Millionaire Mind event

Hey all-
I know it's been forever since my last posting. I have been a little busy with the Millionaire Mind evening here in Salt Lake. It finally happened on the 23rd and it was great.
We had about 850 people register and 700 show up. That's a great showing! With over 500 of those being Free people, that's not bad at all.
Everyone really enjoyed themselves. They were thrilled when the announcement of the three day was given. November 13-15 is the date. We had just under 100 people sign up for the VIP package and I was just told by Peak's that the MMI event is 3/4 of the way full already.
What a night.
Harv was really happy with the showing and the energy.
I am so busy right now that I can't write much.
Have you seen the craziness in the market??? This is a great time to get into the RE game.
Subject to and LIC are one of the best choices for the seller at this point. even if they can find a buyer for their home, good luck on getting a loan for the home. It really is a great time to build net worth by picking up then holding and renting out or LO out the home.
More on that later.
Happy Investing
Dino

It's all my fault

I've made this an actual entry because to many people might not read all the comments left on a particular entry and I wanted to show the person who keeps writing that I have not fear of his comments; even if he will not disclose his name. I don’t even know if it’s a man or a woman. For our sake here, I’m going to assume it’s a man.

For full disclosure sake the person that made the last comment is mad at me because I have not published his latest new comment. He takes it as if I don't want to look bad. What he does not understand is, looking bad I have no challenge with. Letting people post things out of anger, spite and self pity, blaming their challenges on everyone else and not taking any responsibility for themselves; that I have a challenge with.

Here’s his complaint in a nut shell. He says that I and Robert Allen have ruined his life through the things he learned from us. He blames me and Mr. Allen because he bought homes in a market that was doing well and now can't unload them since the market is not doing as well. His position is that this whole real estate thing is BS and that his life is a mess because of me and Robert Allen. He claims that he lost thousands of dollars to me personally because he spent money getting educated and it was all for nothing. (Interesting that depending on him either buying my home study course or actually coming to my two day event, since he won't tell me who he is I can't tell, he would have paid between $300 to $1200 on my course. I don't know how that breaks down to "Thousands" but he is obviously miffed about the "big money" he spent with Mr. Allen and Mr. Allen doesn’t have a blog he can complain on.)

All I can say to that is I'm sorry things are not working out the way he planned. I apologize that I could not make him successful. I feel bad that he has such a bitter and angry taste in his mouth about me and real estate in general.

When someone is having a bad go at something they of course want to blame everyone and their brother. It is normal to be pissed off at whoever told you this or that was a good idea. What can I say? He's mad.

The strategies and principles must be working for someone though. I myself am in the middle of a short sale that we are projecting to make a lot of money on. I just got back from Chicago where I was speaking with a gentleman out of Denver who is making money hand over fist in bank REO's. One of my student couples just emailed me two days ago telling me about a house they took over using the strategies they learned from me with a ton of equity in it that they are going to seller finance and make a decent profit from.

The question that this person brings up for me is why does it work for some and not others? Why is it that I can guarantee, wherever this person is from, there are other investors doing just fine in this market? I guess that question will never be fully answered, at least not well enough for someone in a frame of mind where it's everyone else's fault that they are not successful. Go to any one of the real estate investors groups in your area and you will find people that are doing just great in this market. Will you find people in your exact same situation? I guarantee it. Will you find others that are pissed off because they paid for education that just doesn’t seem to be working? Yep. They will be easy to find. They tend to attract to each other and love to commiserate with each other.

I really feel bad for this person. It must really suck. I'm not going to defend myself or what I have taught him and others. I don't need to. I'm not going to get in a blog fight or war of words with him or anyone else. We all have challenges come up in our lives. I have crappy day’s weeks and months. I have had BAD deals and will have bad deals in the future. No one ever said that you or I wouldn't. I never promised anyone that there would be no challenges in the game of real estate investing. I never predicted the future of the market in your specific area. I definitely never forced anyone to buy a property.

Do I care that he is ticked off? Yep. I wouldn’t take the time to write if I didn’t. I do know that all of my students have my email and office phone number and I always answer to help in any way I can. If being mad at me helps him deal with the crap he is going through then fine. I have a stack of testimonials from others and I hear stories all the time of the exact opposite view.

The best lesson all of us can learn from this person is; when things get tough, when it really is “hitting the fan”, we all can choose to play the blame game or we can choose to get off our duff’s and move forward. That is my wish for this person. That they move forward and find a way to become successful in spite of how he feels about me or anyone else.

Short that Sale

Short sales are all the rage right now. It seems like every week I get a new email from someone advertising their Short Sale package. Are you getting the same emails I am? Well, there is a good reason for that. Simply, short sales are hot.
When the foreclosure rate is high short sales are a great option in your RE investing.
There are three basic strategies on how to make money in the short sale world.
1- Put the property under contract, get the short sale accepted and then assign the contract out to a third party for closing.
2- Get the short sale approved then close on the house, fix it up, turn around and sell on the market.
3- Get the short sale approved, have a third buyer ready to sell to(usually another investor for a great price), close with hard money, then turn around as sell to the third party.

One thing you need to understand as a new short sale investor, these take time. Anywhere from 1-5 months depending on the bank and how motivated they are. Once you get a good number of short sales going then you can hope to close a few a month but it is not a matter of fast profit in most cases.
Also, there is a lot of work involved. Both form you and the sellers. Make this clear up front.
I hosted a great teleconference with David "The Diamond" Oswald last week. Is a a top expert in the field of Short Sales and I highly recommend getting on his free newsletter. http://www.davidoswaldonline.com/

Happy investing.

The Deed is Done!

Well, this morning President Bush signed the Housing Rescue Bill.
This from the AP-

"The measure, regarded as the most significant housing legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes.

It offers a temporary financial lifeline to troubled mortgage companies Fannie Mae and Freddie Mac and tightens controls over the two government-sponsored businesses.

It aims to spare an estimated 400,000 debt-strapped homeowners, many of whom owe more their houses are worth, from foreclosure by allowing them to get more affordable mortgages backed by the Federal Housing Administration.

The FHA could insure $300 billion in such mortgages, which would be available to homeowners who showed they could afford a new loan.

Banks would first have to agree to take a large loss on the existing loans in exchange for avoiding an often-costly foreclosure.

The plan also is designed to relieve a broader credit crunch that has taken hold because of rising defaults and falling home values. To free up safer and more affordable mortgage credit, the bill permanently would increase to $625,000 the size of home loans that Fannie Mae and Freddie Mac can buy and the FHA can insure. They also could buy and back mortgages 15 percent higher than the median home price in certain areas."

Here's the biggest challenge in my book. This bill is nothing more than a bail out for a majority of these people who bought too big of a house or a house that they had no right to get into in the first place. Someone who got a 100% or higher LTV mortgage on a Neg AM loan and now can't afford the adjustable or, surprise, the house has gone down in value from the 110% LTV loan they got and now they want my tax dollars to bail them out? That should be called a seminar they took, not a slap on the wrist and we'll take care of the bill for them.

Then there' s the banks who lent out these crazy loans to people they knew could not afford them. I am all for companies making a profit as long as it is within a little thing called integrity. They did this out of greed.

The only silver lining is the amount of people this won't help and that the economy still needs creative real estate investors. There are many people this bill will not help that you can when using creative strategies. Get the education you need to do so. Start dabbling. The one thing this Bill, and others that will come, I'm sure, will guarantee is this is not the last change we will see. The time is now to get in the game.