Welcome to
FAQ's (frequently asked questions)
What Business are you in?
Our primary business is in distressed real estate property. We are Professional Real Estate Investors that have negotiated and bought hundreds of single family properties in the Tampa/Clearwater area. We have been asked by other investors if we could teach these techniques to them as well. We are going into our second year as seminar instructors as well as full time Real Estate Investors.
How do you make money?
We continue to purchase and sell 4 to 12 properties each month. Because most of these properties are purchased in distress situations, we purchase the properties at 60-70% of the market value.
What happens to the properties after you buy them?
We have professional repair crews that remodel the houses we buy. We resell the "like new" houses almost immediately through our marketing system and the MLS (Multiple Listing Service).
Where did the name Million Dollar
Student come from?
I came up with the idea of
the Million Dollar Student a few years ago. Tired of struggling for
money, I wrote a personal goal for myself to have a million dollars
worth of real estate assets. I gave myself just twelve months to do
it in and I picked a date that was one year in the future. I lived
into that goal by setting goals and telling myself I was going to be
a millionaire and hoped that my subconscious brain would show me the
way. I actually learned to be a millionaire! (on paper, at least, my
gross assets were over one million dollars and it did not take one
year, it took just nine months! Be careful what you wish for!) I
became a Million Dollar Student and you can too!
Learn how to become a millionaire in the months and years ahead!
In 1900, there were 5000 millionaires in America. In 2000, there were 5,000,000!
By 2020, there will be 10,000,000 more millionaires.
Your goal should be to be one of them - by learning how!
Do you have to be licensed to buy houses at "short sale" prices?
No, anyone can do this. (with a little training of course).
Are there be a lot of Short Sale deals around?
As of this date January 8th, 2003. For conventional loans, total delinquencies were 3.04% in the third quarter. FHA delinquencies decreased from 11.81% to 11.62%, and VA delinquencies decreased from 8.00% to 7.81%. 11.81% may not sound like a big number but it is the percentage of all the conventional HOME LOANS in the USA. How many loans is that?
Do you have a course for short sales?
Yes, it is called You
are Never Too Tall To Do A Short Sale©.
Do you need to have a lot of money to purchase a house?
In our "Pretty House/Subject To"
course you learn how to purchase houses with little or
no money out of your pocket.
I've heard about taking a mortgage "Subject To",
do you have a course on that, what is it called and what will I learn in that course?
Yes, the "subject to" course is called
Buying Pretty Houses
without Spending a Pretty Penny©
in that course you will learn the following:
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I have heard Land Trusts are a good way to take title to rental property, Do you have a Land Trust course?
Yes, as a bonus, that is included in the Buying Pretty Houses without Spending a Pretty Penny© course. Here is some information that I think is helpful for those who may want to use a Land Trust.
Some Facts About Land Trusts*
A land trust is a simple, inexpensive method for handling the ownership of real estate. It is an arrangement by which the recorded title to the real estate is held by a trustee, but all the rights and conveniences of ownership are exercised by the beneficial owner (beneficiary) whose interest is not disclosed. This method of owning real estate eliminates many of the difficulties that otherwise may be encountered in acquiring, owning, or selling real estate.
The beneficiary of a land trust changes his or her interest in the property from real estate (title to the property) to personal property (ownership of the beneficial interest). Even though the beneficiary retains complete management and control over the property itself, he or she is not burdened with the legal characteristics of real estate when he or she deals with the property.
Since the
beneficial interest is considered to be personal property, it is
treated in much the same manner as a car, a savings account, or
other tangible property. Consequently, the beneficial interest can
be sold, pledged, or assigned in a simpler fashion than a conveyance
of realty.
How Does a Land Trust Operate?
A land trust may be created by anyone capable of entering into a contract--an individual; a group of persons such as a partnership, syndicate, or business association; or two or more private individuals who desire to purchase and own the real estate as a joint venture.
Under a land trust agreement, the beneficiary retains complete control of the real estate in the same manner as if the recorded title were in his or her name. He or she may end the trust whenever desired and may add additional property to the trust at any time. At all times the beneficiary deals with the property as though he or she were the record title owner, for, as a matter of fact, he or she is the owner. The trustee executes deeds and mortgages and deals with the property only if directed in writing by the beneficiary.
When title to
real estate is held in a land trust, the interest of the
beneficiary, under terms of the trust agreement, is personal
property. Since the beneficiary's interest is personal property, he
or she may transfer it by assigning that interest without the
formality of executing and acknowledging a deed; the wife or husband
need not join in such assignment for the purpose of releasing the
spouse's homestead rights.
What Are The Benefits of a Land Trust?
There are many benefits derived from the use of a land trust.
1. Privacy of Ownership.
Under a land
trust, the identity of the real owner is never disclosed to the
public. This feature can be important for many reasons. For example,
a number of persons may be purchasing several parcels of real estate
for some special purpose, and it may be that the desired result can
be best accomplished if the objective is not made public; co-owners
may desire that the interest of each member must be kept
confidential; or an individual owner may not want to be burdened
with inquiries.
Whatever the reason may be for not disclosing the identity of the
real owner, a land trust provides the answer. Of course, certain
governmental agencies and others, following valid and authorized
legal processes, can ask about the beneficial ownership.
2. Protection for the Owner.
A land trust offers particular benefits in those cases where the real estate is held by two or more persons. If the property is owned by two or more persons, the title to the property might become faulty and unmerchantable because of death, legal disability, divorce, judgments, and many other types of litigation affecting one of the co-owners. When the property is held in a land trust, a judgment against one of the beneficiaries does not constitute a lien upon the real estate held in trust; neither do the ordinary legal proceedings against any of the beneficiaries muddle the title.
Although the real estate itself is not encumbered by a judgment lien, the interest of the beneficiary in a land trust can be subject to the claims of creditors. If the title to the real estate is in the name of a trustee, the creditors must take additional steps to assert claims against the property.
3. Succession and Ownership.
It has been a common practice to create joint tenancy in real estate holdings solely for the purpose of providing a succession of ownership upon death without the expense and delay of probate proceedings. Under joint ownership, however, either of the joint tenants is given an immediate interest in the ownership and management of that property, and in many cases, it handicaps the real owner as he or she cannot deal with the property without the written consent of the joint owner and the other spouse.
Under a land trust agreement, the party creating the trust can retain sole control over the property during his or her lifetime, with the desired succession in ownership becoming effective upon death without, under certain conditions, the expense of going through probate proceedings. This can be especially helpful to those who live out of state but own real estate in this state. They will not need to institute separate probate proceedings here but can have the land trust property administered in their home states.
4. Ease of Conveyance.
A land trust affords a convenient means of mortgaging and selling a trust property without having to obtain deeds from all the beneficiaries and their spouses. It dispenses with the necessity of obtaining the release and waiver of homestead from the spouses of the parties interested in the trust real estate. These are noteworthy features if many individuals are interested in the property and are scattered throughout the United States.
Also since the beneficial interest is considered to have the legal characteristics of personal property, it can be pledged for a loan according to the same standards as stocks, bonds, automobiles, or other personal property without the restrictions and formalities of mortgages, title reports, and policies. Such assignments, although substantially easier than conveyances of realty, can produce a gift and transfer tax consequences.
5. Disposing of Part Interest.
A land trust
simplifies the practical problem of disposing of a part interest in
a property since the beneficial interest under a land trust can be
transferred by assignment; no deed is needed. This avoids a deed's
formal requirements concerning acknowledgment and recording by the
grantor's spouse, although it may trigger a transfer tax. This
aspect of the adaptability of a land trust becomes important when
real estate is held by a number of persons, such as a group of
heirs, or if the owners have disproportionate shares of the
property.
How Do You Create a Land Trust?
You create a
land trust by signing a short trust agreement at the time the real
estate is purchased or after it has been acquired. Under the
agreement, you, the owner (called the beneficiary), direct a
corporate fiduciary to hold title to the real estate for you, and
you direct and instruct the corporate fiduciary as to the persons
who will have the authority to manage and control, whether and when
it should be sold and to whom, and who will become the owner upon
your death.
You, too, can protect your real property by creating a land trust
and thereby assure an orderly distribution to your beneficiaries and
heirs.
The information in this page is not intended as legal advice. For legal
advice please consult an attorney.
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