Pre-foreclosure and the Rookie - Posted by Tony

Posted by Angel Gutierrez on April 07, 2002 at 21:39:09:

Obviously, you are no dummy. Let’s start from the beginning…shall we?
Real Estate Investing 101; (goes like this)
There are three types of sellers;

  1. Might sell - he’ll say,“I might sell, if the price is right…”
  2. Will sell - “I’ll sell, but only under these terms or conditions”(meaning, get a new loan).
    Now, you tell me who, out of these three, Angel does business with?
    Forget number one. Number two only gets a new loan from me if I get my price(and it’s never even close to market value).
    Number three get’s all my attention and the deal is “my way or the highway,” got it?
    Does this help to clarify your direction? Hope so.
    And by the way, and I’ll probably get heat from this statement, forget dealing with realtors, they will waste your time. It is rare a realtor will stand by and watch you receive a deed from a homeowner in distress.
    This is YOUR life and YOUR business, do it YOUR way and do it well!
    Keep me posted.

Dallas, Tx

Pre-foreclosure and the Rookie - Posted by Tony

Posted by Tony on April 04, 2002 at 18:22:59:

Help!! I have a friend of mine who says he has 2-3 weeks before his house (in Calif.) goes into foreclosure. I have a little information and have been in the house before. Here it goes;

  • he has been there approx 10-12 years.
  • he claims to owe approx $50-55K including the payments in arrears. He was paying $525 a month.
  • houses in that area average $65K-75K in value
  • house just needs paint (ext & int) and a nice lawn.
  • he just wants someone to take over. He doesn’t want anything.
  • I have great credit and do not own a house. Very little consumer debt.

How should I go about taking over? How do I go about talking to the title company? Do I have to have my friend sign a Power of Attorney to get to the title company? This will be my first deal if it goes through and I don’t want to screw it up. I have purchased some courses from this website, but this came up all of a sudden and didn’t have time to read all the material. Help!!

Re: Pre-foreclosure and the Rookie - Posted by Angel Gutierrez

Posted by Angel Gutierrez on April 05, 2002 at 08:39:21:

Give it to me, I’ll take it! … or…
Start educating yourself so you’re better prepared to handle these situations. Unfortunately/fortunately …these situations are all too common. Read and heed this info(books and tapes) for yourself, you’ll be glad you did.

Dallas, Tx

Re: Pre-foreclosure and the Rookie - Posted by sean

Posted by sean on April 05, 2002 at 24:18:00:

Pull a property profile with info on grant and trust deeds and if everything looks good, find a buyer for the home and split the profits with him. Is is going to Trustee sale in 2-3 weeks or the beginning stages?

Re: Pre-foreclosure and the Rookie - Posted by Linda

Posted by Linda on April 07, 2002 at 06:17:05:

Hi Angel,

I’m sure you can’t post recommendations online, but can you e-mail them personally. There are soooo many courses out there. I’m sure they all have their motivational charms, but who puts together a good course on “what do I do next?”

And while we’re on this subject, why don’t YOU put together a course and hit the road to sell it? Give all those Texas Newbies a chance to get your deals while you’re busy promoting the product!


Re: Pre-foreclosure and the Rookie - Posted by Angel Gutierrez

Posted by Angel Gutierrez on April 07, 2002 at 11:35:47:

Each and every book I’ve ever purchased has “something” I can use in my “toolbox.” Don’t be shy about your education.
It never ceases to amaze me at the logic some people use for refraining from furthering their education.
Example: A few yars ago, at an investors meeting/local R.E. club, the speaker gave a pretty good speech about sales. (sales is my thing). Well, after he was done, he went to the back of the room to tend to the customers. Not many bought his materials. I think the price was about 400 bucks or something. Anyway, I stood back and listened to the people there, and I was appalled at the attitude. Most people there(I noticed), were saying,“what does sales have to do with buying houses?” I couldn’t believe my ears. Most people don’t realise, Sales is EVERYTHING!
So I bought the course. In it was a solution to a problem I was encountering everyday. Since then, I buy just about everything I can get my hands on. There’s always something in those books you can use.
Linda…the people in this business who don’t invest in themselves are…chumps; make no mistake, the are destined to fail. These are the people who knock this product or that course etc.etc.etc. These people are the only ones you hear about. The successful one’s are out there doing and reaping rewards, not standing around whining about everything.
As far as writing courses are concerned, it’s not for me. My life(right now) is as complicated as I allow it to be. I’m not looking to rule the world, I come and go as I please and am independent from the structure of a daily routine. The gods have smilied upon me and I am greatful for each day!
Hope this helps!


Re: Pre-foreclosure and the Rookie - Posted by linda

Posted by linda on April 07, 2002 at 13:52:40:

Thanks Angel,

Don’t get me wrong. I believe in investing in my business! I have purchased instant access to comps, legal ads and cross reference materials, so I can work deals out for myself. I’ve purchased 3 programs this year including one last week “out of respect” for the direction the course sent me. My phone is literally “ringing off the hook.” I also paid an additional $100 for his “help line.” I have called 3 times and he has answered the phone each time and given me direction. I haven’t made money from the program yet, but the last call saved me a whole lot of aggravation and possibly money, too!

What I was asking for is where to go next. The phone is ringing, people are letting me into their homes, I’m talking a good game, but still need to know what to do next. I have a strong title attorney who always answers when I call. Should I just start making offers and let the chips fall, or is there a course that will help just a little more.

Of course, I know I can always count on you and Ed for help - But you keep giving me opposite opinions:)