Dissappointed with the PacTrust/ Course - Posted by Steve(CONN)

Posted by Mark (SDCA) on March 19, 2001 at 14:18:38:

I have debated Bill frequently about the PacTrust. It is fine enough and if it works for you… great.
If not then roll your own. Who says you can’t deed a property into trust (or have the seller do it) without Bill Gatten?

Just do it…


Dissappointed with the PacTrust/ Course - Posted by Steve(CONN)

Posted by Steve(CONN) on March 19, 2001 at 13:43:22:

I recently finished the PacTrust training package and was a little dissappointed with the end results. I dont want to seem like this a bashing of the course since I was really taken in with the whole concept of putting properties onto a trust so that the resident co-owner can reap the tax benefits of the home and as well take care of the maintenance, but what I didnt like was the fact that toward the end of the course more and more costs and plugs for the PACTRUST group were being thrown at me. For instance the trust-set up 500.00, collection billing service 300.00 per year, escrow holder 850-1,000, title search 100-350, IRS filings 100.00. Next thing I entered was their world of having a seminar and either doing it yourself, which is highly unlikely for most people IM sure, or going ahead and hiring one of their consultant per diem, and to cover their travel and expenses to come and speak to a group to sell the idea of joint ownership. I felt a little turned off by this approach since it seemed to me that it was more shooting for big numbers which equate to, ore sales, and hence more contracts through PacTrust. Ok, IM don with that Ive read and I learned.
My next question is what other form of obtaining real estate will allow to put a piece of property on a trust, the idea of a trust seemed great to me since it didnt trigger the DOS and as well it provided the co owner with tax relief , and also allows for ease of any evictions that have to be processed. What are peoples views on PacTrust? and how many people have been succesful with it, and please walk me throught it step by step, and costs by cost. Again I do not want to put it down but Im dissapointed with the way the included the sales pitch into the material.

Re: Dissappointed with the PacTrust/ Course - Posted by eric-fl

Posted by eric-fl on March 20, 2001 at 08:06:37:

The reason for the increasing number of plugs at the end is because, on the tapes, Bill is speaking to a group of people, and like all seminars, the pitch winds up at the end of the day. Tapes of a live seminar being bundled with a course seems to be a recurring theme amongst all the gurus, FWIW.

As for the costs, those are only if you have Bill’s company do the transaction for you. If you do your own, the cost of the PACtrust per se, is 0. If you don’t feel comfortable doing your own, and don’t want to hire a consultant, why not just pay them to do your first few, until you feel comfortable with it, enough to do on your own?

As to your question, “what other form of obtaining real estate will allow to put a piece of property on a trust”, the question is not clear. A trust is just a title holding device, period. Whether it’s a pactrust, a land trust, a living trust, etc. In other words, the trust IS a form of obtaining real estate, regardless. If your question was more meant to be, “what investment strategies allow for the use of a trust”, again, the answer would basically be all of them, though a trust is clearly more appropriate in some situations than others. For instance, for a fast flip, whether by assignment, or by double-closing, a trust is rarely necessary or practical. Also, if you are obtaining institutional financing, even if it is a non-occupied loan, you are often still required to sign personally for a loan, whether title is held in trust or not, thus negating one of the primary benefits of trusts, i.e., limitation of personal liability. Hope this helps.

Re: Dissappointed with the PacTrust/ Course - Posted by David Alexander

Posted by David Alexander on March 19, 2001 at 17:44:00:

Sales is part of life… and in order to make money you ahve to sell.

I’ll be honest I’ve never heard Gatten speak… but cant imagine him being pushy.

There are some folks that will need the help, or want the help, maybe because of even the time factor.

Recently, I just a foreclosure with the assistance of a couple of friends, one knowlegdable in the area and one that was the trustee for me.

I did it becuase I wanted to know the game and what I was paying for. Well, will I ever foreclose on another property myself without an attorney, probably not… it worth my time to pay and not do it myself.

It the same with anything, it’s a time and knowledge issue. Nothing wrong with that.

But isnt that why you were there to learn how to make money, what’s wrong with other folks making theres.

I do have the the pac trust docs… cant say I’ve ever used them yet, but who knows.

David Alexander

Re: Dissappointed with the PacTrust/ Course - Posted by JPiper

Posted by JPiper on March 19, 2001 at 16:56:57:

You don’t need to hire Gatten’s company to do a PacTrust. But you DO need to know how to do the process correctly. Whether the course tells you how to do this I can’t say…I haven’t read it. But from what I read Gatten and company seem willing to help you with the details.