BOOT CAMP! - Posted by Lyal

Real Estate Investing Real Estate Gurus
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Posted by Lyal on September 23, 2005 at 07:52:12:

Mike,
I’m not an attorney but I was there for Bruce Berger’s excellent “heads up” presentation.

It’s doubtful that the bill will pass in it’s present form but, now that this initiative has some momentum, some form of bill will be passed that will preclude or at least severely limit any kind of “creative” deal unless you OWN the property (meaning buy conventionally with cash or financing). Any lease / option, sub-to, Contract for Deed, Land Contract etc will have disclosure requirements that essentially say “I’m a crook and if you agree to this deal you’re going to get screwed big time 'cause I’m an investor / crook”.

Also, if I remember correctly from Bruce’s presentation, they’re also going to put in verbiage that will state that if you violate this law it will constitute a violation of a federal regulation and the penalties are pretty severe. If they hadn’t put that explicit verbiage in, it would have been a BIG stretch to say that if you crossed the line on the state statute that you’d violated the federal one.

Oddly enough (but not surprisingly) licensed realtors will be exempt.

All in all, an attempt by vote conscious legislators to “protect” sellers when all they need to do is enforce the regs already on the books. There will be a lot of desperate people with NO way out now as they won’t be able to sell or have debts wiped clean via bankruptcy and the banks will take their home, re-sell it and scrape any profits into their hopper.

Lyal

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BOOT CAMP! - Posted by Lyal

Posted by Lyal on September 21, 2005 at 08:08:09:

Sorry to be late chiming in here.

If you missed this boot camp, be SURE to sign up for the next one. It was unlike anything else I’ve ever been to. Real world stuff starting with the bus tour (complete with barking dogs and residents congregating under the carport, beer-in-hand trying to figure out what the he11 these people were doing), the excellent, in-depth presentations of how they invest and the late night, wide ranging discussions around the cooler in the lobby and on the patio.

Lonnie was sorely missed but Karl did an excellent job of standing in and made it clear that while typical Lonnie deals are the bread and butter, they can be just the tip of the iceburg if you want to build a thriving business. He took us through examples of deals he has done complete with problems he has encountered and his solutions (always profitable as I recall). He told us how he buys packages of repo homes, does “commision sales” for the lenders, trades-up his good paying buyers to newer homes (with longer paying notes), then re-sells their “trade-in” all over again for another down payment and a higher price!
(and he has really nice pens as a marketing tool!!! B-)

Tony and Scott went through what they’ve learned about mobiles-with-land (build your own small park a piece at a time), what to look for in small park opportunities, how to finance them, how to manage them, and how to improve them to greatly increase the yield.

Thanks to Tony, Scott, Sandy (the hard working woman behind the scenes), Karl, and Bruce Berger who gave a “heads up” on the new, onerous statutes coming soon to your state (to rein in low life investors like us… sheesh!) that we need to try to head off as well as a great explanation on how to use entities to ethically protect your personal assets.

It was an interesting, informative boot camp, and long week-end well spent making new friends (one of the best parts). Looking forward to the next one.

Lyal

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Re: BOOT CAMP! - Posted by ken

Posted by ken on September 21, 2005 at 12:41:31:

Ok, sounds wonderful…I missed this one; when is the nest one??
All the best,
Ken

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My turn!!! - Posted by Lin (NC)

Posted by Lin (NC) on September 21, 2005 at 11:17:36:

Lyal summed it up so well!

The bootcamp was just what I needed to come back to my projects and really hit the ground running! Between the bus tour, the classroom-type sessions during the day and the socializing at night, I was able to pinpoint the things that were hanging me up and come up with solutions that I know are going to work for getting my bogged-down rehab wrapped up, locating new properties, and injecting some quick cash into my bank account.

As if it hasn’t been said enough…

If you’re on the fence about spending the time and money on Scott and Tony’s course materials and bootcamp, Lonnie’s “Deals on Wheels” and Scott and Tony’s course “Investing in Mobile Homes With Land” and are absolutely the most practical and down-to earth materials I own. I also picked up and started listening to their new “Blue Collar Approach…” CD’s too. That’s some great material as well- fantastic for important content and clever tips that aren’t usually covered in the classroom or books. You’ll come away from the bootcamp with a very realistic view and fundamental understanding of mobile home deals, new friends and contacts, and the knowledge that you can go out and make great money doing these very same types of deals.

Thanks to Scott, Tony, and Karl! It was an excellent experience all the way around!

Lin

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Re: BOOT CAMP! - Posted by MIke/nc

Posted by MIke/nc on September 21, 2005 at 11:09:36:

Lyal,I was wondering what did Mr.Berger have to say about the new laws comeing to North Carolina? I know it probably wont affect most single wides as they’re usually personal property but how’s it going to affect some of the buying techniques dealing with the land home deals? Such as buying sub.2 and L/O.

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Re: BOOT CAMP! - Posted by Lyal

Posted by Lyal on September 22, 2005 at 07:06:52:

Ken,
Can only be determined by Tony and Scott. Send a note to them and tell them you’re interested.
Lyal