Gary…MY OPINION ONLY…I think you are deliberately bringing up loan fraud and the DOS issues to scare people into using a NARS trust. I don’t have a problem with anyone who wants to use it, but the scare tactics are unprofessional. You seem to be…again, my opinion…SEEM to be trying to drum up business via the above methods. Many question you answer have nothing to do with NARS trusts, yet you answer with NARS answers. If people ask direct trust questions, thats one thing. But this is out of hand. I think these posts mislead people into thinking the DOS is a major issue. Due dilligence takes care of the DOS, you don’t need a trust to avoid something that is basically a non issue.
You also seem to talk a lot about loan fraud and in some of your posts, you imply that a regular sub 2 investment takes advantage of sellers equity position. There is NO NEED to mention this, unless you have a direct reason to. I am tired of seeing that. You always talk about how you leave the seller 10% interest in the trust…well, I want 100% of ALL OF MY DEALS. I am not leaving the seller any percent of ownership. If a deal warrants the seller be given some equity, I will gladly discuss it with them. But some of your posts seem to suggest the traditional sub 2 deals leave the seller out in the cold, and again, that is misleading. There is ZERO in common between a traditional sub 2 deal and equity skimming/stripping. Another non issue that you use to try to convince people how sub 2 deals are wrong and bad for sellers
I use the analogy of protection as follows:
I protect my residence with a deadbolt lock on all of my doors, and regular window locks. I am protected just fine. I don’t need 20 foot tall fences with barbed wire, a moat with fire breathing dragons, and armed guards to protect me, for the slim chance I have a problem.
With regards to the trustee, my personal issue is paying 1% of the value of the house to a non profit corporation. This I compare to having a moat and fire breathing dragons protecting my house. It is overkill, especially with the cost to set it up, on top of the monthly fees and 1%. The advantages of using the NARS trust are not nearly worth the cost. I don’t think we need to see this same thing over and over. And who cares if your trustee worked for the FBI…another thing that has no bearing on a real estate transaction. The cost in your link on your profile is much more than most investors want to pay. The low equity deals done in my area would be useless if I had to pay out that kind of money. The benefits, if any, are not worth the cost, not even close. I would prefer to keep the money.
The DOS is so rarely invoked that there is little need to bring up the protection the NARS seemingly, or possibly provides. You make it sound like the DOS is a major issue, when if fact it is really a non issue. I have yet to see anyone post that one was called and followed through on. So please quit saying that over and over.
Some of your posts explaining the NARS trust are very good, and if people want to specifically know about them, that is ok in my opinion. But the way your posts come across makes it seem like you are doing nothing more than trying to hustle up some business…either for yourself or your mentor. Again, that is MY OPINION, that is the way your posts come across to me. Any your past experience is relevant. nobody cares about your mentors 22 years of experience since he is not the one posting this, so why keep mentioning it.
I personally thing these forums have took a major downturn lately, and this is one of the things I am tired of seeing. A person should not have a problem posting their specific deals if they give advice.
I respect your knowledge of the NARS trust, but I disagree with the way it comes across…you “appear” to be trying to hustle some business. And I know many others share my views, but because of posting rules, or their own personality, they may not want to tread here. Me, I am very opinionated, and I don’t beat around the bush. I also have a high regard for the moderators and I know if the post is out of line, it will be edited or removed. I have had posts removed or altered before, and I don’t have a problem with it.