Re: Pac Trust vs. Bronchick = Confusion…HELP! - Posted by bill gatten
Posted by bill gatten on November 14, 2001 at 17:28:20:
I’ve let your post ride for a while before jumping in. I don’t want to start another fiasco with anyone. The last few were confusing to me too. I’m sure Bill Bronchik will agree with me on this one point: neither of us wanted to create doubt or confusion relative to creative real estate financing in general?just each other?s points of view.
Bill is an attorney, and I’m sure a good one. I am not an attorney and have to hire attorneys to support all that I do an say. Just rest assured that neither Bill B. nor myself would have been in this business as long as we have, if either of ideas and programs were fraught with dangers. We both have endeavored to create a product with the utmost safety and benefit. And in my case, one that is truly unique, and not the ?same? as everybody else?s.
You probably noted that 90% of the entire debacle that occurred recently re. the PACTrust was based on pure speculation and conjecture on everybody’s behalf (what a court ?might? do, ?could? do, ?has never done, but.? All of these conjectures can be made about anything that has to do with the IRS, but until it happens, why exert all of one?s efforts in arguing a case that hasn?t happened?
Ultimately what it all boils down to is: Is the PACTrust concept any better than anything else out there. I say “YES (with all caps).” Bill says “no.” But do bear in mind that the PACTrust is MY whole life…I don’t have a law practice, a title company, best selling books endorsed by Robert Bruss or a million bucks to lay back on if things get tough. I have a great idea that has saved the buns of thousands of super-satisfied clients?so far?and it will continue doing so. In my mind, and in the minds, of our thousands of clients, brokers, escrow companies, titles companies and our four attorneys…it is the best thing anyone has come up with yet in the creative real estate acquisition business.
Like everything else, the PACTrust is not perfect…it has many of the same flaws as does any other creative financing systems…its just that the PACTrust tends to greatly minimizes all of the flaws than it doesn?t eliminate completely. That’s the reason it was created…to protect ME from the hazards, risks and downsides of my own creative real estate financing deals. Shortly after that it became my passion, my hobby, my avocation, my vocation and my quest (as it were). If someone needs what it offers?that?s great. If they are happy with what they?re already doing?that?s great too. My function in our workshops and seminars is to teach creative financing, not the PACTrust?we just happen to ?feature? the PACTrust and thinks it?s the best option.
I have done leases, lease options, equity shares (100’s of them) and contracts for deed. And in all of them I knew there had to be a better way, and proceeded (with some help) to create that better way, and am VERY happy with the results of that effort.
Don?t be confused?just take the path of least resistance and acquire as much as you can with any system that works for you.
Check out the PACTrust workshop in Salt Lake this weekend if you want to get it from the horse?s mouth (SLC Airport Holiday Inn). And Bronchik goes: ??try donkey?s mouth!? :0)