All Forum Posts by: Raymond Ebbeler
Raymond Ebbeler has started 14 posts and replied 82 times.
Post: Multifamily and Commercial Real Estate Investing
- Largo, FL
- Posts 94
- Votes 20
I was contacted by Tony Martinez and what he is / was promoting is tax lien certificates. Here is the original email I sent Mr. Martinez and his response to my query (email address omitted).
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Good Morning,
Per your request I have placed below lessons 1-7 to view at your leisure. If you should have any other questions after viewing the lessons, please feel free to contact our product services department at (phone number omitted because of Bigger Pocket's policy).
http://ustaxlienassociation.com/module1video/
http://ustaxlienassociation.com/module2video/
http://ustaxlienassociation.com/module3video/
http://ustaxlienassociation.com/module4video/
http://ustaxlienassociation.com/module5video/
http://ustaxlienassociation.com/module6video/
http://ustaxlienassociation.com/module7video/
Sincerely,
Client Services
I have adopted the original communication with the response back from client services regarding seven web / videos for the community to learn alternative way to generate passive income.
Here is a better search engine that requires no login or password. Hope this also provides information that the Bigger Pockets community can use as a supplement library http://find.galegroup.com/gdl/start.do?prodId=GDL&userGroupName=lom_accessmich
Post: Screwed by lender, any recourse? Out $2200
- Largo, FL
- Posts 94
- Votes 20
I agree Jay that it is rather a lengthy piece of information but the premise is of course "predator lending" this is just feedback to allow other's to exercise and prepare for unethical business practices specifically to doing one's financial due diligence such that this is an illustration of caveat emptor or let the buyer beware to prevent fraud from manifesting as a reality with no recourse for action.
Post: Screwed by lender, any recourse? Out $2200
- Largo, FL
- Posts 94
- Votes 20
First and foremost I am a former loan originator and I am ashamed of being one who participated in "predatory lending" specific to subprime loans in 2008. An article written by a lawyer identifies that this is often a situation where the ultimate goal for the lender is to defraud and the victim's recourse of action is to seek a third-party mediator (real estate lawyer).
Whether this has any bearing specifically on your case...it appears that you are a victim of a predatory lender who manipulated the transaction. For review i have excerpted a proportion of the article for you to consider if this has any application. At the end of this blog will be the link and perhaps an objective discussion on due process with her who can provide you a recourse of action.
Historically, more than 50% of the victims of predatory lending practices have been the elderly of all ethnic backgrounds, followed by African-Americans and Hispanics. The victim profile is changing, however; as predatory lending practices become more vicious, sophisticated, and prevalent, young, white prospective homeowners are as at risk as populations that historically may have been more vulnerable to them.Predatory lending in the context of home buying is comprised of a plethora of lending practicing and arrangements, including:
Not coincidentally, the prevalence of predatory lending practices and the subsequent increase in foreclosure rates has contributed to an increase in foreclosure rescue scams. Foreclosure rescue scams describe an ever-evolving range of scams whereby a third party approaches a homeowner who has fallen behind on his mortgage payments, offering to help the homeowner forestall an impending foreclosure. In the simplest version, a fly-by-night company offers to negotiate with the borrower’s lender to arrive at some sort of workout, thereby stopping the foreclosure. More often than not, the company has no physical presence and operates from a mailbox rental address and/or a website. The company generally charges a homeowner between $1,500 and $2,500 for its services and demands payment up front. After receiving its fee, the company vanishes, its promises to negotiate a workout unfulfilled. The funds the desperate homeowner paid the company are now unavailable to either help reinstate the homeowner’s loan, or to help him relocate should a workout with the lender not be possible. In a more pernicious foreclosure rescue scam, the savior company approaches the homeowner and offers to help save his home by temporarily “buying” it from the homeowner. In this version of the scam, the company persuades the homeowner to sell the home to either the company or to an “investor” (a third party involved in the scam). The company or investor then permits the homeowner to continue living in the home, renting it from them with an agreement that the homeowner can earn back title to the home. More often than not, the repurchase price is substantially higher than the price the homeowner originally paid for the home. Even in cases where the repurchase price is not higher than the original purchase price of the home, the rent is equal to or greater than the amount of the homeowner’s prior mortgage payments. Barring a highly improbable, fortuitous change in circumstances for the homeowner (how many of us win the lottery?), the transaction is destined to fail: a homeowner who is unable to meet mortgage payments will not be able to meet rent payments that are equal to or higher than those mortgage payments. Typically, the company evicts the homeowner within six months of the rescue sale, and the homeowner loses any equity he may have had in his home prior to the scam. In addition to fraud, negligence, consumer protection act claims, unconscionability, unjust enrichment, slander of title, and intentional infliction of emotional distress, foreclosure scam artists may be liable under state statutes addressing the licensing of mortgage brokers and real estate sales and under federal lending statutes. There are several resources available to attorneys who wish to pursue predatory lending and foreclosure rescue scam cases Many states have active consumer law bars that may also offer assistance and advice. The most thorough print resources are a series of volumes on consumer law published by the National Consumer Law Center (NCLC) (www.consumerlaw.org). One volume is dedicated to a detailed analysis of TILA, while other volumes address foreclosure law and consumer banking law. All of NCLC's volumes include sample pleadings, interrogatories, and other useful documents in appendices. The National Association of Consumer Advocates (NACA) (www.naca.net) also is an invaluable resource for attorneys contemplating developing a practice assisting homeowners with predatory lending and its attendant issues. Melissa A. Huelsman is an attorney practicing in Seattle. Her practice is focused on predatory lending, consumer and fraud litigation, and bankruptcy. Ms. Huelsman received her J.D. from Southwestern University School of Law, Los Angeles, California. She is admitted to practice before the State Bars of California and Washington, the Ninth Circuit Court of Appeals, the United States District Court for the Central District of California and the United States District Court for the Western District of Washington and for the Eastern District of Washington. In addition to pro bono work, Ms. Huelsman is a member of the Board of the King County Bar Bulletin, and former Chairperson of the P.L.A.C.E. Subcommittee of the Seattle-King County Coalition for Responsible Lending. Ms. Huelsman is also an associate member of the Association of Certified Fraud Examiners and a member of the National Association of Consumer Advocates. |
For those interested in going outside their sphere of influence (Bigger Pockets) as a supplement to increase their resources for building capital; I found the Gale web site with the search engine to identify a multitude of directories...one in particular that caught my eye was entitled or had the gist was "early investors (e.g., comprehensive listing of angel investors, etc.). Here is the link http://find.galegroup.com/gdl/start.do?prodId=GDL&userGroupName=gdlpub_9067
Where can one obtain a directory of individuals who have applications for grant money for raising capital for doing deals in real estate.
I remember as a traditional student in business the Gale publications allowed people to purchase their directory for different purposes (starting or expanding one's business).
With that concept in mind is there a directory of grants-in-aid specifically for real estate investor identifying companies or individuals who need to relinquish $10,000 to $100,000 as gift money to lower their tax bracket.
Post: Multifamily and Commercial Real Estate Investing
- Largo, FL
- Posts 94
- Votes 20
Paul, hello thank you for your vote. I appreciate that...BTW, how are votes defined do they allow for more teachability by a mentor; am I more inquisitive in posting? just wondering if this gets buy-in with partners etc. since taking action and being motivated after a rejection is what a team approach is all about to motivate the individual. So I am open to new areas for creative financing as syndicated loans (learned this definition from investopedia).
About the spreadsheet you recommended; i already made arrangements with Michael Blank to purchase his software the Syndicated Deal Analyzer on March 25, 2016 at a discounted price. The discount of $99 is affordable and he seems like a straight shooter. Do you know of him? I googled him and he sent me an email informing me to start doing financial due diligence in 10 minutes and too get better at raising capital to close deals. He then sent eight emails explaining the real estate business and the "art of the deal" Is that not a book by Donald Trump?
No doubt that a strategic alliance or joint venture is important as I am familiar with co-brokering loans when I was a loan originator...back in 2008 when !@#$%^&*( hit the fan and the market imploded: subprime loans and shady "deals" with money-hungry mortgage brokers getting 1-2 points ($1,500 / point) before a loan was ever approved based on a prospect's low FICO score (500-600). Not good at all. Got out of the market before damage control would need to take effect. I always seem to always have a way out...what you term as an "exit strategy."
I did participate in one attempt to purchase a mixed commercial property $750,000 but dropped to $699,000. Why? I will tell you that I had no spread sheet and did every transaction from my cell phone using the calculator app. Tell me about frustration and doing the "walk through" appearing to know what I was doing (winging it) and not getting any cooperation of the real estate broker from loopnet.com till I did come under contract. He wanted first 10% then when I countered using a Master Lease Agreement (where you do not need money, but the seller carry back a second mortgage) the RE Broker upped the down payment to 20%. However, sensing an opportunity to negotiate; I held back and askid several open-ended questions regarding the seller's motivation to sell and why the drop in price withouy even negotiating but increasing the down payment as a reaction to a counter proposal...could there be a hidden agenda? (I thought). I did learn that the seller was not in a real hurry to sell his property: two offices and three duplexes. Oh well, next...Did I do the right thing?
Post: Multifamily and Commercial Real Estate Investing
- Largo, FL
- Posts 94
- Votes 20
My mobile office that will allow me to do investing when I visit with a patient in their home because I can also speculate on property in that area (50-mile radius). The visits are short (2-4 hours) perfect for "hunting." The day before I go on the Interent to do research and "look" for multifamily / income properties.
I did work as a bird dog when I was younger and rode a bicycle to visit properties -- got $2,000 for my time and effort. I would go to the court house and look for motivated sellers. But I want to be the hunted and not the hunter. Do you recommend networking with real estate brokers like the gurus say in the seminars to get "leads."
It seems that Bigger Pockets is great way to get leads? Can I also promote by side business -- I am also a web designer and mobile app promoter. I would be happy to offer this service as an Internet marketing skill set that uses web 3.0 technology (I attended a 3-day workshop and invested $199.00 to learn about Internet marketing). I told you I was a seminar junkie. This is one way to get passive income and I have 57 splash page templates (cost me $1.00 that other investor can have for free). My way of saying thanks for this community of success-oriented investors.
Post: Multifamily and Commercial Real Estate Investing
- Largo, FL
- Posts 94
- Votes 20
Thank you, for the first time in my life I get straight answers. I was a seminar junkie and yes purchased products from guru types: their pitch sounded so beautiful "no money down" and "pennies on the dollar". My first attempt was "notes" paid $2,500 for the "package." I was working for a major hospital. The "mentor" said quit your day time job...so I thought by bringing the "package to work"...and study on my break would be one way to become educated, so I purchased a mortgage calculator and was getting excited doing the number crunching..then my supervisor asked me "what I was doing?" I told her. "Notes" Well she must have had this "thing against someone trying to do better than her" and she made my life miserable...making me work odd rotational hoursI As a mental health counselor you can not defocus from your psychiatric patients...and reports always needed to be in on time.
I experienced a "rush" sort off; I do not know if you can identify with this addiction; yes i would then go for free to all these events and there would be featured speakers; What i did observe was people rushing to the back of the room to "buy packages." Something inside me said "hold on to your money" and then at the next event I would observe the same people. I knew from research that "confederates' -- are people probably in collusion with the guru-promoter...it was not just real estate...it was binary options, stocks...options...All I know is that I wanted to be an "investor really bad" yes I told you I was addicted...and do you know what I would see over-and-over again...the same people just about everytime I went to another "free seminar" or went to gomeeting online and yep the same people still there (recognized their names)...was I spinning my wheels? Yes I was...
Fast forward ten years (that is how long I had been "pursuaded" no "manipulated" to go to these events usually the second one was the "hands-on" where the guru would take you by the hand...in my introduction on a post at Bigger Pockets I indicated that in August 2016 that I plan to go to a "paid event." Rather than paying the full price of $1,595 (which the guru-in-training not the real speaker showed as a "value: with the numbers scatched out from $30,000 to $1,595 that speaker indicated as a discount) I managed to convince the business representative that the full price was to much but that I could pay $200 each month for eight months $1,600. Well, the hands-on seminar would be seven months from the date I attended the first free seminar. What surprised me was that I could do that...so I said to myself "If I can partition the cost...maybe I already have a quality of an investor...to negotiate "deals", LOL. Therefore Bigger Pockets and the community and the education portal just confirmed what I believe is NOW a reality...hold on to your money and network for free and gain an education using other peoples' minds (OPM) to generate millions in real estate using other people's money (OPM). NOW that is the ultimate in time-money leveraging. Thank you a gain.
Post: Multifamily and Commercial Real Estate Investing
- Largo, FL
- Posts 94
- Votes 20
Paul that means a lot to someone starting out; the first day on the job was always anxiety provoking; now as a multifamily / income property investor; I never knew a community web site like Bigger Pockets even existed, I have always been a sole proprietorship and basically "winging" it but now feedback from fellow investors is a real social media / community member's portal. I will download some your recommendations; thank you!