Found "GLITCH" in PACTrust - Posted by Sammy

Posted by Bill Gatten on November 13, 2000 at 12:18:51:

'Ever hear of the Peloponnesian War? I say, the Peloponnesian War? We sent Morse Code by runners in those days, M’boy: a single dit and a dash at a time. 'Had to keep messages real short back then, as just the letter “I”–I say the letter “I”–alone would take two good Thebian runners three weeks.


(“I” = “dit dit”).

*Celebrity voice (Foghorn Leghorn) impersonated.

Found “GLITCH” in PACTrust - Posted by Sammy

Posted by Sammy on November 10, 2000 at 19:09:34:

Let me get it all sorted out before posting it though. It’s amazing what you’ll discover when you sit down with a Realtor. (I’m sure glad I did)

I will post the “GLITCH” as soon as I can spell it out clearly.

Hopefully that Realtor is incorrect and you guys can help me out with this!


Hey! Where’s our glitch? - Posted by Bill Gatten

Posted by Bill Gatten on November 12, 2000 at 13:53:55:

My breath has never been quite so baited (…but nothing a mint sprig won’t cure).


Re: Found “GLITCH” in PACTrust - Posted by dewCO

Posted by dewCO on November 11, 2000 at 20:37:22:

Sammy, It can’t be a glitch if you can’t spell it out and don’t know what it is!!! Many people who don’t understand them think they have “found a glitch”. It’s extremely doubtful.

Re: Found “GLITCH” in PACTrust - Posted by Lance

Posted by Lance on November 11, 2000 at 17:30:55:

I just cant wait for you to spell it out, so I will respond now on what I speculate to be your realtor’s ‘glitch’: Despite what your Realtor has told you, it is not illegal wear plaid with strips, a common misconception. Looking forward to your projected reply.

Re: Found “GLITCH” in PACTrust - Posted by JPiper

Posted by JPiper on November 10, 2000 at 23:55:20:

My suggestion in the future would be that you “sort it all out” before posting information about unknown “glitches”…you know, something like a specific fact or two. Otherwise, your post comes across like nothing more than gossip and innuendo. And just in case your post was actually serious, it might serve you well to realize that Realtors are necessarily the bastions of knowledge in the real estate business.

Until your post about this unknown “glitch” actually takes place, I would suggest that people would be well-served to ignore your post.


So, just what did “you” discover? - Posted by Brian Mac

Posted by Brian Mac on November 10, 2000 at 23:02:56:


Before you so generously share what your realtor discovered, please make sure you want to share in his/her discovery. You’re already opening your mouth; but are you sure you want your realtors foot in it?

What does he/she say about “subject to”? My guess would be there’s a glitch there also. Instead of racking your brains trying to clarify your realtors discovery to us, just ask your realtor:

  1. Is there ‘generally’ ANYTHING preventing any property title holder from granting title to ANY kind of pertinent trust?

  2. Is there ‘generally’ ANYTHING preventing the trust from leasing the property?

If the answers are ‘NO’, then there’s no glitch.

Brian Mac

wrong agent… - Posted by RRSmith

Posted by RRSmith on November 10, 2000 at 21:53:52:

please get a better RE agent and review you contract again. After reading John Reeds review of the PACTrust I get the feeling that he wishes he had invented it. The (marketing)price point also seems to bother him (that is the worse thing he can say about it??).

How to Get a Good RE Agent (investor type)

The three things I talk over with any future RE agent…

I will be writing up my own contracts and you will have a chance to check them over with me before presenting them, is that OK?

I have pre qualed with a mortgage company (or partner, or 203k lender, etc.) and will be using them instead of your (in house) usually mort. company, is that OK?

then I judge them by how closely they send me to the properties I need to invest in …and usually sign the “be true to your broker form” unless there is a wide disparity between our ideas of “investment” property, ie the agent is just about telepathic…

good stock brokers and good RE agents are a extreme rarity…and very good to have early in your investing career…most RE Investors on this board agree though that after awhile you should do your own work (with a RE lawyer and CPA …etc.)

Re: Found “GLITCH” in PACTrust - Posted by phil fernandez

Posted by phil fernandez on November 10, 2000 at 20:26:11:

If you listen to realtors concerning creative real estate you’ll never get out of the blocks.

1./ realtors do not understand how to put a creative deal together. At least 99.9% of em don’t. But they will give you several reasons why something won’t work.

2./ realtors are just sales people. In their minds there is a seller with a house and a buyer with lots of cash ( usually acquired via a bank mortgage. Buyer gives seller a bundle of cash for the house and realtor gets paid a commission. Period. That’s it. That’s what they know.

A realtor could never even began to decipher Bill’s creative PacTrust idea. So how come he’s telling you there’s a glitch and it won’t work.

And by the way, what is this glitch that you refer to.

Re: Found “GLITCH” in PACTrust - Posted by Bill Gatten

Posted by Bill Gatten on November 10, 2000 at 20:18:29:

Those Realtors® are really good at finding those PACTrust glitches. I never make a move without consulting with my Realtor®–that’s for sure (And I think all of our attorneys feel the same way).

I will assure you, Sammy, that a Realtor® did not find a glitch in the PACTrust (pardon my humility here, but a lot of good men and women have died trying and it ain’t happened yet…my having not jumped off a cliff long ago is testimony to that).


Did you ever feel that if you’d known about the wind- chill factor at the top of the hill, you’da stayed at the lodge and had another hot apple cider? (Sigh…)

In my youth, I’m the one who coined the phrase “God Forbid”: I could have been collecting royalties from insurance agents for all these years…I don’t need this!

Re: Found “GLITCH” in PACTrust - Posted by Bill Gatten

Posted by Bill Gatten on November 12, 2000 at 13:50:24:


Did you mean to say “not” necessarily the bastion of knowledge?

One word or letter can get us in trouble: When I was a radio operator in the Navy, I remember a Chief in our division who got divorce papers because of omitting one single character in his message. As you may know, the letter"E" is repsented in Morse Code by a dit (as in “beep”). Well, the Chief sent a message to his wife when our ship was in Japan, saying: “All can think about these days is sex(stop) Really wish you were here.” But unfortunately he missed that last dit.

Bill :o)

Re: Found “GLITCH” in PACTrust - Posted by ScottE

Posted by ScottE on November 11, 2000 at 23:39:31:

I could be wrong Bill, but I think the West Palm Beach, FL election commission chairwoman was a Realtor®. Hmmmm…


Re: Found “GLITCH” in PACTrust - Posted by Ray

Posted by Ray on November 12, 2000 at 17:50:14:


Which side were you on in the Navy during the War between the states?