From comments on a previous post, purportedly from syndicatered / Andrew G.:
Fact of the matter is I had never really gone into in depth what exactly it is I am dealing with aside from Commercial projects because I don't want more competition and it's pretty hard to believe and understand if you aren't dealing with it from 10 a.m. in the morning till 8 o clock at night Monday through Saturday. I expect nothing but skepticism from others. Kellene didn't lure me into a scam nor am I following Casey's path towards destruction. In fact I owe Mrs. Bishop all the thanks and love I have in my heart for introducing me and training me on something that is a very high paid career. Casey tried to make his money as an investor speculating, I am providing a commission based service where I only get paid for closings much like I did in the mortgage industry before this. Now the #'s are just massively larger and the deals are harder than you can imagine to close. Now lets go further into the future and assume the worst, I fail, I end up in foreclosure on 1 property that is on the beach with a million dollar view, not 6 properties in bad locations. So after everything was said and done I end up with a foreclosure on my credit that I can remove in a month from the credit bureau's never to bother me again.
And:
John my sole reason for disabling comments is I don't allow negativity into my life. Fact of the matter is, overall, other people don't want to see others come up because it makes them reanalyze their own self worth.
While it is true that you only have one property foreclosed, which is a huge distinction between you and Casey. I don't recall properly (can't check with the LiveJournal down) did you live in the condo you bought? If so, that's kudos to you for having an owner occupied loan on a place you actually lived in.
However, here are some of the "shady" things I recall you saying you did/would do, again I can't verify them with the LiveJournal down:
- Cashback at close. You talked about this as if buying a home was a profit generating event, something like "We spent the last of the proceeds from the condo purchase." Did the lenders know about your cashback?
- You say you can erase a foreclosure from your credit history after one month. This seems shady if it's true, and pointless if it's not or it's temporary. This also doesn't mean you have the right to say "no" when asked on loan applications "have you had a foreclosure in the last five years", which will be a red flag with potential creditors.
I understand you don't want negativity in your life, but think about what that ultimate negative feedback mechanism, pain, is useful for: If you touch a hot stove, the pain makes you recoil. If you could not feel pain, you might destroy your hand because you don't have that warning.
Negativity is something you should embrace to acheive balance. In terms you might understand, pure Yin or pure Yang are both unhealthy. If you do not know what is bad, how can you know what is good?
10 comments:
Doug, thank you for removing my name, I appreciate it greatly. And I don't have any properties foreclosed on, I make all my payments on time as I've never missed a payment on anything in my life. If I end up foreclosed on, it wont happen for another 9 to 12 months.
The money I got on the condo was from the refi of it two weeks later after I bought it, while I did get 5K back from the tenant we bailed out of foreclosure to do the refi and fix his AC, it was a proper refinance for the rest of the cash out. I am a firm believer that anyone who leaves untapped equity in their property is squandering opportunity for what they could be doing with that money else where.
Also you seem to like the word shady for something perfectly legal as far as the laws of our country are concerned, and yes its permanent removing your foreclosure or BK. It's not my fault that the credit scoring model is easily manipulated to my benefit so long as you know how it operates.
Borrowing money to buy a condo...last time I checked thats what a mortgage was.
I'm referring to a different negativity completely, the negativity generated by people who are unhappy with their lives or have had a shitty day so they project their bullshit on to other people. Thats what I don't allow into my life. I don't put up with it from my family, friends or relationships.
As for your comment on realistic goal setting, it's only unrealistic to you my friend. The 500 mill by December is highly optimistic but not unobtainable, the 1 mill in 2 years is a joke. That's one commercial loan, not to mention the currency, the commodities, the reo packages or the bank instruments I deal with in my office. There's things going on in the capital markets that you will never be able to fathom because it was never taught by the powers that be. Any other ?'s?
dropping the names of financial instruments mostly makes me laugh. last night i was at K&L Gates, that's the law firm of Bill Gates, Sr. We joked that Bill's dad had a lot of money.
why do you mention these numbers? 500 mil. 23 TRILLION. i'm going to work now to help Bill Jr. with his next platform. Indeed my work does appear on hundreds of millions of computers. And yet I'm going to work to earn today's pay. I must not get every penny of the profit, huh. So believe me I understand huge deals. And I understand how to play a tiny but important role in them.
I pulled your LJ from Google cache and will try to give it a read tonight. You to Reiki twice a week, I do yoga every day. Your profit's just out of reach. Mine comes weekly by direct deposit. All that LJ, two million active users, and you were too good to develop relationships with any of them. Some of them are remarkable, even legends. Scientologists crack me up for the same darn reason: single-sourcing all their reasoning, afraid of conflicting points of view, thinking purity of thought is a function of censorship.
It sounds like in the condo deal you did it on the up and up, so good for you.
I admit I don't fully understand the business you are trying to build, and it certainly is possible you'll succeed - I just want to point out the similarity of what you just said to something Casey said. You said "The 500 mill by December is highly optimistic but not unobtainable, the 1 mill in 2 years is a joke. That's one commercial loan, not to mention the currency, the commodities, the reo packages or the bank instruments I deal with in my office. There's things going on in the capital markets that you will never be able to fathom because it was never taught by the powers that be."
Remember this: "[Casey] learned ... of a $1.5 billion Las Vegas casino for sale. If he can find a buyer, Serin says, he'd get a 1 percent commission ($15 million) for his trouble. 'Doesn't that make more sense than a W-2 job?'"
Sure, you could get in excess of $1 million for closing a single deal. But, realistically, how likely is it that you'll close a deal? I've seen lots of testimonials on Kellene's web page from people right after they took her seminars. Has anyone followed up to see how many of them have closed loans?
Finally, regarding the "shadiness" of the BK removal from the credit report, I'm not familiar with the laws or the technique you will use, and I don't expect you to reveal it since you may have paid to learn it or just want to keep it secret or whatever. So I'll take you at face value, there is some legal way to get a BK or foreclosure off your credit report forever. That just leaves one final question:
IF you have a BK or foreclosure, and IF you get it off your report 1 month later, and IF you then apply for a loan, what will you say to the "Have you had a foreclosure or bankruptcy in the last five years" question?
I thought I was the only one reading Andrew's LJ. I have a couple things to say. On one hand, I really appreciate his honesty. He's not trying to claim he's closed any of these commercial deals.
I am curious how he did in the residential mortgage business - I think I remember hearing about maybe 3 closings?
What bothers me is the whole seminar fed singular thinking that motivates all of his get ultra rich mentality. What motivation would this lady have to do seminars if she's making 100's of millions of dollars in the commercial loan business? Who are these banks willing to invest in highly risky commercial transactions? Oh ya, maybe they aren't banks at all - THEN WHO ARE THEY? NAME ONE ENTITY LENDING ON HIGHLY SPECULATIVE COMMERCIAL DEALS.
Andrew should have stuck with residential lending. But instead of glomming onto the low volume, high commission mortgage broker model, he should have adopted more of a high powered mainline banker approach. You get a group of successful Realtors or other referral sources and you provide fair pricing and high service to their clients. Plan on closing $10 million in loans per month, making a commission of 3/4 of one percent and you'll make $1,000,000...for real.
I think Andrew could have done well at this and maybe achieved those kinds of numbers. But I don't see this commercial thing going anywhere! I mean, cookie-cutter sites? get real...
My likeliness of closing commercial transactions is high. We have approval on one project that is waiting to fund while the lawyers for the bank and the applicant finish up everything on both ends, its a small deal, $5 mill, but its $45k in my bank account. The same developer has an $80 Mill project behind that. The likeliness of getting a million dollar commission off one is pretty good also, thats any project over 100 mill which generally take several months to wrap everything up. On other fronts, some of Kellene's 'students' have closed commercial deals however none of the 280 or so people have yet to achieve her 750k in a year promise.
Oh those cookie cutter sites, it was simply a matter of convenience as it was inexpensive with a built in back end system to bring buyers through where they can stay abreast of their loans amongst other things, all of those sites are Kellene's graduates.
On the BK and Foreclosure, I didn't pay anything for it really, I read a lot of books from the top credit repair experts on the planet and listened to a few hours of mp3's on the topic. It was a competitive advantage in the brutal mortgage industry. I'd be more than happy to send it toanyone who wants a copy of how to do it, it's time intensive but it works and because its a judgment, one its deleted they aren't re reported.
If I were to apply for a loan after a BK or FC, sure I'd admit to it. It wouldn't effect my credit score or anything which is about all the banks care about. I don't feel its morally wrong to use the credit laws in my favor.
Mark, in my first year in the mortgage industry I did alright, in 2005 I made just under 22K as a part time loan officer, full time student taking 4 or 5 classes a semester, I started late in the year in August I think if I recall correctly. I never ripped anyone off or gave them a loan that was wrong for their situation, i.e. I never sold people option arms to make 5 points off them.
In 2006, I made around 48K while finishing up last two semesters of class, graduating, moving, etc. I never met a single customer in person as 90% of my business was in the northeast. Closed 3 loans in March after leaving my old company in January and starting anew in FL.
Kellene's motivation on her seminar was to make more money on the back end like any good marketer. She trained 280+ people very thoroughly in Commercial Finance and then she set up unique programs with lenders for her students, which of course had to be run through her and she gets a piece off each one, you can do the math on her motivation, very profitable to say the least.
Also, banks don't invest in highly risky commercial loans, hard money lenders do. The returns on any viable commercial projects typically go into the low triple digits, 100%-300% returns with excellent cash flow to cover everything. Go sign up for LenderLab.com if you want a list of some 170 commercial banks that all do projects or look in a commercial issue of scotsman guide, the bigger banks like Bank of America, JP Morgan, Credit Suisse and even GE do the majority of the larger transactions. Aside from banks you also have hedge funds and insurance companies that provide funding for the projects.
To say that I am elated not to be in the residential mortgage industry is an understatement given the state of the market. Not only that but I haven't looked back nor will I. You don't reach levels of success by doing what your doing, it takes massive determined action to accomplish that and thats what I am doing day in day out. I found a better and more rewarding profession.
one wouldn't want merely the top experts in, say, Philadelphia, PA. THE PLANET!
The 45K goes to my company with 20% staying in the company and the rest being split three ways among the principles. But because my best friend/one of my business partners and I are both in the same boat we are really taking 2/3rds. This $5 Mill deal took 2 months to set up, it was originally going to be the 80 Mill hotel first but when we got the developer on the phone with the lender he squeezed his $5 Mill in because everything was ready to go in it. A lot of these developers do several projects at once. The hold up is legal compliance, i.e. lawyers running up their fee's doing god knows what. There is very little control on my end with these deals because the commercial banks tend to treat everyone with little to no concern. They take whatever time they want and kind of leave you and your client hanging.
Sure I'll put it back up, I was going to open it up to comments anyway in January as per my original intentions. Apple was a great learning experience, I'd been watching it for years following its run ups through holiday earnings year after year. The really sick thing about it is had I stuck to my original analysis of Apple utilizing January 08 calls as the backbone and not getting caught up in emotional selling, I'd have walked away with 600% returns. One of my business contacts is friends with the #1 options trader in the U.S. who writes algorithms for Lehman Brothers, he said he'd be more than happy to put me in touch with him so thats rather exciting.
Hope everyone has a safe and good thanksgiving.
i have unbanned your lj from the investments community. if you post there with comments disabled again, i will ban you again. you won't find many people on lj who welcome posts with disabled comments. presumably you can do this in your own lj, making it an echo chamber sterile of disagreement and the ever-destructive negativity, but communities typically oppose this kind of self-adulating myopia. and you're deeply mistaken if you think putting your fingers in your ears is some path to wisdom or riches. if you do enable comments on your lj, i will read it. if you don't like an individual who comments in your lj, you have the option of banning them. but you seem to think all people are diseased with negativity, doomed to mediocrity and nowhere near the rising star that you fancy yourself to be. this is your delusion to hold. on lj, i've seen it all. it takes all kinds.
From what I've seen so far it looks like Andrew is open to constructive criticism, he may just not want to invest the time it may take to delete complete troll posts. So far, while he's disagreed with it all, at least he's discussed our critiques here with us.
I hope the reopened LJ works out for you, Andrew, I miss it.
I took kellene Bishop's class and I did noot close a single loan. I asked for my money back and she sent me a 20-page questionaire. I filled it out and she denied my refund.
The websites claims that she has a no questions asked mony back guarantee! What a joke!!!!!!!!!
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