Subject: FW: TrackerBASE Report: PRES Donald Trump: Real Estate Goldmine, Audio Disc 1 - Clips I, J, K, L - 03/17/16 3/17/2016
From: "Sorbie, Sean" <[email-masked]>
To: Research_D <[email-masked]>
Date: Thu, 19 May 2016 17:43:25 -0700

________________________________
From: American Bridge Tracking
Sent: Thursday, May 19, 2016 8:43:13 PM (UTC-05:00) Eastern Time (US & Canada)
To: TrackerBase Tracking Reports
Cc: Jackson Voss; Joe Gallant
Subject: TrackerBASE Report: PRES Donald Trump: Real Estate Goldmine, Audio Disc 1 - Clips I, J, K, L - 03/17/16 3/17/2016

Tracker Event Debrief Form

TO: PRES-Tracking

FROM: Jackson Voss

Location: New York, NY

Date: 03/17/2016

RE: Donald Trump: Real Estate Goldmine, Audio Disc 1 - Clips I, J, K, L - 03/17/16

_________________________________________________________

Event Details: The 1st audio disc in Real Estate Goldmine. Disc title: "How to Get Started". Audio Business courses from Trump University. Copyright 2006, date in vault is date of vault upload

Attendees/Audience: Trump University “students”(?)

Press: N/A

Summary of Event: No Trump in clips. Basic tips on how someone should learn about  foreclosure real estate markets. Flag: in Clip K, instructor gives some advice on how some places are easier to pressure homeowners into selling when being foreclosed on - kind of sounds predatory.

Key Points:

160317_JEG_656_I

00:00:01:92
Q: What are the kinds of things we need to learn?

00:00:03:01
A: Most importantly, you need to know value. And people are always saying, oh - you can buy this for 50 cents on the dollar. But, on what dollar? You really need to understand market values and you need to train yourself to see both the problems and the opportunities that lie within a property, and that's not easy. I emphasize the word train - I mean, personally, I love to walk into properties and see things that others can't see... And that's where you're going to get one of your strongest competitive advantages in this field. Train yourself to see both the defects in a property, which we always hear about, but we hear so much less about seeing opportunities within the property.

00:00:56:08
Q: So we've talked about the time needed, the money needed, what about the knowledge needed? What do I need to know?

00:01:01:89
A: Well, as we will talk about, you need to know values, but before you even get that far, you need to know the foreclosure laws of in the state, county, city where you are planning to operate. Because the foreclosure laws differ throughout the United States. Some areas, foreclosures take place two months, others they may be drug out to seven months to ten months. Some areas. people who deal in pre-foreclosures - California is especially of concern on this topic of knowing the law. Because there have been so many unscrupulous operators fleecing homeowners out of their equity, states have provided protection laws to keep foreclosure vultures from taking advantage of people. That doesn't mean it treats the people as infants, these laws typically deal with both disclosures you will have to make to the homeowner as well, perhaps, as contract rescission time periods, where homeowners, even after agreeing and signing on the dotted line, may be able to withdraw from the contract. Also, some states provide for equity of redemption. That means the homeowner can get the property back even after the sale has taken place at the foreclosure auction. So, learn your procedures. LexisNexis is a legal service that's available on the Internet in most public libraries or university libraries, and also most counties and cities have local law libraries that will be open. And I don't necessarily encourage you to depend only on your own research - that would be foolish. But at least this gives you a general idea of what the time periods are between a law suit is filed, a foreclosure sale, any periods of what are called equity of redemption periods, because each of those provides opportunities for you. And the more you know about these laws, the more you can stay within them, but also the more you can turn them to your advantage.

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00:00:00:43
Q: Do you recommend actually consulting an attorney in this process?

00:00:03:57
A: To minimize attorney time, I would urge people to do some reading about foreclosures - to read the statutes - with LexisNexis, which I use primarily, but there are other services available. I can go right in - you can search by keywords. I can put "foreclosure statute" into a keyword search and find the statute of the state. I can go into cases, and click on foreclosure cases, and see how judges have ruled in different cases. So that gives you the background knowledge and then consult with an attorney. In this instance, a certified real-estate attorney - what I mean someone who deals in property, not someone who does a little bankruptcy, a little divorce, a little corporate law, whatever else walks through the door - to verify and confirm. Because you're going to need an attorney anyway to make sure when you're drafting your contracts that everything proceeds in a legally enforceable manner. And again, the contracts themselves, which you draw up, should not be the contracts that your local real estate board uses, but should be contracts that you have worked with an attorney to draft for the specific purpose of buying from owners in distress.

00:01:21:93
Q: So this is part of the time investment that you mentioned earlier, in terms of doing this as a business seriously. What are the consequences of skipping this segment of work?

00:01:33:42
A: Well, you can easily draft contracts that are not enforceable or adapt a contract from an office supply store that you bought that does not conform to the laws of the state. You may try to persuade a homeowner to do business with you in a way that violates some consumer deception or consumer protection law that's available. So, this is a tricky area that someone should only proceed once they've thoroughly versed themselves in the law of foreclosure.

00:02:07:73
Q: So, Gary, what else do we need to know about?

00:02:10:32
A: Well, you want to know what's going on in your local market, as I mentioned before, markets vary. So let's find out, are there many many foreclosures coming on? Are there lenders who are in distress themselves because the home mortgages are piling up? And I should make a note here - banks often specialize, and when I say the word "bank," I'm using credit union, savings and loan associations, savings banks, commercial banks, all kinds of lenders are out there. Some actually specialize in doing mortgage loans, and therefore those are the ones most affected in a serious economic downturn in the community. There are foreclosure listings in the newspaper, or specific foreclosure newsletters that are available. Or you might investigate whether your area uses the website to publicize foreclosures. So you need to know, how do I find out about foreclosures in my area, and what quantities are available and are they building up? What's the trend that's going on? So find out - and of course, I always recommend real estate investors of any kind, to join their local investment club. Get with other people who are working in the field, who have some experience who can train you and mentor you, so to speak. And what I have often found, that people in real estate are not protective, they do not fear competition. Now, there may be some like that, but I share my ideas with other people and I often learn great amounts from people who have different experiences than mine. And I'm always learning and always helping other people learn. I truly believe that in the statement, to get what you want in life, you need to help other people get what they want. So if I can help other people share the information I have shared with them, they'll share the information and knowledge they have with me. I think we both benefit from that.

160317_JEG_656_K

00:00:00:00
Q: Help me understand something here - you mentioned newsletters and websites that publicize foreclosures. Who puts these together and why do they do it?

00:00:08:49
A: Well, all foreclosure filings are part of the legal records. And so because there are a number of investors who do like to research foreclosures, some commercial what used to be newsletter producers, but because it's faster and cheaper, have moved to putting them on their websites. Florida, where I maintain a residence, all public records - or most property records - are available. So whenever a lender files a foreclosure notice, that goes into the clerk's office, the clerk records it, and that becomes part of the public record that is available to anybody. You can research property prices, a lien against a particular property. More and more. assessors - all property tax assessors offices, clerk record offices, all of those folks who keep those public records are making the data available on the internet, and that's what you really need to find out about on your area. And so you can follow these and need not subscribe to some of the more expensive foreclosure newsletters that are available.

00:01:13:92
Q: To help me clarify something here, this is going to be the pre-foreclosure period, a notice is filed with the court system - is that right? And then the property is in pre-foreclosure.

00:01:24:84
A: That's correct. A person misses a few payments. Then the lender files a foreclosure lawsuit. Now this differs - there are trustee states and mortgage states. And I will not get into the distinction here, there are some legal differences, and that's why someone needs to research their property foreclosure laws. But the general practice is that the lender, or the lender's attorney, must give public notice that this property has a legal claim against it. And that, usually, in mortgage states, results in a foreclosure lawsuit. But you know, trustee, deed state, it works the same way in the sense that public notice is given.

00:02:06:87
Q: And the period, the pre-foreclosure period, varies from state to state?

00:02:10:98
A: It varies from state to state. Texas is a very quickly-gun state, I've actually filed some foreclosure actions in Texas, it's a quick-gun state. Other states, either statutorily or through various manipulations, homeowners can drag it out for months or even a year. And this is important to know because in a state where it's a quick time, the pressure is really put on the homeowner to do something, to get off the dime. And you can use that to encourage, to motivate the homeowner to act. If you're dealing in a state that typically takes 3, 6 months or longer, many homeowners will wait and wait and wait, thinking that some sort of miracle is going to occur, and those first couple of months are more likely to be spent by the pre-foreclosure investor nurturing the relationship, but the owner will not be as motivated to act. So, how close is the gavel coming down deadline is a critical part - as the time pressure builds on someone, the more likely they will go forward and get out of this on some terms that you might propose.

00:03:27:68
Q: So as with law, this is another field that of essential local study?

00:03:32:46
A: Absolutely, yes.

160317_JEG_656_L

00:00:00:53
Q: You mentioned as we began this the importance of understanding value - can you tell us more about that?

00:00:07:22
A: People think that they can just walk out and just take a look at a neighborhood, and oh, the homes in this neighbor are 120 - 140 thousand. Well that may or may not be true. Each house has different potential. And some may be worth as 180 - there may be serious problems within a property, even though the majority the majority sell at 120 or 130, this particular one may only go at 90. You need to get a distinctive understanding of market values - of the price at which you're going to sell that property, because if you miss on that - if you say, okay - and I'm using 100,000, and I know that's not the relevant figure in many, many deals, but it's an easy figure to work with. Let's say you can buy the property at 70,000 and you think you're going to sell at 100,000 and you'll have another 10 -12,000 in making back-payments, some legal work, some fix-up work, whatever it might be. But if you've missed on that 100,000, and 90,000 is truly the figure you're going to get, you've just cut your profit margin by half. And that may be enough to make the deal a killer. On the other hand, if you underestimate the price at which you can sell the property, you may pass up some good deals. If you fail to see the opportunity within a property, you may walk by it, when in fact - oh, I probably couldn't get any more than 100 for that, but in fact you could purpose obtain 110, 115, or 120, and under that circumstance it would have been a good buy for you. So knowing those values is not something that comes innately, no matter how much you believe. I study details all the time, because really, the value is in the details.

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Digitized Video File Label:

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Clip Labels:

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