Jeff Kaller – Short Sales

Real Estate Gurus Revealed: Real Estate Investor Info Product Review – Mr. Preforeclosure, Jeff Kaller

Known as Mr. Preforeclosure, Jeff Kaller, Short sales expert has been on the real estate investing seminar circuit for a number of years. I must have first seen him in 2005 or so.

His claim is that with the incredible Jeff Kaller Short Sale system, you will be able to find, negotiate, buy and sell short sale deals and “Quit Your Job in 90 Days.”

First a few points…

• I do think that it is possible for “any investor” to do short sale deals, but it is often misrepresented as a silver bullet solution to any real estate investment property that is behind on payments. When it comes time to evaluate a house for short sale potential, not all homes are created equal.
• I think doing short sales with banks is harder than it is often made out to be although it is possible and there are many that are successful… Banks want to deal with someone who is professional and likely to close, and someone who has been around the block before, and they want to feel like they’re selling the price for full market value… a steep order in any market. The bank wants to have their cake and eat it, too. A skilled investor will know how to deal with that.
• Experienced nvestors know that not every short sale attempt will go through. You may have to work on SEVERAL deals before you get one where the bank will close at a price you are willing to pay.
• If you don’t want to close on the property yourself, you have to have somebody lined up who can buy the home quickly and who is not getting an FHA loan (because of title seasoning requirements.
• Whether or not you plan to close yourself, you will need to have proof of funds.
• Most but not all short sales take time -sometimes months to close in some instances. Thinking that you can get one done in 90 days is possible but very optimistic in my opinon.  It is possible, don’t get me wrong…but it is NOT the normal result… some will some won’t. Likely yours won’t if you have never done one before…
• If the deals don’t close, it can be frustrating to feel like you’ve wasted a lot of time. If you have a real estate agent’s license, you can list the ones that the bank approves at a price higher than you’re willing to pay, but still below “market” level and try to capture the commission.
• Short sales are sufficiently complicated that I think this is a BIG opportunity for you to do better with a coach to help you. For more information on the guy that I’m working with on short sales, click on the Short Sales Step By Step button on the right…or click here.

Okay… all that Negative Nelly stuff is behind us.

Short sales are not as easy as Jeff Kaller wants you to believe when he’s selling you his course.

But they are do-able and they are one of the best ways to make “fast” cash in this market. “Fast” meaning faster than waiting for a rental to appreciate, and less work than a rehab.

What did I think of Jeff Kaller’s Short Sales Course?

I actually think there were a number of good things to be said about the version of the Jeff Kaller short sale course I bought.

First, he had some great interviews, especially the “$80K per day” man from Seattle. (Seattle is a high-priced market, but with a lot of competition from real estate investors).

Second, he had some good strategy ideas in terms of looking to “double dip” with your short sale prospects by gaining their trust and attention by not just “going for the throat” and offering to buy their house. If you offer to try to help them refinance or pursue other strategies you may be interested in, you can get your foot in the door as a trusted advisor and you can get referral fees if you put the client in touch with mortgage brokers and other vendors whose services they may also need.

The Downside To Jeff Kaller’s Short Sale Program

Unfortunately for me, I felt that a lot of Jeff Kaller’s success was due to his personal style, which I would describe as bull headed and aggressive. Pretty much the opposite of me. On the program, he came across as very disorganized and bad at details. It is clear that he runs his business by trail blazing through the forest and then surrounding himself by people who can pick up the pieces he’s left and put them together in a way that makes sense. I can tell how he might be very “convincing” and “passionate” when he’s talking to the bank about why they should discount a property.

I think there’s a lot to be learned in this program, but if you are a really detail oriented person who needs to be held by the hand and stepped through the process, Jeff’s personal style will probably leave you feeling that you don’t have everything you need in order to move forward.

He sells a coaching program, but that’s in addition to the $800 course I had already bought, and I didn’t feel like Jeff was really the person I wanted to coach me through the short sale process.

I actually found another short sale success story, named Phil, who I really like. He probably does more short sales than anyone else in his state and he’s just started coaching people across the country to expand his reach (he splits deals with his students).

The nice thing about Phil, as compared to other guru’s is that he actually CARES about his STUDENTS and they are actually closing deals.

There are a lot of “gurus” selling real estate investing courses out there who are just WOLVES who want the upfront sale (where they gouge you) and they don’t care if you ever actually get a deal or not.

I’m not saying whether Jeff Kaller is that way, because I don’t know.

All I’m saying is that I know PHIL is not that way, and the students he’s working with seem to be much more successful than the average person who buys a real estate investing course.

He’s not slick and polished and shiny… he’s very real, and so are his results.

If you’ve been looking at Jeff Kaller’s Short Sale system, I would strongly encourage you to check out Short Sales Step-by-Step with Phil before you make a decision…