No pictures this time. There might be copyright issues. ;-) Still, I'm confused. Apparently the following post is threatened with of some form of legal action. What do you think?
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Jenae Peckham
The lease-option program that Super-Jenae has been offering has been well-documented on ocrenter's blog, so let's get an update on how it's working.
It's a simple plan, sell houses to clients, then find people to rent them until they can qualify for a mortgage to buy. She advertises "no credit score minimum" and "credit scores not an issue" - just the types of tenants you want in the house you just paid a million-plus for.
She inputted three listings this week onto the MLS:
1011 Greenway was just purchased for $629,000 last month, but a mystery how it came together because it wasn't on the MLS. Jenae puts it back on the market this week for $629,000 to $729,000, offering the lease option program, with $5,000 commission to buyer's agent upon lease inception and 4% once the purchase is consumated.
Except Jenae has TWO other listings on the same street. One at 1103 whose owner just bought in 3/07, financed 100% and he just received his NOD last month. The other listing is her assistant's house who also financed 100% of her $620,000 purchase in March. All three are listed for sale/lease-option, all about the same size house for the same approximate price.
2872 Vista Acedera in La Costa Valley is 3,542 sf, and was purchased in 4/07 for $1,250,000 by one of Jenae's people, who financed it 100%. First Magnus was the lender, who just went out of business.
It sits vacant, and she listed it for $1.25 to $1.35 million - the last sale on the street was 8/7/07 for $1,065,000 for 3,344 sf, but it was across the street. On her website they have it available for rent for $7,000 to $10,000.
The third listing is 6239 Lismore, the former model in Bressi Ranch. Jenae had sold it in 5/07 for $1,350,000 (originally listed for $1,199,000-$1,225,000). It too was financed 100% by First Magnus. In her new listing she is calling this the "Please Purchase Program", for sale at $1.35 to $1.45 million.
This is the third sale Jenae has procured in Bressi this year at an inflated price. The last one, 6344 Huntington, was listed for $1,199,000 and sold in June for $1,300,000 to an agent who works for Jenae. Now she has it for sale for $1.3 to $1.4 million, sitting there since July. The other on Discovery she represented both buyer and seller, and threw in the MLS 'sold before input' at $1,350,000 for 3,480 sf in March of this year - and a for rent sign went up the next month.
The effect Jenae has on others has surfaced as well. Once Jenae listed Lismore this week for sale, or for rent at $7,000 to $10,000 per month, two other neighbors took notice.
This house on Alverton was being offered for rent for $5,000 per month, and once Jenae put hers on for much higher, those owners increased their asking rent to $9,750 per month.
And these owners nearby who had their house listed for $1.315 million, RAISED their price to $1.4 million.
How do you know the sellers in Bressi might be too optimistic? Currently there are 27 active listings, and ONE pending.
What's up? Monica Kang, one of Jenae's listing agents according to their website, paid me a visit the other day while I was doing open house. Her first question? "Will you pay me $100,000 commission if I bring a buyer?" That's on a house listed for $799,000. Once I starting asking a few casual questions, she got dumb in a hurry, confessing to knowing nothing and the money just goes into a different division.
Who is running the show?
The kingpin is John Borzellino, aka John Ross, who is currently on tour. He recently spoke at the Alpha Kappa Psi business fraternity at SDSU, and has engagements coming up in Chico, Miami, and Carlsbad - that's right, if you want to catch up with John, you can see him here locally on November 7th at 7pm at the Carlsbad State Theatre at 2822 State St.
Here is the ad for the Miami speech:
$ - Here's an opportunity to learn from the best. This Seminar will be free to
all military personnel. There will be no charge for entrance, nor for the
materials available at the end of the seminar. The material covered will show
you how to purchase real estate and receive cash at closing instead of cash
out of pocket.
All material will be free to all military at the end. These materials are valued
at over $500.00. Just be prepared to show your active or retired military at
the door.
Join us as John Borzellino, President and CEO of The Roman Group, Inc., a national real estate consulting and acquisitions group, discusses Perspective Change and Lease Purchase America.
Mr. Borzellino will introduce you to his perspective change programs that have been taught at a variety of universities, governmental organizations, Fortune 500 corporations and police training facilities. Mr. Borzellino will discuss how new patterns of thought and action may be required to make a radical change in your current level of income and success. Getting from where you are to where you want to be often requires fundamental shift in the way you operate – utilizing unconventional behavior and new methodologies. This will be an “education only” meeting.
John Borzellino has almost three decades of experience consulting one on one with clients in over 60 major cities in 20 states. He has written 5 books: Rags to Destiny; Change is Power/How to Unlock Your Energy Vector, Lease Purchase America and Peakwalkers.
Posted on Saturday, October 13, 2007 at 07:19AM by Jim the Realtor | 30 Comments | Email | Print
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The original post is no longer available and this is not a post but a post about a post. Hat tip to Akubi. There's no reason to even read the content or even give it any credence. The purpose of this post is to ask if there is any reason to believe what is said is in any way a legal gray area. Personally I see nothing except a conversational presentation of the facts.
