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There was a guy on REIClub.com that used to consistantly push a similar thing called a NARS PACTrust (by Bill Gatten, see more info here). I never got the full details, but he was always being called out by other investors on the board. After a while, the moderators finally banned him - not because of what he was pushing (although many there questioned it), but because he kept violating the TOS. John T. Reed has a write-up about Gatten's PACTrust here. Again, I'm not saying the PACTrust and what you are mentioning are the same thing, only that they sound similar. |
It is the same thing, actually.
I have met Bill. He is a good guy. I'm not impressed with some aspects of the company.... they have a product that cost's about 10K - educational, maybe.... but I have never paid much attention to it... and would never spend the $ for it.... Education only costs your time and motivation. Take what works for you and leave the rest.
As for JT Reed.... are you kidding me? That guy makes his money by bashing anything that moves.
Originally Posted by kurtyordy
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you could achieve the same financial scenario with less hurdles by just getting a quit claim, and assume their mortgage debts.
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Doing this, I think, would invoke the due on sale clause.