Re: Bill Gatten’s great idea - feed back wanted - Posted by Bill Gatten
Posted by Bill Gatten on November 09, 2000 at 17:43:37:
Oh thanks for spreading my great idea across the boards for all to ridicule and snicker at! Now everyone will be shouting and waving it about and wanting one! :o)
First of all, the idea was to contact only out of state, private lenders whose loan amounts and terms you were certain of.
The concept was originally promoted (if not created) by a highly esteemed attorney for the California Association of Realtors, one Mr. Noel Seaman of San Francisco Ca.(I believe) and his partner, Terry Eihler of Eihler/Seaman Productions (a RE Guru company). I have never done such a deal and know of no one who has (other than Eihler and Seaman…who reportedly did them all the time): but I think about the idea every time I run into someone whom, through neglect or oversight (or “doofusness”), has not re-financed their early high interest rate loans by now. Moreover, contrary to popular belief, there are in-fact still quite a few out there (they’re not worth hand picking, but with modern computerization the title co. can give you a very complete farm report…if nothing shows up, you order another zip code or two).
However, with your level of interest, I would certainly caution you to make the effort before abandoning the idea (since you’re right there anyway). I can’t see that you have anything to lose. And contrary to another popular belief, needles in haystack are quite often found by those willing to take the time to look for them…and usually at the most inopportune times… Let me tell you about this gingham-clad girlfriend I had that lived on a farm in Montana. Once day after bringing in the hay, well we started smooching and… (oh never mind?makes me perspire to think bout it).
Just remember: The road not taken will never lead you anywhere. If it “sounds” reasonable to you…then maybe it is. If it sounds unreasonable to you, then it definitely is. But when it turns out to be the greatest idea since ear-hair clippers, all your detractors will suddenly swear they created it (as a matter-of-fact, I think Al Gore may already have).
Think about it. If, as Mr. Garcia suggests, lenders are out there in force in a gnats heartbeat looking for those high interest rate re-fi ops…wouldn’t they be remiss when they found one not to attempt to buy the second at a discount before approaching the borrower? If you got the same farm report, would it be any more difficult for you?
Clearly and officially and irrevocably excepting Mssrs. Piper, Garcia and Branstetter from the following quotation for ALL TIME…let me remind you of an old Chinese proverb that helped me greatly in creating the PACTrust:
?When one points a finger toward the stars, it is the slow of wit who looks at the finger.?*
*Over dramatization. Do not try this at home.