Any Success With Joe Kaiser Products? - Posted by Todd

Posted by phil fernandez on November 21, 2000 at 09:18:49:

Howdy Tim,

As you probably know Joe’s Helping Hand program is out of his Dominate Your Foreclosure Marketplace course. Here are the details to date of the specific deal where I sent out the Helping Hand letter.

On a regular basis I go down to my local courthouse to look up owners whose property are in a foreclosure action. Within the folders that I go through is info, owners name and address, property being foreclosed on, who is foreclosing, mortgage balance plus fees, interest, back taxes and legal fees to bring the loan current. Also it will tell you when the owners six month redemption period is up.

I am looking for properties where there is a big chunk of equity that I can acquire. Most of the properties have either very little equity or are over encumbered. And surprisingly many of these delinquient mortgages are only 2 to 3 years old.

Well this particular deal, I see that the mortgage balance is $43,000 with about $8,000 in back payments ,fees etc. But I also knew that the house was worth $70,000. I talked the bank into eating the $8,000 and I’d make sure that the payments would become current. It helped that the small local bank knew me well and trusted me.

So with that in place I sent the owner my Helping Hand letter. For those of you who do not know the letter it mentions that I would bring her mortgage current, I would buy the house, let her rent it back from me and I’d give her a one year option to buy it back at $70,000.

Her rent is $525/month with a $50 rent credit to be applied to the purchase price if and when she excercises her option. At this time she has made her first 5 payments on time, while I am working with her to clean up her credit problems. She also has a new fulltime good paying job and will be on the job for 12 months once its time to excercise her option.

If she excercices her option I win, if she doesn’t I still win. Either way I’m bound to get the $27,000 of equity in this deal.

Tim I have heard that you shouldn’t lease back to the seller in a situation like this and in some cases it might not be wise to. Through proper and deligent screening I think you can educate the seller to become a decent tenant with the opportunity to buy the house back. I spent a lot of time with this particular owner and found out she lost her job through downsizing and really wasn’t a deadbeat. Treat your tenant/buyer good for the twelve month period. There is always a chance that she could declare bankruptcy and the bankrupty judge could overturn your deal.

Like anything there are risks, but I think the rewards are much greater and you can control the risk to a degree. This deal is still a work in progress and I haven’t been cashed out yet.

Any Success With Joe Kaiser Products? - Posted by Todd

Posted by Todd on November 21, 2000 at 03:22:41:

Has anyone purchased Joe Kaiser products? Have you had any success with them? Do you know what state Joe Kaiser lives in?

Re: Any Success With Joe Kaiser Products? - Posted by B.L.Renfrow

Posted by B.L.Renfrow on November 21, 2000 at 11:31:30:

I have Joe’s foreclosure course, and it is very well written and full of excellent ideas. I don’t know whether his other courses are similar, but this one does assume the reader has a basic knowledge of real estate. It probably would be overwhelming for a newbie. If you’re looking for a basic intro to creative RE, you may want to consider Bill Bronchick’s stuff also. But if you have done a few deals and are ready for the next step, Joe’s material is the way to go.

Brian (NY)

Re: Any Success With Joe Kaiser Products? - Posted by Ron(SC)

Posted by Ron(SC) on November 21, 2000 at 08:37:50:

Joe writes very common sense stuff, and is very readable. John Reed’s criticism of Joe’s use of “white space” is accurate, but I think the quality of Joe’s ideas make his courses worth the price.

I recommend him without reservation. Some courses and ideas may work better for you and in your area than others. Joe lives in Washington State and most of his ideas apply to real estate laws there.

And remember, creonline offers a 60 day UNCONDITIONAL money back guarantee! You can’t lose.

Re: Any Success With Joe Kaiser Products? - Posted by phil fernandez

Posted by phil fernandez on November 21, 2000 at 06:54:56:

I have three of his courses :

1./ Dominate Your Foreclosure Marketplace
2./ Lease Option - Tired Landlord
3./ Mechanic Liens

I have recently received the Mechanic Liens course and have not applied it yet and am just starting to apply his Tired Landlord lease option course I have bought two properties out of foreclosure and netted a total of about $65,000. In fact deal #1 was generated from the very first Helping Hand letter I sent out which is included in his foreclosure course.

The stuff works if you do. All of Joe’s stuff is topnotch. You won’t be disappointed.

Re: Any Success With Joe Kaiser Products? - Posted by TRandle

Posted by TRandle on November 21, 2000 at 07:13:32:

I’d like to hear more about your Helping Hand deal, please. The original owner became your T/Ber and has already cashed you out?

I’m a little leery of allowing someone to stay in the home due to all the negative posts against it. Initially, I was offering that solution to owners, but never actually put one together for various reasons and have now stopped presenting that scenario as a solution. Your thoughts, please.

I’ve Heard… - Posted by David Alexander

Posted by David Alexander on November 22, 2000 at 11:16:43:

that for those of us here in Texas, doing that can be hazardous to our health because of the Home Equity laws. Not sure the exact reasons… Just know that if your not careful it can be seen as loan and if so, then You as the Investor lose your Investment.

David Alexander