Realty411 Magazine A Spotlight on Charles and Lena Sells | Page 95
P r e - F o r e c l o s u r e
E x t r a o r d i n a i r e !
By Bruce Kellogg
W hat, When, and Where?
Here is where your author attended a oneday
workshop presented by REI Fortunes in Sacramento,
California on Saturday, August 4, 2018. It’s called “the
California Gold Rush”, and the subject is making money
with preforeclosures. Costs varied from $497 general
admission to $597 VIP, which included a sit down lunch
with trainers. The workshop was taught by local
investors.
Session 1 Wholesaling
Gary Massari, REI Fortunes, CEO and Master of
Ceremonies, defined wholesaling, then described the
process. This included methods of finding properties,
writing the contracts, and the purpose of an assignment
clause. There are two types of distress possibilities: 1)
distressed properties, and 2) distressed owners. Gary
described these in detail.
Introduction
Preforeclosures are growing in California as more
and more modified loans become adjusted, pushing
people into the nonaffordability category. This means
highlydiscounted properties for wholesalers and
rehabbers.
At the workshop, I saw the room literally packed with
standing room only. One wholesaler started the
workshop by sharing his last wholesale check was
$400,000, and he never lifted a hammer or driven a nail.
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