a r e o w e d $ .7 0 o n th e d o lla r o r s o m e th in glo w e r th a n th a t w ill s e n d a r e p r e s e n ta tiv e to th e a u c tio n w h o w ill b id $ 1 .0 0m o r e th a n th e b a n k is o w e d ju s t to m a k e s u r e th e y g e t th e ir m o n e y .

T h e y d o n ’t h a v e to d o th a t a n d th e y m a y ju s t w a tc h th e b id a n d if it d o e s n ’tg e t th a t h ig h th e y ’ll s te p in a t th e la s t m in u te s a n d b id $ 1 .0 0 m o r e .

J a m e s : W h a t h a p p e n s if it is a s itu a tio n w h e r e th e h o m e o w n e r th in k s th e y o w e$ 3 0 5 ,0 0 0 b u t w ith a ll th e ir b a c k p a y m e n ts a n d le g a l fe e s b e c a u s e th eb a n k d id n ’t file a L is P e n d e n s u n til th e y w e r e s ix o r s e v e n m o n th s b e h in dth e ju d g m e n t w a s $ 3 4 5 ,0 0 0 . S o it w a s $ 4 5 ,0 0 0 m o r e th a n w h a t th e ir lo a nb a la n c e w a s a n d th e h o u s e is o n ly a c tu a lly w o r th a b o u t $ 3 7 0 ,0 0 0 . W h e nth a t a c tu a lly g o e s to a u c tio n it is n o t g o in g to s e ll fo r a n y th in g n e a r w h a tth e b a n k is o w e d . W h a t d o e s th e b a n k d o in th a t s itu a tio n ? W ill th e y s tillle t it g o to a u c tio n ?

J a s o n : T h e b a n k h a s a c o u p le d iffe r e n t o p tio n s . T h e y h a v e to le t it g o to a u c tio n ; Iw a n t to m a k e th a t c le a r . T h e r e is n o w a y th e b a n k c a n ta k e th e h o u s ew ith o u t ta k in g it to th e a u c tio n p r o c e s s , u n le s s th e s e lle r g iv e s it to th e m .W h e n it g e ts to th e a u c tio n p r o c e s s th e b a n k h a s a c o u p le o f o p tio n s .O p tio n n u m b e r o n e is b id $ 1 .0 0 m o r e th a t w h a t th e y a r e o w e d a n d h o p es o m e b o d y e ls e c o m e s a lo n g a n d b id s $ 2 .0 0 m o r e o r w h a te v e r e ls e a b o v eb e c a u s e th e y d o n 't g e t to k e e p th a t m o n e y a n y w a y . T h e s e c o n d o p tio nth a t th e b a n k h a s is to b e th e w in n in g b id d e r . If th e y b id th a t $ 1 .0 0 m o r eth e y m a y b e c o m e th e w in n in g b id d e r , th e n th e y ta k e th e p r o p e r ty b a c ka n d th e y a r e th e o w n e r s a n d th e y w ill m o v e to s e ll it.

J a m e s : N o w th e y h a v e m o r e p r o c e s s e s to g o th r o u g h a n d m o r e h e a d a c h e s a n dth e y h a v e to s p e n d m o r e m o n e y to b e s tu c k w ith a h o u s e th e y d o n ’t w a n t.

J a s o n : M o r e im p o r ta n tly , th e y c a n ’t le n d o u t th a t m o n e y . A n o th e r th in g p e o p led o n ’t g e t is th a t th e m o r tg a g e a g a in s t th a t h o u s e is n o t o n ly a n in c o m es tr e a m fo r th a t b a n k it is a n a s s e t th a t th e y c a n b o r r o w m o r e m o n e ya g a in s t. R ig h t n o w it is a b o u t 1 1 to 1 . S o o n y o u r $ 3 0 0 ,0 0 0 h o u s e th e r e is

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o v e r $ 3 ,0 0 0 ,0 0 0 o f m o n e y th a t th a t b a n k c a n n o w b o r r o w to le n d to o th e rp e o p le fo r o th e r p r o p e r tie s . S o it is a h u g e p r o b le m fo r th e b a n k to g e tp r o p e r tie s b a c k .

If it is a h u g e a m o u n t o f m o n e y th a t th e y a r e g o in g to lo s e th e y m a y d o ita n y w a y . F o r e x a m p le , if th a t b id a t th a t a u c tio n o n ly c a m e u p to $ 2 5 0 ,0 0 0r a th e r th a n ta k e it in th e s h o r ts fo r $ 9 0 ,0 0 0 th e y m a y c h o o s e to ta k e th ep r o p e r ty b a c k . A t th e lo a n v a lu e y o u w e r e ju s t ta lk in g a b o u t th e y a r ep r o b a b ly n o t g o in g to d o th a t. In fa c t o n e o f th e in te r e s tin g th in g s a b o u tth a t d e a l a n d w e s h o u ld p r o b a b ly ta lk a b o u t it la te r th a t w a y w e c a n fig u r eth is o u t is if y o u k n o w th a t a b a n k d id n o t m o v e to ta k e a p r o p e r ty b a c kw ith in th e t im e lin e th a t I ju s t la id o u t h e r e , w ith in th a t 9 0 d a y s , it m e a n sth e y d o n ’t w a n t it. If a b a n k w a ite d s ix m o n th s b e fo r e th e y e v e n file d th eL is P e n d e n s s o m e th in g s tr a n g e is g o in g o n th e r e .

S o m e p e o p le w ill c a ll th e b a n k te llin g th e m th e y h a v e fig u r e d o u t h o w tom a k e th e p a y m e n ts a n d th e b a n k w ill s a y y e s n in e tim e s o u t o f te n . T h e ya r e g o in g to w a n t to s e e s o m e th in g fr o m th e s e lle r a s to w h y th e y s h o u lda g r e e to g iv e m o r e t im e . T h is is h e lp fu l fo r in v e s to r s b e c a u s e if w e s h o wu p w ith a p u r c h a s e a n d s a le s c o n tr a c t w e c a n b u y m o r e tim e f r o m th eb a n k .

In a d d itio n to th a t, if y o u k n o w fo r a fa c t th a t a b a n k a fte r s ix m o n th s s tillh a s n ’t e v e n file d th e L is P e n d e n s th a t m e a n s th e y d o n ’t w a n t th e h o u s eb a c k . Y o u h a v e a p e r fe c t o p p o r tu n ity fo r a S h o r t S a le .

J a m e s : T h a t is e x a c tly w h a t I w a s th in k in g .

J a s o n : In fa c t I a m g o in g to b e s e n d in g a w o r k b o o k w ith th is C D a n d o n th a t C D itis g o in g to s h o w y o u f iv e o r s ix o r e ig h t d iffe r e n t o p p o r tu n itie s fo r a S h o r tS a le . T o o m a n y p e o p le h a v e m a d e S h o r t S a le th e b e a ll a n d e n d a ll o fth e fo r e c lo s u r e b u s in e s s a n d th e y a r e r e a lly n o t a p p r o p r ia te fo ra b o u t 9 0 % o f d e a ls b e c a u s e th e b a n k s im p ly d o e s n ’t h a v e a n yr e a s o n to S h o r t S a le .

J a m e s : W h a t h a p p e n s if th is h o u s e g o e s to a u c tio n a n d th e b a n k d o e s n ’t s h o w u pto b id $ 1 .0 0 o v e r w h a t th e y a r e o w e d a n d th e h o m e o w n e r o w e s $ 8 0 ,0 0 0a n d it s e lls a t a u c tio n fo r $ 6 0 ,0 0 0 o n a $ 1 0 0 ,0 0 0 h o u s e o r w h a te v e r th eh o s e is w o r th . W h a t h a p p e n s if th e b a n k s e lls a t a u c tio n fo r le s s th a n th e ya r e o w e d , w h a t h a p p e n s to th e r e s t o f th e m o n e y ?

J a s o n : T h is is o n e o f th e th in g s th a t I w a r n p e o p le a b o u t if th e y e v e r g e t th e s ta r tu p c o u r s e o r c o m e to th e fr e e s e m in a r s is th a t in th a t e x a c t e x a m p le th eb a n k n o w c a n g e t w h a t is c a lle d a “D e f ic ie n c y J u d g m e n t” fo r th e b a la n c eth a t is s till o w e d a n d c o m e a fte r th e h o m e o w n e r p e r s o n a lly fo r th e m o n e y .

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J a m e s : S o le t’s s a y it s e lls a t $ 6 0 ,0 0 0 b u t th e y o w e th e b a n k $ 8 0 ,0 0 0 , th e y s tillo w e th e b a n k $ 2 0 ,0 0 0 a n d c a n b e s u e d .

J a s o n : R ig h t, th e b a n k w ill h a v e a ju d g m e n t p u t o n th e ir c r e d it r e p o r t a n d c o m ea fte r th e m p e r s o n a lly fo r th e b a la n c e . M e a n in g th e y w ill p r o b a b ly fig u r eo u t a s tr u c tu r e d r e p a y m e n t, s o m e th in g lik e y o u p a y th e b a n k $ 4 0 0 p e rm o n th u n til th e y g e t th e ir $ 2 0 ,0 0 0 w ith in te r e s t.

J a m e s : C a n th e y a c tu a lly c o m e o u t a fte r th e m lik e a lo t o f th e r u m o r s w e h e a ra b o u t? C a n th e y s ta r t w ith d r a w in g m o n e y fr o m th e ir b a n k a c c o u n ts , c a nth e y ta k e th e ir c a r s b a c k , c a n th e y d o th in g s lik e th a t?

J a s o n : It’s d iffe r e n t S ta te b y S ta te . In F lo r id a , if it is a h o m e s te a d e d p r o p e r ty ,( w h ic h m e a n s y o u liv e in it a n d it is y o u r o n ly p r o p e r ty ) th e y c a n n o t d oth o s e th in g s . U n d e r s ta n d th o u g h th a t y o u lo s t th a t p r im a r y r e s id e n c e . F o ru s a s in v e s to r s o r fo r p e o p le th a t o w n r e n ta ls , th a t n e v e r a p p lie d in th efir s t p la c e , it w a s n o t a “H o m e s te a d e d ” p r o p e r ty s o th e y c a n g o a fte r y o u rp o s s e s s io n s . S o h e r e in F lo r id a w e a r e a little in s u la te d fr o m th a t b u ta c r o s s th e c o u n tr y th e y c a n c o m e a fte r y o u p e r s o n a lly .

J a m e s : W e h a v e a lo t o f k itc h e n ta b le in v e s to r s o u t th e r e th a t th in k th a t la n dlo r d in g is th e w a y to g o a n d th e y g e t th e m s e lv e s in tr o u b le . S o th e y h a v eth is h o m e th a t th e y th o u g h t w o u ld p r o d u c e c a s h flo w n o w in fo r e c lo s u r e . Itw a s n e v e r a h o m e s te a d e d p r o p e r ty a n d n o w th in g s a r e a b o u t to g o b a d .S o , th e b a n k m a y b e a b le to c o m e a fte r th a t $ 2 0 ,0 0 0 o n th e irh o m e s te a d e d h o m e b u t th e y m a y b e a b le to c o m e a fte r th e ir c a r o r o th e rp r o p e r tie s .

J a s o n : A b s o lu te ly , th a t is o n e o f th e d a n g e r o u s th in g s a b o u t g u a r a n te e d d e b tw h ic h o f c o u r s e I to ta lly p r e a c h a g a in s t. A d e fic ie n c y ju d g m e n t is n o t ag u a r a n te e ; s o m e tim e s b a n k s ju s t ta k e th e ir lu m p s b u t b e a w a r e in th eb a c k o f y o u r m in d th a t it c a n h a p p e n . F o r u s a s in v e s to r s it is ju s t g o o d tok n o w th a t b e c a u s e a lo t o f th e te c h n iq u e s w e s h a r e w ith s e lle r s m a y h a v eth e m e n d in g u p w ith a d e fic ie n c y n o t ic e a n d th e r e is n o th in g w e c a n d oa b o u t it, th e y w e r e g o in g to g e t th a t a n y w a y .

J a m e s : T h is c a n b e r e a lly b a d fo r th o s e in v e s to r s th a t d o n ’t d o a n y th in gin te llig e n tly a n d b u y n ic e h o u s e s w ith th e w r o n g k in d o f m o n e y a n d o n eg o e s in to fo r e c lo s u r e le a d in g to a h o u s e o f c a r d s e ffe c t.

J a s o n : A b s o lu te ly . Y o u lo s e o n e a n d th e y c o m e a fte r th e s e c o n d o n e a n d th e r ea r e tw o d e fic ie n c y ju d g m e n ts a n d th e y g e t y o u r th ir d a n d fo u r th o n e . Ih a v e a p e r fe c t e x a m p le , a g u y th a t w e s tr a ig h te n e d o u t a fte r w e fix e d h islitt le p r o b le m . H e b o u g h t e ig h t p r o p e r tie s a t g r e a t d is c o u n ts th a t n e e d e d as u b s ta n tia l a m o u n t o f w o r k ; h is p la n w a s to fix th e m u p h im s e lf. A t e ig h tp r o p e r tie s a n d e ig h t p a y m e n ts , h e e n d e d u p fix in g o n e ju s t to s e ll it to

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m a k e th e p a y m e n ts o n th e o th e r s e v e n . F in a lly b y th e tim e h e w a s d o w nto o n ly s ix p r o p e r t ie s h e c a lle d u s a n d w e e n d e d u p b u y in g fo u r o f th e s ix .

J a m e s : T h e n y o u g a v e h im a n e d u c a tio n s o th a t w o u ld n e v e r h a p p e n a g a in .

J a s o n : T h e n I ta u g h t h im th a t. H e h a s b e e n k ic k in g b u tt w ith th e s y s te m in P a lmB a y . H e h a s b e e n d o in g r e a lly w e ll.

J a s o n : S h o r t S a le s a r e a n in c r e d ib le o p p o r tu n it y to b u y p r o p e r t ie s a t b igd is c o u n ts b u t w h a t a lo t o f p e o p le m is s , I th in k b e c a u s e o f th e r e a l e s ta tetr a in in g th a t is o u t th e r e th a t in m y o p in io n is a litt le d e fic ie n t, is th e id e ath a t S h o r t S a le s a r e n o t th e b e a ll a n d e n d a ll o f th e b u s in e s s b e c a u s e alo t o f p r o p e r tie s a r e ju s t in a p p r o p r ia te . T h e y w o n ’t w o r k , th e b a n k w o n ’tta k e th e b ig s o a k in g r e q u ir e d to m a k e s o m e d e a ls w o r k .

J a m e s : S h o r t S a le s a r e w h e n y o u d e p e n d o n th e b a n k to h a v e s o m e r e a s o n tota k e a d is c o u n t o n w h a t is o w e d to th e m , a n d s o o fte n n o w a d a y s th a t isn o t th e c a s e .

J a s o n : O n e o f m y r u le s is d o n ’t b u y a p r o p e r ty ju s t b e c a u s e y o u c a n , b u tin v e s to r s d o a n d th e y ’ll e n d u p w ith th is c r a z y fu n k y fo u r b e d r o o m o n eb a th p r o p e r ty w h e r e y o u h a v e to w a lk th r o u g h th e b a th r o o m to g e t to th ek itc h e n a n d s tu ff. O f c o u r s e th e b a n k is g o in g to ta k e a S h o r t S a le o n th a to n e b u t g o o d lu c k s e llin g it. O n S h o r t S a le s fo llo w th e c h e c k lis t in th ea c c o m p a n y in g w o r k b o o k s o y o u k n o w w h a t p r o p e r t ie s c a n a n d s h o u ld b es h o r t s o ld .

I s k ip p e d a h e a d a litt le b it, a S h o r t S a le is b a s ic a lly a b a n k a c c e p tin g le s sth a n w h a t is o w e d a s a p a y o ff fo r th a t p r o p e r ty . T h e e x a m p le I ju s t g a v ey o u w h e r e w e fo u n d th e s e lle r , h e h a d o r ig in a lly o w e d $ 1 8 5 ,0 0 0 a n d b yth e tim e e v e r y th in g w a s w o r k e d o u t h e o w e s $ 2 2 7 ,0 0 0 , w e w o r k e d a S h o r tS a le w ith th a t b a n k b e c a u s e th e p r o p e r ty w a s ju s t o v e r le v e r a g e d . T h e ya g r e e d to a c c e p t $ 1 4 5 ,0 0 0 a s fu ll p a y o ff. Y o u h a v e to u n d e r s ta n d th a tfr o m a b a n k ’s p e r s p e c tiv e th e y w o u ld r a th e r h a v e th a t $ 1 4 5 ,0 0 0 n o w th e ns u ffe r w ith th e lo s t r e v e n u e s , th e tim e a n d e ffo r t a n d e v e r y th in g e ls e to tr ya n d g e t th e ir $ 2 2 7 ,0 0 0 o u t o f th a t p r o p e r ty w h ic h w a s n e v e r g o in g toh a p p e n .

J a m e s : T h e r e a r e c e r ta in c r ite r ia th a t w e lo o k fo r to m a k e s u r e th a t th e b a n k isw illin g to ta k e th e ir lu m p s a n d h a p p ily w a lk a w a y w ith o u t h a v in g to d e a lw ith s ix m o r e m o n th s o f h e a d a c h e s a n d n o n s e n s e .

J a s o n : It h a s to b e a b e tte r id e a to ta k e th e m o n e y a n d r u n th e n to ta k e it th r o u g hth e w h o le p r o c e s s . S h o r t S a le s a r e b ig th o u g h , y o u c a n ta k e a p r o p e r tyw h e r e a p e r s o n b o u g h t it a t 1 0 7 % fin a n c e d , fo r in s ta n c e , 1 0 3 % , 1 0 0 % , o r9 5 % fin a n c e d .

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J a m e s : T h is is h a p p e n in g m o r e o fte n n o w .

J a s o n : A ll th e tim e . A n o th e r th in g th a t h a s h a p p e n e d r e c e n tly e s p e c ia lly in th eh ig h e n d a n d lu x u r y h o m e m a r k e t is th a t p e o p le w ill h a v e a p p r a is a ls th a tth e y u s e to g e t r e fin a n c e d th a t a r e ju s t o u t o f th e b a llp a r k o n th e p r ic e .T h e y ’ll b r in g m e a p p r a is a ls fo r h o u s e s fo r $ 8 0 0 ,0 0 0 th a t I k n o w fo r a fa c tin e x c e lle n t c o n d itio n w ill s e ll fo r $ 5 5 0 ,0 0 0 . W h e r e th e y g o t a n a p p r a is e r toa g r e e to th a t n u m b e r I c a n n o t te ll y o u b u t th e tr u th is th e b a n k s a r e ju s th u n g r y to m a k e lo a n s e s p e c ia lly s in c e w e h a v e p e o p le lik e lis te n in g top e r s o n a l m o r tg a g e b r o k e r s a t th e ir lo c a l g y m fin d in g o u t th a t r e a l e s ta te ish o t a n d g e ttin g a m o r tg a g e b r o k e r s lic e n s e a n d n o w h e is fo r g in gd o c u m e n ts a n d a ll th is o th e r s tu ff to g e t th e v a lu e s u p to d o th e r e fin a n c eh o p in g in tim e th a t h is m is ta k e w ill b e c o v e r e d u p .

J a m e s : S o m o r e n o w th a n e v e r a lo t o f th e s e p e o p le a r e o v e r le v e r a g e d o n th e irp r o p e r tie s a n d e ith e r d o n ’t k n o w it o r ju s t fo u n d o u t.

J a s o n : M o r e th a n e v e r . T h e lie in th e r e a l e s ta te b u s in e s s is th a t tim e h e a ls a llw o u n d s , b u t s o m e w o u n d s a r e s o d e e p th e y k ill y o u . A lo t o f p e o p leb o u g h t r e n ta ls 1 0 0 % le v e r a g e d . In fa c t, I w a s ta lk in g to o n e o f m ym e n to r s h ip s tu d e n ts a n d h e to ld m e th a t a t o n e p o in t h e h a d g o n e tos o m e r e a l e s ta te tr a in in g a n d th e y ta u g h t h im to g e t p e r s o n a l s ig n a tu r elo a n s fr o m d iffe r e n t b a n k s fo r s m a ll a m o u n t o f m o n e y , $ 1 ,0 0 0 to $ 5 ,0 0 0a n d to g e t th a t fr o m s ix o r e ig h t s m a ll p r iv a te b a n k s s o h e c o u ld u s e th a tlu m p s o m e o f c a s h a s a d o w n p a y m e n t, b o r r o w th e o th e r 8 0 % to 9 0 % a n db u y a r e n ta l a t r e ta il p r ic e . A c c o r d in g to th e m in tim e th a t r e n ta l w illa p p r e c ia te a n d y o u w ill s e ll it p lu s m a k e a p r o fit p lu s th e p a y b a c k .

H e r e is w h a t th e y h a v e m is s e d - v a lu e s h a v e g o n e u p o n h o u s e s in th elo c a l c o m m u n ity b u t r e n ts h a v e n o t g o n e u p n e a r ly a s m u c h . T o p a y 1 0 0 %o f a p r o p e r ty a n d h o p e to g e t p o s itiv e c a s h flo w , e v e n b r e a k e v e n c a s hflo w , is to u g h a n d it is p r o b a b ly a h o u s e y o u d o n ’t w a n t. Im a g in e p a y in g1 0 0 % w ith $ 1 0 - $ 2 0 ,0 0 0 o n th e d o w n p a y m e n t a m o u n t p lu s a ll th e c lo s in gc o s ts b e in g fin a n c e d a t s ig n a tu r e lo a n r a te s w h ic h a r e 1 2 % to 1 8 %in te r e s t. It is lik e p u ttin g y o u r d o w n p a y m e n t o n a c r e d it c a r d . W h a t a r e th eo d d s th a t y o u a r e g o in g to b e a b le to p u ll th a t o ff- e s p e c ia lly if y o u d o n ’th a v e a n y m o n e y fo r e m e r g e n c ie s ?

J a m e s : I h a v e ta lk e d to m a n y p e o p le th a t h a v e $ 4 5 0 ,0 0 0 o r $ 5 0 0 ,0 0 0 p r o p e r tie sw h ic h is n o t v e r y u n c o m m o n a n d th e y th in k th a t th e s e a r e g o in g to b er e n ta l p r o p e r tie s fo r th e m . T h e r e a lit y is th a t th e ir p a y m e n ts a r e $ 4 ,0 0 0 am o n th . I w o u ld n ’t s p e n d $ 4 ,0 0 0 a m o n th to liv e in a 5 ,0 0 0 s q ft a p a r tm e n t.T h e fa c t th a t th e s e p e o p le th in k th e y a r e g o in g to g e t th a t fo r th e ir 2 ,5 0 0S q fo o t h o m e , it’s ju s t n o t h a p p e n in g .

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J a s o n : Y e s , it is ju s t n o t h a p p e n in g . T h e lie in th e b u s in e s s is th a t if y o u lo s em o n e y lo n g e n o u g h , e v e n tu a lly y o u w ill g e t it b a c k . F o r s o m a n y p e o p leth a t d o e s n ’t h a p p e n w h ic h is b o th a w a r n in g to in v e s to r s b u t a ls o a h u g ep r o fit s o u r c e a s th e s e p e o p le w h o g e t u p s id e d o w n a n d o v e r le v e r a g e dn e e d h e lp g e ttin g th e p r o b le m ta k e n c a r e o f.

H e r e is th e k e y o n S h o r t S a le s , if y o u ’v e g o t a n e x c e lle n t p r o p e r t y a n d a ne x c e lle n t lo c a tio n th a t th e s e lle r b o u g h t 9 0 % to 1 0 7 % fin a n c e d , a t a n ytim e in th e n e x t y e a r if th e y r u n in to t r o u b le th e y c a n n o t s e ll it to a n y o n eb u t u s b e c a u s e b y th e t im e th e y p a y th e 1 0 % in s e llin g c o s ts , th a t’s 5 % -6 % to a r e a lto r o r a 5 % d is c o u n t if s o ld b y o w n e r b e c a u s e th o s e b u y e r sth in k th e y d e s e r v e th e d is c o u n t p lu s th r e e o r fo u r m o n th s o f p a y m e n ts tillth e d e a l c lo s e s p lu s ta x e s a n d in s u r a n c e , p lu s fix in g th e p la c e u p , p lu sm a k in g it lo o k g o o d , p lu s th e a d v e r tis in g c o s ts a n d a ll th a t o th e r ju n k th a ts e lle r s n e v e r ta k e in to c o n s id e r a tio n , th e y c a n ’t s e ll. T h e y c a n s e ll to u sb e c a u s e w e c a n d is c o u n t th a t lo a n w ith th e b a n k ; it w ill n o t n e c e s s a r ily b ea h u g e d is c o u n t b u t if y o u h a v e a s e lle r th a t o w e s 9 0 % o f w h a t a h o u s e isw o r th th e v a s t m a jo r ity o f b a n k s w ill ta k e a p a y o ff fo r s o m e th in g b e tw e e n7 5 % a n d 8 0 % o f th e v a lu e o f th e h o u s e . T h e r e a s o n fo r th a t is th e y k n o wth e y a r e n e v e r g o in g to g e t th e ir m o n e y a n y o t h e r w a y .

If y o u p ic k u p a h o u s e s a y a $ 2 5 0 ,0 0 0 w h ic h is a m e d ia n h o m e p r ic e th a tis a r e g u la r b r e a d a n d b u tte r p ic k u p tr u c k in th e d r iv e w a y k in d o f h o u s e . Ify o u h a v e a s e lle r th a t o w e s $ 2 2 5 ,0 0 0 p lu s b a c k p a y m e n ts , p lu s la te fe e s ,p lu s a tto r n e y ’s fe e s , th e y c a n n o t s e ll th a t h o u s e to a n y o n e e ls e . W e c o m ea lo n g a n d w e te ll th e b a n k th a t w e w ill g iv e th e m $ 2 0 0 ,0 0 0 n o w . N o w w eh a v e a $ 5 0 ,0 0 0 d is c o u n t o n e q u ity p o s itio n in th a t p r o p e r ty th a t th e y h a dn o e q u ity in .

J a m e s : T h is g e ts e v e n b e tte r fo r u s . I th in k c u m u la tiv e ly w ith th e fa c t th a t b a n k sa n d m o r tg a g e b r o k e r s h a v e b e e n fig h tin g to g e t p e o p le th a t s h o u ld n ’t b eb u y in g h o u s e s a t 9 5 % to 1 0 0 % fin a n c in g w ith 5 0 0 b e a c o n s c o r e s a n dth in g s o f th a t n a tu r e , th is 5 3 y e a r s h ig h w ill le a d to a 5 4 y e a r h ig h a n d o na n d o n . T h e w h o le m o r tg a g e b u s in e s s ju s t w e n t th r o u g h a r in g e r in th ela s t fe w y e a r s a n d th e y h a v e b e e n fig h tin g to g iv e lo a n s , g r a n te d th e yh a v e g iv e n d e c e n t p e r c e n ta g e r a te s b u t th e y h a v e a ls o g iv e n h ig hp e r c e n ta g e r a te s to p e o p le w h o r e a lly s h o u ld n ’t b e g e ttin g th e s e h o u s e s ,p e o p le w h o r e a lly c a n t a ffo r d it a r e g e ttin g lo a n s a t 9 7 % o f v a lu e w ith 8 %to 1 0 % fin a n c in g .

J a s o n : A b o v e a n d b e y o n d th a t r ig h t n o w is b y fa r th e g r e a te s t tim e in h is to r y tog e t in v o lv e d in fo r e c lo s u r e s b e c a u s e o f o n e little fa c t. V a r ia b le in te r e s t r a telo a n s a r e b a c k . T h e y w e r e g o n e fo r 1 0 to 1 5 y e a r s a lm o s t w h e r e it w a sv e r y u n c o m m o n to g e t a v a r ia b le r a te lo a n b u t n o w e v e r y o n e h a s b e e ns o ld o n th e id e a o f p u ttin g o u t th e ir e q u ity a t a lo w in te r e s t r a te a n d p u ttin gtit s o m e p la c e e ls e o r s p e n d in g it o r w h a te v e r b e c a u s e r e a l e s ta te is g o in g

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to k e e p g o in g u p in v a lu e a n d r e a l e s ta te is n ’t g o in g a n y w h e r e . W h a t th e yh a v e n ’t r e a d in th e f in e p r in t in th e ir lo a n is th a t it s a y s , “Y e s it is a v a r ia b lein te r e s t r a te a n d y e s it is a t 4 .3 % p e r c e n t n o w , b u t it c a n g o u p .5 % a y e a ro r 1 % a y e a r o r a fte r 1 2 m o n th s .” T h e y c a n r e a s s e s s it b a s e d o n th e p r im er a te . S o , th e ir 4 .3 % w h ic h is in c r e d ib ly lo w ju m p s u p to a 6 .1 % in te r e s tr a te w h ic h is s till lo w .

W h e n I fir s t s ta r te d in th is b u s in e s s in te r e s t r a te s w e r e a t d o u b le d ig its , itw a s 1 0 .5 % s ta n d a r d in v e s to r 1 0 % d o w n to b u y th e p r o p e r ty . I w a s p a y in ga n y w h e r e fr o m 9 .5 % to 1 1 .7 5 % fo r th e fir s t tw o y e a r s I w a s in b u s in e s sw h e n I w a s m e s s in g a r o u n d w ith b a n k s . N o w a d a y s p e o p le th in k th a t 6 .1 %is n ’t th a t b a d b u t it is . T h a t’s a b ig ju m p . E v e n if it is a lo w in te r e s t r a te it ism o r e h o u s e th a n y o u c a n a ffo r d .

J a m e s : G r a n te d , o u r m a r k e t is s till g o in g to in c r e a s e a s fa r a s h o m e v a lu e s b u tm o r tg a g e r a te s a r e a s w e ll. I’m s a d to h e a r th a t s o m a n y p e o p le a r e g o in gto b e s u b je c t to th e s e v a r ia b le r a te s . T h e g o o d th in g is th a t w e h a v e th ek n o w le d g e to b e th e r e a n d b e a b le to h e lp th e m b u t th e r e a lity is a lo t o fth e m d o n ’t k n o w w h a t is c o n in g .

J a s o n : A b s o lu te ly , th a t is to ta lly tr u e . O n e o f th is n ic e th in g s a b o u t th is b u s in e s sis w e g e t to h e lp p e o p le th a t h a v e d u g th e m s e lv e s in to o fa r ; th e s a d th in gis th a t th e p e o p le w h o d ig th e m s e lv e s in to fin a n c ia l p r o b le m s ju s t k e e pd ig g in g . T h e y d o n ’t e v e r s to p a n d r e a s s e s s . E v e n m o r e s o a r e th e p e o p leth a t in s te a d o f h a v in g a v a r ia b le r a te a r e lo c k e d in fo r s ix to tw e lv e m o n th sa t c e r ta in r a te s . I’ll g iv e y o u a n e x a m p le , I h a d a c o n d o w h e r e I to o k th ed e e d s u b je c t to a n d th e lo a n w a s a v a r ia b le in te r e s t r a te lo a n . T h e lo a nw a s a t 2 .3 5 % in te r e s t, w h ic h is b e a u tifu l. It r e a s s e s s e s its e lf a n d it w e n tfr o m 2 .3 5 % to 2 .6 3 % , n o t a b ig m o v e a t a ll b u t th is w a s a $ 5 4 0 ,0 0 0 lo a no n a $ 7 0 0 ,0 0 0 c o n d o . T h a t b a s ic a lly t r a n s la te s to a $ 4 0 0 o r $ 5 0 0 a m o n thd iffe r e n c e a n d a s ta x e s a n d in s u r a n c e in c r e a s e th e m o n th ly p a y m e n t isn o w $ 6 0 0 m o r e th e n w h e n th a t lo a n s ta r te d .

J a m e s : It c a n g e t r e a l n a s ty r e a l fa s t.

J a s o n : If y o u a r e h a n g in g o n b y a th r e a d a n d a ll o f a s u d d e n y o u g e t a $ 6 0 0p r o b le m it is tim e to c a ll u s .

J a m e s : T h e b ig q u e s tio n p e o p le a lw a y s a s k m e is th e y k n o w h o w to p u t th e s ed e a ls to g e th e r b u t h o w in th e w o r ld d o th e y p a y fo r a d e a l if th e y d o n ’th a v e a n y m o n e y a n d th e y d o n ’t u s e th e ir c r e d it.

J a s o n : G o o d q u e s tio n . T h e r e a r e th r e e w a y to d o it s a fe ly a n d p r o p e r ly a n d m o r eth a n th r e e w a y s to s c r e w it a ll u p . L e t m e g iv e y o u th e w a r n in g s fir s t. T h e

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n u m b e r o n e w a y th a t y o u w ill d e s tr o y y o u r c a r e e r in th is b u s in e s s o r th eg e n e r a l h o u s e b u s in e s s is s c r e w in g a r o u n d w ith b a n k f in a n c in g . T h e r e isn o c h a n c e I a m e v e r g o in g to te ll y o u to s ig n y o u r n a m e to a lo a n . W e ju s tto ld y o u a ll th e p itfa lls o f th e b a n k s . T h e r e is a lo t m o r e , r e m e m b e r w h e nw e s a id th e y c a n s e iz e y o u r p e r s o n a l p r o p e r ty if a n y th in g g o e s w r o n g , d oy o u th in k y o u a r e g o in g to s le e p w e ll a t n ig h t h o p in g th e r e n t g e ts p a id ify o u k n o w th e y a r e g o in g to c o m e a n d ta k e y o u r d in in g r o o m ta b le a n dy o u r n e w c a r if y o u s c r e w u p ?

J a m e s : T h a t is n o t s o m e th in g I w a n t to b e liv in g w ith .

J a s o n : G u a r a n te e in g d e b t is th e s u r e p a th to d e s tr u c tio n in th is b u s in e s s .

J a m e s : W h e n I fir s t g o t in to th is b u s in e s s I h a d n o m o n e y a n d n o c r e d it, y o up r o m is e d m e a lo n g tim e a g o th a t I d id n ’t n e e d e ith e r a n d th a t h a s b e e nth e a b s o lu te tr u th . I r u n in to a lo t o f p e o p le th a t w a n t to le a r n r e a l e s ta teb u t th e y s a y th e y d o n ’t h a v e a n y m o n e y a n d th e y d o n ’t h a v e a n y c r e d ita n d I tr y to a s s u r e th e m th a t th e y d o n ’t n e e d th a t. I’v e m a d e a s ix fig u r ein c o m e in th e p a s t y e a r w ith n o c r e d it a n d n o n e o f m y o w n m o n e y . M yla r g e s t in v e s tm e n t o v e r th e la s t y e a r h a s b e e n $ 1 0 0 . I’v e s p e n t a lo t o fm o n e y o n m a r k e tin g h e r e a n d th e r e b u t it w a s m o n e y I h a d a lr e a d y m a d e .I w a n t to m a k e th a t v e r y c le a r a n d fo r e c lo s u r e s a r e n o d iffe r e n t.F o r e c lo s u r e s fo llo w th e s a m e r u le s , b a n k fin a n c in g is n o th in g b u t tr o u b lea n d w e a r e g o in g to c o v e r m o r e th in g s th a t a r e n o th in g b u t tr o u b le . B y n om e a n s w h a ts o e v e r h a v e I e v e r n e e d e d to u s e m y c r e d it o r th e b a n k sm o n e y o r a n y th in g a lo n g th o s e lin e s . T h a t is th e g r e a t th in g a b o u t r e a le s ta te .

J a s o n : Y o u ’r e e d u c a tio n w a s g o o d fr o m th e g e t g o . T h e r e a r e s o m a n y p e o p le o u tth e r e w h o g o t a b a d e d u c a tio n o r n o n e a t a ll w h ic h is a m a z in g to m e . It isa m a z in g th a t y o u a r e g o in g to g e t in to a b u s in e s s w h e r e te n s a n dh u n d r e d s o f th o u s a n d s o f d o lla r s c h a n g e h a n d s o n a d a ily b a s is a n d y o ua r e g o in g to s k im p o n y o u r e d u c a tio n . Y o u a r e g o in g to s a v e m o r e inc lo s in g c o s ts o n y o u r fir s t d e a l th e n w h a t y o u w h o le e d u c a tio n c o s ts .

H e r e is th e k e y to b a n k fin a n c in g . I d o n ’t c a r e if y o u h a v e th e c r e d it o f aliv in g g o d a n d a ll th e m o n e y y o u n e e d fo r d o w n p a y m e n ts , if y o u h a v e tota k e fo u r to e ig h t w e e k s y o u lo s e th e m in th e fo r e c lo s u r e b u s in e s s , th e ya r e g o n e , th e d e a l is d o n e a n d th e h o u s e is d e a d . W e d o n ’t h a v e tim e fo rb a n k s , c o m m itte e s o r lo n g te r m a p p r o v a ls it h a s to b e d o n e in a fe w d a y sto a fe w w e e k s a t th e m o s t a n d y o u ju s t c a n ’t d o th a t w ith b a n k fin a n c in g .

T h e s e c o n d th in g y o u c a n d o to s c r e w u p a g r e a t d e a l is to u s e y o u r o w nm o n e y . T h is is a tw o p r o n g e d p r o b le m s . T h e fir s t th in g th e y d o is th e yth in k it is g r e a t a n d w h e n th e y m a k e a ll th e m o n e y th e y c a n s a v e o nin te r e s t b y u s in g th e ir o w n c a s h . T h a t is n o t tr u e . If y o u d id n ’t u s e m o n e y

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to m a k e a ll y o u r m o n e y w h y w o u ld y o u s ta r t n o w ? Y o u a r e c h a n g in g th efo r m u la w h ic h is w h e n y o u s ta r t to m a k e m is ta k e s .

L e t m e g iv e y o u a n e x a m p le , a p e r s o n th a t J a m e s a n d I b o th k n o w w ill g oto a s e lle r a n d s a y th a t h e w ill w r ite th e m a c h e c k fo r $ 1 0 ,0 0 0 , $ 2 0 ,0 0 0 o r$ 3 0 ,0 0 0 if th e y w ill d e e d h im th e h o u s e o n ly to fin d o u t a fte r h e g e ts th ed e e d a n d h a s lo s t th e m o n e y th a t th e s e lle r o w e s $ 3 0 ,0 0 0 to $ 5 0 ,0 0 0m o r e th a n h e th o u g h t.

J a m e s : It is fu n n y to h e a r s o m e o f th e o ld d e a ls th a t h e h a s d o n e . H e s a y s th in g slik e h e o n ly lo s t $ 2 ,0 0 0 o n th a t o n e .

J a s o n : B u y th e tim e h e b o u g h t th e h o u s e , fix e d it, r e ta ile d it, fo u n d a b u y e r ,m o v e d th e m th r o u g h th e w h o le p r o c e s s a n d e v e r y th in g h e is “o n ly ” lo s in g$ 2 ,0 0 0 . H o w e v e r m u c h m o n e y y o u p u t in to a d e a l, y o u a r e th a t m u c h a tr is k . I p r o m is e y o u th a t y o u w ill s le e p b e tte r a t n ig h t if th a t n u m b e r is z e r o .E s p e c ia lly w h e n y o u a r e d e a lin g w ith fo r e c lo s u r e s , y o u m a y o r m a y n o th a v e a c le a r title , y o u m a y o r m a y n o t b e th e o n ly o w n e r , th e r e a r e tw om a n y v a r ia b le s to b e h a d to b e w r itin g c h e c k s to a n y b o d y it is ju s t b a db u s in e s s .

D o n ’t u s e y o u r o w n m o n e y .

T h is b r in g s u s to th e th ir d p o in t, m a k in g p r o m is e s y o u d o n ’t k e e p .

J a m e s : Y e s J a s o n , I’v e b e e n in th e b u s in e s s a little o v e r a y e a r n o w a n d I s e e s om a n y p e o p le th a t m a k e p r o m is e s th e y c a n ’t k e e p a n d tr y to g iv e s o m eu s e d c a r s a le s m a n p itc h to th e ir s e lle r s b e c a u s e th e y a r e d e s p e r a te to g e tth e s e d e a ls . Y o u h e a r th is te r m a lo t, g o t to g e t a d e a l- itis . T h a t w ill c a u s ea lo t o f p r o b le m s in y o u r p e r s o n a l life a n d in o th e r p e o p le s liv e s a n d I s e eit a lo t o n fo r e c lo s u r e s . P e o p le p r o m is e to m a k e u p b a c k p a y m e n ts th a tth e y a r e n o t s u r e th e y c a n m a k e . I h a d a fr ie n d o f m in e in th e b u s in e s sm a k in g a lo t o f m o n e y b u t h e c a lle d m e o n e d a y a lm o s t c r y in g b e c a u s e h eh a d ju s t le ft th e h o s p ita l w h e r e h e fo u n d o u t h e h a d fo u r u lc e r s a n d h isfa m ily , w ife , c h ild r e n a n d h is p a r e n ts a ll to ld h im h e h a d to g e t o u t o f th isb u s in e s s a n d h e d id . B e c a u s e h e r a n a r o u n d m a k in g p r o m is e s h e c o u ld n ’tk e e p . If th e r e a r e p e o p le o u t th e r e th a t a r e d o in g th a t, y o u a r e g o in g to g e ty o u r s e lf in tr o u b le , it is g o in g to c o m e b a c k a n d b ite y o u . F o r m e , th en u m b e r o n e r u le o f r e a l e s ta te is d o n ’t m a k e p r o m is e s I c a n ’t k e e p .

W e h a v e a ll th e p r o p e r p a p e r w o r k a n d to o ls a n d w h a t to s a y a s w e ll a se v e r y th in g th a t w e n e e d fr o m J a s o n . T h a t is s o m e th in g th a t I a m g r a te fu lfo r . W e h a v e a ll th e p a p e r w o r k th a t w e n e e d to m a k e it v e r y c le a r to th e s es e lle r s w h a t it is w e a r e g o in g to d o a n d n o t g o in g to d o a n d th e p r o m is e sth a t w e c a n ’t m a k e . I d o n ’t w a n t to g o o u t th e re a n d m a k e p r o m is e s I c a n ’tk e e p u n in te llig e n tly . It is o n e th in g if I k n o w th e tr u th a n d I k n o w w h a t I a m

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d o in g a n d ta k in g a d v a n ta g e o f th e s e s e lle r s a n d I h a v e s e e n th a t p le n ty p ftim e s , it is a n o th e r th in g if I d o it ig n o r a n tly . T h e o n e th in g th a t I a mg r a te fu l fo r is th a t a ll o f m y a n g le s a r e c o v e r e d , a n y p la c e th a t I w o u ld g oo u t a n d b lin d ly m a k e u n in fo r m e d m is ta k e s h a v e b e e n c o v e r e d in m ye d u c a tio n m a te r ia ls . I a m g r a te fu l fo r th a t b e c a u s e it h a s s a v e d m y b u tt ac o u p le o f tim e s .

J a s o n : I a p p r e c ia te th a t. It is o n e th in g to d e fr a u d s o m e b o d y b e c a u s e y o u ju s td id n ’t k n o w a n d y o u fe e l b a d a b o u t it b u t I h a v e h a d p e o p le te ll m e th a tth e y h a v e in te n tio n a lly d e fr a u d e d s e lle r s in fo r e c lo s u r e . In fa c t, la s t y e a r Ih ir e d a n a s s is ta n t to h e lp r u n th e b u s in e s s , I m u s t h a v e s a t d o w n w ith 2 0to 2 5 d iffe r e n t p r o s p e c ts to c h o o s e a n a s s is ta n t. I h a d a w o m a n s it d o w nw ith m e a n d th e c o n v e r s a tio n ju s t tu r n e d m y b lo o d c o ld . S h e s a id th a t itw a s g r e a t th a t I b o u g h t h o u s e s b e c a u s e s h e b o u g h t h o u s e s a s w e ll, s h eb o u g h t fo r e c lo s u r e s . R ig h t a w a y I w a s a little s u s p ic io u s , if y o u a r e in th eh o u s e b u s in e s s a n d y o u a r e a p p ly in g to b e c o m e m y a s s is ta n t y o u s h o u ldp r o b a b ly b e m a k in g m o r e th a n th e $ 1 0 .0 0 to $ 1 2 .0 0 a n h o u r th a t I a mg o in g to p a y y o u . I w a s s ittin g a c r o s s m y d in in g r o o m ta b le fr o m th isw o m a n a n d I s a id if s h e b u y s fo r e c lo s u r e s w h y w o u ld s h e w a n t to b e m ya s s is ta n t? S h e s a id th a t s h e c o u ld n ’t m a k e a n y m o n e y . S o I’m th in k in gm a y b e s h e is o n e o f th o s e p e o p le w e ta lk e d a b o u t th a t d o e s n ’t h a v e th ep r o p e r e d u c a tio n o r th e r ig h t o u tlo o k o n th e b u s in e s s . I a s k e d w h a t s h eh a d b e e n d o in g ; I w a s th in k in g it w o u ld b e m o r e h e lp fu l to h e r fo r m e toju s t p o in t h e r in th e r ig h t d ir e c tio n . S h e s a id th a t s h e c o n ta c te d th e p e o p lein fo r e c lo s u r e a n d te lls th e n th a t s h e is a fo re c lo s u r e c o u n s e lo r a n d th a ts h e w ill h e lp th e m w o r k it o u t. S h e te lls th e m n o t to m a k e a n y m o r ep a y m e n ts to th e b a n k a n d th a t s h e w o u ld ta k e c a r e o f it a n d th e n ju s tb e fo r e th e h o u s e g o e s to s a le s h e g o e s b a c k to th e m a n d te lls th e m th a ts h e c o u ld n ’t d o a n y th in g w o u ld th e y ta k e X n u m b e r o f d o lla r s fo r th e irh o u s e .

I to ld h e r s h e w a s a d is g u s tin g h u m a n b e in g a n d to g e t o u t o f m y h o u s e .W h y w o u ld y o u lie to p e o p le ? I d o n ’t u n d e r s ta n d th a t, 9 9 % o f th e p r o b le m sin th is b u s in e s s r e s u lt fr o m d is h o n e s ty . If y o u s im p ly s a id it d o e s n ’t m a k es e n s e fo r y o u o r a n y o n e e ls e to p a y th a t m u c h c a s h fo r th is h o u s e b u t th a ty o u h a d d iffe r e n t w a y s to w o r k it o u t if th e s e lle r w a s w illin g to w o r k w ithy o u .

J a m e s : It is ju s t s a d th a t s o m e b o d y w o u ld g o o u t th e r e a n d d o th a t. Its n o t lik e w ed o n ’t m a k e a lo t o f m o n e y , w e m a k e a lo t o f m o n e y fo r w h a t w e d o a n d w eh e lp a lo t o f p e o p le . T h e r e a lit y is th a t th e b a d e d u c a tio n s th e s e p e o p lea r e g e ttin g a r e a d d e d to b a d m o tiv a tio n s a n d a lo t o f b a d c h a r a c te r is tic sth a t r e g e ttin g th e m s e lv e s h u r t a n d th e p e o p le th e y w o r k w ith h u r t.

J a s o n : If y o u a r e in th e h o u s e b u s in e s s a n d y o u k n o w a ll th e te c h n iq u e s , if y o uh a v e b e e n to th e H o u s e B u s in e s s B o o t C a m p o r th e F a s t C a s h

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W o r k s h o p s o r s o m e th in g s im ila r to th a t y o u k n o w te c h n iq u e s fo r h o u s e sth a t a r e n o t a b o u t fo r e c lo s u r e s . A b o u t 4 0 % o f th e p e o p le th a t c a ll y o u w illb e in o r a b o u t to b e in fo r e c lo s u r e . F o r e c lo s u r e a llo w s u s a n e w le v e l o fta r g e te d m a r k e t in g b e c a u s e th e n a m e s a n d a d d r e s s a r e p u b lic r e c o r d .Y o u c a n fo c u s o n p e o p le w h o y o u k n o w a r e a b o u t to g o in to fo r e c lo s u r e .

In fa c t, I h a v e c o v e r e d 1 4 d iffe r e n t r e a s o n s w h y y o u m ig h t w a n t to fo c u so n fo r e c lo s u r e . T h e b ig g e s t r e a s o n is b e c a u s e r ig h t n o w th a t is w h e r eh u g e fo r tu n e s a r e s w in g in g . A p r e tty b a s ic d e a l w h e r e y o u g e t a 1 0 %d is c o u n t fr o m th e b a n k o n a S h o r t S a le o n a b r e a d o r b u tte r h o u s e is a$ 4 0 ,0 0 0 o r $ 5 0 ,0 0 0 p a y c h e c k . In fa c t, I w o n ’t e v e n b o th e r w ith a d e a l if Iw o n ’t s e e a t le a s t $ 2 5 ,0 0 0 in c a s h b e c a u s e it is ju s t ta k in g tim e a n d e ffo r ta w a y fr o m b ig g e r d e a ls . Y o u m ig h t w a n t to d o it n o w b e c a u s e w h o k n o w sh o w lo n g th is g r a v y tr a in is g o in g to r u n .

I k n o w w h e n I g o t s ta r te d in th e b u s in e s s fo r e c lo s u r e s w e r e p a r t o f it b u tc e r ta in ly n o t th e b e a ll a n d e n d a ll. In th e la s t y e a r fo r e c lo s u r e s a r e h o t.F o r e c lo s u r e s a r e e v e r y th in g in th e b u s in e s s n o w e s p e c ia lly s in c e w e h a v ea s u p e r h o t m a r k e t. I h a v e r e a lto r s te llin g m e th e y c a n ’t fin d a n yp r o p e r tie s to lis t b e c a u s e n o b o d y w a n ts to s e ll.

W h y fo r e c lo s u r e s in p a r tic u la r ? T h e n u m b e r o n e r e a s o n is th e y a r e e a s yto fin d , y o u c a n g e t a n e - m a il lis t d e liv e r e d to y o u e v e r y d a y if y o u w o u ldlik e . S o m e o f th o s e lis ts a r e e n o r m o u s . I’v e h a d 1 2 0 to 1 5 0 a w e e k in ju s to n e c o u n ty .

J a m e s : I ju s t s ta r te d m a r k e t in g to fo r e c lo s u r e s in P a lm B e a c h C o u n ty a n d th e r e isb e tw e e n 7 5 a n d 1 2 5 fo r e c lo s u r e s e v e r y w e e k .

J a s o n : T h a t is 4 0 0 le a d s a m o n th . N o t o n ly a r e s e lle r s e a s ily a v a ila b le th e y h a v ed e m o n s tr a te d a r e a s o n to b e m o tiv a te d . W h e n w e d o v a c a n t p r o p e r tie sth e y a r e m o t iv a te d b e c a u s e th e h o u s e is v a c a n t.

J a m e s : If y o u r m a r k e tin g d o e s n ’t p o in t its e lf to w a r d s a p e r s o n w h o h a s a r e a s o n tob e m o tiv a te d th e n y o u a r e p r o b a b ly w a s tin g a lo t o f m o n e y .

J a s o n : Y o u w o u ld b e w a s tin g a fo r tu n e . T h e r e a r e w a y s to p u ll it o ff b u t y o u h a v eto b e r e a lly g o o d a t w h a t y o u d o .

J a m e s : W ith fo r e c lo s u r e s n o t o n ly d o w e h a v e a s e t g r o u p o f p e o p le th a t s h o wth e y a r e m o tiv a te d it is a ls o p u b lic r e c o r d , s o w e h a v e th e ir n a m e a n da d d r e s s a n d w e c a n m a r k e t d ir e c tly to th e m .

J a s o n : T h e y a r e w o r k in g o n a s h o r t tim e fr a m e a s w e ll. B y th e tim e y o u g e t th e irn a m e th e y o n ly h a v e th e e m o n th s to g e t s o m e th in g g o in g o r ta k e n c a r e o fo n th is p r o p e r ty . T h a t m e a n s w ith in th e n e x t fe w w e e k s th e y h a v e to d o

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s o m e th in g . N o t a ll o f th e m k n o w th a t b u t it is y o u r jo b to e d u c a te th e m toth a t d e g r e e .

T h e fo u r th r e a s o n is th e le n d e r s w ill w o r k w ith y o u . T h a t is in c r e d ib le , d oy o u u n d e r s ta n d th e le v e r a g e in v o lv e d in s o m e th in g lik e th a t? It is ju s tfa n ta s tic to h a v e th e le n d e r w a n tin g to w o r k w ith y o u a s a n in v e s to r to g e tth a t h o u s e s o ld .

J a m e s : It is d e fin ite ly a w in - w in s itu a t io n . W e w in , th e h o m e o w n e r w in s , th e b a n kw in s , e v e r y b o d y is w in n in g , a n d w e s o lv e a lo t o f p r o b le m s a n d m a k e alo t o f m o n e y in th e p r o c e s s .

J a s o n : H e r e is s o m e th in g a lo t o f p e o p le h a v e n ’t th o u g h t o f, it d o e s n ’t m a tte r w h yy o u c a n ’t m a k e th a t p a y m e n t, w h e th e r it is d iv o r c e , b a n k r u p tc y , p r o b a te o rw h a te v e r , a n d if y o u d o n ’t m a k e it th e h o u s e g o e s in to fo r e c lo s u r e . It is th ela s t s to p fo r m o tiv a te d s e lle r s . T h e y a ll e n d u p th e r e e v e n tu a lly .

J a m e s : I h a v e p le n ty o f p e o p le th a t I fo llo w u p o n w it h th a t w e r e o r ig in a lly w a n tin gto o m u c h fo r th e ir h o u s e o r th e n u m b e r s w e r e w o r k in g a n d n o w th e y a r e inb ig t r o u b le b e c a u s e th e y h a v e r e a c h e d fo r e c lo s u r e . A lo t o f p e o p le th a tc o m e o ff o f m y g e n e r a l m a r k e t in g m a y n o t s a y th a t th e y a r e a b o u t to b ein to fo r e c lo s u r e b u t th e y a r e m o t iv a te d to c a ll m e b e c a u s e th e y a r e a fe wp a y m e n ts b e h in d . F o r th o s e th a t a r e in s o m e s o r t o f tr o u b le , fo r e c lo s u r e isth e e n d a ll fo r th e m .

J a s o n : T h a t is th e la s t s to p fo r m o t iv a te d s e lle r s . N u m b e r s ix is S h o r t S a le s o n lyw o r k o n h o m e s in fo r e c lo s u r e . I c a n ’t te ll y o u h o w m a n y in v e s to r s I h a v eh a d to b e a t th a t in to . H o w e v e r , y o u w o n ’t e v e n b e ta lk in g to th e r ig h tp e o p le a t th e b a n k u n til th a t L is P e n d e n s is file d . S h o r t S a le s o n ly w o r k o nh o m e in fo r e c lo s u r e s a n d fo r th a t r e a s o n a lo n e y o u ’ll g e t a to n o f p e o p lew h o th in k fo r e c lo s u r e is a G o d s e n d .

N u m b e r s e v e n , th e h o m e s a r e u s u a lly in g o o d c o n d itio n , n o t a lw a y s , b u te a s ily 8 0 % to 9 0 % o f th e tim e th e h o u s e is a p r e tty h o u s e . T h a t m e a n sth a t th e v a s t m a jo r it y o f th e t im e y o u w o n ’t r u n in to th o s e p itfa lls th a tr e h a b s c a n th r o w in fr o n t o f y o u . I c a n ’t te ll y o u th e n u m b e r s o f g u y s in th eb u s in e s s w h o m a y d o 4 0 o r 5 0 h o m e s a y e a r h a v e o n e h o u s e th a t th e yb o u g h t a ll c a s h a n d th e y a r e t ie d to th a t p r o p e r ty a n d it w ill o c c u p y m o n th so f th e ir tim e d u r in g w h ic h th e y d o n ’t g e t a n y th in g e ls e d o n e . It is a h u g ein c o m e d e s tr o y e r to h a v e to d e a l w ith a ll th o s e p r o b le m s a n de n ta n g le m e n ts .

T h e r e is n o t tim e fo r s o m e o n e to g o g e t a lo a n to b u y th e ir h o u s e , th is r ile so u t a r e ta il s a le . T h e y k n o w fo r a fa c t th a t th e y c a n ’t w a it fo r a m o n th o ftw o fo r a b u y e r to c o m e a lo n g w ith g o o d c r e d it a n d o ffe r th e m fu ll p r ic e fo rth e h o u s e . T h is a ls o r u le s o u t r e a l e s ta te a g e n ts , a lo t o f tim e s th e r e is n o t

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e n o u g h e q u ity fo r th e m to p a y th e 6 % to 7 % th a t a r e a lto r w a n ts b u t a b o v ea n d b e y o n d th a t th e y d o n 't h a v e tim e to lis t a n d w a it fo r a b u y e r . T h e yn e e d a b u y e r in h a n d a n d r e a d y to g o , th a t is w h e r e w e c o m e in . O n ly o u rw a y o f b u y in g h o u s e s w ill w o r k fo r s e lle r s in fo r e c lo s u r e .

J a m e s : W e h a v e th e fa s t s o lu tio n . I h a v e ta lk e d to p e o p le b e fo r e th a t a r e info r e c lo s u r e w h o th in k th e y c a n lis t th e ir h o u s e w ith r e a l e s ta te a g e n t a n d itis g o in g to s e ll in 2 0 d a y s . T h e r e a lit y is e v e n in a h o t m a r k e t th e c h a n c e so f th e m f in d in g a b u y e r th a t s o o n a r e s lim . If th e y d o fin d a b u y e r , th eb u y e r is g o in g to b u y it w ith a tr a d itio n a l m o r tg a g e a n d th e y d o n ’t h a v etim e fo r th a t. T h a t is 3 0 to 6 0 d a y s fo r th e m to g e t a n a p p r a is a l a n d as u r v e y a n d a n in s p e c tio n to w a it o n s o m e b a n k to w r ite a n o th e r lo a n fo rs o m e b o d y n e w . T h e r e a lity is th e y ju s t d o n ’t h a v e tim e fo r th a t.

J a s o n : Y o u a r e lo o k in g a t a tw o to th r e e m o n th p r o c e s s fo r th e m to fin d a b u y e r ,w a it fo r th e tit le c o m p a n y a n d w a it fo r a lo a n fr o m a b a n k . T h e y d o n o th a v e th a t m u c h tim e s o o n ly o u r w a y w ill w o r k .

N u m b e r n in e is th e s e lle r s p r o b a b ly d o n ’t k n o w e n o u g h to g e t th e m s e lv e so u t o f it, th e y k n o w th a t a n d th e y n e e d s o m e b o d y ’s h e lp . Y o u c o u ld b eth a t s o m e b o d y . T h e n ic e p a r t a b o u t th a t is w e g e t to fe e l g o o d . B e c a u s ew e a r e th e o n ly s o lu tio n w e o n ly h a v e to w o r k w ith th e p e o p le th a t w a n t tow o r k w ith u s . W e a r e n ’t s h o v in g a n y th in g d o w n a n y b o d ie s th r o a ts ; w e a r eo p e n in g d o o r s a n d le ttin g th e m w a lk th r o u g h .

I h a d a s e lle r w h o c a lle d m e f r o m o n e o f m y le tte r s . H e to ld m e h er e c e iv e d a le tte r s a y in g th a t I b o u g h t h o u s e s . I to ld h im th a t m y w ife a n d Ib u y h o u s e s a s in v e s tm e n ts a ll th e t im e . H e s a id h e h a d a h o u s e th a t w ec o u ld h a v e if w e w a n te d it. I th o u g h t to m y s e lf th a t I c o u ld w o r k w ith th a ta n d I a s k e d h im to te ll m e a b o u t it. H e w a s s e v e n m o n th s b e h in d o n tw om o r tg a g e s a g a in s t th is h o u s e , th e r e is n o w a y h e c o u ld s e ll th a t h o u s e ina n y k in d o f tim e fr a m e to a n y b o d y e ls e b u t m e . A t o n e p o in t w h e n h e w a ss ig n in g th e p a p e r w o r k h e h a d to g e t w ith h is w ife , h e c a lle d h e r a n d s a idth a t h e th o u g h t h e w a s ta lk in g to J e s u s b e c a u s e if h e c a n d o w h a t h e s a y sh e is g o in g to d o h e is th e a n s w e r to o u r p r a y e r s . I g o t to fe ll r e a lly g o o da n d I h e lp e d h im o u t o f a tr e m e n d o u s ly b a d s itu a tio n th a t w a s r o ttin g h imto th e c o r e .

N u m b e r te n is a ll th e e q u ity in th e w o r ld b e c o m e s n o th in g th e m in u te th ea u c tio n b e g in s . T h is m e a n s th a t it is v e r y e a s y to c h a n g e th e c o n v e r s a tio nto a r e ta ils ty p e a ll c a s h ty p e o f s a le to w h a t d o y o u w a n t to g e t o u t o f th isw h ic h is b ig fo r u s a s a n in v e s to r .

J a m e s : I a g r e e it ta k e s a lo t o f p r e s s u r e o ff b e c a u s e w e o r th e h o m e o w n e r a r e n o tin c h a r g e o f th is s itu a tio n . T h e r e a lity is th e b a n k is in c h a r g e o f th es itu a tio n a n d th e m in u te th a t h o u s e g o e s to s a le n o b o d y is m a k in g

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a n y th in g , e v e r y b o d y is lo s in g . E v e n th e b a n k is lo s in g b u t th e y a r e g o in gto lo s e th e le a s t fo r s u r e .

J a s o n : O n e th in g th a t I c o m e a c r o s s a lo t is s e lle r s th a t w a n t to d o th e r ig h t th in g ,th e y w a n t to p a y b a c k th e b a n k , th e y w a n t to p a y b a c k th e m o n e y th e yb o r r o w e d , th e y w a n t to d o th e th in g s th e y s a id th e y w e r e g o in g to d o b u tth e y ju s t d o n ’t h a v e th e r e s o u r c e s . T h e y d o n ’t h a v e th e m o n e y , th e k n o wh o w o r th e tim e o r in c lin a tio n to d o w h a t n e e d s to b e d o n e a n d th e y d o n ’tk n o w w h a t to d o e v e n if th e y c o u ld . T h e y w a n t s o m e b o d y e ls e to m a k es u r e th a t th e y fo llo w th r o u g h o n th e ir c o m m it m e n ts .

J a m e s : W e c a n r e la te to th a t. W e h a v e a ll h a d s itu a tio n s w h e r e it fe e ls g o o d to b ea b le to d o th o s e k in d o f th in g s . A c o u p le o f y e a r s a g o I h a d s c h o o l lo a n sth a t w e r e e a tin g m e a liv e b u t I u s e d th e ir m o n e y a n d it fe e ls a lo t b e tte r tos e n d th e m a c h e c k e v e r y m o n th th e n to h id e fr o m th e m . A lo t o fh o m e o w n e r s w a n t th e s a m e th in g , n o b o d y lik e s w a lk in g a r o u n d k n o w in gth a t th e y b o r r o w e d $ 8 0 ,0 0 0 th a t th e y a r e n ’t p a y in g b a c k a n d th a t th e y a r em e s s in g u p . It m ig h t n o t e v e n b e a n y b a d c h a r a c te r is tic th a t m a d e th e md o th a t, th e y ju s t b it o ff m o r e th a n th e y c o u ld c h e w o r th e y lo s t th e ir jo b o rw h a te v e r it m ig h t b e . If w e c a n c o m e a lo n g a n d h e lp th e m b e tr u e to th e irw o r d th e r e is a g r e a t b e n e fit to th a t.

J a s o n : I h a d a n in te r e s tin g s itu a tio n M a r c h o f la s t y e a r w h e r e I ta lk e d to a s e lle ra n d it w a s th e p a s t N o v e m b e r w h e n w e d id n ’t e n d u p c o m in g to a na g r e e m e n t b e c a u s e in m y o p in io n th e y ju s t w a n te d to m u c h . T h e y c a lle dm e b a c k in M a r c h a n d th e r e c o n v e r s a tio n w e n t s o m e th in g lik e th e y h a dr e fin a n c e d , p a id o ff a ll th e p a y m e n ts a n d th e n r e a liz e d th a t th e y c a n ’tm a k e th a t m o n th ly p a y m e n t a n d w o u ld I s till b u y th e h o u s e ? T h e ir g o a lw a s to p a y b a c k th e m o n e y th a t th e y w a n te d , o n c e th e y d id th a t th r o u g h ar e fin a n c e in th is c a s e th e y c a m e to a c o n c lu s io n th a t th e y c o u ld n ’t a ffo r dth a t h o u s e a n y m o r e . It w a s a s im p le s c e n a r io fo r m e to h e lp th e m o u t o fth a t s itu a tio n .

N u m b e r tw e lv e , th e p r o fits c a n b e h u g e . A b r e a d a n d b u tte r h o u s e c a n b ea $ 5 0 ,0 0 0 d e a l. A s y o u k n o w J a m e s b u t th e lis te n e r s m ig h t n o t k n o w th a tis n o t th e fo c u s fo r th e v a s t m a jo r it y o f m y m a r k e tin g . I lik e b ig g e r d e a ls ; Ilik e to s e e a t le a s t $ 6 0 ,0 0 0 in p r o fit w h ic h is m o r e th a n th a t in e q u ity m o s to f th e tim e . If y o u a r e lo o k in g a t 1 0 % o f a h o m e v a lu e in p r o fit a n d w e a r elo o k in g a t a b r e a d a n d b u tte r h o u s e s , ju s t h e r e in S o u th F lo r id a y o u a r elo o k in g a t a $ 2 5 ,0 0 0 to $ 3 0 ,0 0 0 ju s t a t a 1 0 % p r o fit m a r g in . If w e th e n g e ta 1 0 % d is c o u n t fr o m th e b a n k , th a t $ 2 5 ,0 0 0 d e a l b e c o m e s a $ 5 0 ,0 0 0 o r$ 6 0 ,0 0 0 d e a l. W e a r e m a k in g th a t ty p e o f p r o fit o n $ 1 3 0 ,0 0 0 in s o m ec a s e s , fo r m e to te ll s o m e b o d y w h o is a c a s u a l in v e s to r m y p r o f it is$ 5 0 ,0 0 0 s o u n d s o u t o f c o n tr o l. O n c e y o u r e a liz e th a t it is a s im p les c e n a r io o f g e ttin g it a t a d is c o u n t a n d in c r e a s in g th a t d is c o u n t th r o u g h aS h o r t S a le it is ju s t h u g e m o n e y .

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N u m b e r th ir te e n is o n e o f th e r e a s o n s I lik e to d e a l w ith fo r e c lo s u r e s , y o ud o n ’t h a v e to m a k e p r o m is e s to s e lle r s w h o d o n ’t h a v e m a n y o th e rc h o ic e s . I d o n ’t h a v e to m a k e p r o m is e s a n d s a y I a m g o in g to w r ite th e m ab ig fa t c h e c k a n d h o p e e v e r y th in g tu r n s o u t o k a y . I n e v e r d o th a t a n y w a yb u t in fo r e c lo s u r e s th e y d o n ’t e v e n e x p e c t it, th e y a r e th e o n e s w ith th ep r o b le m s a n d w e h a v e to fix th a t a n d m a k e a little m o n e y in th e p r o c e s s .

J a m e s : T h e ir w o r s t c a s e s c e n a r io is w e d o n ’t f ix th e ir p r o b le m a n d th e y a r e r ig h tw h e r e th e y s ta r te d .

J a s o n : A b s o lu te ly , s o in a s itu a tio n lik e th a t y o u ju s t g iv e a c r a c k a t it.

N u m b e r fo u r te e n , th e m o r e p e o p le y o u h e lp th e m o r e m o n e y y o u m a k e . Itis v e r y c o o l a n d th a t is tr u e o f s e lle r s m e a n in g th e m o r e fo r e c lo s u r e d e a lsy o u d o th e m o r e m o n e y y o u m a k e a n d th e m o r e p e o p le y o u h e lp g e t o u to f d e b t. It is a ls o tr u e fo r th e le n d e r s a n d e v e r y o n e e ls e in v o lv e d , n o t o n lyd o y o u h e lp th e s e lle r g e t r id o f th e ir p r o b le m s , y o u h e lp a b u y e r b e a b le tog e t in to a h o u s e th a t th e y m ig h t n o t o th e r w is e g e t in to w h ic h is h o w th eg e n e r a l h o u s e b u s in e s s w o r k s b u t in o u r c a s e w e a r e h e lp in g a le n d e rw h o m ig h t g o in s o lv e n t.

T h e r e w a s a le n d e r o u t o f M ia m i th a t w e n t b a n k r u p t b e c a u s e th e y ju s t h a dto o m a n y fo r e c lo s u r e s in th e b o o k s . Im a g in e if th e y h a d h a d in v e s to r s lik eu s s a v v y a b o u t th e b u s in e s s th e r e to liq u id a te th e s e p r o p e r tie s th e y m ig h ts till b e a r o u n d . S o w e r e n o t ju s t h e lp in g a s e lle r , w e ’r e a ls o h e lp in g ab u y e r a n d a le n d e r , th e m o r e p e o p le y o u h e lp th e m o r e m o n e y y o u m a k e .

J a m e s : T h a t is o n e o f th e g r e a t th in g s a b o u t r e a l e s ta te . I lo v e th a t a b o u t th isb u s in e s s , I d o n ’t h a v e to lie to a n y b o d y , a n d th e r e is n ’t s o m e k in d o f c r a z ys a le s th in g . It is e ith e r I c a n h e lp o r I c a n ’t h e lp a n d th e m o r e p e o p le I h e lpth e m o r e m o n e y I m a k e w h is h is g r e a t.

I k n o w a lo t o f lis te n e r s o u t th e r e h a v e d o n e a lo t o f e d u c a tio n a l s tu ff a n dle a r n e d a b o u t fo r e c lo s u r e s 1 5 y e a r s a g o o r e v e n fiv e y e a r s a g o . I k n o w alo t h a s c h a n g e d a s fa r a s th e s y s te m s fo r fo r e c lo s u r e s a n d th e b a n kr e a c tio n s to th e m a n d h o w th e b a n k s a r e r e s p o n d in g to p e o p le w h o a r e info r e c lo s u r e . L e t’s ta lk a b o u t s o m e o f th e c h a n g e s w e h a v e s e e n s in c e th ee c o n o m y h a s s w itc h e d a r o u n d u s in th e la s t c o u p le o f y e a r s .

J a s o n : I’v e s a id it b e fo r e a n d I w a n t to b e r e a l c le a r a b o u t it, th e fo r e c lo s u r eb u s in e s s is m u c h d iffe r e n t n o w th a n it e v e r w a s b e fo r e . T h e r e is a n e ww o r ld in th e fo r e c lo s u r e b u s in e s s a n d it o n ly c a m e a r o u n d in th e la s t y e a ro r s o . T h o s e o f u s e w h o w e r e in th e b u s in e s s s a w th e c h a n g e s c o m e tw oy e a r s a g o , th o s e o f u s th a t h a v e r o lle d w ith it h a v e m a d e a lo t o f m o n e y .S o m e th in g y o u a r e g o in g to r u n in to q u ite a b it a s a n in v e s to r is if y o u a r e

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la te to th e p a r ty m a n y b a n k s a r e s e llin g th e s e d e fa u lte d lo a n s to p e o p lew h o b u y th e lo a n a n d n o t th e h o u s e .

F o r in s ta n c e C ity F in a n c ia l is w h o w e r e d e a lin g w ith o n th e la s t d e a l. C it yF in a n c ia l h a d a n $ 1 8 5 ,0 0 0 fa c e r a te n o te m e a n in g th e h o m e o w n e r h a din it ia lly b o r r o w e d $ 1 8 5 ,0 0 0 a n d it h a d $ 1 8 5 ,0 0 0 le ft. W ith a ll th e la te fe e sa n d a s s e s s m e n ts th a t th e le n d e r h a d m a d e a g a in s t th a t m o r tg a g e th e r ew a s $ 2 2 7 ,0 0 0 o w e d a g a in s t th a t $ 1 8 5 ,0 0 0 b a la n c e . If I c a m e in a s a nin v e s to r a n d s a id I w o u ld p a y $ 1 8 5 ,0 0 0 fo r th e ir $ 1 8 5 ,0 0 0 n o te th a t is ind e fa u lt I in s ta n tly a m o w e d th o s e b a c k p a y m e n ts , th o s e fe e s a n d a ll th a to th e r ju n k . S o I a m in a s e n s e b u y in g th a t n o te a t a d is c o u n t. I a m b u y in g$ 2 2 7 ,0 0 0 in d e b t fo r $ 1 8 5 ,0 0 0 .

J a m e s : W h o is a c tu a lly g o in g o u t a n d b u y in g th o s e lo a n s fr o m th e b a n k s , is ito th e r b a n k s b u y in g th e m fr o m e a c h o th e r o r is it p r iv a te in v e s to r s b u y in gth e m ?

J a s o n : T h e r e a r e lo ts o f b a n k s th a t d o th is . T h e y b u y th e m in b ig lo ts s a y 5 0 o r1 0 0 m o r tg a g e s o r $ 1 0 ,0 0 0 ,0 0 0 b lo c k s o r w h a te v e r it is b u t m o r e a n d m o r eit is p r iv a te in v e s to rs . I o n ly d o th is if I w a n t th e p r o p e r ty a n d th e s e lle rw o n ’t w o r k w ith m e b e c a u s e I a m n o t lo o k in g fo r th a t r e tu r n o n in v e s tm e n tp e r s e . I a m n o t g o in g to s p e n d $ 1 8 5 ,0 0 0 to h o p e fu lly m a k e $ 4 0 ,0 0 0 ,w h ic h is ju s t b a d b u s in e s s . W h a t I w ill d o is fin d a p r iv a te le n d e r w h o w illle n d m e th e m o n e y to d o s o . M o r e a n d m o r e th e p r iv a te le n d e r s a r ele n d in g th e m o n e y n o t to b u y th e h o u s e b u t to b u y th e m o r tg a g e s . Y o u a r eg o in g to r u n in to th is a lo t e s p e c ia lly in y o u r h ig h e n d lu x u r y h o m e sb e c a u s e th e r e a r e a lo t o f p e o p le in th is w o r ld th a t h a v e h u n d r e d s o fth o u s a n d s if n o t m illio n s o f d o lla r s w h o w o u ld lo v e to h a v e a n in v e s tm e n tw ith a s e c u r e d in te r e s t. T h e d o w n s id e it th a t th e p e r s o n p a y s th e m o ff a n dth e y o n ly m a k e 1 0 % to 1 5 % . T h e u p s id e is if th e h o m e o w n e r d e fa u lts th a tis a la r g e c h u n k o f c h a n g e o n a s e c u r e d in v e s tm e n t.

J a m e s : In s te a d o f g o in g th r o u g h th e fo r e c lo s u r e p r o c e s s a b a n k m ig h t d e c id e th a tit m a k e s fin a n c ia l s e n s e ju s t fo r th e m to g e t r id o f th e h o u s e n o w . T h e y g e tr id o f it n o w , th e n e w in v e s to r c o m e s a lo n g w ith th e ir p r iv a te le n d e r ’sm o n e y , w e b u y th a t $ 2 2 7 ,0 0 0 lo a n fo r $ 1 8 5 ,0 0 0 , T h e h o m e o w n e r o w e s u s$ 2 2 7 ,0 0 0 b u t w e b o u g h t it w ith o u r p r iv a te le n d e r ’s m o n e y fo r $ 1 8 5 ,0 0 0a n d a t th a t p o in t w e d o n ’t c a r e w h e th e r th e y p a y u s o r th e y d o n ’t p a y u s . Ifth e y p a y u s w e ’ll b e m a k in g th e in te r e s t th a t th e b a n k w a s s u p p o s e d to b em a k in g o r th e y a r e n o t g o in g to p a y u s a n d w e s till c o n tin u e th efo r e c lo s u r e p r o c e s s .

J a s o n : A b s o lu te ly , a n d I’m g o in g to d o y o u o n e b e tte r . W e g o to th e h o m e o w n e ra n d w e s a y th e y w e h a v e g o o d n e w s , w e o w n th e ir m o r tg a g e a n d w e d o n ’tw a n t th e ir h o u s e . Y o u a r e g o in g to r e fin a n c e a n d y o u a r e g o in g to p a y u sb a c k o u r $ 2 4 5 ,0 0 0 a n d y o u a r e g o in g to k e e p y o u r h o u s e . W e m a k e

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$ 5 0 ,0 0 0 w ith o u t e v e r to u c h in g th e h o u s e o r fo r e c lo s in g o n a n y b o d y o ra n y th in g e ls e .

J a m e s : T h a t m a k e s s e n s e .

J a s o n : T h e n e w fo r e c lo s u r e g a m e is a ll a b o u t fin a n c in g a n d n o t a b o u t th eh o u s e a n d th a t is a w h o le n e w b a ll g a m e a n d y o u a r e n o t g o in g toh e a r th a t fr o m a n y b o d y e ls e b e c a u s e n o b o d y is g o in g to te ll y o uw h a t th e y a r e d o in g e x c e p t m e .

J a m e s : T h is is g o o d s tu ff. W e g e t p a id r ig h t a w a y a n d m a k e a v e r y q u ic k tu r np r o fit o n o u r in itia l in v e s tm e n t.

J a s o n : W ith a h o m e o w n e r w h o lo v e s u s a n d w ith o u t e v e r b u y in g th e h o u s e .

J a m e s : S o w e a r e s o lv in g th e ir p r o b le m s a n d m a k in g a lo t o f m o n e y .

J a s o n : T h e tim e is r ig h t n o w . T h a t is a n a d v a n c e d s tr a te g y th a t y o u a r e n o t g o in gto h e a r fr o m a lo t o f p e o p le a n d th e r e a r e a m illio n s te p s to m a k in g it w o r kw a y o u ts id e o f th e s c o p e o f to d a y . B u y in g m o r tg a g e s is th e b a c k d o o rto p r o fitin g fo r a ll th e s e fo r e c lo s u r e s th a t a r e s lip p in g th r o u g h th efin g e r s o f a ll th e s e o th e r in v e s to r s o u t th e r e w h o ju s t h a v e n ’t le a r n e dh o w to d o th is .

I’ll te ll y o u th a t I b a c k e d in to th is th e h a r d w a y . Y o u k n o w I d o S h o r t S a le sa ll th e tim e a s a r e g u la r p a r t o f m y b u s in e s s . I a m n o t g o in g to te ll y o u Id o 8 0 a y e a r o r w h a te v e r s o m e o n e e ls e m ig h t s a y , I d o n o t w a n t to d o 8 0S h o r t S a le s a y e a r , I d o n ’t w a n t to w o r k th a t h a r d . I w o u ld r a th e r s e t m ys ig h ts h ig h e r a n d m a k e m o r e o n th e o n e s I d o . S o fo r m e to g e t in v o lv e din a S h o r t S a le d e a l I h a v e to s e e a n e t $ 6 0 ,0 0 0 p r o fit o r I d o n ’t e v e nb o th e r w ith a ll th a t e x tr a p a p e r w o r k . H o w e v e r , I w a s fin d in g th a t th e b a n k Iw a s ta lk in g to w a s n o lo n g e r th e o w n e r o f th e n o te . S o I h a d to fin d a n dm e e t w ith th e p e o p le w h o w e r e d o in g th is a n d fin d o u t w h o is m a k in g a llth is m o n e y o n th e s e d e a ls a n d h o w w e r e th e y d o in g it. N o t g o g e t to oa d v a n c e d , I k n o w I a m b lo w in g s o m e p e o p le s m in d s h e r e ; th e r e is a lo tth a t e v e n e x p e r ie n c e d p e o p le d o n 't k n o w a b o u t th e fo r e c lo s u r e b u s in e s s .T h a t is h o t a n d it is c u r r e n t w h ic h is w h y w e w a n te d to p u t th is C Dto g e th e r .

It is m u c h m o r e im p o r ta n t n o w to k n o w o th e r s tr a te g ie s fo r ta k in g h o u s e sb e fo r e th e y g e t to th e a u c tio n . A lo t o f p e o p le fo r y e a r s h a v e th o u g h t o f th efo r e c lo s u r e a u c tio n a s a g r e a t w a y to b u y h o u s e s a t a d is c o u n t b u t ac o u p le o f th in g s h a v e c h a n g e d r e c e n tly . N u m b e r o n e is y o u h a v e to s h o wu p w ith c a s h th a t d a y . F ir s t it w a s 3 0 d a y s a n d th e n th e y c u t it d o w n to 1 0th e n d o w n to fiv e , n o w it is 4 o ’c lo c k th e d a y o f th e a u c tio n o r y o u lo s ey o u r 1 0 % d e p o s it. Y o u h a v e to b e o n th e b a ll n o w to b id a t a u c tio n . N o w

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w ith th a t b e in g s a id , th e fo r e c lo s u r e a u c tio n s a r e c lo g g e d w ith p e o p led y in g to p u t th e ir m o n e y in to a h o u s e . T h e c o m p e tit io n is fie r c e . T h is m ig h tb e a little h ig h b r o w fo r s o m e p e o p le b u t y o u n e e d to u n d e r s ta n d th a t th eD o lla r is n o t a s s tr o n g a s it u s e d to b e s o th e r e a r e p e o p le th a t ta k e th e irm o n e y fr o m S o u th A m e r ic a a n d E u r o p e , c o m e to th e U n ite d S ta te sb e c a u s e th e c u r r e n c y e x c h a n g e is s o m u c h s tr o n g e r fo r th e ir c u r r e n c yth e n it e v e r w a s b e fo r e th e y a r e d y in g to p u t th a t m o n e y in to a p ie c e o fr e a l e s ta te s o th e y w ill p a y n e a r r e ta il p r ic e a t fo r e c lo s e a u c tio n fo r r e a le s ta te . T h e c o m p e titio n is o u t o f c o n tr o l th e r e a n d th e o d d s o f y o u p ic k in gu p a b a r g a in b a s e m e n t p r o p e r ty a r e lo w e r th a n e v e r a n d y o u h a v e toc o m e u p w ith th e c a s h in fo u r h o u r s .

J a m e s : I ta lk e d to a g r o u p o f b u y e r s a fe w m o n th s a g o a n d th e y s a id th e y u s e tob u y s ix o r s e v e n p r o p e r tie s a m o n th a t fo r e c lo s u r e a u c tio n s b u t la s t y e a rth e y o n ly b o u g h t 6 a ll y e a r lo n g . T h a t is b e c a u s e th e y a r e in te llig e n t a n dr e fu s e to p a y m o r e th a n th e y s h o u ld fo r h o u s e s . It w o u ld b e g r e a t fo r th e mif th e y h a d m o r e s tr a te g ie s b u t th e ir s tr a te g y w a s b u y th e m a t th efo r e c lo s u r e a u c tio n b e c a u s e th a t is w h e r e y o u g e t th e m c h e a p . T h a t is ju s tn o t th e c a s e a n y m o r e .

J a s o n : A t th e U lt im a te F o r e c lo s u r e B o o t C a m p I a m g o in g to s h a r e w ith y o u th es tr a te g y fo r b u y in g th e m a t th e a u c tio n . R e m e m b e r I s a id y o u n e e da lte r n a t iv e s tr a te g ie s th e s e d a y s . B u y in g th e m a t a u c tio n c a n s till b ep o w e r fu l b e c a u s e y o u w ill b e th e m o s t e d u c a te d in v e s to r th e r e . Y o u w illb e th e o n ly o n e w h o k n o w s w h a t th e in s id e o f th e h o u s e lo o k s lik e a n d th en a tu r e o f th e s e lle r a n d e v e r y th in g a b o u t it. T h a t m a k e s y o u a m u c h b e tte rc a n d id a te to p u r c h a s e th e h o u s e th a n s o m e b o d y e ls e w h o is g o in g to b u yth e h o u s e b a s e d o n a n a d d r e s s a n d w h a te v e r th e y c a n lo o k u p in th r e eh o u r s .

J a m e s : T e ll u s a litt le b it a b o u t F o r e c lo s u r e B o o t C a m p . G iv e m e a n id e a o f w h a t itis g o in g to e n ta il a n d w h a t w e n e e d to d o to g e t p e o p le s ig n e d u p .

J a s o n : N o p r o b le m , b u t b e fo r e I d o th a t I w a n t to s te p b a c k fo r a s e c o n d . W ed e liv e r e d a lo t o f n u ts a n d b o lts h e r e p r o b a b ly m o r e th a n in s o m e o f th ew o r k s h o p ju s t in th is little C D . If y o u g iv e m e th e o p p o r tu n ity I c a n to ta llyr e a r r a n g e th e w a y y o u th in k a b o u t m a k in g m o n e y in r e a l e s ta te . I w a n t toju s t s a y th a t if y o u w a n t to c h a n g e y o u r life fr o m a b lin d d e s p e r a te s tr u g g leto a p r o v e n s y s te m th a t is b r in g in g in c a s h n o w , m o n th ly , a n d la te r y o uh a v e to g e t th e tr a in in g th a t y o u n e e d . If y o u a r e w o r k in g lik e a d o g a n dn e v e r g e ttin g a h e a d y o u a r e ju s t d o in g it w r o n g . Y o u d o n ’t n e e d tos tr u g g le , y o u ju s t n e e d to d o th e r ig h t a n d p r o d u c tiv e th in g s . Y o u n e e d tole a r n h o w to m a k e m o n e y w ith le s s w o r k a n d le a r n h o w to g e t e x c ite da b o u t w a k in g u p in th e m o r n in g a g a in .

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J a m e s : B e fo r e I g o t in to th e b u s in e s s o f r e a l e s ta te I w a s s o b u s y m a k in g o th e rp e o p le w e a lth y th a t a n y t im e a n o p p o r tu n ity c a m e m y w a y to tr y a n d m a k em y s e lf w e a lth y I p a w n e d it o ff a s s o m e s o r t o f n e g a tiv e th in g , lik e I w a sg o in g to h a v e to ta k e a d v a n ta g e o f p e o p le a n d lie a n d c h e a t to g e t w h a t Iw a n t in tie w o r ld . W h a t I r e a liz e d a fte r m e e tin g y o u w a s th a t it d o e s n ’th a v e to b e th a t w a y a n d th e r e a lit y is h e r e I a m a litt le o v e r a y e a r in th eb u s in e s s a n d m y life is e v e r y th in g I c o u ld h a v e a s k e d it to b e . It is n o tb e c a u s e o f m o n e y , b u t b e c a u s e o f th e fr e e d o m th a t I h a v e . I g e t to d os o m e th in g th a t I e n jo y a n d I g e t to h e lp p e o p le in th e p r o c e s s , a n d I g e t tom a k e a lo t o f m o n e y d o in g it. T h a t is s o m e th in g th a t I tr y to te ll a lo t o f th ep e o p le th a t I k n o w w h o a r e b u s y m a k in g s o m e b o d y e ls e w e a lth y a n d a r eto o b u s y b e in g b r o k e to g e t r ic h . W h e n I w a k e u p in th e m o r n in g a n d Ik n o w w h a t m y b a n k s ta te m e n t s a y s a n d I c a n w a k e u p a y n o o n if I w a n t toa n d th a t m y life is g o in g to b e o k a y I fe e l g o o d . If I d o n ’t h a v e to w o r r ya b o u t m y p a r e n t’s r e tir e m e n t a n d I d o n ’t h a v e to p u t o n s o m e u g ly u n ifo r mto g o to w o r k a n d m a k e s o m e b o d y e ls e r ic h a r e s o m e o f th e g r e a t b e n e fitso f d o in g r e a l e s ta te fo r m e . T h e o n e th in g th a t I a m v e r y g r a te fu l fo r is th a tit is o n e th in g to g e t g r e a t m o tiv a tio n b u t it is a n o th e r th in g to g e t th ea c tu a l to o ls y o u n e e d to p u t y o u r m o tiv a tio n to w o r k .

A lo t o f p e o p le h a v e b e e n lis te n in g a n d th e ir b r a in s a r e g e ttin g t ic k le d b yw h a t w e h a v e to s a y . F o r th o s e th a t d o n ’t k n o w , J a s o n is th e e p ito m e o fa n e d u c a to r . H e is a b s o lu te ly fu lly c o m p e te n t to te a c h u s e v e r y s in g lete c h n iq u e th a t w e c o u ld e v e r p o s s ib ly u s e . A lo t o f p e o p le o u t th e r e h a v eh e a r d a lo t o f d iffe r e n t th in g s fr o m a lo t o f d iffe r e n t in v e s to rs th a t ju s t d o n ’ts e e m to a d d u p in th e ir h e a d s o r a s th in g s th a t th e y c a n a c tu a lly m a k ew o r k . I g o t in to th is b u s in e s s w ith a lm o s t n o m o n e y a n d I w a s a b le to p u tc h e c k s in m y p o c k e t r ig h t a w a y a n d I h a v e c o n tin u e d to d o s o . It h a s b e e na w o n d e r fu l b u s in e s s a n d is s o m e th in g th a t w ith o u t J a s o n ’s h e lp Ip r o b a b ly w o u ld n ’t h a v e b e e n a b le to d o . N o t e n o u g h p e o p le te a c h e n o u g ha b o u t th e b u s in e s s to e v e n g e t s ta r te d n e v e r m in d d ir e c t e x a c t s tr a te g ie sth a t a r e a t w o r k in th e r e liv e s . J a s o n te a c h e s a lo t o f th in g s th a t h ea c tu a lly u s e d . H e te s ts a n d h e m a r k e ts a n d h e ’ll c h a n g e it a lo n g th e w a y ifs o m e th in g c o m e s u p th a t w o r k s b e tte r a n d th a t is th e g r e a t th in g a b o u th a v in g J a s o n a s a m e n to r . H e h a s b e e n a n in v a lu a b le a s s e t to m yb u s in e s s , m y f in a n c ia l life , a n d m y fu tu r e . T h a t is m y s a le s p itc h .

J a s o n : I’m c h o k e d u p ; I d o n ’t k n o w w h e r e to g o fr o m th e r e . I r e a lly d o h a v e th eto o ls th a t y o u n e e d to m a k e th e m o n e y a n d life th a t y o u w a n t a n d to d ow h a t y o u n e e d to d o . I r e m e m b e r th e fir s t b o o t c a m p I e v e r w e n t to w a sth r e e d a y s w h e r e I s a t in th e r o o m a n d th e g u y r u n n in g th e b o o t c a m p to ldm e it w a s g r e a t to b e r ic h . I w a lk e d o u t o f th e r e a n d I w a s o n c lo u d n in e , Ith o u g h t it w a s g r e a t a n d b y th e m id d le o f th e n e x t w e e k I w o u ld b e am illio n a ir e . I g o t b a c k to m y r e a l life a n d I d id n ’t k n o w w h a t it w a s th a t Iw a s s u p p o s e d to d o a g a in ; I d id n ’t h a v e a s in g le to o l th a t w a ss tr a ig h tfo r w a r d e n o u g h fo r m e to s a y o k a y th is is h o w it s h o u ld b e d o n e .

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E ig h t y e a r s la te r , a n d n o w I’v e a c h ie v e d M illio n a ir e s ta tu s s e v e r a l tim e so v e r . Y o u r o p p o r tu n ity to h a v e e x a c tly th a t s y s te m is h e r e a n d n o w . I d o n ’tw a n t y o u to m is u n d e r s ta n d m e o n e b it, I d o n ’t w a n t y o u to th in k I a m g o in gto b e g iv in g y o u c o n c e p ts th a t y o u c a n ’t u n d e r s ta n d . I h a v e a n o s tu d e n tle ft b e h in d p o lic y a n d I w ill m a k e s u r e th a t y o u g e t it. I h a v e d e s ig n e d th isb o o t c a m p to b e a n o b r a in ie r .

I w a n t to te ll y o u a litt le b it a b o u t h o w life w o r k s . In m y fir s t fo u r m o n th s inth e b u s in e s s I b o u g h t 5 p r o p e r tie s a ll w r o n g a n d e v e r y th in g tu r n e d in to an ig h tm a r e s h o r tly th e r e a fte r . I fin a lly g o t m y h e a d o n s tr a ig h t a n d g o t ata s te o f th e tr a in in g I n e e d e d a n d th r e e w e e k s la te r I c a s h e d m y f ir s t c h e c kfr o m a fo r e c lo s u r e d e a l fo r $ 2 8 ,8 7 2 .0 0 a n d it to ta lly r e a r r a n g e d m y life . Iju s t w a n t to m a k e it c le a r to y o u th a t th a t is w ith in y o u r e a c h .

Y o u w ill r e a liz e th a t th is is th e r e a l d e a l. Y o u ’ll s e e c o p ie s o f c h e c k s a n dc a s e s tu d y a fte r c a s e s tu d y ; y o u ’ll s e e p ic tu r e s o f th e h o u s e s . I’ll g iv e y o uth e a d d r e s s , lo o k it u p in p u b lic r e c o r d . I a m r e a lly h e r e in S o u th F lo r id ad o in g th is r ig h t n o w .

J a m e s : T h is is r e a lly h a p p e n in g . T h e r e is o n e th in g th a t I r e a liz e d w h e n I g o t in toth is b u s in e s s a n d th a t is th e fa c t th a t th e e is o n ly o n e th in g th a t is g o in g tos to p m e in r e a l e s ta te a n d th a t o n e th in g is m e . S o m e p e o p le o u t th e r eto d a y a r e r e a lly m o t iv a te d a n d th e y a r e g o in g to lis te n to th is ta p e a n do r d e r th e U lt im a te F o r e c lo s u r e B o o t C a m p a n d th e y k n o w th a t th e y a r eg o in g to b e w e a lth y a n d to m o r r o w a t w o r k th a t p e r s o n th a t th e y w o r k w ithis g o in g to h e a r th e ir id e a a n d th e y a r e g o in g to s a y a ll o f th e s e n e g a tiv eth in g s . I p r o m is e y o u if y o u a r e g o in g to le t n e g a tiv e p e o p le m a k e y o u fe e ln e g a tiv e y o u w o n ’t m a k e a c e n t in th is b u s in e s s .

J a s o n : O r a n y o th e r b u s in e s s .

J a m e s : Y o u ’ll s p e n d th e r e s t o f y o u r life m a k in g s o m e b o d y e ls e w e a lth y a n d th a td o e s n ’t d o y o u a n y g o o d . I r e a liz e d a lo n g tim e a g o th a t th e n u m b e r o n ep r o b le m I a m g o in g to h a v e in th is b u s in e s s is m e . I h a v e b e e n a b le too v e r c o m e th a t o n a c o n s is te n t b a s is b y r e m e m b e r in g to m y s e lf th a t ifs o m e b o d y e ls e c a n d o it th e r e is n o r e a s o n w h y I c a n ’t. I p r o m is ee v e r y o n e o u t th e r e th a t th e r e is n o h id d e n s c a m a n d n o h id d e n s a le sp itc h . I a m n o t a n y b o d y s p e c ia l, I a m ju s t a n o r m a l d u d e w h o is ju s t lik ee v e r y o n e e ls e o u t th e r e , a n d th e o n ly d iffe r e n c e is th a t I r e fu s e to s e ttle . Ify o u r e fu s e to s e ttle a s w e ll le t’s p u t th e to o ls in y o u r to o lb o x to s ta r t g e ttin gy o u s o m e c h e c k s . T h a t is w h a t J a s o n is h e r e to o ffe r u s . I a m v e r y g r a te fu lfo r e v e r y th in g J a s o n h a s ta u g h t m e b e c a u s e it h a s c h a n g e d m y life . J a s o nh a d a $ 2 8 ,0 0 0 c h e c k th a t c h a n g e d h is life , I h a v e o n e o f th o s e a s w e ll,m in e w a s fo r $ 1 7 ,0 0 0 a n d th a t w a s w h a t c h a n g e d m y life fo r e v e r . T h e r e isn o g o in g b a c k . L e t’s g e t y o u to y o u r fir s t c h e c k , g iv e y o u th e to o ls th a t y o u

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n e e d to g e t y o u o u t th e r e a n d w o r k in g a n d g e t th a t c h e c k in y o u r p o c k e t. Ip r o m is e y o u o n c e y o u h a v e c a s h e d th a t c h e c k fo r m u ltip le s th o u s a n d s o fd o lla r s fo r f iv e h o u r s o f p h o n e c a lls a n d p a p e r w o r k y o u w ill b e h a p p y lik ey o u h a v e n e v e r b e lie v e d . Y o u w ill w a k e u p to m o r r o w s o e x c ite d a n d s oc o n fid e n t th a t y o u a r e g o in g to d o it a g a in th a t y o u w ill. G iv e u s a littlem o r e d e ta ils a b o u t w h a t is g o in g to c o m e u p in th e U ltim a te F o r e c lo s u r eW e e k e n d .

J a s o n : M y g o a l fo r th e s e w o r k s h o p s is to g e t y o u to a n d th r o u g h y o u r fir s t d e a lw ith in 6 0 d a y s . T h a t m e a n s y o u w ill g e t in to t h e h o u s e o f y o u r d r e a m s o rc a s h a b ig c h e c k in 6 0 d a y s . Y o u a r e g o in g to le a r n w h y r ig h t n o w is th eo n c e in a life tim e o p p o r tu n it y to c a s h in o n th e s e fo r e c lo s u r e s . I a m g o in gto te a c h y o u th e in s a n d o u ts o f th e fo r e c lo s u r e p r o c e s s a n d th efo r e c lo s u r e b u s in e s s . Y o u a r e g o in g to le a r n h o w to m a k e m o n e y fr o mh o u s e s w ith n o e q u it y . Y o u a r e g o in g to le a r n in s id e in fo r m a t io n th a t is s op o w e r fu l th a t I w ill lite r a lly m a k e y o u s ig n a d is c la im e r b e fo r e I te ll it to y o us o y o u d o n ’t ta k e a d v a n ta g e o f p e o p le . I w ill m a k e y o u r a is e y o u r h a n d inth e a ir a n d s w e a r a n d o a th th a t y o u w ill n o t ta k e a d v a n ta g e o f s e lle r s . I d idit a t th e H o u s e B u s in e s s B o o t C a m p a n d e v e r y b o d y w a s s ta r in g a t m e lik eth e y c o u ld n ’t b e lie v e th a t I w a s r e a lly m a k in g th e m p r o m is e n o t to ta k ea d v a n ta g e o f a n y o n e .

I a m g o in g to s h o w y o u h o w e a s y it is to fin d g r e a t d e a ls w h e n y o u a r e th eo n ly in v e s to r w h o k n o w s h o w to p u t it to g e th e r . I a m g o in g to s h o w y o uh o w to b u ild a c a s h fo r tu n e in fo r e c lo s u r e s b e c a u s e th e la s t th in g I w o u lde v e r d o is m a k e y o u a la n d lo r d . I a m g o in g t o s h o w y o u S h o r t S a le s s te pb y s te p , h o w to p r e s c r e e n fo r th e p o s s ib ility o f a S h o r t S a le a n d h o w to g e ty o u r S h o r t S a le a p p r o v e d b y th e b a n k . I a m g o in g to h a n d y o u m ym a r k e tin g , th is is n o t y e s te r d a y ’s n e w s , th is is n e w e r th a n w h a t J a m e sh a s .

I a m a ls o g o in g to g iv e y o u a ll th e fo r m s . T h e fo r m s g u a r a n te e th a t y o u d oit r ig h t, th e y a r e f ill in th e b la n k , a n d y o u c a n ’t s c r e w it u p . I’m g o in g tos h o w y o u a s im p le s tr a te g y w h e r e o n e le tte r c o u ld m a k e y o u $ 1 0 ,0 0 0 to$ 7 5 ,0 0 0 . O f c o u r s e th e r e is n o g u a r a n te e th a t o n e le tte r w ill w o r k s o I a mg o in g to g iv e y o u th e e n tir e s e v e n s te p s e q u e n c e o f c o n ta c ts w h e r e y o uw ill g e t a s m u c h o f 2 0 % o f p e o p le in fo r e c lo s u r e s to c a ll y o u . I a m g o in g tos h o w y o u h o w to s ift y o u r le a d s s o y o u m a k e th e m o s t o u t o f e v e r y s in g lea d v e r tis in g d o lla r . I k n o w p e o p le w h o s h o tg u n th e w o r ld w ith le tte r s ,p o s tc a r d s a n d m a ile r s a n d th e y w o n d e r w h y it c a n c o s t th e m a t m u c h a s$ 1 0 ,0 0 0 a d e a l to g e t it d o n e . It is b e c a u s e th e ir m a r k e t in g s u c k s , I’mg o in g to fix th a t.

I a m g o in g to s h o w y o u h o w to g e t to th e b ig m o n e y in th e fo r e c lo s u r e w ithn o m o n e y , n o c r e d it a n d n o r is k fr o m $ 1 0 ,0 0 0 p e r d e a l to a s m u c h a s$ 2 5 0 ,0 0 0 if y o u g e t u p in to th e lu x u r y h o m e s . I a m g o in g to s h o w y o u h o w

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to m a k e h u g e p a y d a y s o n h o u s e s th a t d o n ’t n e e d a d im e w o r th a w o r k . Ia m g o in g to s h o w y o u w h a t it m e a n s o th in k lik e a m illio n a ir e . D o y o uk n o w h o w p o w e r fu l th a t is ? I m a y n o t p u s h it v e r y h a r d b u t o n ly w o r k in gw ith p e o p le w h o w a n t to w o r k w ith y o u is h e fo r tu n e b u ild e r . I a m g o in g tos h o w y o u h o w to p p r e s c r e e n p r o s p e c ts to m a k e s u r e th a t e v e r y o n e y o uw o r k w ith w a n ts to w o r k w ith y o u . C a n y o u im a g in e w a k in g u p in th em o r n in g a n d th e r e a r e fo r u , fo v e o r s ix p e o p le w h o r e a lly w a n t to h e a rfr o m y o u to d a y a n d e a c h o n e o f th o s e is a t le a s t $ 2 5 ,0 0 0 ? T h a t is th ep o w e r fu l r e a l e s ta te b u s in e s s th a t I a m g o in g to s h o w y o u h o w to b u ild .

I a m g o in g to s h o w y o u w h e r e a n d h o w to fin d th e b e s t d e a ls , h o w to g e tin to u c h w ith th e o w n e r , a n d h o w to g e t a ll th e m o n e y y o u n e e d to fu n dy o u r d e a ls . W e ta lk e d a little b it a b o u t w h a t y o u d o n ’t w a n t to d o b u t I a mg o in g to s h o w y o u w h e r e to g e t a ll th e m o n e y y o u c o u ld e v e r n e e d to g e ta ll y o u r fo r e c lo s u r e d e a ls a n d s it h a s n o th in g to d o w ith b a n k s o r c r e d itc h e c k s . T h a t is c r a p , if s o m e b o d y ta u g h t y o u th a t g e t y o u r m o n e y b a c k .

I a m g o in g to s h o w y o u th e fa s te s t w a y s to g e t a t le a s t a fiv e fig u r e c h e c ko f $ 1 0 ,0 0 0 o r m o r e w ith in 3 0 d a y s . T h is is h u g e . I a m g o in g to s h o w y o uh o w to m a k e m o r e p a r t tim e in r e a l e s ta te th a n y o u m a k e in y o u r fu llt im ejo b w ith in 9 0 d a y s . If y o u w a n t to r e tir e y o u c a n in 9 0 d a y s . If y o u w a n ty o u r life b a c k le a r n th is s tu ff. I a m g o in g to te ll y o u a n d h a n d y o u th es c r ip ts fo r w h a t to s a y a n d h o w to s a y it to g e t th e o w n e r s o f b e a u tifu lh o u s e s to g iv e y o u th e ir h o u s e , to d e e d y o u th e ir h o u s e . Y e s , th e y h a v e am o r tg a g e b u t y o u h a v e n o m o n e y o u t o f p o c k e t.

Y o u a r e g o in g to d o it a ll w ith o u t n o n e o f th e b ig fo u r p itfa lls , n o n e o f y o u rc a s h , w ith o u t y o u r c r e d it, w ith o u t a lo t o f t im e , a n d w ith o u t a n y lia b ilit y . Its o u n d s c r a z y b u t I h o p e I g a v e y o u e n o u g h n u ts a n d b o lts h e r e tou n d e r s ta n d th a t th is is g o o d b u s in e s s . Y o u d o n ’t w a n t to d o it a n y o th e rw a y .

I a m a ls o g o in g to tr y a n d c o n v in c e y o u th a t y o u w a n t to w o r k w ith h ig h e rp r ic e d h o u s e s . C a n y o u m u c k a r o u n d in $ 1 2 5 ,0 0 0 ju n k h o u s e s , a b s o lu te lyb u t th e p a y c h e c k s a r e tw o to fiv e t im e s b ig g e r in th e la r g e r d e a ls . B e fo r e Ig e t to o fa r in to th is I w a n t to m a k e o n e th in g c le a r , I a m o n a h u n t fo rp a r tn e r s . P a r tn e r s w h o w a n t to p a r tn e r w ith m e o n d e a ls w ith s o m a n yz e r o e s th a t it ju s t m a k e s th e ir h e a d d iz z y . W h e n y o u g e t th a t $ 1 ,0 0 0 ,0 0 0 ,$ 2 ,0 0 0 ,0 0 0 o r $ 1 0 ,0 0 0 ,0 0 0 h o u s e I’m h e r e fo r y o u .

J a m e s : J a s o n , I u n d e r s ta n d th a t th is is a m illio n d o lla r e d u c a tio n a n d I k n o w th elis te n e r s o u t th e r e a r e g e ttin g th e s a m e id e a . T h is is s o m e th in g th a te v e r y b o d y w a n ts to b e a p a r t o f; y o u h a v e m a d e it a n o r is k o ffe r w h ic h isa b s o lu te ly a w e s o m e . W h a t k in d o f m o n e y a r e w e ta lk in g a b o u t? H o wm u c h m o n e y d o y o u w a n t to c h a n g e m y life fo r e v e r ?

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J a s o n : H o w m u c h d o I w a n t, o r h o w m u c h a m I g o in g to c h a r g e y o u ? J u s t w r item e a c h e c k fo r $ 2 5 0 ,0 0 0 a n d I’ll m a k e s u r e y o u ’r e a m illio n a ir e in tw e lv em o n th s .

J a m e s : It w o u ld b e w o r th it. W e g e t e v e r y s in g le s e c r e t in y o u r e n tir e a r s e n a l. W eg e t a ll th e m a r k e tin g m a te r ia ls , y o u r b o o k , a ll th e p a p e r w o r k w e a r e g o in gto n e e d to s ta r t in th is b u s in e s s , a n d y o u a r e g o in g to g u a r a n te e th a t w ea r e g o in g to lo v e to s ta y o r w e d o n ’t h a v e to p a y y o u . Y o u a r e g o in g tog iv e u s th o u s a n d s w o r th o f fr e e s tu ff.

J a s o n : Y e s . I a m g o in g to g iv e y o u o n e w o r d o f a d v ic e , r e g is te r im m e d ia te lyb e c a u s e la s t tim e w e d id th is w e s o ld o u t lo n g b e fo r e th e c u t o ff d a te .O r d e r n o w b e c a u s e w e w ill tu r n y o u a w a y .

J a m e s : D o y o u h a v e a p h o n e n u m b e r th a t p e o p le c a n c a ll to g e t th e m s e lv e ss ig n e d u p o r c a n th e y s ig n u p o n th e w e b s ite ?

J a s o n : Y o u c a n c a ll m y o ffic e a n d a s k fo r L a u r a . It is ( 5 6 1 ) 7 6 2 - 2 3 1 1 . W e w ill s h ipo u t th e s tu ff r ig h t a w a y s o y o u c a n g e t s ta r te d o n y o u r e d u c a tio n , y o u w illh a v e a ll th e m a te r ia ls th a t y o u n e e d to g e t s ta r te d .

J a m e s : Y o u a r e g o in g to le a r n s o m e r e a lly c o o l u n iq u e s tu ff th a t y o u h a v e n e v e rh e a r d b e fo r e a n d y o u a r e a ls o g o in g to le a r n h o w to im p le m e n t it s o y o uc a n s ta r t g e ttin g s o m e c h e c k s . T h a n k s J a s o n .

J a m e s : Y e p , g o o d b y e e v e r y b o d y .