Rant / Vent

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Rant / Vent

Account Closed
Real Estate Investor · Westlake, OH · Member since 2008 · 33 posts · 0 votes

I picked this diddy up from the urban dictionary. It is essentially the basis for my rant and for me sharing my personal and professional experiences over the past 13 years in Real Estate.

1. professional liar

A professional liar is someone who is able to make up a story and tell it in such a way with false supporting details to make listeners belive its true. A good listener however will be able to pick up that some part of that story does not correspond with other parts of it. However when these types of liars are caught in the act they rarely ever have support to back up there story. Most of these types of liars are very insecure about themselves so they make up lies to convince themselves that they are something when in reallity they are nothing. Liars like this never admit they are lying because that is there way of life.

I first came across this professional while doing residential loans. The professional liars consisted of account executives with major lenders and borrowers, of course.
Whether it be lying to get you to submit to fill their pipeline, only to reject the deal a week later after their monday morning production reports, or the borrower that lies about their income, then claims ignorance once you receive their tax returns.

My question is simple. Why?

The next professional liars I came into contact with was in commercial lending. Typically speaking with most people it seemed they had legitimate sources of lending, only to find out they were so far removed I had a better chance at being closer to the heir to the British Throne. Not to mention the actual lenders themselves that blew sunshine and collected their due dilligence fees only to turn your deal down after 30 days referring to their disclaimer that they didn't have to fund a deal if the month had 31 days in it, or some other vague obscurity loophole they could fall back on. Other funds presented LOI with 5 points on a 200M deal. Simply incredible, again I ask. why?

My latest run in with these folks have been in the bulk REO world. A truely amazing breed of people. From brokers to bankers to realtors and their dogs groomer. Everyone knows everyone and is direct, so to speak. Direct to the guy who is direct, who is direct to the barber who heard of a package that's being sold by a guy who knows a guy.

Currently I am directly in line to the illusive Lehman REO... via 7 people of course. Seven different people claiming to have direct ties. Ask me how many time I have spoken to Lehmans. guess... go ahead and guess... yes zero.

I am not certain if liar is the appropriate term to use for some of the individuals involved. Some of them are good people. Gullible, yes. Naive, maybe. Others... professional liars. For the life of me I can't figure out why the lesson in futility? The countless emails and hours of paperwork all for not. What is the point of it all? What exactly do they have to gain?

If someone can answer this question, then they are truely wise beyond their years.

:violin:

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  • Frank Adams
    Loveland, CO · Member since 2008 · 1k+ posts · 123 votes
    18y

    I am wise (a**) beyond my years. Although much beyond my years is the grave.

    Let's look at the classes of liars:

    1. Busload of nuns. Pretty good character witnesses.

    2. Baptist ministers, Catholic Priests and Muslim Clerics. I'm not anti religious, I had a couple of Lutheran ministers in my ancestors. I'm sure they're spinning in their graves at what passes for "men of the cloth today".

    3. People who when they "tell a story", make sure that they come off pretty well in the telling. Let's face it, we all do this, some of us to a greater extent than others.

    4. "Amateur" car salesmen and others trying to sell stuff on their own. If you get taken by these guys, you deserve what you get.

    5. "Regular" car salesmen. Sorry I dont' know a clean description for this one.

    6. Politicians. Doesn't matter the party, or the era. Lincoln may have been honest, but when you study it even the Emancipation Proclamation wasn't what it purported to be. Although the Gettysburg Address is possibly the greatest collection of words ever uttered by a human. His second Inaugural is right up there too, so take him off this list and move him up between the nuns and number 2.

    7. Richard Nixon, George W. Bush (current occupant) and Ronald Reagan. For pure unadulterated BS these 3 take the cake, Seemingly educated (and even some smart) people fell for their line completely.

    8. Those purporting to be "direct" on REOs. You're absolutely right on this one. I've met more of these guys than I have guys who claimed they were (FBI, CIA, Treasury Department, "other" Justice Department) but would tell "just me" in this bar how they had the goods on Bill Clinton (notice I didn't put him on this list, sorry, PROFESSIONALS ONLY, no amateurs) for having (1) run the biggest coke smuggling ring in the US, (2) personally murdered Foster, (3) provided the gun that murdered Foster. These guys have sworn oaths to protect and defenc etc, but they'll spill their guts to me, a guy they just met (and conned them into paying) in a bar.

    9. ME. Ask my wife about this, I KNOW how to spin a tale. 30 years in sales (and I made good money at it) some theatre training and a lot of practice telling bar stories. I've been told that I can address a conference of Attorneys and Economists at 9:00AM and sound like one of them, and address a group of car mechanics at 10:00AM and sound like one of them. And it's true, I can.

    Send those liars my way, I'll get them to pay me for my lists.

    all cash

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  • David Hadley
    Real Estate Investor · Lafayette, CO · Member since 2008 · 36 posts · 1 vote
    18y

    I've always said, I'd rather hear a good story than a true story. Unless it's costing me money.

    How about "a few hours of entertainment"? Who else's chain can you spend a couple hours yanking and feel no guilt whatsoever. Used car buying is the best sport there is.

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  • Account Closed
    OR · Member since 2008 · 1k+ posts · 845 votes
    18y

    The world is full of people who have made the choice to skate through life, doing as little as possible. Since that involves some disapproval from society, they have discovered that it works really well to present lies and empty promises. That way they can still skate and they don't have to listen to lectures.

    Ask any landlord about it. We talk to that type of person all day long.

    I am afraid that honor is a dead virtue. Liars, thieves, vandals, and cheats no longer have any inkling that they are doing anything worng. Now all they feel is pride in themselves for getting away with it. They think they are clever to have found ways to not work and not pay for what they consume.

    I really don't know who you are dealing with or what you are looking for, but salesmen will often tell you that they can get what you want, when they know that they can't. However, they make a good living with "bait and switch" and talking their clients into buying something else.

    If I wanted to buy real estate in bulk, I'd go directly to the REO departments of the big banks. They are the ones most likely to have large bundles of real estate to get rid of. If you've got the cash to buy, they will deal with you. That's a huge wad of cash, and banks are big respectors of large bank accounts.

    I'm a little puzzled by why anyone would want to purchase a large bundle of properties. You have to know that any properties sold that way are going to be very undesirable. They are going to be properties that can't be sold in the normal way-- which means no one wants them.

    The banks really actually do try to get as much of their money back as possible. That means they are not giving away the good properties that they take back.

    The banks with hundreds of proprties in the slums of Chicago would probably love to have you come in and offer to take 100s of them off their hands, all at the same time. But seriously; what would you do with 100 falling down houses in the slums of Chicago?

    There are very nice, desirable houses in decent condition availabe right now at a good price. Instead of chasing phantoms, put that effort into shopping for decent properties for a good price. If you've got that huge amount of cash to spend, you can put together your own bulk purchase, one house at a time.

    Hey, maybe you could be The Guy. You could actually have large blocks of properties for sale. Then all the self-promoters could get their cut by directing people to you.

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