Passbook/Signature Loans - Russ Whitney - Posted by Russell S. (MD/VA)


#1

Posted by Joe Kaiser on October 25, 1998 at 11:51:21:

Russ,

I did just say so. What post were you reading? There wasn’t the least bit of sarcasm or name calling.

Joe


#2

Passbook/Signature Loans - Russ Whitney - Posted by Russell S. (MD/VA)

Posted by Russell S. (MD/VA) on October 19, 1998 at 19:22:58:

Hello all,

I’m planning on opening up two savings accounts at separate banks to establish two lines credit. Russ Whitney & C. Sheets talk about this as a way to get signature loans.

Should I put the account in my name or my business name?

Thanks

Russell


#3

Don’t go there . . . - Posted by Joe Kaiser

Posted by Joe Kaiser on October 19, 1998 at 20:14:01:

Neither . . .

It’s another seminar “buzz” technique that is completely unnecessary in the real world. You don’t need this stuff to get where you want to go, so why bother?

Find a motivated seller, stick an offer under his nose and see what happens. Flip it to someone for cash and pocket the difference. That’s now deals happen, and if you can focus on that sort of thing and forget the groovy cable commando stuff, you’ll do just fine.

Joe


#4

Re: Don’t go there . . . - Posted by webmaster

Posted by webmaster on October 20, 1998 at 07:42:39:

We completely disagree with the advice given you on avoiding techniques such as the passbook/signature loan. If you have alot of cash and good credit, there are more advanced ways to accomplish this goal. However, as a beginner it can be very effective as far as establishing credit and a relationship with lenders. Donald Trump, Russ Whitney and other bigger investors use multiple banks for secured and unsecured lines of credit. Every Fortune 500 co., and any other business with any credibility at all…DEFINITELY have secured and unsecured lines of credit. The passbook/signature loan concept is the very same thing , but in a much smaller capacity. Remember, that different banks have different internal lending policies…therefore some may have a "different’ name or structure that accomplishes the same goal as the passbook/signature loan program. Please be very careful about taking advice from anyone who says “OTHER” programs are baloney…AND THEIR WAY IS THE “only” way. That is not good advice for you…as all of us come from different walks of life, different educational backgrounds and different worldly experiences. Some have good Credit, some have bad. Some have alot of money to get started with and some have none. Therefore, whate works for one,may not, in fact, work for another…PS> the advice given about seller financing and quick flips IS valid advice. However, IT IS NOT THE ONLY WAY!!!


#5

Re: Don’t go there . . . - Posted by Robert

Posted by Robert on October 21, 1998 at 23:47:25:

Throwing offers at sellers is a good way to waste some meaningful time. The webmaster is right. Establishing credit and more importantly, having credit available will be the biggest hurdle to overcome. If one is to milk a cow, would you bring a bucket or a cup? The one holding the bucket will certainly get more milk much faster than one with a cup. I just made that up–but it does hold true—the investor with some cash and some credit will succeed every time over one without. Just remember this is not a non-competitive sport.


#6

Re: Don’t go there . . . - Posted by Joe Kaiser

Posted by Joe Kaiser on October 20, 1998 at 15:39:06:

The first time I heard the story, as I recall anyway, Russ made the $1m in 18 months.

Now, I see the 18 month number is up to $4.7m. I say baloney.

That’s a lot of rooming houses (the Whitney rooming house strategy, by the way, is yet another seminar buzz technique that sounds good in a room full of 300 people but fails miserably in actual, real world practice).

Joe


#7

“webmaster” - NOT OF THIS FORUM - Posted by Terry Vaughan

Posted by Terry Vaughan on October 20, 1998 at 12:49:49:

Please discontinue the name “webmaster” when posting here. Either use your real name or another name that is acceptable. The term “webmaster” is reserved for me alone on this site.

You are welcom to post your point of view, however, your name is missleading.


#8

Re: Don’t go there . . . - Posted by russ

Posted by russ on October 25, 1998 at 09:37:45:

Joe, your sarcasm and inaccurate information are (“source questionable”) to say the least. The story and the numbers are “documented” in Russ’s first book…which was published in 1984. The book is still available if you are interested in truth and not unwarranted disparagement. If you do not like Russ or you disagree with the real estate techniques he has used over the years to make him a multi-millionare…why don’t you just say so. The name calling is a bit trite…don’t you think???