Hello MB Forum Family

[coryboatright]

Hi Dan and the Rest of the MB Forum Family,

My name is Cory Boatright and I teach people all over the county how to serve others using short sales.

Dan asked me to post a little BIO.

http://www.shortsalefundamentals.com/about-us.html (http://www.shortsalefundamentals.com/about-us.html)

I am really impressed with how this forum is helping people. You guys have a great sense of community and servant attitudes. I hope all of you are doing well and enjoying this phenomenal time in real estate investing.

Does it have challenges?

Yes... of course. Any real estate "season" poses challenges. How you can focus on being a SOLUTIONS PROVIDER instead listening to any negative buzz that can easily deflate your attitude toward real estate investing is KEY.

One such way is learning how you can add short sale investing to your growing arsenal of other real estate investing techniques. We are in a 100 Year High for Foreclosures... did that sink? If not... it is worth repeating.

WE ARE IN A 100 YEAR HIGH FOR FORECLOSURES

AND... the real question is... HOW DOES THAT AFFECT YOU?

If you don't think it does... think again. Virtually every type of real estate investing technique has changed due to the over-all economic climate we face now.

I'm sure I don't have to tell you that "flipping" houses has changed a bit even within the last 12 months. Part of the reasoning for that is more people are over leveraged on houses than have equity. Hence another reason you MIGHT CONSIDER LEARNING more about SHORT SALE INVESTING.

Some of you are pros at it. Yet others are just learning what the word means. Either case, you can serve others in a tremendous way by learning how to CORRECTLY short sale a house. Yes... I said "correctly".

Why that distinction?

Let me tell you why. I (like many of you) was FED UP with how many Realtor's didn't HAVE A CLUE on how to submit a short sale with the best shot at it getting an offer accepted.

WAIT... before you think I'm bagging on Realtors don't throw stones so quickly :0) After-all... I would be sleeping on the couch if I did that since my WIFE HOLDS A REAL ESTATE LICENSE.

I'm just saying.... when I started focusing on short sales I was a bit annoyed on the training and education materials available on the subject. I was even MORE annoyed that many Realtors thought all you need to do is submit a purchase agreement to a lender and see if they "bite". Are you kidding me?

Seriously... that is probably the WORST WAY TO GET A SHORT SALE ACCEPTED!

You need to submit a COMPLETE package. Many of you know what that contains, but others are CLUELESS. And... let me say this too. The RULES ARE CHANGING so quickly with lenders that you must keep up with them to have the BEST SHOT at getting an acceptance for your offer.

Speaking of acceptance of offers...

I like to brag on my students because they give me a sense of accomplishment for the many hours I put into creating the course. One such student recently ordered my course and a few months later sent me a check that he received from closing for $96,000! Yes... ONE CLOSING.

It is actually right on my Home Page...check it out here. (http://www.ShortSaleFundamentals.com)

Another student that I'm working setting up an interview with is closing on a 1.5 Million Dollar house that he short sold for 1 Million and has it sold for $1,250,000.

YES... you are reading that correctly. ONE CLOSING he will walk away with over $250,000!

Now... does that happen all the time? NO...of course not. However I bring it up to encourage you that is CAN and IS happening with my students.

Can you imagine the sense of happiness and "job well done" that would give you if you wrote a course? EXACTLY... that is how I feel.

Many of you may have heard that I don't buy into the "hype" type marketing. And you would be correct.

I believe you simply tell people about something that is working and leave out all the fast-talking-salsy-pitchfest you hear at many "hotelinars" (ouch did I just say that...OH SNAP!) with someone that has NEVER SOLD THEIR PRODUCT, but trying to convince you to buy from them.

Dang that was a long sentence.

What I'm getting at is this. Yes. I realize it is virtually impossible to not have SOME hype added to anything you are excited about that is working. That is different. I'm not talking about genuine excitement from a product that works and everyone is telling people about it.

I'm talking about focusing on YOUR BEST INTEREST over others. Selling something that has more VALUE to YOU than what YOU KNOW that others could benefit from it.

Basically... becoming an information marketeer selling all the SIZZLE without the STEAK. I'm sure SOME of you know EXACTLY what I'm talking here right?

OK... I digress.

Although this is a great forum it isn't purposed to be my personal venting space...LOL. So I'll spare you the drama and move on.

Man... this is really getting long. I guess I'm a little passionate about this and have little bit to say eh?

So... to make a LONNNNG story (thread) short....

How about I just say this?

I hope all of you check out short sale investing. I have a blog that you can download all kinds of FREE ARTICLES and other ACTUALLY HELPFUL real estate investing tips that I provide on there.

Short Sale Fundamentals Blog (http://www.ShortSaleFundamentals.com/blog)

I appreciate the invite from Dan. You guys have a real special guy that is willing to serve you on so many levels. Dan is a servant leader.



Remember... be a servant,

Cory Boatright
Loss Mitigation Specialist
www.ShortSaleFundamentals.com (http://www.ShortSaleFundamentals.com) (take the free short sale quiz)

[Dan Auito]

It's early here Cory and I haven't had my coffee yet, so I'll not be going into to any great deal other than to say, welcome and thanks for posting the above thoughts.

You make great sense there and that's not rambling but quite coherent and relevant thought.

Short-sales here in Florida seem to be going in blocks of 20-100 or more to the larger behemoth players of corporate stature, but we're attempting them, banks are just tight still.

Welcome Cory, time to get that coffee! Dan

[Tim]

Welcome!
We are in a 100 Year High for Foreclosures... did that sink? If not... it is worth repeating.

WE ARE IN A 100 YEAR HIGH FOR FORECLOSURES

Really? Are you basing that on percentages or absolute numbers?

[coryboatright]

Hi Tim,

Both. DSNews and MortgagenewsDaily along with other research.

[Debbie]

Welcome!

Really? Are you basing that on percentages or absolute numbers?

Feel free to elaborate Tim! Multiple reasons why we trust you!

[Debbie]

Welcome Cory, to Magic Bullets :praise:

[Tim]

Hi Tim,

Both. DSNews and MortgagenewsDaily along with other research.
Could you post a link to the articles? I can't seem to find anything like this on either of those sites.

[AIR]

Cory, I would like to chat sometime, sorry I dont have time to read through this post right now (snuck out of a conference to check email real quick). But I am very interested in learning to use short sales.

[Debbie]

I gotta be honest here....

I fail to see how short sales can truly, truly, truly be successful compared to sub2.

From what I've read, heard and seen, short sale is a lot more difficult than what any gurus want you to know.

Granted, there are few areas that it's easier to short sale than not in most areas.

Now, re-read my last sentence. I believe that is the key.

[coryboatright]

AIR - That is a great decision. You can use them to capitalize on some incredible opportunities. Plus, you can serve people that are over leveraged by giving providing a quick liquidation method of selling their house compared to being forced out via foreclosure.

Debbie - I understand your frustration and concerns. I think you are dead-on too. Many so-called gurus hype up short sales and don't tell you the step involved to complete one successfully. Short sales investing certainly takes time and the key to making them work for your business is not relying on ONE OFFER to get accepted. That is probably the biggest frustration foundation that people tell me about with their experiences with them. You need to have multiple short sale deals going at once so you pipeline is constantly full. What will start to happen is a snowball type effect. You will get better at submitting offers, negotiating (imperative skill), and building relationships with lenders. For example we just closed a 2nd short sale with HomeQ last week. It was the same representative that we used to close the last deal 2 weeks prior.

Although I focus a large part of my business on short sale investing and loss mitigation, I also use Sub2 investing. In fact, one of the most knowlegable people I know that teaches Sub2 investing is William Tingle. He is just phenomenal at sub2 investing. He has a huge heart to serve others too. Anyway, William never endorsed anyone's course before mine. It gave me a huge sense of accomplishment coming from him. I respect him a great deal.

He actually mentioned incorporating short sales into sub2 investing by shorting the second mortgages. However when we discussed it some of the factors involving over-valued seconds came into play. In other words, if you shorted a $200,000 house that had a $50,000 second down to $5K that would seem great. However if the house was only WORTH $150,000 but had a loan of $150K (1st) + $50K (2nd) ...well it didn't make a lot of sense. Regardless, there are opportunities to recognize and when you incorporate using short sales into your real estate investing it certainly doesn't hurt. Lol... just ask my last student that walked away from closing with a $97,000 check from doing one.

[coryboatright]

Hi Tim,

I didn't find the 100 Year article, but here is one for 50 years. I will have to see if I can locate the other one.

http://www.washingtonpost.com/wp-dyn/content/article/2007/06/14/AR2007061400513.html

Could you post a link to the articles? I can't seem to find anything like this on either of those sites.

[Tim]

Hi Tim,

I didn't find the 100 Year article, but here is one for 50 years. I will have to see if I can locate the other one.

http://www.washingtonpost.com/wp-dyn/content/article/2007/06/14/AR2007061400513.html

Yes, I read that one last summer and don't waste your time, we are nowhere near a one hundred year high in foreclosures.

Cory, please don't take this the wrong way but sensational claims (one hundred year high in foreclosures for example) are a pet peeve of mine.

See, I know we are not at a hundred year high because I know the historical numbers and understand statistics. However, most new and many experienced investors don't. If you use absolute numbers, it is the highest it has ever been, but that is a meaningless comparison. If you want to use absolute numbers you could make other meaningless claims like, we are a thousand or hundred thousand year high. The only thing that makes sense for this type of comparison is the percentage of mortgages foreclosed.

And, if we look at it that way, it ain't [sic] even remotely near a hundred year high.

http://www.fieldguideforinvestors.com/articles/93-0

[coryboatright]

Hmmm... yeah I guess the Media Giants tend to over sensationalize the truth. I used that statistic from what I read. It may have been on an article I read on Yahoo. I certainly do not have intention to over inflate numbers. I know we are hearing the negative foreclosure buzz when in actuality it only represents a small part of all home mortgages. However even that small part is creating massive opportunities for short sales.

Thanks for your input Tim.

[topfuel]

I gotta be honest here....

I fail to see how short sales can truly, truly, truly be successful compared to sub2.

From what I've read, heard and seen, short sale is a lot more difficult than what any gurus want you to know.

Granted, there are few areas that it's easier to short sale than not in most areas.

Now, re-read my last sentence. I believe that is the key.

Here we go again...having already had this discussion here with Alexis about short sales.

"I fail to see how short sales can truly, truly, truly be successful compared to sub2."

Debbie, or anyone else similarly minded... I fail to see why you don't see what a tremendous niche short sales are to create equity instantly where none previously existed to the untrained eye?

First of all, sub-2 vs short sales shouldn't be compared really, although you can...one is an apple and one is an orange...they could, of course be combined or done separately.

Short sales and sub-2 buying...individually or together can be TRULY, TRULY TRULY successful.

I, as we all do, speak from personal experience and from information we hear from others. This knowledge, if personal, is 100% factual, the other portion is collectively a "stew" of "good, bad and indifferent"

I have never heard a guru intimate that pursuing this niche, (ss), is a piece of cake.
What is difficult, time consuming, hard, tedious, et al is a subjective interpretation.

Many relish in the "battle", others say it can't be done and throw up their hands...others speak about things without knowing all the facts.

I still fail to understand many concepts...but I work at it before pronouncing it DOA.

I certainly am not an expert...I don't know all there is to know...about anything but I do know short sales do work. I know enough people across the country that I am in touch with that are having success. A success can be defined as making $1000 or as Cory has mentioned, $250000. What a payday for a failed concept!

Not withstanding market vagaries, short sales work everywhere...they are a necessary and needed pressure release valve.

Whether foreclosures or defaults...there is a difference... or whether they are at a 49, 50, 51, 75 or 100 year highs seems immaterial; and quibbling about the actual numbers seems sophomoric in the scheme of things.

Unless you are in your early 90's...we are witnessing the highest foreclosure rates of our lifetime...this is the salient point!

As always, my humble opinion.

[Debbie]

Unless you are in your early 90's...we are witnessing the highest foreclosure rates of our lifetime...this is the salient point!

Funny you mentioned it. My paternal grandparents are alive and active in their 90s (knock on wood). Both were born in 1912.

I spoke with them via videocam last night. I asked them point blank if they thought we were "now experiencing highest forclosure in 100 years".

Well.....let's just say their facial expressions spoke in large volumnes.

Any younger generations who claim to know what he/she is talking about would be very, very foolish to have a conversation with the elder generations (ie my grandparents) who has witnessed far more than we've experienced.

Just sayin'....

[Debbie]

Alan,

I'm sorry to fire you up about short sale. It wasn't my intention.

[Tim]

Full Disclosure Here: We do short sales. But, we don't see them as the solution for every defaulting homeowner.

Here we go again...having already had this discussion here with Alexis about short sales.

"I fail to see how short sales can truly, truly, truly be successful compared to sub2."

Debbie, or anyone else similarly minded... I fail to see why you don't see what a tremendous niche short sales are to create equity instantly where none previously existed to the untrained eye?
That is an interesting way to look at it but, in reality unless you are hoodwinking the lender it is just not the case.

The theory behind a short sale is it would offer a lender more profit (or less loss) than foreclosing and selling the property. In theory and practice, you are paying market value when you buy a short sale. There isn't really any equity created just by the short sale transaction.

First of all, sub-2 vs short sales shouldn't be compared really, although you can...one is an apple and one is an orange...they could, of course be combined or done separately.
I don't think she was comparing them to solve the problem of the same homeowner. I think she was referring to the time and effort of the two. When I look at the effective hourly profit one of our buyers generates from a short sale verses almost any of the other means we acquire property, I am more than happy to let others aggressively work the short sale niche.

Short sales and sub-2 buying...individually or together can be TRULY, TRULY TRULY successful.

I, as we all do, speak from personal experience and from information we hear from others. This knowledge, if personal, is 100% factual, the other portion is collectively a "stew" of "good, bad and indifferent"

I have never heard a guru intimate that pursuing this niche, (ss), is a piece of cake.
What is difficult, time consuming, hard, tedious, et al is a subjective interpretation.
Okay, but effective hourly returns are not.

Many relish in the "battle", others say it can't be done and throw up their hands...others speak about things without knowing all the facts.

I still fail to understand many concepts...but I work at it before pronouncing it DOA.

I certainly am not an expert...I don't know all there is to know...about anything but I do know short sales do work. I know enough people across the country that I am in touch with that are having success. A success can be defined as making $1000 or as Cory has mentioned, $250000. What a payday for a failed concept!
People win the lottery too. Doesn't make it an effective wealth building tool.

Not withstanding market vagaries, short sales work everywhere...they are a necessary and needed pressure release valve.
Another interesting way to look at it. But, the better release valve is for the lender to have a pool of ready investors to deal with the REO quickly, efficiently and cost effectively.

Whether foreclosures or defaults...there is a difference... or whether they are at a 49, 50, 51, 75 or 100 year highs seems immaterial; and quibbling about the actual numbers seems sophomoric in the scheme of things.
I wasn't quibbling about the actual numbers. I was pointing out a sensational and unsupportable claim.

Unless you are in your early 90's...we are witnessing the highest foreclosure rates of our lifetime...this is the salient point!
Check your math and the historical record. Anyone who is or will turn 74 this year was alive when the rates were higher.
As always, my humble opinion.
As is true with all of us.

[topfuel]

Alan,

I'm sorry to fire you up about short sale. It wasn't my intention.

I'm delighted that your maternal grand parents are well.

You did not "fire" me up at all...I'll let you know...stay sweet.

[Debbie]

First of all, sub-2 vs short sales shouldn't be compared really, although you can...one is an apple and one is an orange...they could, of course be combined or done separately.



I don't think she was comparing them to solve the problem of the same homeowner. I think she was referring to the time and effort of the two. When I look at the effective hourly profit one of our buyers generates from a short sale verses almost any of the other means we acquire property, I am more than happy to let others aggressively work the short sale niche.

You're getting to know me pretty well, Tim!

[Debbie]

I'm delighted that your maternal grand parents are well.

They're doing very well, indeed. They're great guardian angels of mine!

My paternal grandparents aren't ready to take the promotion as my guardian angels yet so they're happy to stay on earth for a while longer.

You did not "fire" me up at all...I'll let you know...stay sweet.

Please do let me know if that happens. I like you.

[chris_scarlett]

Dan,

Thanks for getting me plugged into this thread!

As a guy that has a full time short sale service business model running, I get the priviledge of hearing feedback from every opinion imaginable. I have clients that feel absolutely like Cory does about the opportunity. I have others that are just getting their feet wet with the learning process about how to add this as another strategy in their investment tool belt. I hear from more still that "why in the world do I want to mess with this - you do it, Chris." As a guy in the trenches every day with short sales, I can offer you this point of fact... In the past, think about how hard you have worked to come up with motivated sellers, used every negotiating technique (yes listening to their story sympathetically at the kitchen table counts as one) possible to get control of the property and some portion or all of their equity, dealt with liability issues (if you are doing sub2 and don't think there are any liability issues you need to re-educate yourself as to exactly what it is that you are doing), then be under the weight of acting like a property management company during your "ownership" of the deal...all to make a profit. What if by using short sales as an opportunity you could have 100 realtors in your database sending you short sale leads weekly (this is the EASIEST part of the process! just get out and talk to people!!!), hand the file off to a negotiating company if you don't want to mess with it or while your learning to do this yourself because there will be a learning curve, let the realtor do the work of finding a buyer for the deal, and step in and take the spread when the deal is done. No ownership, no liability except for the few hours during your simultaneous close, no need to depend on one deal to make it happen as you should have multiple deals running in your pipeline all the time. By doing a short sale, you will essentially be printing equity! The other great thing is that is missed by a lot of people is the emotional commitment issue. If you have a good heart, and you are really here to serve people, sub2 can be a great but extremely emotionally draining thing to be involved in. It is hard but to begin to feel responsible in the deal to make it happen because you get so committed into the process while your are creating the deal. In short sales, your motivated seller essentially becomes the bank! It is like buying an REO from a bank. They are going to make an economic decision about your offer(s) and you either move forward with it or not. Oh and by the way, have I mentioned that you leads for deals are EVERYWHERE! Again, let me repeat... no more money on absentee owner marketing, no more money on mass mailings, no more marketing expense at all if you don't want to. Just open your mouth and tell people what you are doing, and the deals will come. Let the realtor involved pay to market it on the back end. Sorry realtors, not to push the burden off, but I work for my $$$ too as a negotiator...lol Another plus to the situation is that you can buy some time for the homeowner to figure things out as well. Most banks will stall the foreclosures proceedings somewhat because they really do want you or somebody to sell the property. Even at a loss, it is better for them in most cases, or they wouldn't have agreed to the deal, to sell the property short of the note verses going through with the foreclosure and taking ownership of the property. Then they become the property management outfit and not a lending institution.


Essentially here is is the major benefit to doing short sales as I see it...You get to be a deal manager and not a property manager. My more successful clients that have invested the time to build a network and system are closing 2-3 deals a month averaging in the 20K range on their checks. I have seen several checks over 50K and 1 over 100K in our model which has only been running for 6 months now. It is happening, and people are doing it. They have people finding them the deals, they have people negotiating the deals for them, they have others still finding them buyers for their deals. And they collect the check at the end.

Most people resist new things because they are uncomfortable and seem foreign to them. Short sales can seem that much more imposing because every one you know in the investment community has told you how hard they are. Have they actually done one or are they just repeating what they heard from another investor that hasn't done one? Ask people you know in the community that have been successful, and follow some of their tips. There is no point in completely abandoning other techniques like sub2 as part of your business model, but rather add short sales as a new one because right now there is an UNLIMITED amount of leads to work with! Banks are lobbying Congress for concessions to be able to write down losses. JP Morgan, Citibank, Countrywide and other major lending institutions have paved the way for the opinion of most share holders that there will be losses this year and that's ok, so why not capitalize on a number of companies' decision that are agreeing to take a hit... buy low / sell high ( or at least for more!) and make a profit on a product ( the house silly) that you never had to really own. I like it.

just my 2 pennies worth...

[Dan Auito]

Folks I had the opportunity to meet with Chris (above) yesterday and the guy is 110% above board and doing the deals. The system he has developed for putting properties into the pipeline is a beautiful thing!

Chris IS doing these deals, he's not selling a program, tapes, books or anything else. He is on the streets wrapping up contracts and he does all the negotiations with the banks and charges the bank to do it! LOL

Thanks for coming out yesterday Chris, you really have some great info. I am certainly glad to have you with us!

[Debbie]

Non-guru guru?

My kind of people!

Welcome aboard Chris!

[chris_scarlett]

Thanks guys, I sincerely appreciate it. I just firmly believe that the opportunity to use this method is bigger than any one person can put their hands around. You can do as many deals as you are willing to spend time on.

Dan, thanks again for introducing me to the bullet board!

[Dan Auito]

It really is our good fortune to have you Chris. A more upstanding and knowledgeable person would be hard to find, not taking anything away from Cory of course.

[coryboatright]

Chris,

It is interesting we are in the same business.

I sent you a PM. It would be great for both of us to help others interested in a real estate short sale investment model. Dan has great remarks about you.

Curious...do you happen to be a Realtor?

What state do you have an office?

How long have you been focusing on short sales?

What are your thoughts on the pending legislation model after Maryland law?

Thanks Chris.

[coryboatright]

Very interested in your comments on my latest report: Short Sale Trifecta.

You can download it here: www.ShortSaleFundamentals.com/blog

Thanks guys!

[ZNICK]

Cory, I've read the report, and feel it's accurate. as well as a tad controversial. I wish you well with the launch, and am curiously awaiting the shortsaleology info.

As a full-time investor who's admittedly "stayed away from short sales" because I just didn't want to put in the effort required, with the market and economy the way it is, I strongly suggest investors take a serious look at them now.

I didn't want much of them in the past, because so many don't "go" for one reason or another. Me? Lazy? Yup. :p (some would call the way I run my business lazy, other brilliant, heh)

Having said that, I am starting to encourage my people to consider getting trained in the genre at this point, because the spreads have grown, and the numbers of available deals has grown along with it.

Z