A Question For William Bronchick - Posted by Bruce M. Huntington

Posted by LaShawn on May 18, 2006 at 12:40:10:

Here we go again with another person trying to get some attention. This has been over and done with and you, Curt, want to say something. You are a FOOL! And I will not come down to your pathetic level. If what I wrote offended anybody, it would have been the investor that was involved. We already said our peace and have driving on. Now you, a person who had no involvement with this in the first place, wants to get involved into something that is in the past. Your 3 minutes of fame is over. Get a life and drive on.

A Question For William Bronchick - Posted by Bruce M. Huntington

Posted by Bruce M. Huntington on May 05, 2006 at 10:10:14:

Dear Mr. Bronchick,

I want to try working pre-foreclosures. I have access to funds from a private investor and also from a hard-money lender. My “education” to date leads me to believe that a Land Trust is a good way to go, but I need specific information about how to create and use a Land Trust. My dream would be a short phone call with William Bronchick (5 to 10 minutes). 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 ready and willing to create LLCs inexpensively 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 create and use a Land Trust? 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 find persons 60+ days into the foreclosure process. I research the financing on these properties looking for those that have substantial equity (30%+). For properties with adaquate equity, I contact the homeowners, looking for those who have given up and are resigned to losing their property. I explain 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. 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 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 (there better be!), 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 a 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.

Respectfully,

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

(480) 643-0916

bruce687@yahoo.com

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 just cleaning toilets! 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! By the way, if you think there is a better place, or a better way to get started in real estate, I would be delighted to hear your advice.

We used to have a “Bronchik” nt - Posted by Blogger

Posted by Blogger on May 25, 2006 at 16:42:46:

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Re: A Question For William Bronchick - Posted by dutch

Posted by dutch on May 06, 2006 at 19:09:36:

Bruce,

If you can afford to pay a seller his 5K in equity then surely you can afford $300 to buy Bronchick’s course “Land Trusts”. This is not the time to try to save pennies on deals where you will make thousands. Buy the course and do it correctly, and ethically.

Dutch
OKHomesavers

Re: A Question For William Bronchick - Posted by Natalie-VA

Posted by Natalie-VA on May 05, 2006 at 14:12:40:

Bruce,

I don’t have the answers to your questions regarding Bill’s materials and trusts, but I wanted to give an opinion also. As an experienced investor I would not recommend working any deals with the seller that survive settlement. Buy the house and part ways with the seller. It’s in your own best interest.

–Natalie

Re: A Question For William Bronchick - Posted by LaShawn

Posted by LaShawn on May 05, 2006 at 11:28:20:

Bruce,

My name is LaShawn. I am a new investor and have read Mr. Bronchick’s book “Flipping Properties” as well as many others for investing in real estate. After reading your post, I felt like it was my duty as an investor to share with you an opinion on your situation. It seems to me that you are trying to set up a win/win situation for your seller, which is great. If I may make a suggestion. From my studying real estate investing, you want to offer at least two options. Your first option is great. Another option would be to buy the foreclosure, have the seller rent it from you as a tenant with an option to purchase. That way you could get an appraissal on it and it would be higher because then it is making money for you because of the tenant in it. That is just another way you could do it, my opinion. Just wanted to shoot you another option, you might have known that already.

Re: A Question For William Bronchick - Posted by LaShawn

Posted by LaShawn on May 06, 2006 at 09:31:34:

Bruce,

Not taking away anything that Natalie said, which in some cases is the best thing to do, but you want to get your real estate business up and going. If you continue to set up win/win situations, then you will start being referred by others. Natalie seems like she is a cut throat investor, and probaly does not get that many referrals, my opinion. But sometimes, the situation does call for you to be cut throat.

Re: A Question For William Bronchick - Posted by dutch

Posted by dutch on May 06, 2006 at 19:14:17:

LaShawn,

You need to be careful about letting the sellers stay in a home that you have bought from them. there are documented court cases whereby the judge ruled that the investor simply “loaned” them the money and they got the house back, and the investor got the shaft.

I’m not saying it can’t be done. I chose not too, and most investors with any savvy don’t either. too much liability.

And you came on a bit strong for a newbie to the other investor. Get a few dozen of these under your belt before you spout off about how to do these.

Dutch
OKHomesavers

Re: A Question For William Bronchick - Posted by The Frisco Kid

Posted by The Frisco Kid on May 06, 2006 at 19:58:29:

LaShawn

Keep studying, and don’t take Natalie’s advice lightly. Your advice could get Bruce into hot water in California and several other states. A little knowledge can be dangerous is an old saying and still holds true.

Cut throat? - Posted by Natalie-VA

Posted by Natalie-VA on May 06, 2006 at 16:02:27:

Hi LaShawn,

Your opinion is welcome, but was that really called for? I am speaking from experience; are you? If staying out of a courtroom is cut throat, than I guess you’re right. Please don’t make assumptions about what sort of investor I am. The Sellers I work with walk away from the settlement table WITH THEIR CASH; not with promises that I’ll give it to them later. I’ve worked with quite a few Sellers that have broken down in tears, thanking us for helping them after they met “investors” who were all talk. I have plenty of experience to back up my opinions. I hate to see the poster start out as a newbie investor and end up in court using a risky game plan. I hate to blast back like this, but I take it personally when someone makes a negative assumption about the way I do business. I am one of the good guys, and shouldn’t have to defend myself against comments from someone who hasn’t even been there.

–Natalie

Re: Cut throat? - Posted by LaShawn

Posted by LaShawn on May 07, 2006 at 02:21:13:

Look, I am a newbie. Now that we all have that understood. Let’s move on. Real Estate investing is like everything else, a calculated risk. I was just mentioning other options. But it seems to me that some of you investors took that a little personal, and that is fine, to each is own. For those that were offended, suck it up and deal with it, because it was not intended to offend ANYBODY. So, if you were offendend, it is your fault. Move on. So many of you think that just because I am new to real estate, that I can not post something that I have seen done before. Now, I am going to say this so that no of you get your shorts in a bunch. I appreciate every last one of you, because you are out there and doing it, and I (as well as all the others investors) can learn from you. And by the way, Natalie, you can not blast at me unless I let you. So, no harm done.

Better To Be Thought a Fool… - Posted by Curt Dalton

Posted by Curt Dalton on May 15, 2006 at 18:04:00:

…than to open your mouth and remove all doubt.

Here’s an experienced giving out some advice and instead of listening, you, some punk newbie, start trashing her? Typical example of morons talking from their azz.

“Blast at me”? What are you, some thug gangsta?

Good luck at Mickey D’s. Maybe in a couple years you’ll get promoted to workin’ da fry baby.