PACTrust update...(commercial content) - Posted by Jim Pasquini

Posted by Marty Weisberg on November 26, 2000 at 11:29:13:

Paul,

You raise several good points.

At the end of a trust agreement under a PacTrust when it is time for the resident beneficiary to buy, what type of issues are usually raised by lenders when a trust is involved?

Lenders seem to continually change their rules and criteria, but as best as I know it right now, they will treat the person living in a PACTrust property as the owner and thus it will be a refinance. Very often they will ask for proof of one year’s payments which is easy to produce. However if it is more advantageous to go as first time homebuyer, it would also be done that way.

How much focus should be placed on the quality of the resident beneficiary’s credit before going into a deal with a potential buyer?

This is a matter of personal preference. Most of the time I only use credit history to get more money from the resident beneficiary. In many cases it would be more beneficial to me if the resident beneficiary defaults and I can remarket the property. When the first RB came in he typically will be putting up all of the money that would be my upfront expenses, so when I bring in a second RB that would be all gravy.

I hope this helps.

Marty

PACTrust update…(commercial content) - Posted by Jim Pasquini

Posted by Jim Pasquini on November 14, 2000 at 15:50:31:

There are certain folks out there that either through ignorance or stubborness continue to throw out misinformation and disinformation about the PACTrust. Folks in Northern California and other assorted jet setters have the unique opportunity to find out about the proverbial “Ginsu knife” of real estate investing first hand in the next month. You’d think we’d tire of mounting the steeds and jousting the infidels, but I guess we are gluttons for punishment.

Bill Gatten himself will be holding all day workshops on November 17 in Concord, CA, November 18 in San Jose, CA, and December 9 in Sacramento, CA. At these workshops Bill teaches how and why the PACTrust works (and why the naysayers are wrong) as well as how to put it to work as soon as that evening if you wanted to buying and selling houses.

Don’t believe them when they tell you it doesn’t work because it does.
Don’t believe them when they tell you it is difficult because it isn’t.
Don’t believe them when they tell you it is illegal because it isn’t.
Most importantly, don’t let them negatively affect your pocketbook because they aren’t comfortable with it.

For further details either email me directly or click on the PACTrust banners found at the top of the main board and individual posts.

Re: PACTrust update…(commercial content) - Posted by Paul

Posted by Paul on November 26, 2000 at 10:34:46:

On the board now are several questions regarding families in homes via a L/O and problems associated with refi at the end of the agreeded period as stated in their contract.

At the end of a trust agreement under a PacTrust when it is time for the resident beneficiary to buy, what type of issues are usually raised by lenders when a trust is involved? Is seasoning a problem?

How much focus should be placed on the quality of the resident beneficiary’s credit before going into a deal with a potential buyer? There are loads of people who are struggling with poor credit histories caused by factors ways beyond their control; otherwise good decent hardworking individuals. I want to know how to tap this market using the PacTrust.

Thanks!

I, for one, am going! (nt) - Posted by Bill Gatten

Posted by Bill Gatten on November 14, 2000 at 20:15:43:

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