Posted by tang-0-rang on April 15, 2002 at 16:44:05:
I believe that the PacTrust is a hard place to start, I have put off looking into it because it confused me right off the bat. (doesn’t take much these days) but from what I have seen it is a very lucrative tool and desolves alot of the legal issues of doing a creative real estate deal. Maybe someone with experience in this area can come in and give you the low down as well as the DO’s and DON’Ts. so anyway good luck
Todd Williamson (CO)
Can Someone HELP PLEASE_THANK YOU - Posted by Brad (IL)
Posted by Brad (IL) on April 15, 2002 at 15:47:02:
I am a newbie trying to get this thing going. I am very interested in doing the PacTrust Technique, and am wondering if anyone can give me a hand. I have been calling on some adds just for practice and am finding it difficult to find the words to explain to these poeple what exactly i have in mind as far as these terms go. Can anyone tell me how I should explain this to them if they are interested in terms instead of cash deals? What are the things I should be telling these poeple and what exactly are the procedures for a PacTrust one they agree to the terms.And can a PactTrust work if they want some cash for their equity? I have a lady on hold (until tomorrow morning) who must sell by May 1st (Moving) and I want to sound somewhat educated in this area before I speak with her. Any help would be really appreciated. If there is anyone in Illinois who wouldnt mind teaching a newbie some things please Email me…
Thank You So Much-
Happy Investing
Brad
Re: Can Someone HELP PLEASE_THANK YOU - Posted by investorrob
Posted by investorrob on April 17, 2002 at 21:56:31:
Brad
This is several days later but no one has said to you that you can buy Gattens book No Down Ho New Loan —at your local Barns and Nobles or on Amozon.com
Thint its around $16.00 or $17.00 Has the trust in the back also. Hope this helps.
The very best of investing to you
Investorrob
Do not try to explain it. - Posted by Bud Branstetter
Posted by Bud Branstetter on April 15, 2002 at 21:45:37:
“how I should explain this to them if they are interested in terms instead of cash deals”
Everyone wants cash instead of terms. If they want relief from the monthly payment then you can help them. Treat it like a L/O that you switch to a subject to deal. Joe Kaiser had a good way of phrasing it when dealing with preforeclosures. You will use something similar to find out their needs. Things like "What are you going to do if you don’t sell by the time you leave? Have you investigated the high cost of vacancy insurance? How long can you afford to make two house payments?
These questions are designed to make them feel the pain. From their answers you suggest that you might be able to insure the payments get made, the house is maintained and they get cash out in the future. You will also need to ask if they can make any of the payments until you get someone in there. You also will need to find out if they must have a certain amount of their equity now.
When you start hearing the answers you want, come back and post here or on Gatten’s site. The next step is easy. Getting the right answers isn’t always as easy.