Bill Gatten VS. John Locke
Ok im trying to decide whose stuff I will buy. Not sure what the difference really is between the two. What are the advantages of each. It looks like Bill Gatten talks a lot about being able to keep the people in the house afterward. Bill's is only $89.95 while John's is $189. Although im kind of wondering if Bill is overly worried about the DOS. A lot of people seem to like John on this site and I dont see Bill on here helping people out like I see John. Looks like John is more into answering emails and taking phone calls. So which book should I buy?
I bought John's course and am happy with it, esp. since I've gotten to pick his brain on the phone a couple of times too. I emailed Bill about something once and he replied with useful info, so I'm sure his info is good too. John's accessibility makes him the All Star in my opinion. But remember, whatever package you choose is just a small part of the equation; most of it depends on you. No pain, no gain.
heyshid,
You basically answered your own post, I feel.
Eventhough I do NOT have any of Bill Gatten's materials, I can't really comment on them....only from what I've heard from those who have.
Seems like his PACTrust complicates the subject to method.
Too much involved in just trying to run from the DOS "police."
Quote:trying to run from the DOS "police."
......a use-less worry & waste of time in itself.
I, personally, went w/John Locke.
But like I said, I do not have any of Bill Gaten's stuff to add anymore except for what I've heard and seen from others
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I may be quiet and studious, but underneath it all I'm a killer, destined to dominate others with the speed and power of my intellect.[ Edited by Ichabod on Date 04/19/2004 ]
heyshid,
I have seen and read many of your posts and I would like to give you my opinion after digesting your posts.
Mr. Gatten is a fine gentleman so please order his materials, consider this a personal favor to me and I know Bill will be pleased.
John $Cash$ Locke
I don't know how I could possibly try to follow Jocke's post.
I have not met either of them. I have met students of them both, and spent extensive amounts of time talking to people who know them both personally.
I have a great deal of respect for both of them and their systems. I think it boils down to which better fits your personality and the way that you'd like to do business. Here's my take on each.
Pro's about Gattens system: Once you learn the system, you can write deals in 49 out of 50 states, many countries, and you never have to see the homes that you facilitate. You can get referals from just about anyone, and run deals easily. There's absolutly no landlording, no maintenance, no toilets, no bounced checks to worry about, and no foreclosures (only evictions). Gatten would argue that doing things his way are more "iron clad" in the event of non-paying tenants, damages, lawsuits, and DOS clauses by lenders (in the rare event that they did ever find out that it was transfered and cared). Additionally, with Gattens system, you can get higher than market rents from your lease option buyers, because it's set up in a way that you can offer your tenant-buyer all of the tax benefits of home ownership, therefore giving them a larger write off.
Gatten Cons: steeper learning curve, I believe that it costs quite a bit more than that to get the rest of the materials. Closing costs are higher, and therefore your buyers need more money.
John Locke Pro's:
shorter learning curve, and probably less expensive overall.
Cons: Some would argue that in the event of a tenant-buyer that stops making payment, the courts will rule that you have to foreclose on them rather than evict them. This is because the sale would be defined as a "disguised sale", as the tenant-buyer has an equitable interest and/or because there was a predetermined sales price, and therefore foreclosure (not eviction) would be necessary. Again, in the rare event that the lender found out about the sale, and cared, and wanted to enforce the DOS clause, and it went to court, some argue that the bank would win if not set up as Bill Gatten does it.
Both: Both offer a lot of personal contact via telephone, email, and forums (landtrust.net for Gatten).
I'd probably recommend Locke's system to get you into it and get your first 5 or 6 deals done, and then get Gatten's and compare them. Gattens will make more sense after you've got a better feel for how the biz works than it will right out of the gate.
DISCLAIMER: Please correct any of the information that is incorrect. These are the opinions that I've developed through casual observation. I am not a "student" of either. I'd be interested to hear Locke's comments on my post as well as DerekAli's (who is a Gatten student).
Hibby, how do you know the bank wouldn't be able to take the property back under Gatten's system. I haven't heard anything about him being tested in court to find out. I don't think anything is as iron clad as people make it out to be. I will believe Gatten's system works when he defends it in court.
Tom
hibby76,
First, my post above was done tounge in cheek.
I do not sell to tenant buyers so this aspect is wrong on what I teach.
I sell with a Contract for Deed where I put buyers in the property who have nice size down payments. I find these people take a personal pride in ownership and actually make impovements to the property versus just renting. They are more likely to re finance when the time comes to do so as a matter of fact 70% more likely to.
Since I have never had to do a Judicial Foreclosure to remove someone from any of my properties, I have a system that is very effective if one of my buyers cannot live up to our agreed upon terms and it has nothing to do with calling Vito.
When someone learns the proper negotiation techniques, then removing a buyer is just as easy as having a seller convince you that you should purchase their property.
John $Cash$ Locke
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John Locke,
Do you have any students in Massachusetts using your techniques with contract for deed?
Thanks, Dave
Quote:Ok im trying to decide whose stuff I will buy. Not sure what the difference really is between the two.heyshid,
Why not wait until the Orlando TCI convention to decide. Both Bill Gatten and John Locke are on the agenda. If you have questions, they will be on hand to address them.
After hearing both speakers, and learning that their approaches are really different with few parallels, you may decide to purchase both courses.
I think I will end up purchasing both courses at some point. My money situation is going to improve pretty soon. In the mean time im just going to read up all I can on both websites.
davehays,
Yes, I have students in MA, however they told me to tell you it doesn't work there especially where you live.
Here is what I found about some of my students, there are ones who post their deals on our subto board. I encourage this to show some of the new team members that subject to is working throughout the US.
I talked with a student the other day who is doing 5 -6 deals a month in his area of the east coast, I said "You should post on our board and tell the other Cash Now team members about your success." He replied " I don't feel successful yet, but when I do I will post."
I have one student who I would say has 100+ Subject To deals, you will not find him on a discussion board anywhere or find courses gathering dust on his bookshelf at his house. He does it one way and one way only, the way he was taught.
So you see it is all relative on what you believe success means or if you keep it to yourself on how well you are doing in this great creative real estate industry.
John $Cash$ Locke
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