Showing posts with label Tom Vu. Show all posts
Showing posts with label Tom Vu. Show all posts

Wednesday, February 10, 2010

How does a real estate guru make money? They know the 3 little words!

These two quotes below come from the site listed at the bottom, they were in reference to Tom Vu, the real estate mogul who, as Tom has said himself, "suckered" many people into 'coming to his seminars' only to learn techniques that were not very applicable in real life.

In TV commercials, Tom Vu would lure people to come to his seminars by saying to them they will learn the 3 little words that will teach them to become millionaires, how could anyone resist such an offer and many people did go to his seminars. The three little words were, Don't Give Up! Quite true!

Even to this day there are many people that I run across that want to make fast money and easy money.

I love these two lines below, they are perfect and really sum up many people:

How does a real estate guru make money?
Answer: By taking it from chumps with illusions of making lots of easy money.

How does a poker player make money?
Answer: By taking it from chumps with illusions of making lots of easy money. please, don't have the illusion of earning 'lots of easy money' it's just not there often enough and you will more often than not, lose all your money!
Try real estate for the long term, not short term, and you will profit.
Read more here:
Just like the stock market, when people make money in the stock market they buy low and sell high. When someone sells high, that means that someone has purchased high and will lose.
That sounds a lot like me and my dealings with the stock market, any stock I seem to buy ends up in the tank, two in particular that I have lost over $10,000 NO MORE, I am not buying any more stocks, only real estate and some RSP's in the markets in mutual funds, that's it! LOL
This is the site where the quote above came from

All the best!

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


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