where are all the guru's - Posted by lou

Posted by Ed Garcia on July 15, 2001 at 14:45:08:


I can’t answer for everybody but I’ll tell you where I’m coming from. I give a ton of free information and I mean a ton. I can’t tell you of all the people I’ve helped over the years at my own expense, including hours of long distance phone calls, which is the way I like to work. I’m not fond of e-mail because it’s too time consuming. Usually you end up going back and forth to correspond, which takes many e-mails over a period of time, which can all be answered with usually 1 or 2 phone calls. The phones can be costly but when I’m giving someone my free time, I feel that’s the least they can do.

Not even anticipating I was going to end up doing workshops, I’ve given more of my time to this forum and the participants of this forum over the years as I’ve said before and asked for nothing. Now that I do workshops and mentor, I find myself spending time with my students or participants, because they have spent the money for my time, you might call it a commitment.

I have found that when you work with people that are committed, you have a better chance for something to happen, rather then with people who are trying to lean this business on this forum, but never even take the time to go out look for deals.

I have found many so called investors use this forum as a source of learning which is what it’s intended for, but then don’t carry through and pay their dues to make it in this business. That’s why I don’t let Newbie’s or beginners go to my workshop.

I’ve even seen many Newbie’s use learning and courses as a form of Procrastinating.
You know what I’m talking about, TALKER’S not Doers. Sorry Lou, but you find yourself only wanting to spend so much time with someone only interested in picking your brain and wasting your time, like if you’ve got nothing else to do.

Enough said. Lou, I just think that when you’re getting information for free, you have to get it at the convenience of the givers. Many investors answer questions in their leisure time when they are not out their doing deals.

Jim Piper is another one who helps investors on this forum and asks for nothing. If you want to use the term GURU, Jim Piper is definitly one. As a matter of fact, I feel that he could even be considered a GURU’S, GURU.

There are many experienced, professional mortgage brokers, real-estate brokers, investors, etc, who share for FREE their life learned, from the school of hard knocks, experiences.

Since you are here to learn, and this is section is primarily FINANCING, I’m going to give you some information on the value of FINANCING.

It’s all in having a motivated seller, and how you structure the deal.

I think that it’s important, to understand financing of all types.
Because there will be financing in EVERY DEAL.

Cash is usually derived by financing. However if you did use your own
cash, my suggestion would be to leverage it, and not to put all of your
eggs in one basket. Cash is Power, cash is King, and many times cash
can be a deception. It can be what we want the seller to see in order to
negotiate our best deal, and in most cases it requires financing depending
on the size of the transaction.

Here we have the impression that no financing is required, when the truth
of the matter is, we just transferred the financing problem to the new buyer.
Financing is still required and I can’t tell you how many times I have
arranged the financing for the new buyer. Or rearranged the financing on
the, property to make the property more marketable.

For example, I may offer a 100% financing.

I’m sorry, just another way of financing. In most cases this is considered
high risk, because the majority of borrowers are unable to qualify for a
loan. Which has got to scare you due to the flexibility of financing
in today market. This is a very popular way of financing properties in
undesirable areas. I say that because if the property is in a strong active
market, Lease Options are almost nonexistent. Remember I’m in
reference to the rule, not the exception to the rule.

Now this is one of my favorite. I can really make things happen with this
baby, and like Lease Options, I need a motivated seller. I like to structure
the deal where I can give new cash to the seller as well as have them
carry back. The reason for this is to make them feel like they have really
sold the property, rather than have a glorified renter. Remember I’m in
California where it’s an active market.

Here is another cute pie many of you over look. I notice that were only as
good as our mentor’s or are product of our environment.
I also notice that many of today’s so called experts are vary limited in their
knowledge of finance, and that is why you don’t see more of the
information that I’m providing you. Second money purchase can be the
fastest, cheapest, easiest money to qualify for. When I say cheapest,
that’s not because it has a lower rate, but because it will be for a lower
loan amount. Since you are not refinancing old money, just the new money
your bringing to the deal, your fees and loan cost will be less.
This can make a difference if you are going to keep a property for short

My posting is already getting to long so I’m going to cool it.

But you have got

and the list goes on. These are all financial vehicles that can make our
deal happen.

So now you can see the power of learning and understanding FINANCING.
Every deal is touched by it.

Ed Garcia

where are all the guru’s - Posted by lou

Posted by lou on July 14, 2001 at 22:27:44:

Where are all the gurus? I see tons of advertising about quick flips and sandwich deals and double closings and lease options on this web site but I ask a simple question on how the process works at the closing table and I get no responses. Do I have to buy the course to get the info? Whats the deal?