All Forum Posts by: Thomas Fish

Can we go back to the old BP format? This new format is way too difficult to navigate.

I am currently working with a hedge fund that is on the fence in terms of taking down CA SFR's for resale (generally they buy and hold). What they are doing at this time is conducting a sort of market research...asking for generic LOI's (with just the potential buyer's first initial on the doc, no full names, no contact info) to see the demand for the product in terms of (a) where in California (b) how much, (c) what price, and (d) over what period of time.

I have about 12 of these generic LOI's compiled already and will be turning them in at close of business this evening (10-8-10). If you are a potential buyer, or have potential buyers, and want to express an interest in this product (without committing or running the risk of having a full LOI shopped), please feel free to send a very generic LOI to me. I will send it in with the others tonight.

Thank you.

Hi Michael. The program DID have some really good tools to use in the student housing market. A lot of the material, though, was very basic stuff. The guaranteed funding portion of it, though, was an absolute scam!!!! I have since talked with other students from the program. (A) they didn't get funded either and (B) they were refused refunds when they also discovered the program to be a scam.

I was fortunate enough to tap into one of the best college-housing markets in the country when I did Doug's program. It was because of this that I was able to find and submit 10 properties per week to him. I mean, I was finding primo college rentals IN SIGHT and 2 BLOCKS from the campus....selling at 60% discount. If he had had ANY intention of funding properties, he would have funded those. But, bottom line, he never had any intention of funding ANYTHING. The whole "guaranteed funding" ploy was designed to get students to pay the $1500 tuition. Once they were signed up, he just found every excuse in the book to ignore them, deny funding to them, and pretty much treat them like cattle who he just had to deal with until the course was over.

Hi Desiree. I am familiar with most of those note networks, and I have already submitted this package to them. If you come across actual individual investors who you can put me in direct contact with...without the use of the information form, that'd be great. Thank you!

Hi Patrick. I am sending you more detailed info and addresses to your email address. Thanks! Tom

I have 7 houses in Detroit that have been sold on land contract to a construction company. The contract is scheduled to pay 44 more months at $1800. An investor would buy the whole package (houses and contract) for $40,000 and would receive the $1800 per month for the next 44 months. If interested, please let me know. Thanks! Tom

I am the SELLER of a 36 property national portfolio. BPO is over $1.6M, so the property is priced at .49 + 3. Or if you're the direct buyer, we can eliminate the points. Please let me know if interested.

"I am the buyer." (I'm doing a pass-through.)

"I am the seller." (I'm doing a pass-through.)

"I am direct to the seller." (Somewhere, on some document, I saw the email address of the guy who I think is the actual guy doing the pass-through.)

"I am direct to the buyer." (Another IM mistakenly cc'ed me the actual pass-through-guy's Transactional Funding POF letter).

"I have a soft proof." (The guy who mistakenly received the Transactional Funding letter has no clue what it is, but it DOES say this buyer-guy 'has up to $200m in available funds according to our criteria and other provisions.") When asked if there is an end-buyer in escrow, he says, "Yeah, the SPOF says he has $200m available right here."

"I am the mandate." (I think I know what THIS word means, but I don't know what the initials POA stand for.)

"My buyer is in escrow." (My buyer has a BIG Transactional Funding letter.)

"My buyer has $2B liquid in a London Bank." (I don't think this is a Nigerian Scam because I looked up the bank online and there really is one in London.)

"My seller is direct to the bank." (At least I think so. He DID put all of his banking information on the MFA.)

"My buyer will only proof after receiving the tape." (My buyer is trying to pull off a 24-hour pass through.)

"We need to complete the genealogy first." (How many effing IM's are actually ON this deal?!!!!)

"The FDIC then flies you out to Washington where you can meet with the managers and actually view the tape in person." (I just started doing this last week and have absolutely no clue what I'm doing.)

"The seller wants an NCND." (Because, after all, anybody owning and selling ANYTHING surely doesn't want to get circumvented.)

"My buyer will close on that $5B tape in 3 days." (My buyer is Larry Flynnt, a compulsive gambler, who is playing the odds that one third of those properties are NOT vacant lots, another one third are NOT unresolved short sales...and that the odds are 50-50 that the title company just hired 100 illegal aliens who are all experts in preparing Grant Deeds in record time.)

"I have tapes available." (I am an IM.)

I have buyers." (I am an IM.)

"My buyer wants to see an LOA before he proofs." Translated: The IM posing as the buyer's rep has looked like a total idiot too many times in front of the other IM posing as the buyer's rep, for chasing tapes that don't exist. So THIS TIME he wants to at least see a document--even if it's bogusly written on the letter head of the IM posing as the Seller's Rep-- so when the whole deal falls apart again because the product never even existed, he can say, "Look, we know the product was there. I think we got circumvented....again."

"The takedown is $2B....and it's priced at 57 + 5." Translated: Don't worry, the guy smart enough to have a liquid $2B is NOT smart enough to notice the $100M in fees: $20m to the IM turned Buyers Rep who made 2 phone calls. $20m to the IM turned Seller's Rep who answered 2 phone calls. $20m to 6 Seller IM's who, between them, sent 4 emails to each other. $20m to the 9 Buyer IM's: 4 or which are family members of the other 5. And $20m to this guy they call "The Facilitator," which, translated itself, means the IM who asked the Seller's Rep if he had an extra blank MFA so he could fill it out and protect everybody in the deal.