All Forum Posts by: Dennis Treacy

Owen,

This is all history, nothing you think, or do can change the way it was.

That being said, I ask you to be honest with yourself. Aren't you glad your forefathers were forced to come to America?

I will tell you as one of poor Irish decent, I am damn glad poverty forced my great grandfather to escape Ireland so he could pull his family out of poverty.

Who knows would I have ever been born, would my great grandfathers children have all survived if they stayed behind?

We cannot change our past, we as the future generation of our ancestors cannot be held responsible for their actions, nor would we want our children to be responsible for our decisions, or mistakes.

The question you have to ask yourself is "What am I going to do to help my family."
Once you establish your family on a sure footing, you will be able to invest in other people.

Btw, I do not, nor have I ever invested in my own town, or neighborhood. My focus is low income housing, ask any of my tenants who is the best landlord they have ever had the pleasure to deal with.
Come look at the inside of my rehabs or apartments, I will tell you one of my rental homes is renovated to a higher degree than the house I live in.

My philosophy is simple, buy for next to nothing, use this built in equity to renovate the property to a high trouble free level. Install the correct tenants for the property, manage them correctly, and keep the property in good condition.
This keeps the neighbors happy, healthy, and runs the neighborhood up.

Originally posted by crosswind_:

I truly hope that no one felt as if I were attacking anyone. All I was asking, was about keeping short term capital gains.

Thanks,

Crosswind,

Ian gave you the only answer he could. I like Ian own a business, a great deal of money crosses my books. I also do not care about, or pay short term capital gains.
Ian is most likely an S or C corporation, this structure would allow him to take many pre-tax benefits, all of which would lessen the profits of his company maybe even into the loss category.

My corporation usually loses money most years, however I receive a great monthly rent as the owner of the building, the lease is triple net to boot, and not to forget the business meetings in vacation like settings, health care, life insurance, a vehicle and all costs of running the vehicle.
Meals at nice restaurants, some of my clothes, etc.
Did I mention the $5000 I pay each of my children a year for working for my real estate company?
This year my daughter used her pay check to help with her college tuition, my son used his to pay part of his private school bill.

Just think if you could cover 100% of the expenses you now pay out of pocket with after tax dollars, how much money would you really need to make a year in salary?

Btw, In those years when we lose money, I get to write those losses off against my personal taxes to the tune of my ownership interest in the corporation.

My advice is to start a LLC as soon as possible, ask your accountant what form it should take for you particular need. Don't worry about short term gains, you won't have any.

I think you are thinking of wholesaling in your personal name, don't do it. Or if you must, consider that no one actually sends a 1099 after you leave the settlement table.
You will have to figure out what to do with that large check.

Originally posted by Wes Tuinstra:

Hello,

And a very hearty welcome to the forum!

I agree with NavyDoc, you're on the right track and
your education is just beginning.

Please know that those who bid at the auction -- and
win -- are expected to pay the full amount in cash
within about 3 hours of the auction.

That is not quite the way it works in Philadelphia, the sheriff requires $2000 or 10% whichever is greater, then you have 30 days to come up with the balance.

As to what you should be looking for, well that is the danger in buying at sheriff sale, first you must make sure you are buying the first lien, this does not even guarantee you will be getting a free and clear title.
I would suggest a title search before bidding.

Also remember, just because someone is bidding does not mean they know what they are bidding on, they could be an idiot.
Or they might be the lenders agent.

Just a quick story, a million years ago when I had no idea of what I was doing. I attended a sheriff sale, the first bid was $1700, the next was $1800, and then no one bid, I wanted to jump in, but did not.
Later I found out the first bid was a contractor bidding his mechanics lien. He had removed a ton of trash from the lot and the owner had not paid him. The second bid was a newbie who bought a trash filled lot worth about $500. This investor just became the new owner of a lot that needed a good cleaning.

I would hope the newbie did not pay the sheriff for his bid, but who knows sometimes folks just have to learn the hard way.

Do you wonder why Jason Gilbert is giving away his secrets for only $1000?

I attended a PROA seminar a couple of months ago. I want to hear a local guy speak about self directed IRA's.

I had to sit and listen to a few guru's first, one guy said he was not there to sell books and tapes, but collected $997 from about 30 suckers. Not a bad paycheck for 45 minutes of his time. Quite a few of those new students gave me their business cards.
I have this little trick, I write the name of the courses these folks bought on the back of their cards, then I call them back in a month. Guess what all of them tell me?
Ripoff!
One guy went to Orlando, for a 3 day boot camp, he told me at the boot camp they were pitched a mentoring program for an additional $15,000! He actually bought it! Later he tried to cancel the transaction and was told he could not, but later the guru relented.
Can you imagine how much money this guy collected?

$997 and $15k, plus plane fair and hotel, the guy could have used that money for down money on a house. And all on his credit card at 28% interest.
Most folks could not payoff that balance in a year.

I agree these guru's have the right to market, but they know they are taking advantage of all of these students in the end.
Who knows Jason Gilbert's supposed deals may be totally bogus.

Like I said in a previous post, a local guru, put a deal forward showing unbelievable numbers, and I looked that property up on PropertyShark, the numbers on his deal were totally fabricated.
Yes he owns the building but the purchase price was lower than he stated, and the appraisal was about $100k high.

His motivation is clear $6000k and 7 folks signed up with credit cards in hand.
2 hours and he made $42k.

He was very relieved when I left without talking to any of his new suckers, I mean students.

Originally posted by Justin Bird:

Originally posted by Brian Wall:

before spending any money, on any package, I always read their free articles I am sure they exist elsewhere as well.

Alan Cowgill is a big name when it comes to private money, look at some of his stuff.

What I always do is read the free articles, then if I am still interested, I will go through various forums (like this one, although I am new here), and either read posts, or post a specific question.

my 2 cents

Brian,
i have read just about everything free that I could find for him. I am looking for anyone with experience using his product that I can trust... not just something that is on his website. I like what he has to say most of the time but I'm wondering if it's really worth purchasing.

Alex is going to tell you to go into the public record and look for the names of folks who are obviously not banks, for example a property shows a lien by Chase, but another shows a lien by Alan Johnson. Your job is to search for Alan Johnson in the public records, once you find his contact info you present yourself in a way that Alan thinks you are a referral, but some one who has used his services. You then ask to borrow money on your deal.

Originally posted by Eddie Ziv:

For further enlightenment about the subject
http://abcnews.go.com/2020/story?id=1982669&page=1

Rich Dad Poor Dad is fiction.
Kiyosake made all of his money selling smoke and mirrors, he may have an empire today, but it was built solely on income from his motivational business.
If you had millions of dollars flowing in like Kiyosake, why in heck would you be a landlord? Or own a business other than the one that is making him a king?

Originally posted by Iman Yusef-Yahya:

Thanks guys - Keep getting emails in my inbox about this guy, actually from a much trusted newsletter I subscribe to - wanted to know if what was worth the $20, or so.

What is $20? He charges $10k when you want to "partner" with him.

Put him on your delete list.

Originally posted by Priscilla Z:

Hey everyone! Another update! I just got my first contract accepted yesterday using Cameron's POF....now I'm working hard to get this house closed, they only gave me two weeks to close, so I will be using his funds to close this one...will be able to give you a review on that once it happens!!! So excited!!!! :)

Now after you close when do you make money, I get a laugh when folks say you make your money when you buy. Unless you can pull cash out and are planing to hold the property, you make your money when you sell.

So transactional funding is only going to work when you have a buyer in place at the same closing.

Give us an update are you a millionaire yet?

Some advice, don't buy the books written by guru's. The only thing you will learn is that you cannot succeed without buying their system.

But somehow they did before the made the system up. Go figure!

Originally posted by Anthony E Russell:

Dennis,

I had no idea. I'll check the link you posted. Thanks.

Anthony

All of these guys have a great story, it just changes as is needed.
The other day I my brother said I could be a guru, if I marketed myself right. I in jest gave him this story as my hook. Poor suburban contractor living paycheck to paycheck struggling to pay those oppressive bills for the private school his children attend and now burdened with his high honor role daughters private university tuition, finally stumbled upon the secret, no one has ever discovered technique to real estate millions. I will only be allowing a select few, for a very limited moment to buy into this dream strategy. Just for the next 10 minutes I will let you buy my system worth an astounding $49,977 for only the low price of $997. Don't let this last hope for real estate millions get away, my other students were instantly with absolutely no credit, talent, brains, credit, or money turned into millionaires! :mrgreen: