Chat Session with Derrick Ali

Below is a snippit of last nights chat with Derrick Ali. If you weren't able to make it. Don't feel left out. Join us every Sunday night from 9pm EST for an unformal chat session, OR every first Wednesday night of every month 9pm EST for a focused chat.

[21:25:57]derrickali> No Security license needed
[21:26:12]cga> thanks, Derrick
[21:26:21]derrickali> PACTrust are Financially Dressed up LAND TRUST
[21:27:01]derrickali> Again the only components of the Land Trust are a Trustee, Beneficiary and the Asset(s)
[21:27:28]Cairns> grrrrrrrrr
[21:27:31]derrickali> Within Land Trust there can be no more than 5 benies and as many properties as you wish
[21:27:33]frankca> You just did a half-hour on trusts. How about some time on bank REO? [21:27:49]derrickali> the maximum duration of an LT is 20 years
[21:28:08]derrickali> There is currently NO laws governing the inside structuring
[21:28:28]derrickali> and negotiations and/or behid the seen transfers of Trust
[21:28:49]cga> can any personal property be placed in a PACTrust and is the Trust for "one item only?"
[21:28:55]derrickali> Grrrrrreeaattt!
[21:29:07]derrickali> REOS
[21:29:13]derrickali> OK my friend Frank
[21:29:23]derrickali> what would you like to know?
[21:29:41]joel> When is the best time purchasing REO's??
[21:29:52]frankca> How to located the (F) bank and negoiate
[21:30:05]derrickali> I have an rticle coming out on TCI very soon that will get you the REAL STORY on Short Sales but these usually happen B4 REO status
[21:31:23]derrickali> Yes any personal prop can be placed in Trust and as a matter of fact Beneficial Interest in a Trust is ALL Considered PERSONALTY and NOT REALTY (Even if there is a home held as the main/only asset)
[21:31:55]derrickali> Ask for the REO Manager or Loss-Mitigation mgr.
[21:32:24]derrickali> Some banks call them the Asset-Resolution dept
[21:32:45]homrenter> derrick...one more question on the PAC trust....does the trust tie up the equity of the property?
[21:33:04]derrickali> Best way I found is to look up Bank owned properties at your courthouse or Tax assessor's office
[21:33:25]derrickali> homerenter OK!
[21:33:43]derrickali> No no tie up of equity
[21:33:59]Cairns> and the short cut at the court house or tax ass?
[21:34:38]homrenter> I will ask more in the forums...thanks for the info.
[21:34:53]derrickali> Equity in a PACT/NEHT can be sold, rented, split, or given away---your choice solng as it does NOT negatively affect any of the benies of the Trust
[21:35:11]frankca> Most trustees will not tell me the location of the (F) bank or how to get in touch.
[21:35:28]derrickali> Make friends at the court house or Tax Assr.
[21:35:48]derrickali> Also just simpley contact the Banks directly--GO IN PERSON
[21:36:19]derrickali> this is best identify yourself as a possible new Comml cust(Business)
[21:36:31]derrickali> You welcom homerenter
[21:37:25]derrickali> Frankca be CREATIVE
[21:37:53]homrenter> I have found most big counties...have the information online ...juet have to find it.
[21:37:58]derrickali> do what I call the DIRTY WINDOW GAMBIT to find ABANDONED homes and then POST a SIGN
[21:38:01]homrenter> just that is
[21:38:26]derrickali> This is part of what I do to get the REAL OWNERS to Call ME BACK and ask me
[21:38:35]derrickali> WHAT DO YOU THINK YOU ARE DOING???
[21:39:03]derrickali> Online is wonderful timesaving device
[21:39:10]derrickali> Just look at us here!
[21:39:25]derrickali> JOEL how long do we get here?
[21:39:39]derrickali> Do we get bumped off or just keepa going?
[21:40:07]cash4notes> keep going
[21:40:11]derrickali> Anymore questions outhere?
[21:40:20]derrickali> Hi Cash4Notes Wassup?
[21:40:41]PositiveDestiny> hint: www.searchsystems.net -- a website that folks might want to look at to find out if the records you want are online or not
[21:40:41]derrickali> Got anything on yer CREI Brain o Yours
[21:40:57]derrickali> Thanks I'll save this now
[21:41:13]derrickali> Any Q.s???
[21:41:26]cash4notes> How do you buy property?
[21:41:37]CapeCodder>
[21:41:40]homrenter> derrick how long does the process usually take?
[21:41:44]frankca> Have you favorite ways to locate sellers?
[21:41:58]derrickali> I use Equity Holding Trust(Land Trust)
[21:41:59]homrenter> trust that is
[21:42:37]derrickali> I ask the owners if they could stay on the mortgage for say 2-3 years
[21:42:58]cga> ?quickest cash generator in RE?
[21:43:23]derrickali> and I will pay 100% of all the upkeep and Taxes, repairs +expenses in return for some tax benef
[21:43:31]PositiveDestiny> Derrick...do you keep a few unfunded trusts 'in your pocket' in order to have one available immediately upon finding a deal needing quick close?
[21:43:49]derrickali> Flip a whosale property through a Trust
[21:44:11]Ed-CO> In a Pre 4 how do you approach a 2nd to offer a discount of .2 on the $?
[21:44:28]derrickali> check comes to you as a beneficiary of the Trust
[21:45:15]derrickali> we just started a funding of these through www.LandPartners.biz
[21:45:54]homrenter> is there a qualifying for the trust?
[21:46:03]derrickali> Just ask them for it IN WRITING
[21:46:19]derrickali> Alway make written Offers
[21:46:32]derrickali> homerenter--NOPE
[21:46:58]derrickali> No Qualifying, No Credit check, and the way I buy ---NO MONEY OUTTA MY POCKET!
[21:47:32]homrenter> what about back payments?
[21:47:33]derrickali> you guys should take a look at my eBook available on TCI
[21:47:43]homrenter> I will...definitely
[21:47:56]PositiveDestiny> which book, Derrick?
[21:48:05]frankca> Reading it as we speak
[21:48:58]derrickali> The structure of the PACTrust has a component of offering the Beneficial Interest YOU create to be Paid for by another Investor or RESIDENT whom you lease the home to for a Buy in
[21:49:28]derrickali> Goto TCI Shop and eBook The Qucik Guide to Successful REI
[21:49:37]PositiveDestiny> k, thanks
[21:49:41]derrickali> YW
[21:50:37]derrickali> Anything else anyone wanted to cover on REOS or Land Trusts?
[21:50:51]derrickali> How about MARKETING
[21:51:03]frankca> What part of the country do you mostly work?
[21:51:11]derrickali> I don't believe it nobody ever touched on this very much
[21:51:18]derrickali> Midwest
[21:51:28]planders_99> I would like to here more about marketing
[21:51:33]frankca> What price property?
[21:51:34]derrickali> I do have a strong NY and CA market as well
[21:52:07]derrickali> I had a recent post on TCI about FARMING for REI PROFIT
[21:52:07]frankca> Where in CA/
[21:52:15]derrickali> did you look at it ?
[21:52:33]derrickali> Upland, SDCA,SF
[21:52:40]planders_99> No...I'll look for it.
[21:52:55]derrickali> I personally go$350K>
[21:53:12]PositiveDestiny> Would a trust be a good vehicle to 'store' gains from a windfall transaction, then use the fuunds held in trust to purchase additionals (in another trust?) while at the same time disbursing monies out to yourself (in order to 'regulate' your personal income/taxation to best advantage?
[21:53:16]derrickali> I suggest $125K for newbies and or seasoned REI
[21:53:46]derrickali> Try pre-foreclosures first
[21:53:51]derrickali> then blanket, mail, door knock, and PHONE THE BEJESUS out of em
[21:54:17]derrickali> Select 100 Homes within your 1 Mile by 1 Mile FARM AREA
[21:54:42]derrickali> be Consistent or you will Never truly know nor understand your Mkt
[21:55:08]derrickali> PosD--YEP xactly what I do
[21:55:15]PositiveDestiny> thx
[21:55:21]derrickali> YW
[21:55:40]planders_99> Pull the tax records on unoccupied homes?
[21:55:41]homrenter> I ahve a deal right now....could use some fast help.
[21:55:53]derrickali> If you guys need any help in negotiating structuring or CLOSING the Motvd Owners Give me a holler
[21:56:09]derrickali> I'll even 3 Way with their Attys. and CPAs
[21:56:13]derrickali> NO COST
[21:56:22]homrenter> derrick...i will be giving you a holler...i have a deal right now...pre forclosure...about 5 weeks
[21:56:28]johnlocke> Derrick i will do that if i have a problem
[21:56:28]derrickali> unless I can CLOSE YOUR SDEALS
[21:56:49]derrickali> homerenter tell me in a pvt msg
[21:56:53]homrenter> k
[21:57:15]derrickali> JohnLock-NO PROBLEMO GOOD-BUDDY
[21:57:41]derrickali> Well TCI Family I guess its time to say GOOD NIGHT ALL!
[21:57:45]joel> Any deals going on that we can help with??
[21:57:58]frankca> Thanks for the tipsssssssss!
[21:58:00]johnlocke> Derrick thank you
[21:58:06]planders_99> thanks.
[21:58:12]PositiveDestiny> Thanks, Derrick!
[21:58:12]derrickali> I'll let you know--Ive got some bites in NC
[21:58:14]Cairns> well thank you drrickali!
[21:58:17]derrickali> YW
[21:58:27]CapeCodder> thank you
[21:58:30]cga> Thanks Derrick ...we'll talk tomorrow!
[21:58:35]derrickali> OK
[21:58:45]johnlocke> to all a good nite
[21:58:46]Cairns> all night every one
[21:59:22]CapeCodder> Hehe..I better buy a book...most of that went over my head.
[21:59:47]PositiveDestiny> you'll catch on, CC...just stay withe the group
[21:59:53]PositiveDestiny> name of the game is IMMERSION !!
[21:59:55]CapeCodder> I will
[22:00:07]CapeCodder> you take care
[22:01:00]PDX> Hello
[22:01:11]PositiveDestiny> hey, PDX
[22:01:20]PositiveDestiny> you just missed everyone saying goodnight
[22:01:52]PDX> Just happen to log on and catch my email, never been here for chat but figured I'd check it out, guess not
[22:02:05]PositiveDestiny> next time?
[22:02:10]PositiveDestiny> they're good
[22:02:34]PositiveDestiny> where are you located, PDX?
[22:02:47]PDX> Usually not convenient for me, I live in Hawaii but I'm in Vegas now
[22:03:20]PositiveDestiny> WOW...yeah, I can see how time zones would be an issue for you!
[22:03:51]PDX> I frequent the creonline chat room it seems to have people there late at night which is perfect for me
[22:03:52]PositiveDestiny> Well, I'm off, too. Good to have chatted. Mark
[22:04:04]PDX> Aloha Mark...Paul
[22:16:32]wbrown> hello all