Oh, that Bobo!

Posted July 2nd, 2007 by Joe Kaiser

That's just not how the little fella swings.

Dear Rob,

Just wanted to give you a heads-up about Bobo.

He’s got a guy ready to deed him a vacant lot for a couple hundred bucks, and believe me, this looks like another “real steal deal” in the making.

Bobo’s Lot

And that’s the problem.

Since your office is incapable of appreciating the elegance of a $200 deed deal, Bobo thinks you’ll come down on him for putting this thing together.

You may recall I mentioned in an earlier post about Bobo, he’s not looking for trouble from your office.

That’s just not how the little fella swings.


unfounded concerns? Not hardly

But you’ve got to wonder what’s got him so concerned.

He’s just out doing deals like every other investor in town. He’s contacting people in foreclosure, talking about what they’d like to do and offering solutions to their problems.

Most aren’t interested, but of the few who are, he gets them signed up, paid, and becomes the proud new owner of their properties. And everyone is delighted.

So where’s Bobo’s problem?

David Huey of your staff, in his April 16th, 2007 interview with the Morning News Tribune entitled “He’s Got Your Back,” expresses his opinion of real estate investors, saying:

We’ve sort of shifted our focus to foreclosure rescue fraud, because that’s where con artists can make a living. They don’t have the inflated values anymore. So now if you’re looking to make your fortune in real estate, you have to find new ways to exploit people, and we’re seeing that in foreclosure rescue scams. — David Huey, Assistant Attorney General


did he really say that?

Yes, he did say that.

” . . . if you’re looking to make your fortune in real estate, you have to find new ways to exploit people.”

It’s got to be the most asinine statement I’ve read in a very long time, and therein is the problem, Rob. Your office assumes real estate investors are scam artists.

That’s ridiculous.

It’s also entirely inappropriate to have someone with such an obviously distorted view of investors in charge of this case. Someone so clearly predisposed to inferring scam is, without question, incapable of conducting a fair investigation.

Can you really trust his judgment after making a statement like that?


victims?

Yes, we investors are looking to make our fortunes in real estate. No, we’re not interested in finding “new ways to exploit people,” as Huey believes.

We create profits by providing solutions to people with real estate problems. That’s the job of a real estate investor. It’s what we do.

But not according to David Huey.

With him running the show, is it any wonder your office says (presumably, with a straight face) that Steve, Hector and Ruth, Dan, John, Nora, and Butch the Biker are “victims?”

Do you have any idea how extraordinarily foolish that makes your office appear?


Not hardly

And do you really want to go into court and say these are people I victimized?

  • Steve, who’s still in his home all these years later (and who as yet has never paid us nickel one).
  • Hector and Ruth, in their home as well (although your office almost killed that deal).
  • Dan, whose properties weren’t stolen by that shady investor after we got the guardian involved, putting $120k into his ex-wife’s pocket for unpaid child support.
  • John, where we sued the county and won, unwinding the bogus foreclosure, getting the property sold, splitting the profits with him (and the state collecting $50k it otherwise would not have seen).
  • Nora, who is recovering from cancer surgery she probably would never have received had we not helped.
  • And Butch the Biker, whose nieces now have $60k in the bank to pay for their college educations, thanks to us working together with their uncle.

Again, victims?

Good grief, Rob, give a chimp a break.

Respectfully,

Joe Kaiser


5 Responses to: “Oh, that Bobo!”

  1. Seth responds:
    Posted: July 2nd, 2007 at 6:41 am

    Hey Joe,

    Can we follow the money for a minute?

    If the rei’s no longer profit from getting owners out of foreclosure, where will the money (potential equity) end up?

  2. Joe Kaiser responds:
    Posted: July 2nd, 2007 at 8:17 am

    Seth,

    You’re getting warmer.

    This case is all about following the money, although it’s probably not what you’re thinking (I’ve held off talking about that part so far).

    Those dogs in the masthead picture?

    They’re tugging on “the money.”

    I’ll be telling that story shortly, and you won’t believe it.

    Joe

  3. Seth responds:
    Posted: July 2nd, 2007 at 9:05 am

    Awesome post, Joe.

    It’s like a freakin’ spy thriller with the safety of people at stake.

    Sincerely, Seth

  4. David Alexander responds:
    Posted: July 4th, 2007 at 1:03 pm

    Hehe…. In part of the article he talks about the people should just sell the house…. and ignores the fact that not all have prepared themselves in such a way as to be able to sell the house….

    It needs work… or they wait till the last minute…. He doesn’t understand the basics of supply and demand….. and imperfect markets…

    If you wait till the last mintue…. and need to sell quickly… very quickly… then you don’t get top dollar….

    If things aren’t perfect and fixed up there are only so many buyers…

    Not to mention that most sellers just want to be done… and you are doing them a favor helping them move on with life instead of them sinking with the ship… foreclosure is a big negative on the psyche that we as investors are often able to help sellers avoid by doing what we do…

  5. Joe Kaiser responds:
    Posted: July 4th, 2007 at 10:23 pm

    David,

    It’s really easy to make suggestions when you’re not in their shoes.

    Telling people the better deal is to move or let their properties go to auction rather than agree to my deal that keeps them in their homes demonstrates no appreciation for their circumstances.

    What do you tell someone who wants to stay? No, I mean in the real world.

    Joe


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