Short Sale Riches Has anyone made money from this program

[Adam Harrison]

I have seen many articles on bigger pockets about Short Sale Riches, the McLaughlin and Jurewicz program, but what I haven't seen, is any evidence that anyone has achieved anywhere near the level of success that is promoted on the Short Sales Riches website. I understand that it is a good guide to short sales, but if I simply want to understand short sales, I don't need to spend $1,000 on a package to teach me the basics of short sales.

So, I would be interested in hearing from anyone who has taken this program and applied it and been able to make large amounts of money with it on a consistent basis.

I know McLaughlin and Jurewicz talk about making 6 figures a month and getting offers accepted for .40 and .50 on the dollar, but what I don't understand, is whether this is due to some special knowledge they have, or the fact that their market, southern Florida is suffering from an extraordinarily high rate of foreclosures and banks will basically take any offer they can get.

In the LA area, I have never heard of a bank taking less than 70 cents on the dollar for a foreclosed property. So if their claims are correct, it may be worth investing in.

[Scott Hubbard]

I have read through their program fairly thoroughly and do not see any special advice or what Guru's like to proclaim as "insider" or secret information. I have done short sales in multiple states and the "secret" to short sales is their is none. It is about presenting a deal to the lender where they are going to net more selling to you than foreclosing. This presentation must include documentation which supports your valuations.

It is very rare that you will find deals for .40 to .50 cents on the dollar. Why?

1. The lender does a net proceeds comparison for both the short sale and REO scenarios. If the area REO's are getting 50 cents on the dollar, then your short sale will have to offer somewhere north of that.

2. In Florida, your alllowed to file deficiency judgments against the borrower's these bring in added dollars from bad debt collectors.

3. Loss mitigation is inundated with tens of thousands of short sales, loan modifications, and forebearances requests. If they believe your offer is not high enough, they would rather it foreclose than spend alot of time on these files.

So, taking your 70% REO number, you will need to ba able to profit on a 75% discount or higher.

Real estate is about local markets. I negotiate for several investors and agents in many different markets. It is impossible to claim what works for an investor in West Palm Beach Florida will work another in Los Angeles.

If you want a proven system, then work with a negotiator that has a proven track record. While your negotiator is chasing down that loan modification rep, you can be out generating leads and marketing your properties. That, my friend, is the "secret" you will pay so dearly for if you purchase a "system".