Here are a few key points you can make to drive urgency:
Overview over Bonuses:
– 2 tickets to my live seminar (if they say they don’t go to live seminars tell them that I MIGTH stream it online so they can watch it from at home)
– The one-on-one Strategy Session with Me or my Staff is only available for the first 10 people
– The FREE VA for 30 days is only available for the first 10 people
– Any Additional Bonuses the Promoters/Affiliates give (which is allowed) are only available on tonights webinar.
These will not be available after tonight.
Overview of technique:
Simple BUT: The key is in…
– How to find the GREAT area to do this in
– How to word the letter such that people will jump on the chance of selling the property
– How to select the properties right and only buy the almost guaranteed winners
– 50 individual STATE SPECIFIC Guides on how this technique works in each US-STATE.
– So Jack is showing how they
THIS along with the VA’s which are PRE-TRAINED should be a killer Value because it makes it brain-dead simple.
We are giving them the program, the state by state rules and someone who can do it for them!!!
o From Jack’s point of view YES: offer 2 payments of $497 (for a total of $994) or whatever your are o.k. with.
What kind of Real Estate this works for?
- Affixed Mobile homes
- Time Shares
- Commercial Property (smaller office buildings)
- Appartment complexes (smaller 4-20 unit places)
- Industrial Property (warehouses..)
How long until I make money?
Size and type of deal they go after
Varies: Should make at least $3,000 per deal and in many cases $15,000 to $30,000 and sometimes even more.
What happens if the property doesn’t sell at auction?
Answer: In a tax Sale only certain properties don’t sell, and Jack knows which type of property typically doesn’t sell.
And in his program he shows you how to make sure you identify these, avoid these and only buy the ones that will sell.
It’s as simple as that.
But in the rare case that you buy a property that doesn’t sell, the county just reschedules it again until it sells.
So it only means that in that case you collect your check a little later.
What if a property has a mortgage on it?
Answer: (Actually two answers)
The short one is: 80% of all properties listed in the list of properties coming up for auction DON’T have a mortgage and are owned free and clear.
Therefore in most cases you don’t deal with mortgaged properties.
The Long Answer is: In the cases where you get an answer/Accepted offer for a property with a mortgage you want to make sure that the mortgage PLUS Back Taxes plus any other liens (perhaps mechanics liens) are not more than 30-40% of market value. If they are higher then you want to back out of the deal.
And here is the Reason : Even though almost all liens (except for IRS liens and stuff like that) gets wiped out after the auction, and the Bidder at the auction who then becomes the new property owners gets the property free and clear, the BANK or any other LIEN HOLDER (like Mechanics liens) ALSO have the right to claim these excess proceeds because they just like the you the investor also had an interest in the property.
Your interest was an EQUITABLE interest (you owned the property until it sold) but the Bank had a FINANCIAL INTEREST and therefore they also can claim the excess proceeds.
So as a result, if a property is worth $50K and had $10K in back taxes and a $30K Mortgage, you add that you and that property therefore had a total of $40K in liens.
Now if you buy that property no matter at what price and even for $100, the property has to sell for at least $40K before you make your first Dollar in Excess Proceeds.
That is way to much risk and therefore you want to make sure you only buy properties where any and all liens together only add up to 30-40% of market value. That way it is EXTREMELY likely that the bidding goes way above that and you collect a HUGE check from the Overages/Excess Proceeds.
How do they get more money by selling it to you for just $50-$100
If they bought the property for a lot and sell it for $50-100 they can claim a tax deductible loss which helps them recover hundreds if not thousands from the IRS.
Based on IRS Tax Code if you sell an investment at a loss you can write that off against other investment GAINS in that same year.
And even If you don’t have any gains from investments you can even write off up to $3000 a year against your regular income from a JOB
Once you explain that to the seller it becomes a no brainier for them because most of them are not aware of it and they jump on the opportunity to do a REAL SALE so they can show that they had that loss, instead of just letting it go and then not having anything to show to the IRS.
Why wouldn’t the original owner just claim the extra funds?
Answer: Great question. Because the just abandoned the property and have no more interest in it.
They might not know about the Excess proceeds but even if they do they don’t care because often they think the property is not worth a lot
(which is wrong) and they just think it will go for the min. bid (again mostly wrong) so they don’t care.
And often they rather have a straight sale so they can prove they had a loss and have an easier time taking advantage of the Tax Deductible Loss.
How long until you get your check?
Answer: that depends on the state. Some have virtually no waiting period or only a couple of weeks and some have a longer one.
This is all specified in the 50 State by State Reference guides, so once you picked a state you just go and pull up that reference guide for that state and quickly see what the rules are in that states.
And if you don’t like their rules you pick a different state.