Friday, December 07, 2007

Remember Real Estate Guru Tom Vu? Here are some quotes that someone sent me - you will laugh - what a character!


Someone emailed me these quotes from Tom Vu, not sure where they came from, but anyone who is over 35 (or younger real estate investors!) will appreciate these quotes.


Quotes from Tom Vu


  • "Are you man enough to get off your lazy American ass and go to Vu's seminars?"
  • "A lot of your friends will tell you, 'Don't come to the seminar. It's a get-rich-quick plan.' Well, tell them, it is a get-rich-quick plan because life is too short to get rich slow."
  • "Tom Vu says his system is different than other experts'."
  • "Okay. You've seen me make a lot of money. You've seen my students who are average people make a lot of money. Isn't is about time for you to go out and make a lot of money?"
  • "There's two kinds of work in America: hard work and smart work. Which one are you doing now?"
  • "This is not a country club! This is my house!"
  • "Today I'm gonna show you how to drive a sports car. First, you need a lot of money!"
  • "Don't listen to your friends. They're losers!"
  • "Do you think these girls like me? NO, they like my money!"
  • "At first I got lots of discouragement from friends and stranger who are loser! You know what these people kept telling me? They kept saying, 'Well Tom Vu, you a crazy nut, here you are, a poor immigrant, poor minority, speak no English, no contact, on and on, and you trying to be rich in America! You crazy, man! Look at people out there! They smarter than you are, they not even rich! Who are you to try?' And you know what? I have to keep telling these people every time, I kept saying, 'You are loser! Get out of my way! I make it somehow!'"


You can watch part of his cheesy TV commercials and read more about Tom Vu at this page Tom Vu page


Here is some insight from a seminar attendee:


Vu's main strategy was to "control," rather than own, real estate. So you would go out looking for distressed properties, (foreclosures and such) and offer to buy these houses at incredible discounts. He claimed to never offer more than 50% of market value, but said it would depend on whether it was a buyer's or a seller's market how much your discounted offer would be.


The desperate owner would be happy to just get out of the property without ruining his credit, so he takes your offer happily. In your offer, you write that the agreement is between the seller and you "or assigns". Then you offer ten bucks as a down payment to make the contract legal ("exchange of consideration"). Your closing date is a couple of months hence. In addition, you tack on a whole pile of whim-and-fancy clauses, such as "this deal is subject to the final inspection and approval of the buyer before closing."


During the time before closing, you find a buyer to assign your interest in the contract to. Selling the place will be easy, since after all, you got it at a huge discount in the first place. You walk away at closing with a hefty profit. Unlike the vast majority of seminar attendees, I actually tried for a long time to do this in my neck of the woods, British Columbia, Canada. I failed miserably. I encountered the following realities:


1. Even with distressed properties, offering to buy a property that far below market value was a joke (I was trying 80%). I was laughed out of most negotiations…


2. Many of these properties were over financed, and even if they weren't, there was no desperate bank mandate to unload these non performing assets at all costs. Generally, even in foreclosure sales, the owner or later, the bank, wanted fair market value.


3. Whim-and-fancy clauses were not acceptable to anyone I dealt with.


This site is found at this page


Enjoy!
Mark


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Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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