Totally Dominate Your Foreclosure Marketplace Course, has a section, which talks about, disclosing to a seller in distress, that you intend to make a profit.
It’s a coincidence that this thread came up, I just came across this same issue, while studying his course this afternoon. Joe used as an example, that he encountered with an unscrupulous seller, it was Joe (the investor) that got screwed in that situation. It was a raw deal!
See the following link for the course and while you’re at it, see the attached link for the following article as well, this will help any investor, who may be struggling with the morals and ethics of how to handle, earning a profit, while helping a seller in distress. Disclose, Disclose, Disclose!
I can live with a FAIR profit! If we’re talking a $5k rolex, I guess I could give it back for a measly $2500. After all, it is used and I’m sure even a rolex depreciates! LOL
BTW, I had times in my life where I sold things for a fraction of their cost to get my hands on some fast cash. That wasn’t a result of kicking me while I was down. That was a result of my accepting their offer of my own free will. No one held a gun to my head forcing me to take their offer. I had a choice to take it or leave it. That was my choice, not theirs. And we both spoke the same language! They didn’t create my need for cash. I did. It wasn’t their problem, it was mine. I don’t blame anyone for taking advantage of me. I was a big boy and made my own choice as to take it or leave it. I can live with that choice without crying about how I was cheated and kicked while I was down. I never had to accept their offer. I did because I chose to accept it of my own free will.
Then it sounds like they were thrilled to get a fast $100k on something they never paid for or had to earn and took the fast and easy way out.
The fact they didn’t speak english is no excuse. Obviously they spoke enough of something in order to strike a deal for a 50/50 split. They still could have seeked legal advice and had someone to represent them that did speak their language.
Do you speak their language? For someone that didn’t speak english and didn’t know what they were doing, you seem to know a lot about their personal circumstances. Are you making this stuff up as you go here or what?
Thank you very much. That’s what I was looking for. If you deceive the seller into thinking there’s only one option available and that’s through you then you are not very ethical.
JohnBoy: I tend to agree with you in this discussion. I have never understood why people get all bent out of shape when someone else makes a profit.
Just for the record, I have been on the other side of the transaction. It was with a new automobile rather than a house. I traded another car in for this one, so I owed much less than the car was worth. After about 3 months, I could see that this payment was going to be more than I could handle. I found a used car dealer that was willing to help me out of the situation and I took him up on his offer. I’m guessing he made 3,000 or 4,000 on the car. Maybe if I had gone a little slower on this one, I could have made that money for myself, but I’m certainly not angry with the guy that did make the money.
I would suggest that if this is a problem with anyone, then maybe they should not do this business, but please be careful not to critisize those who do.
Posted by Joe Kaiser on June 17, 2003 at 01:19:31:
When you say things like “if you deceive the seller into thinking
there’s only one option available,” you imply the seller is either
stupid or helpless.
I’ve been doing this for a very long time and have met neither
stupid nor helpless sellers. You seem to act as though that
describes all sellers, and that’s nonsense.
People aren’t idiots, Ryan, even though you seem to think so.
Please stop demeaning the very people you would like to work
with. It’s insulting.
When you demonstrate to the seller that you are the only
game in town because you provide a good and valuable service
they’d be crazy to pass up on, and they understand that and
agree, then you are an investor.
Posted by Dave Zelenko on June 18, 2003 at 24:35:37:
Ryan, it’s all about money baby! Nothing unethical, illegal, immormal or otherwise. When I meet with a homeowner in foreclosure I try to sympathize with their situation. I did not cause it but I am here to save it. A homeowner does not have any bargaining power in this situation - I do. I am here to save their ass - plain and simple!
I would not have agreed to even a 50/50 split whether the house was worth $50,000 or 5 million. I always make it a goal to at least give the homeowner back some moving money and some pocket money to help them out. But there is no promise of percentage of profits or anything else.
You need to seriously read Joe Kaiser’s article “It’s the Principle of the Thing”. I consider Joe’s advice the best of anyone - anywhere. His advice and articles have made me a very wealthy individual.
If you want to save the world Ryan, go join Greenpeace and leave the serious investing to those of us who actually make money at it.