No Money, Need to generate a little capital - Posted by Bruce M. Huntington

Posted by Chris in FL on May 08, 2006 at 07:21:23:

In response to your private e-mail, you are headed in the right direction. Creonline is a great place to get started. I learned a wealth of information here for free when I was starting out, and I still learn more regularly. Also, consider joining a local REIA (real estate investor assoc.). Great for learning and networking.
Finding a bargain property can be tricky. Tying it up with a contract to buy, and then wholesaling it, is simple. If you tie up a true bargain, run an ad in the paper “bargain/handy-man special, must sell immediately, serious cash offers only, your phone #”, investors will make your phone ring. Then send them by the property, and see who wants it and will close asap. Build a list of credible buyers, then next time you can call them first.

No Money, Need to generate a little capital - Posted by Bruce M. Huntington

Posted by Bruce M. Huntington on May 04, 2006 at 19:06:48:

I am inclined to try working pre-foreclosures, but am open to other possibilites. This seems like a good way for someone with no cash to get started. My “education” to date leads me to believe that a Land Trust is a good way to go, but I need more information. My dream would be a short phone call with William Bronchick. I gather from your website that doing “flips” as an LLC through a Land Trust is probably the safest and least expensive way to go. Attorneys that know all about LLCs seem easy to find. It seems far harder to find one that understands the value of using a Land Trust this way. I will have to stand on my tip-toes to afford any of your materials right now, but you clearly have the knowledge that I need. Is there one product among the many that you offer, that would be self-contained, and would impart enough information that I could safely get started working pre-foreclosures? If I can do a “flip” or two, I will be delighted to buy several more of your products. Many look quite interesting. Here is a thumbnail of what I am trying to do:

I contact persons 60+ days into the foreclosure process, looking for those who have given up and are resigned to losing the property. I suggest that I can not save their home, but I can prevent them having a foreclosure on their credit report, and I may be able to get them some of their equity back. Obviously, I have to research the financing and make sure that there is enough equity to work with. I already have my financing lined up. In any case, I pay the homeowner some money 5-10K to move out. I pay all the back payments and pull the property out of foreclosure. I think I want/need the property held in a Land Trust during this period. I then find a buyer for the property, and sell the property, at a discount if necessary. After the discount (if necessary) and after all other expenses, including the original move-out money, the reinstament money, the real estate commission and the closing costs, if there is any equity left, I split that 50/50 with the original home owner. The idea is to not flip properties unless I can make at least 30K on the deal. In any case, several “experts” have told me that the Land Trust is the best way to do this. I do not want to pay big bucks to have a Land Trust created, then have the original home owner go bankrupt, and find out only then that the Land Trust was not written correctly, and I just lost my investor’s money, and now I am in deep trouble. I don’t just want a warm fuzzy feeling, I want to KNOW that things are on SOLID ground. Again, among your many splendid products, is there one that will safely take me where I want to go? By the way, I live in Arizona.


Bruce M. Huntington
3008 E. Sierrita Rd.
Queen Creek, AZ 85243

(480) 643-0916

ps. For many years I was self-employed and had a six-figure income. I am now cleaning toilets for Fry’s Supermarket at $8.30 ah hour! I am sixty years old. I still have a few years of fight in me, but not for being an employee! I want to RETIRE! I am more than willing to work at that. If I can make a go of this, I will be a wonderful testimonial!

Re: No Money, Need to generate a little capital - Posted by MM

Posted by MM on May 06, 2006 at 05:48:26:

Mr. Huntington,

Your perceptive, Mr. Bronchick does have good products, but you don’t have to start using trusts. Generally Land trusts are used to mask ownership, and in real estate investing ( creatively at least) their more specifically used for Subject to existing financing deals.

I echo the opinion of the other posters, start with something that’s not obligating you as much as a subject 2 would. Flips are a fine place to start. I noticed that you don’t have the money for a fully blown course, well I’ll let you in on a secret, Books are cheaper, and you learn just as much if you read a few of them as you would a course. In fact Mr. Bronchick has a couple on
( a m a z o n (d o t) c o m ) for around 12 bucks.

CRE has site filters not sure if that was one, in case your wondering why I spelt it like that.check out your library too, they may have some good books that you can read for free. There’s also Real estate Investment clubs maybe some are local enough for you to attend. Most of the time these clubs charge a small fee.

Re: No Money, Need to generate a little capital - Posted by Chris in FL

Posted by Chris in FL on May 05, 2006 at 15:27:27:

I agree with Joe. Start out wholesaling a few deals (find the bargain, tie it up, and assign it to another investor for whatever you can make). Learn everything you can doing this, then, with a little money in hand, see what makes sense to you and invest in a course or two if you want. Best wishes!

Re: No Money, Need to generate a little capital - Posted by Joe Kaiser

Posted by Joe Kaiser on May 05, 2006 at 24:52:19:


Good going and good post!

Your focus is on land trusts, apparently, and I think that’s a big mistake
for someone in your position.

Your ability to successfully create a viable land trust has no relevence
to your ability to create money-making real estate deals. The ability to
do deals is worth 100 times more (at least) than the ability to do land

You need to start there. Learn how to do deals you can turn other
investors on to. That way you don’t need cash or financing or anything
else, really, except for some know how, some practice and a blue pen.