There's a story, I don't know where it came from but it is on the internet so it must be true. Young Casey, newly arrived on these shores was playing house with his new friend Galina. They were having a great time, sipping imaginary Jamba Juice and playing houses. No, not house, houses. Anyway Casey brings home a puppy. This puppy was a problem. He needed lots of work and his tags were expired and finally little Galina says to hin' "Casey! We can't keep that puppy, go get rid of him. Now!" Little Casey is perplexed, he wanted lots of dogs but he quickly brightens. "I know, I know Galina. I'll, I'll sell him1 Yeah sell him for.. ten thousand dollars!" "Oh, Casy... alright then. Sell him for ten thousand dollars or whatever but just get rid of him before we run out of paper towels and die of Jamba deficiency diseases." So, a few hours pass since Casey trundled off with the puppy in his little red wagon (a sweet ride I'm told). Sure enough, Casey returns with a big grin on his face. He's so happy it looks like he's on a trampoline as he walks pulling the wagon; no puppy just a box. "Galina! Look I got rid of the puppy and I got $15,000 for him! Isn't that great?" Galina is a little confused but at least they got rid of the dog. "Gee, sweetie that's fantastic. What shall we do with the money?" Casey replies; "Money, oh no money, something better! See?, In the box?, three new $5,000 cats!" [rimshot, groans]
Tuesday, February 13, 2007
Casey The Formative Years
There's a story, I don't know where it came from but it is on the internet so it must be true. Young Casey, newly arrived on these shores was playing house with his new friend Galina. They were having a great time, sipping imaginary Jamba Juice and playing houses. No, not house, houses. Anyway Casey brings home a puppy. This puppy was a problem. He needed lots of work and his tags were expired and finally little Galina says to hin' "Casey! We can't keep that puppy, go get rid of him. Now!" Little Casey is perplexed, he wanted lots of dogs but he quickly brightens. "I know, I know Galina. I'll, I'll sell him1 Yeah sell him for.. ten thousand dollars!" "Oh, Casy... alright then. Sell him for ten thousand dollars or whatever but just get rid of him before we run out of paper towels and die of Jamba deficiency diseases." So, a few hours pass since Casey trundled off with the puppy in his little red wagon (a sweet ride I'm told). Sure enough, Casey returns with a big grin on his face. He's so happy it looks like he's on a trampoline as he walks pulling the wagon; no puppy just a box. "Galina! Look I got rid of the puppy and I got $15,000 for him! Isn't that great?" Galina is a little confused but at least they got rid of the dog. "Gee, sweetie that's fantastic. What shall we do with the money?" Casey replies; "Money, oh no money, something better! See?, In the box?, three new $5,000 cats!" [rimshot, groans]
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FIRST
Rob Dawg,
I'm surprised you haven't posted anything about the angry real estate investor...
4 Dead at Philadelphia Marketing Company
By DAN ROBRISH, Associated Press Writer
Tuesday, February 13, 2007
(02-13) 12:18 PST PHILADELPHIA (AP) --
An angry investor who killed three people and himself at a marketing company was upset about losing money in a failed real-estate venture and told his victims to "say your prayers" before he opened fire, police said Tuesday.
Vincent Dortch, 44, took an assault rifle and a .40-caliber handgun to the investors meeting he had organized Monday night, authorities said.
Minutes after the meeting started, he told the group, "You have a minute or two to say your prayers," police Inspector Joseph Fox said. Another man who was shot during the attack was in critical condition Tuesday.
Police found a scene of "utter chaos" when they arrived at the offices of Zigzag Net Inc., Deputy Police Commissioner Richard Ross said.
Two victims were found on the floor, and another was in a chair, all with "wounds to various parts of the body," Ross said.
Dortch, 44, of Newark, Del., and two other men at the meeting had lost money on the failed deal, perhaps as much as $500,000 combined, police said.
Those two investors were bound with duct tape, but they were not shot, Ross said. Police said the survivors told them they had talked Dortch out of driving to New York state, where he planned to shoot another person.
Police identified the three victims as Robert Norris, 41, of Newark, Del.; Mark Norris, 46, of Pilesgrove, N.J.; and James Reif, 42, of Endicott, N.Y. Zigzag's Web site lists Mark Norris as president and CEO.
The injured man, Patrick Sweeney of Maple Shade, N.J., was taken to Thomas Jefferson Hospital, where he was listed in critical condition Tuesday. He is listed as Zigzag's human resources manager.
Despite being bound and shot several times, Sweeney had managed to call police. Officers entered the office building behind Dortch, and exchanged gunfire with him in a second-floor hallway.
Dortch, who may have been shot, then ducked behind a door and fatally shot himself in the head, Fox said.
He had invested in an apparent startup company called Watson International, to which at least two of the victims had ties. The site lists Robert Norris as vice president of business development. His wife, Patricia, on Tuesday declined to answer questions about the meeting or comment on the shootings.
Mark Norris and Robert Norris are brothers, said Aaron Haydn McLean, Zigzag's senior art director. Reif was also affiliated with Watson International, McLean said.
Both Robert Norris and Reif were retired law enforcement officers, police said.
Zigzag has about 15 employees, said McLean, who has worked there for about five years.
The old Philadelphia Navy Yard was one of the Navy's busiest shipbuilders during World War II but closed in 1995. Two years later, a private company, Kvaerner, resumed commercial shipbuilding in a portion of the shipyard, which is now known as Aker Shipyard. Other areas of the Navy facility have been converted to business and office use.
And more...
Marching Forward
I’m planning another fast. Next week, I figure I’m going to have to pick up my mail and DEFINITELY find the time to open it, but the week after I should be free.
I feel I’m loosing site of my goal to have $5000/month in passive income by September. I NEED to keep my promises ... to my wife, of course, so she can stay in school and to my lenders so I can use short sales to pay back as many dirty pennies as I can.
My new RichDad book talked about how to plan to start a multimillion dollar business. And after my $91 call to their 900 number, I realized I needed a real business plan. They told me to put my plan on paper (but they also said whiteboard is ok) – and that I needed to write down my objective, my strategies, and my tactics.
After googling for about two hours I found out what that all meant. So aftet dinner and a nap, I got started. Here’s what I came up with (so far, but this is all just rought thinking right now) ....
Objective: Make $5000 a month (but passive income!)
Strategy: Do it quickly (the sooner I can do some sweet deals, the sooner I can keep my promises to my lenders, my family, and my maker)
Tactics: ????
The entrepreneur college web site said that tactics is stuff you have to do. In other words, tactics are HOW strategies meet your objectives so you can make your money work for you, not work for your money.
I figure I have a good start on my objective and my strategy. I’ll watch a few more motivational DVDs during my fast to come up with my tactics. That way, my team will know what they have to do. And I need to make SURE they have “skin in the game” so they can keep a fair percentage (10%? 15%?) and send me checks for the rest as my passive income.
Theres too much negative going on now, but this is POSITIVE THINKING. No more falling forward. I’m going to be “marching” forward from now on.
Lol, is anyone on this board really surprised at this?
1) Once again too little too late
2) He does not really know what the hell is going on does he?
3) He actually DOES refer to his seminar books for guidance...yeeesh
I am Facing Foreclosure .com
February 13th, 2007
Too Late to Stop Foreclosure with Short Sale, Deficiency Judgment?
Spoke with 1st position lender this morning and told them I have an offer for 380 in hand. The rep said it’s too late. I persisted by asking if it’s the price or the time-frame. He checked with manager and he said there is simply not enough time to stop the foreclosure sale tomorrow.
He said if I had a full pay-off and proof of certified funds then there may be a small chance they can stop it but since it’s a short sale offer and there is a lengthy approval process that needs to be followed - they simply can’t help me at this point.
I asked them if I will be responsible for a deficiency (In some states the lender can sue me for the money lost during the foreclosure sale and obtain a deficiency judgment). The rep said, most likely, but wasn’t sure. He referred me to a real estate attorney.
I checked my binder from Bruce Norris’ foreclosure seminar that I went to last year and it says this under New Mexico:
State: New Mexico
Type of Document: Trust Deed
Types of Foreclosure:
Only judicial foreclosure is allowed in the foreclosing of residential real estate.
Deficiency: The lender may pursue a deficiency judgment.
Redemption: The borrower has between one and nine months to redeem the property. All they have to pay is the amount owed plus 10% interest.
So yes, looks like I may have a deficiency judgment to worry about as a result of tomorrow’s foreclosure. I wonder if that means BOTH the first and the second can sue me for deficiency or just the foreclosing lender. I also wonder if the lenders ALWAYS pursue a deficiency judgment or if sometimes they don’t bother with it. Anybody know?
I also looked up the foreclosure info for the other states where I have properties facing foreclosure (or already foreclosed):
State: California
Type of Document: Usually deed of trust with “power of sale clause.” Mortgages are used rarely.
Types of Foreclosure:
Non Judicial: Used most often by lenders because deficiency judgments not available to them in most cases. The loan document must contain a “power of sale clause” to foreclose out of court.
Judicial: Used when lender will seek a deficiency or if the loan documents had no “power of sale clause.”
Deficiency Judgments: Available to lender only in judicial foreclosure. Not available if the loan was a “purchase money loan.”
Redemption: Not available to borrower if property sold at a trustee sale. In the case of a judicial foreclosure the property may be redeemed in one of two ways. If a deficiency judgment was obtained (the property sold for less than what was owed), the borrower has twelve months to redeem. If no deficiency, the borrower has three months.
State: Texas
Type of Document: Mortgage and Trust Deed
Types of Foreclosure:
Non judicial foreclosure is most often used when a power of sale is included in the loan document. The process is very fast. Only 21 day notice has to be given prior to the sale.
Judicial foreclosure is available, however, with the simple process to foreclose the other way, few use it.
Deficiency: A deficiency judgment can be obtained. Again the market value of the property will be subtracted from the amount owed to the lender to determine the validity of the deficiency.
Redemption: No right of redemption in Texas.
State: Utah
Type of Document: Trust Deed
Type of Foreclosure:
Only judicial foreclosure is available in Utah.
Deficiency: A Deficiency judgment may be obtained by the lender.
Redemption: Redemption is allowed by the state. Each case is considered individually so time to reinstate is the rule for all properties.
So looks like I will be OK on my California properties in terms of getting sued for deficiency. However, the New Mexico property may come back to haunt me in the future. We’ll see.
Anybody going down the the foreclosure auction tomorrow??
If yes, please report on what happens. Thanks
New post went up same time you worte this. Direct all comments there.
Teacher: Casey, did you hand in your homework?
L'il Casey: Uh...well, i outsourced it, but I guess I didn't stay on top of it, so i'll check and get back to you next week.
Teacher: That's not acceptable, Casey. Please go to the Principal's office.
(On the way, L'il Casey stops by the juice machine, and sees that they still haven't added wheat-grass. He wonders why they're such haters.)
Guidance Councilor: So, Casey, your teacher tells me you're not doing your homework.
L'il Casey: Oh, that's not true! She's SO unorganic! I have it, I just haven't gotten to it yet, I'm still working on English Vocab from two years ago. It took me FOREVER to get y desk organized, now I'm really falling forward to success!
Guidance Councilor: Casey, you don't understand...
L'il Casey: I plan on doing every BIT of that dirty homework! I have a sweet plan! See? (holds up photocopied pamphlet) I got this for $300 from that guy in the parking lot! It tells you how to graduate High School in ONLY TWO DAYS!
Guidance Councilor: Sigh...Casey, go see the Principal...
Principal: Casey, where have you been? You wee sent here two hours ago!
L'il Casey: I had to take a nap - I was up all night reading how to get a college diploma online for only $5000! It's all part of my plan!
Principal: Casey, enough. I'm assigning you to a month of detention, where you'll work on all the homework you owe. You can't take the final until you do.
L'il Casey: I have mixed feelings about that. Ooh, shiny stapler!
Principal: Sigh...
I'm surprised Casey realized the 900 call was $91.
I would have expected him to not known how much it cost, wondered aloud, but said he'd make sure to find out so he could submit a receipt to his CPA.
Win win!
Lost deals aside,
If I had a last name like "Dortch" I'd go off the deep end too.
Luckily our l’il trooper didn’t fall forward on that sweet Zigzag deal.
BTW the Wee-Wee pads ad seems appropriate.
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