Home › Forums › General › EHTrust/EHT Topics and Creative Real Estate Financing › Bill Gatten Vs. John Locke
April 19, 2004 at 7:38 pm #56
Im trying to decide which one I am going to buy to do “Sub2 deals.April 19, 2004 at 8:45 pm #7133
Everything you seek is on this discussion board.April 19, 2004 at 8:59 pm #7134
“I am really not worried about the DOS because I have never heard of anyone getting tripped up on this”
Well you now have heard of someone getting tripped up on this.April 20, 2004 at 3:28 am #7135
The EHTrust offers the investor (co-beneficiary) and seller (settlor beneficiary) and tenant (resident beneficiary) some/all of the following benefits depending on who you are:
1. No chance of liens, suits or judgments attaching to
? the property
2. No chance of marital disputes affecting title
3. No Due-on-Sale violation
4. No chance of IRS liens hitting the property
5. No chance of one party’s bankruptcy hitting the property
6. No chance of the property being tied-up in Probate
7. No or only nominal conveyance tax
8. No capitals gains tax due upon sale to the co-
9. No difficulty in evicting an errant resident beneficiary
10. No chance for a defaulting tenants claim of “equity”
? ?for forestall eviction and force foreclosure in order to
? ?buy time and free rent (and usually cash to move when the
? ?other party settles out of court to curb rising legal
11. No chance of one party’s doing anything to the property
? ?that would negatively affect the other
12. No chance on one party’s further encumbering the
? ?property with the full knowledge and consent of the other
13. No Management
14. No monthly payments (for seller or investor)
15. No tenants, toilets, trash, torn screen doors or dog-
? ?pee’d dead trees, shrubs and grass
16. No public disclosure of ownership interest
17. No reversionary penalties (tax due when the trust
18. No ancillary administration (die anywhere and
? ?administer the estate from where the property is)
19. Resident beneficiary takes the tax deduction for mortgage
? ?interest payments as if they owned the property
20. Resident beneficiary receives virtually all the rights of
? ?fee simple ownership with no money down, no bank qualify-
? ?ing and no credit check
Non-trust based sub2 deals do not offer the same protections and benefits for all concerned. Hope this helps. ?:-)
– ?Mark.April 20, 2004 at 5:47 pm #7136
The DOSC is real and it does have fangs.April 22, 2004 at 8:50 pm #7137
[move]Gatten wins by Knockout!!![/move][red]Details on Sportscenter
No seriously, read through the many posts on this site.April 22, 2004 at 11:51 pm #7138
John Locke has a sterling reputation. He’s been around for decades. He reportedly has done over 500 transactions which isn’t “chopped liver” in the world of real estate.
He’s always available to his ‘students’ via e-mail and cell phone. He’s for real.
I’ve never taken any of his courses-but I have seen a couple of them. Basically, he gets the deed and then he sells the turkey via land contract (contract for deed/bond). That’s the sum and substance of his program. He doesn’t even do lease-options. It’s simple & dangerous. Apparently, it works for his students.
Most of the posters on this site would die of cardiac arrest- if someone suggested that approach.
Bill’s programs have soooooo much more to offer to all parties to the transaction. This is the enlightened way to do real estate transactions. There is no comparison.April 23, 2004 at 1:16 am #7139
You are comparing apples to oranges.April 23, 2004 at 3:29 am #7140
Since no one answered the last question, about your cost to set up a trust.April 23, 2004 at 11:51 pm #7141
John Locke huh?
Funny you should make the comparison. ?I actually got into a bar room fight with John Locke once, about three or four years ago (the end of ’98′), and got my butt kicked thoroughly. ?So, if you’re comparing, forget me. ?If you’re smart you’ll stick with John. ?I am no match for that mountain of gristle.
Not that its important anymore, but the fight was over a saucy little ?redhead name Lu Lu whom we?d met during a night on the town. ?Well she wasn?t really ?little? per se, ?I guess. ?As a matter of fact she was what one might refer to as a ?larger woman.? ?As a matter of fact, she had to sound a beeper when she backed up, and she had her own zip code…but sexy? ?Whoa! Was she ever sexy, or what!! ?And man, did that girl ever love meat?I mean any kind of meat: hot dogs, T-bones, goose liver, pickled hog-happies, burgers, dried Guinea Pig?all of it. ?God, did that girl love meat. ?When she?d smile at me–between meals–my heart would just melt, as there was always just a little tell-tale morsel of something dangling from her tooth.
There she was, that palpitating pulchritudinous mass of femininity, ?sitting on those three bar stools, looking as pretty as a bunch of manatee pups wrapped in a spinnaker. ? I’ll never forget the visage of her that night: a vision that ?remains indelibly etched in my memory to this day. ?A virtual dream, with long brown hair all the way down her back: none on her head though, but who cares, it was 2:00 A.M. ?
Another outstanding feature were those forty two inch breasts of hers. ?Yessir, forty of those little two-inchers all over her back (I know what you’re thinking, but it can be a real plus when slow-dancing). ?And her eyes?though they didn?t match, they were absolutely gorgeous: one was emerald green and the other two were blue or something.
As I approached her somewhere around closing time to ask her if she needed a lift home (I had one parked outside), you friend, John Locke, who I thought had been thrown in Jail for public nudity..he’d been hanging by his heals from the hand blow-dryer in the men?s room an hour earlier. ?Apparently they had run out of toilet paper and it was his only solution at the time. ?He appeared virtually out of nowhere and backed a Ford F100 through the front doors, right up to where Lu Lu was sitting. ?And, the devious son of a gun, knowing Lu Lu?s weakness, had placed a bucket of raw hamburger in the pickup bed. ?Thereby quite obviously taking an unfair and thoroughly unconscionable advantage of my situation. ?I couldn?t complete. ?I had no money to buy meat. ?I had spent all my money buying her vinegar and water…doubles?all night. ?
Eyeing the bucket of meat, Lu Lu was on it like a sex starved monkey on a Nerf ball. ?I didn?t have a chance in the world. ?She just left me standing there looking like a cuckolded buffoon in front of the other drunks and ol? “Mucous Mike,? the substitute bartender. ?
I had never felt so alone and abandoned in my life. ?I felt like an out of service, empty, rusted old parking meter with a paper sack on my head with ?out of order? scrawled on it in crayon: you know? covering the part where you put in your quarters and have to twist the knob to get the little red flag to go away and then realize that you still have to put in another quarter to get the full hour, and you put it in, even though you know you?ll only be there for twenty minutes?and all.
Amid my abject misery and emptiness, the next thing I know, with Lu Lu up in the bed of the pickup with her ?head in the bucket, Locke is giggling and running for the driver’s door like a chicken with a railroad flare in its butt. ?Well sir, it didn’t take me long to tackle him around the ankles and slam him onto the peanut-shell covered wooden bar floor?in which process I somehow banged my chin on a nearby pool table and broke out three of my upper teeth taking most of my upper gum along with them, and spraining my neck.
The next thing I knew, I was being pummeled mercilessly by this mad man (he has the strength and bad breath of an Orangutan when he?s mad?and drunk). ?And throughout it all, Lu Lu continued grunting and snorting in that sultry, sensual way only she could, while cleaning up the last of whatever was in the bottom the bucket.
In the melee I got in a few licks for sure, but they amounted to almost nothing compared to what Locke did to me: broken teeth, fractured jaw, dislocated knee cap, a sprained neck and a bad case of Blunt Contact Epididimitus. ?And all he got from me was one poked-out eyeball (actually, it was ?pulled out? rather than poked, and I kept it in a jar and sold it on E-Bay last year), a ripped-out belly-button ring and the loss of a pretty darned hefty handful of axillary (underarm) hair. ?
Lu Lu? ?Oh, she tried to heave herself out of the pickup truck to be with me at the last minute, but she couldn?t handle the load and just fell helplessly back in as Locke drove off into the sunrise to have his way with her (?and he thinks I didn?t see that sack of flour in the front seat). ?
She tried her best to call to me as the pickup sped away, but apparently she hadn?t yet fully swallowed her last bolus of meat product and almost choked to death trying to speak. ?All I heard was: ?Hauwh glmphonk??or something like that.
Oh sure! ?A Heimlich maneuver, right? ?Betweeen you and me, any attempt at a Heimlich maneuver would have been futile?getting one?s arms around a girl like Lu Lu would be like trying to hug an L-1011 with a pair of taco tongs. ? In actuality, I can vividly recall when in more intimate moments, prior to that fateful night, saying to her: ?Lu Lu, my sweet hillock, I?ll never get over a girl like you?so you?ll just have to answer the phone yourself.?
Like I said, I was a loser in this one and haven?t fully recovered my self-respect to this day. ?So forget me. ?Go with Locke. ?He?s the better man. ?Just don?t compete with him when it comes to the booze and the babes, and make sure he doesn’t touch you with any oozing body part.
Bill GattenApril 24, 2004 at 8:14 am #7142
Thanks for clearing up the pressing question, Gatten or Locke!
Part Two: Revenge of the Oozing Body Part
Featuring: LuLu and the long awaited rematch of Gatten vs Locke IIApril 30, 2004 at 11:54 pm #7143
Mr. Gatten and I met up again this evening (April 30, 2004) in Orlando after 4 years and I brought Lu Lu with me as she has been looking for the father of her child from that night in the bar and since my DNS did not match there was only one logical person that could be the father of this child.
The give away was when she named the little one NARS, something she said was being whispered in her ear during their 2 minute interlude and it really turned her on.May 1, 2004 at 12:03 pm #7144
Class act, Mr. Locke!May 5, 2004 at 8:51 pm #7145
I must defer to Mr. Locke on this one.March 1, 2006 at 3:10 am #7146
Laughed until I cried.
Bill is the King of Creativity
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