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William Bronchick

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    • William Bronchick: You’ve seen the claims

      “Eliminate your mortgage!!”


      Can this really be true? Well, I’ve researched the law and here’s what I came up with.


      The Claim


      The claim they are making is that you can legally eliminate your mortgage based on a legal loophole that goes something like this…“If the lender who funded your loan used borrowed money to fund your loan, then the loan is not valid. And, since the loan is not valid, the security instrument is not valid either. All you do is simply march into court and ask a judge to void your mortgage lien, and you don’t have to pay it back.”


      Now, without going into the legal issues, a common sense approach would tell you that the entire premise of this argument is patently absurd. Think about it… most lenders use borrowed money to fund loans, that’s the nature of the business.

      So, if these promoters are correct, then millions of mortgages would be void. The entire economy would collapse.


      The Law


      The “mortgage elimination” promoters cite various court cases in support of their position. At first blush, it would seem there are dozens of court cases in which the judge actually did what they claimed, that is, declare a mortgage void because the lender used borrowed funds for the loan. But, since most laymen are not trained in the law, they take this stuff, hook, line, and sinker.

      I’ve read the decisions and they all have a common theme: they don’t support the mortgage elimination theory. In fact, most of the cases are only vaguely on point.

      The “tax protestor” promoters did the same thing… take a quote from a judge’s decision out of context and cite the case as support for their position. In the end, the tax protestors all lost in court, paid large fines and went away with their tails between their legs. The government went after the promoters of the scam.

      Similarly, the government is going after the promoters of the mortgage elimination scam. The Federal Reserve recently issued a warning, a copy of which can be found at the end of this article. The Office of the Comptroller of the Currency issued a similar warning last year.


      The Cult of Stupidity


      As William Bronchick write this, undoubtedly a few “followers” of the theory will email me and argue that I don’t understand or that I’m part of the “establishment mentality” that keeps the little guy down. Of course, these are likely the same people who are collecting referral fees from the scammers that are charging thousands of dollars to consumers in exchange for a false promise to eliminate their mortgages.


      How to Really Eliminate Your Mortgage


      There are some legal ways to eliminate your mortgage:

      1. Pay it off in full

      2. File for chapter 7 bankruptcy (in which case you will not be liable for the mortgage note, but you will also lose the house)

      3. Find a REAL legal challenge that a judge is willing to accept as a valid reason to declare the debt void, such as usury, gross violation of lending laws, fraud, incompetence or the like


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                        Will Monroe Dallas
                      • William Bronchick: Any major endeavor worth doing right requires some sort of organized plan. Starting a business and getting it off on the right foot is no different. It’s amazing to me that most folks that are starting a business spend more time planning a 1-week vacation that they do laying out the steps of a business they intend to support them for many years into the future!

                        In order to help you on your journey, we will explore 7 key ingredients that are essential in a complete real estate business plan.


                        1. How Much Are You Going to Invest Initially?

                        It’s important for business plan purposes to at least allocate an amount of money that you wish to invest at first. This can be cash on hand, savings, a line of credit, IRA money, partner’s money or other. It’s not important to have an exact amount, just a starting point. The amount can be changed as needed.

                        2. Entities and Principals

                        I am always amazed in my roles as both an investor and business consultant at a number of investors, even those experienced, that do all of their business and hold all or most of their assets in their own names! A proper business entity (LLC, S- Corp., C-Corp. or other) can provide asset protection and help with your tax situation- in a BIG way! Most investors start out with an LLC, which is fine but there may be other entities, such as an S-Corp. that are better suited for their particular investment strategies. Many of us, that do a variety of investment strategies, have at least a couple (NOTE: Everyone is a bit different so, we recommend consulting an attorney, tax advisor; mentor or accountant versed in real estate for what will be the best option for their business). You also need to list the folks who will be part of your entities, their positions, and percentages of ownership.

                        3. Investing Strategies

                        Real estate is a business with many potential investing strategies. Some strategies work better in different types of markets and locations. It’s up to you to pick a few that make sense to you, depending on your education, available funds, location, type of market and more. Joining a local REIA (Real Estate Investing Association) or seeking the advice of a mentor is a good way to narrow down your choices. Educating yourself will help determine what may be a good fit for you and your partners.

                        4. Goals and Income for 1, 3 and 5 Years

                        It is also important to have an idea of your goals as to what you wish to accomplish over a period of time and the potential income that you can derive from those efforts. As far as goals, what do you want to do? Replace current income? Retire? Build an empire? It’s important to relate your business plan with your goals and to figure out what kind of income one can derive from that. Short term strategies such as Wholesaling, Rehabs etc. can yield anywhere from $3k to $40K + per deal. Long-term strategies such as Buy & Hold ($300- $500 per month) will take longer and yield less income annually but pay off big time after a few years. As far as goals, you obviously should be making quite a bit more in 5 years than at year 1.

                        5. Investment Areas and Target Sellers/Buyers

                        It’s important to figure out the area or areas where you will invest. Most of us start with areas close to where we live, but it is possible with the right team and plan in place to successfully invest in other states and other areas. Depending on your investing strategy, you will also want to identify who your target seller will be and market to them accordingly.

                        6. Marketing Plan

                        You can know all there is about real estate and have unlimited funds, but without a Marketing Plan, you have NO business! There are a variety of types of marketing within the grasp of the average investor and it’s up to you to try a variety of methods, track what works, and pursue it relentlessly! Your business plan should list the various marketing tactics you plan to use and maybe even include some potential marketing ideas for the future.

                        7. Exit Strategies

                        Nothing is forever. A great business plan also includes when and how you plan to exit the business. Some choices are; Closing the Business, Selling It, Giving it to Your Heirs and more. This can also be changed as time and circumstances dictate.

                        Hopefully, these 7 Tips will help you formulate a solid business plan that rockets you to success! Remember, a business plan is like a map. It can be changed, tweaked, adjusted and revised as your circumstances or the market circumstances change.



                      • "William Bronchick" You’ve seen the late-night infomercials with self-anointed gurus promising you millions in real estate profits with no money down. The truth is that many of these charlatans never made a dime in real estate, but instead built their fortunes through selling over-priced or useless information to unsophisticated investors suffering from insomnia.

                        Most of us are smart enough to realize that no real estate “system” is foolproof, and if anything seems to be good to be true, it probably is. However, that doesn’t mean that you need excellent credit and a surplus of cash to get started in real estate. Here are some strategies for financially-constrained aspiring investors to begin generating real estate cash flow.

                        You Don’t Have to Own a Property to Make Money from It – Be a Dealer

                        There are two types of quick-sale real estate investors – retailers and dealers. Retailers buy properties outright and sell them for a quick profit. Their risk is highest, but so is their potential reward. Contrary to the late-night realty televangelists, retailers typically need substantial cash for a down payment, and at least decent credit.

                        Dealers, by contrast, buy and sell contracts, not properties. They find bargain properties and sign purchase contracts with their sellers. Dealers then sell these purchase contracts to retailers, making a solid profit in the process. This is known as “assignment of contract.” Usually, the only cash required is the earnest money to secure the deal. A good dealer can then flip the contract for a quick $1,000 to $3,000 without ever taking possession of the deed.

                        Use a Double Closing for Greater Profit Potential

                        A double closing allows a dealer to earn a higher profit margin than an assignment of contract. With an assignment of contract, there is always potential that the deal will ultimately fall through. The dealer is protected in this case because she has already received her proceeds from the sale of the contract, but the retailer who buys the contract from her is wary of the deal falling through, and thus, will factor it into the price he is willing to pay. With a double closing, the dealer assumes more risk, because if the deal falls through, she receives nothing. However, with this greater risk comes a greater reward.

                        A double closing begins with the dealer signing a purchase contract with the property owner. Then the dealer signs a contract with the retailer, in which the retailer agrees to buy the property from the dealer at a higher price, and deposits that amount in escrow. The property owner signs the deed to the dealer, who then signs it to the retailer. The retailer then signs the loan documents, and the process is complete – the property owner is paid his asking price, and the dealer is paid the difference. Note that the dealer came to the table with no money, and her credit was never an issue.

                        Be a Scout – No Cash or Credit Required

                        In addition to dealers and retailers, scouts are a third type of real estate “flipper.” Instead of flipping actual properties or contracts, scouts flip information.

                        Scouts face even less risk than dealers, and have almost no cash or credit concerns. They simply gather information about distressed properties and sell it to interested dealers and retailers. In effect, scouts do the dirty work for real estate investors, and investors are willing to pay them handsomely for doing it. Typically a scout will gather the following data on a potential deal: The owner’s name and contact information, the asking price, information about the mortgage and whether payments are current, outstanding liens on the property, a photograph of the house, and pertinent information about the owner’s motivation to sell – i.e. is he in the middle of a divorce, foreclosure, job transfer, etc.

                        Investors typically pay scouts between $500 and $1,000 for good information, but what happens if an investor doesn’t pay? Simple – don’t take any more deals to them. Successful investors realize the value of good information, and they are more than willing to pay for it.

                        Take over the Seller’s Mortgage Payments

                        Prior to 1989, almost all home loans were freely assumable. This meant that anyone could take over the payment of the loans without objection from the lender. However, due to a climate of rising interest rates that began in the late eighties, virtually all home loans issued since then contain a “due-on-sale” clause. This means that when ownership of a property is transferred, the lender can demand payment, in-full, of the outstanding loan.

                        However, “due-on-sale” is merely a contract clause – not a law. It is the lender’s prerogative as to whether or not this clause is exercised. If you buy a property and take over the loan payments, there is a distinct possibility that the lender won’t even notice. There’s an even greater chance that the lender will choose not to exercise the due-on-sale clause, so long as you make timely payments. After all, the cost of enforcing the clause is significant, and as long as the lender is being paid, it is unlikely to care who signs the monthly checks. Armed with this knowledge, you can potentially buy properties without a credit check.

                        Real Estate Success Always Requires an Investment

                        There are ways to profit from real estate without significant financial investment, however, that is not to say that success comes free and easy. At the very least, you will need to make a substantial investment in yourself. In order to succeed, you must be willing to work hard. Even with a million dollar real estate portfolio, your brain will always be your #1 asset. Be sure to invest in your education on a daily basis, and learn as much as possible about your local market, real estate law, and investment strategies.

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                          William Bronchick updated their avatar
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