Boomer’s Blog

Reported incidents of mortgage fraud in the U.S. spiked 42 percent in Q1 over last year according to a report released this week by Mortgage Asset Research Institute (MARI). In April, The FBI released a mortgage fraud report of its own that casts a broader glance at the excalating problem and how it breaks down from the law-enforcement perspective.

Focus on Mortgage-Industry Reported Data
MARI’s report compiles data submitted by its army of mortgage industry clients regarding Q1-originated loans that have since been classified as fraudulent. MARI pulls its data from its Mortgage Industry Data Exchange (MIDEX) database, which aggregates reported incidents of fraud and verified misrepresentations submitted by its 600-plus mortgage industry subscribers involved in an estimated 80 percent of U.S.-originated wholesale mortgages.

With the mission of advancing the mortgage industry’s new crusade against mortgage fraud, MARI analyzes these data and will regularly report on the national composition of and emerging trends in residential mortgage fraud.

States under MARI’s Q1 spotlight are hardly surprising for anyone who has been following the markets hardest hit by the foreclosure epidemic. But it is interesting to see how MARI and the FBI each  approach the data, break down the numbers, define fraud and report on troublesome trends in the types of fraud that are most frequently reported.

States Topping the MARI’s Mortgage Fraud Charts

• Florida: In MARI’s report, Florida takes first place with 24 percent of all domestic properties showing material misrepresentation reported and verified on loans that originated during Q1. Last year, MARI’s ranking placed Florida in the top spot for 2007.

• California: The Golden State takes the red ribbon in Q1 mortgage fraud rankings, up from a fourth-place ranking in 2007.

Three-way Tie for Third Place

• Illinois, up from the eighth-place spot in 2007;
• Maryland, a state that missed MARI’s 2007 Top 10 List; and
• Michigan, maintained its third-place ranking from 2007.

MARI’s Most Common Fraud Types and Trends

For all states, the top fraud incident type cited in MARI’s report was in “General Application Misrepresentation” followed closely by misrepresentations related to “Income” and “Employment.” According to the report, MARI continues to see growth in identity-based types of fraud in loan transactions.

Fraud Definitions and Enforcement Challenges
A report issued earlier this year by the FBI “2007 Mortgage Fraud Report” – a great read with some unsettling photos and an array of disturbing and highly detailed data. Here, the FBI defines mortgage fraud a little differently than MARI, and ranks its Top 10 Mortgage Fraud states based on a broader base of data than MARI’s report. According to the Fed, mortgage fraud falls into two general categories: Fraud for property and fraud for profit.

• Fraud for Housing: This entails misrepresentations by the applicant who is purchasing a primary residence. This scheme usually involves a single loan. Although applicants may embellish income and conceal debt, the FBI recognizes that their intent is to repay the loan.
• Fraud for Profit: As far as the FBI is concerned, this tends to involve multiple loans and elaborate schemes to generate illicit proceeds from property sales. According to the FBI, this form of fraud that is of greatest concern to law enforcement and the mortgage industry. Gross misrepresentations concerning appraisals and loan documents are common in fraud-for profit schemes and players often are paid off for participating.

According to the FBI’s report, which culls data from the FBI, HUD-OIG, FinCEN, MARI, Fannie Mae, RealtyTrac, Interthinx, and Radian Guaranty, the comprehensive 2007 mortgage fraud state rankings are as follows:

FBI’s 2007 Top 10 Mortgage Fraud States:

1. Florida,
2. Georgia,
3. Michigan,
4. California,
5. Illinois,
6. Ohio,
7. Texas,
8. New York,
9. Colorado, and
10. Minnesota.

More States Hit by Mortgage Fraud
The FBI says that other states significantly affected by mortgage fraud in 2007 include Arizona, Maryland, Utah, Nevada, Missouri, Indiana, Tennessee, Virginia, New Jersey, and Connecticut.

Government Fraud Investigations Widespread and Challenging
As far as the FBI is concerned, mortgage fraud reporting is up, sparking greater demand for investigations and straining their capacity in several field offices.

FBI mortgage fraud investigations at the end of FY 2007 totaled 1,204, a 47-percent increase from FY 2006 and a 176-percent increase from FY 2003. In addition, Fifty-six percent of pending FBI mortgage fraud investigations in FY 2007 were associated with dollar greater than $1 million.

FBI Reports Top 10 Cities for Mortgage Fraud Investigation
Field divisions that ranked in the top 10 for pending investigations during FY 2007 include:

1. Los Angeles,
2. Chicago,
3. Detroit,
4. Dallas,
5. Atlanta,
6. Miami,
7. Denver,
8. Houston,
9. Cleveland, and
10. Salt Lake City.

The FBI reports that to be effective, the fight against mortgage fraud requires the cooperation of law enforcement and industry entities. Yet the report also points out that no single regulatory agency is charged with monitoring this crime, yet many government entities are charged with investigating the crimes.
The FBI, Department of Housing and Urban Development-Office of Inspector General (HUD-OIG), Internal Revenue Service, Postal Inspection Service, and state and local agencies all are investigating mortgage fraud, but coordination of fraud investigation efforts is a daunting, complex and costly endeavor.
The FBI cites a Financial Crimes Enforcement Network (FinCEN) report that finds the mortgage fraud perpetrators tend to be working in finance-related occupations. Profiles for investigation include accountants, mortgage brokers, and lenders as the most common suspects associated with the crime.
In response to the growing law enforcement burden, The FBI is working with the Department of Justice (DOJ)-Mortgage Fraud Working Group on a number of mortgage-fraud related issues, including the creation and finalization of standard loss valuation criteria associated with mortgage fraud violations, and assisting the banking industry with the construction of a centralized repository of mortgage-related documentation.
The FBI also conducted a Mortgage fraud summit to address the most severe mortgage fraud problems nationally and to strategize a plan of attack, including the use of undercover agents for “sting operations.”
Currently the FBI reports that it has formed mortgage fraud working groups or task forces in 32 field divisions, including Anchorage, Albuquerque, Atlanta, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Detroit, Dallas, Denver, El Paso, Honolulu, Houston, Indianapolis, Jackson, Kansas City, Louisville, Memphis, Miami, Minneapolis, Milwaukee, Portland, Pittsburgh, Philadelphia, Phoenix, Sacramento, San Diego, San Francisco, Salt Lake City, Tampa, and Washington, DC.

Josh Cantwell and partners Greg Clement and Jeff Watson have been working like maniacs to revise Strategic Real Estate Coach’s (SREC’s) Short Sale Manifesto and release an up-to-date condensed version of his innovative and influential ebook, aptly titled: The Short Sale Manifesto 2.0: The Revolution.

A lot has changed since March 2007 when the first Short Sale Manifesto was written and released to mark SREC’s initial launch. Way back then, the mortgage market and housing values were topping off but not yet plummeting. Sub-prime loans were drying out and demand for houses was only beginning to drop off.

Since that time Josh says, record-shattering foreclosure rates and plummeting housing values necessitate that real estate entrepreneurs who want to make tons of cash should deploy new strategies to build stronger businesses.

Man with a Mission
“I wrote this second version of The Short Sale Manifesto to provide more of a ‘meat and potatoes’ experience for new and experienced investors,” Josh says. “By reading both, you’ll have a macro and micro perspective that I believe accurately represents the short sale business.”

Josh really nails the essence of the deal in The Short Sale Manifesto 2.0: The Revolution. And he packs more crucial, intriguing and inspirational material into his 70 pages of text than I’ve received from paying for — and completing– expensive and time-consuming training seminars.

Inside the Real Estate Investor’s Brain
The information Josh shares in both free ebooks in his Manifesto series is so intuitive, and well-tailored to the real estate investor’s brain, it’s like it’s written by part entrepreneurial clairvoyant and part real estate visionary.

Short Sale Manifesto 2.0 provides a detailed outline to guide investors through the essential steps of the short sale process and how to use the latest strategies to build your own thriving real estate empire. Here are some of my favorite topics that Josh covers:

• How to do a short sale deal in current market conditions and what red flags to watch for;
• All the hottest techniques that the Strategic Real Estate Coach and students are using for referral-based marketing;
• The relationship between short sales and FICO scores;
• A concise explanation of why savvy short sale investors are avoiding Land Trusts;
• How short sale techniques are evolving – including a proven-effective option contract that’ll make your dream broker price opinion (BPO) deals a reality; and
• How to work with real estate agents and why developing these relationships will score you deals that your competition hasn’t yet even imagined.

Kevlar for Short Sale Investors
While Josh gives great guidance on the steps you need to take to make the deals happen — and keep a constant flow of new deals in your pipeline, Josh also tells you, in unembellished, plain English, all about the pitfalls you need to avoid.

If you only have 10 minutes to spend reading this ebook, check out the details Josh provides regarding the Top 9 Mistakes even the best real estate investors make and how you can avoid them. These investment fumbles include:

1. Paying too much for a property,
2. Underestimating the cost of repairs,
3. Neglecting to stage property,
4. Failure to build a workable buyers list,
5. Failure to secure private money,
6. Failure to plan multiple exit strategies,
7. Failure to focus on revenue producing activities,
8. Lack of a coherent system to organize your business, and my favorite,
9. Failure to implement an effective and consistent marketing strategy.

Some of these errors may be all too familiar, while some may be new to you, but in all cases, Josh offers clear strategies to protect your business and build wealth by keeping your wits — and your money — about you while you’re investing in short sale real estate.

Visit the Short Sale Manifesto 2.0 page now for a free download of this timely money-making and money-saving report. At these prices, you just can’t beat it! Stay tuned to this blog for the latest on SREC’s Special Giveaway Bonanza slated for Thursday at noon EDT.

This quick post is to let you know about a great couple of articles from Forbes regarding the politics and particulars surrounding the costs of home insurance in the top 10 most disaster-prone states in the U.S.

The biggest surprise for me here is that, due to government subsidies, it appears that some coastal properties in Florida are less expensive to insure than inland properties. Does anyone out there know if this is true?

In reading these articles, I also was interested to learn that, in states with lots of coastal area such as Maryland, thoughts about global warming play a role in bottom-line property insurance costs.

Are there any irregularities in your markets that have surprised you when it comes to insurance? If so, let us know about it.

Here is Forbes’ list of top 10 states for high home insurance prices along with their average annual insurance premiums:

1. Texas: $1,372,
2. Louisiana: $1,144,
3. Oklahoma: $1,030,
4. District of Columbia: $963,
5. Mississippi: $939,
6. Florida: $929,
7. California: $895,
8. Rhode Island: $849,
9. Alabama: $847, and
10. Kansas: $836.

Forget New Year’s resolutions. I prefer making quarterly resolutions to keep myself on track. Though it’s nothing I’ve ever seen him write about, It’s a habit I mysteriously picked up after reading Tim Ferriss’ efficiency tome:The Four-Hour Workweek: How to Escape 9–5, Live Anywhere, and Join the New Rich (4HWW). (Read my review of the book in the Resources section of GaryBoomershine.com for details that may help to explain my eccentricity on this issue.)

In his book, Ferriss encourages us always to focus on our strengths and to work around our weaknesses. Well, I confess, that one of my personal weaknesses is finding the time and energy — especially when I’m spending a lot of time traveling — to eat right and get enough quality exercise.

For those of us who too often get our cardio sprinting through an airport a la O.J. Simpson in his Hertz Rental Car era, or attain the bulk of our strength conditioning battling with bandit signs or sprinting to Home Depot and lifting heavy hardware, Ferriss also offers some simple Lifestyle tips to help us eat better and have great workouts in less time.

On Ferriss’ Blog, he has an entire section called “The Four-Hour Body” that is a virtual gymnasium of his unique research, thoughts and “best practices” for shaping up. The first such post I remember reading was last year’s: “From Geek to Freak: How I gained 34 lbs. of muscle in Four Weeks.”

As the title suggests, Ferriss documents his progress and offers all sorts of useful details about the diet and exercise regimen he devised that produced awesome results in just one month. Since I recently reviewed all this material, I’ve made a decision: Over the next quarter, I’m going to give Ferriss’ “Four Hour Body” the chance to work the same magic on me that SalesTeamLive’s fully-automated, Done-for-You marketing campaigns are currently working for hundreds of active real estate entrepreneurs.

Thinking about it, Ferriss’ goals and procedures for transforming his body are but a corporeal realization of SalesTeamLive’s product philosophy: Spend a few hours up front getting your system in place, and the rest of your time and creative energy focusing on building lean marketing muscle.

My goals aren’t nearly so dramatic as Ferriss’ were in his apparent metamorphosis. I’m not looking to become a World tango or international kick-boxing champion. I just want to “feel the burn” that brings on endorphins instead of the orthopedist. This realization hit me hard after a high-intensity post-seminar workout with Cris Chico and Chris Daigle that found me limping home a few days later in intense pain.

As I lay on my strained back, recovering from my bruised ego, I finally accepted that by taking better care of myself, I’m also taking better care of my business and my family. There. I’ve said it. My wife has been right all along. Now, if only I could “outsource” my workouts!

The news about rising foreclosure rates is persistent in many markets because even the most credible data released drips more red ink than the slasher flick “Nightmare on Elm Street.”

Nowhere is this scary phenomenon more prevalent than in California, where ForeclosureRadar’s recent report on the state’s July foreclosure data reveal that lenders last month took a record $12.55 billion in loans to foreclosure auction.

As long as California is auctioning more foreclosures than McDonalds is selling burgers, real estate investors with an appetite for wealth will want to keep an eye on the distressed property arena.

While many more seasoned investors may may see few direct opportunities in foreclosure markets, news like this accentuates the fact that pre-foreclosure and short sale investing is a strategy likely to experience continued growth opportunities for investors who know how to “work smart” in these markets.

But before we explore our options to revise and refine our short sale strategies, a closer look at ForeclosureRadar’s data will make a great case to support why short sales are likely to grow in appeal for homeowners, lenders and investors, well beyond the golden state’s borders. Confronted with numbers like these, it’s hard to imagine that more lenders won’t make greater efforts to get more short sale deals under their tightening belts.

ForclosureRadar’s California Data Foreshadow National Trends

• In California, July Foreclosure Auction Sales jumped by more than $2 billion in combined loan value to $12.55 billion. This represents more than 1,300 properties being taken to auction each business day, up from 415 daily over the same period last year.
• Notices of Default declined for the third straight month. The total number of properties that are still actively scheduled for auction increased to 64,598 at the end of July, up from 59,973 at the end of June, and 53,793 at the end of May. (Note: Approximately 91 percent of July’s default notices can be attributed to Countrywide Financial Corp. and its ongoing absorption into Bank of America. ForeclosureRadar analysts attribute July’s decline in default notices to this transition rather than a fundamental market shift.)
• Notices of Trustee Sale typically set the auction date and time and usually are recorded 105 days after the Notice of Default. In July, these notices grew nearly 10 percent to 39,010 filings. Comparing this rate to data for Notices of Default, it is evident that fewer homeowners are escaping foreclosure.
• At 97 percent of defaults, July’s Notices of Trustee Sale filings are nearly double the 50 percent that were reported as recently as February. Sales grew to 28,795 properties with a combined loan balance of $12.55 billion. Among them, 27,817 received no bid higher than the lender’s opening bid and became bank, or real estate owned (REO) properties.
• Sales to Third Parties at auction have soared, and in this instance, were up nearly 29 percent since June. Third parties purchased loans with a combined loan balance of $481 million, at an average discount of 39 percent to the loan balance. Despite third party sales spikes, lenders continue to take back nearly 97 percent of all properties sold at auction. Since January 2007, ForeclosureRadar data also demonstrate that lenders have taken back a total of $100 billion in loans.

California’s Foreclosure Data Support ShortSaleology Business Model for Investors
It’s no secret that California’s markets are struggling, as is the state’s overall economy. But since California often sets the pace for the rest of the nation, I thought this information might be useful in proving my point that this is a Brave New World of Real Estate that we’re all dealing in and though our industry runs in cycles, those cycles are taking on new, more exaggerated characteristics which, in may cases, may require new approaches and streamlined investment strategies.

Institutional Failures Alter Predictable Market Cycles
Part of the reason for this is because the economic mechanisms in place to infuse liquidity in the market, such as the government chartered Fannie Mae and Freddie Mac are failing work effectively towards staving off the spread of the foreclosure epidemic.

Most real estate entrepreneurs can see the opportunity to make money here, and although we can see it and smell it, actually tasting the profits may remain somewhat of an abstract notion.

Changing Short Sale Markets Demand that you to Change your Investment Approach
If you’re still struggling to find your pathway to profits in today’s markets, you may need to update your approach and refine your real estate investment strategies. For many, short sale and pre-foreclosure deals are more viable real estate investment strategies now than they have been for a long time in our industry.

As the foreclosure epidemic continues to spread throughout the mortgage lending industry, pre-foreclosure and short sale deals are likely to grow in appeal for lenders, troubled homeowners and real estate entrepreneurs alike.

If you’re using the same “old reliable” strategies for these markets you’ve used in the past, you may be making the most out of your transactions. These markets are changing and savvy investors will adapt to these changes in order to maximize their profits.

Do you Need a Short Sale Strategy Makeover?
If you want to ensure you’re deploying the latest strategies and tactics in your pre-foreclosure and short sale transactions, or if you’re just now diving into this arena, you need ShortSaleology, Cory Boatright’s community-based solution for quickly and cost-effectively bringing your business practices up to speed so you’re always ready to meet the demands of today’s challenging distressed property marketplace.

ShortSaleology is a master-planned, gated on-line community for investors who want to penetrate hot short sale and pre-foreclosure markets. Cory’s intuitive tools, resources and forums were designed specifically to facilitate the traditionally scattered, complicated, time-intensive processes that are typically associated with tapping these markets’ awesome potential.

ShortSaleology Streamlines your Short Sale Deals
Here are some of my favorite features of Cory’s ShortSaleology community. For more of the details, read my review of ShortSaleology in the Resources section of GaryBoomershine.com.

• VIP access to Cory’s expert in-house Lender Negotiation Team;
• Private short sale funding sources for your deals;
• Closing Coordination Services from trained agents
• Lender-specific Short Sale packets;
• Automated pre-foreclosure marketing;
• Comprehensive database of lenders and private contacts;
• A supportive community network;
• Deep discounts on P-NOD (Pre-Notice of Default) leads;
• Access to regularly scheduled members-only conference calls with lively Q&A sessions;
• Discussions and interviews with industry experts on hot trends and emerging developments;
• Ongoing, private education with easily accessible audio and video downloads you can review at your convenience;
• Access to Cory’s private tool kit of tested resources;
• Reviews that provide play-by-play highlights of the hottest deals;
• Member’s-only discounts on existing and new products, and
• Other great perks such as research reports, trend spotting and educational materials for rapid advancement in the short sale and pre-foreclosure investment learning and development curves.

ShortSaleology: Real World Solutions in Real Time
Because it directly addresses some of the most challenging aspects of the short sale process, ShortSaleology provides a unique and interactive community support structure for investors who want to tap these markets without the hassles posed by excessive competition or abrupt changes in lender policy that could quickly throw a monkey wrench in the deals you so painstakingly constructed on your own.

Generate Mantle-Worthy Spreadsheets
By providing seamlessly integrated automated processes, coaching and community forums with all the other resources you need to get your deals done quickly and effectively, ShortSaleology frees you to focus on the deals you want to make, and helps you to produce numbers that’ll make you want to frame your spreadsheets. It’s a great solution for individuals and companies who want to focus on the deals rather than on the busy work.

This week’s debut of the “Short Sale Success Blueprint“ Is just the beginning of an incredible few weeks of great free information and techniques we’ll no doubt learn much more about this month from Ohio-based Strategic Real Estate Coaches Josh Cantwell and Greg Clement.

These guys see green pastures ahead for pre-foreclosure and short sale investors who are keen on how to cash in on recent market changes and for the rest of the month, they’re offering investors a steady streem of absolutely free, freshly updated information, tools and resource you need to adapt to changing market conditions in the distressed property arena.

Timing Isn’t Everything
Ten million homes currently are over-leveraged with mortgage debt and have no equity, Josh says: If we can take advantage of these opportunities as real estate agents or investors, we can capitalize on these market conditions — big time.

Update Your Strategies to Stay on Top of Your Markets
Five years ago, Josh Cantwell found himself spending too much money on marketing. That was necessary he says, back when markets were hot. Mixing in other techniques is getting him better results for his money these days, he says.

It’s clearly no secret that property values have dropped significantly in the past two years. Today’s market conditions for short sale and pre-foreclosures are dramatically different than they were five years ago, Josh says, and changing times call for different strategies.

Refine and Define your Strategies
In his Short Sale Success Blueprint Josh answers the question: “How can you position yourself to fill your property acquisitions pipeline with an unlimited number of pre-foreclosure leads using little or none of your own cash or credit?”

Josh breaks it all down into small, manageable tasks that emphasizes networking and building your skills. Central to his blueprint are five key techniques that, when implemented properly, will strengthen your professional support system and build your business.

Five Hot Tips From Your Blueprint for Short Sale Success
Josh says the five techniques listed below are effective in virtually every market, regardless of the investor’s skill level. These are all either totally free or are really inexpensive to implement. These are the major strategies Josh uses in his business.

1. Start Apprentice Groups: The best way to learn anything is to turn around and teach it so someone else. Creating your own group of apprentices is a great way to maximize your knowledge — and your resources.
2. Build Real Estate Agent Referral Network: There are a ton of agents out there right know who know absolutely nothing about short sales, Josh says. If you partner up with them using his proven techniques and strategies, you, the agents and the homeowners all win. Keep in mind that the agents get no extra compensation for negotiating short sales, he adds. By providing them with a co-operative service, you’re expanding your realm of influence and finding deals other investors can’t touch.
3. Give Away Free Info: Become the go-to person in your market, Josh says. Attract attention to your business and raise your profile by giving away free info that actually contains useful content that’ll make people remember you. This simple approach raises your profile and lends credibility to your business.
4. Get Mortgage Broker Referrals: Brokers have taken huge hits in declining markets and are opening up to help with boosting whatever business they have left. Most homeowners in pre-foreclosure go to brokers first hoping to refinance and save their homes. Building relationships with brokers now more than ever will give you an edge in this arena.
5. Send Targeted Postcards: Use them in targeted areas and to define the sweet spot in your market.

Josh tailored the strategies and techniques in the “Short Sale Success Blueprint” and his book “Short Sale Manifesto 2.0″ to fit to meet the needs of investors tapping today’s short sale and pre-foreclosure markets.

Short Sale Manifesto 2.0
Josh released the first edition of “Short Sale Manifesto” about a year and a half ago. He needed to update it, he says, because even in the relatively small amount of time, that has elapsed since it was first written, the pre-foreclosure and short sale markets have changed dramatically.

Why the Update?
Josh updated several elements of his “Short Sale Manifesto” to reflect what real estate investors need to succeed in today’s challenging and increasingly more competitive pre-foreclosure and short sale markets.

Josh updated this book because he is serious about helping his students to deploy only the most cutting-edge strategies and techniques in tapping these markets and the “Short Sale Manifesto 2.0″ leaves no stone unturned in its 500 pages. Its release dated is slated for the end of the month. Stay tuned to this blog for more information on this important release and to learn how you can get your free copy.

Free Video and Info Make your Mission Clear
Visit Josh at his Strategic Real Estate Coach Web site and prepare yourself to be amazed by the high-quality information he is willing to show you this month absolutely free of charge, all in celebration of his month of monumental launches.

Be sure to catch his two videos on “How To Fill Your Property Acquisition Pipeline with an Unlimited Number of Pre-Foreclosure And Short Sale Leads Using None of your own Cash or Credit.“

Preston Ely tells me that his Web site crashed Wednesday night. No doubt his hardware buckled under the strain of the REI frenzy likely sparked by his second limited release of his “Probates By Preston” home study course.

According to Preston, aka “Disco Dan,” who bears a striking resemblance to Marge Simpson’s stalker “Disco Stu“), he sold more than 100 copies of the 987-copy release in the first 20 minutes of the course’s widely touted relaunch. (See my my blogs: “REI Action Alert: Probates by Preston Launches at Noon” or “Probates by Preston: Your Golden Ticket to Real Estate’s Secret Cash Factory” for details about Preston, his free ebook and his home study course.)

Because Preston’s beleaguered server believes in second chances, the site will resurrect promptly at noon EDT to sell off the 136 final remaining copies of “Probates By Preston.”

If you want a piece of Preston’s probate action, go to this site promptly at noon EDT, today, Aug. 15. Don’t immediately see what you’re looking for? Just refresh your screen to check out what Preston has to say about this second-chance offer.

You also can visit the “Probates By Preston” site to register for a spot on his waiting list in the event he decides to release the course a third time. But Preston assures me that if that ever happens, it’ll be at a much higher price point than the paltry $297 he’s currently charging.

The “Probates By Preston” sale ends when he’s sold all 987 copies, or at noon EDT on Aug. 20, whichever comes first.

At exactly noon EDT Aug. 13, Preston Ely is issuing 987 copies of his limited-release home study course: “Probates By Preston.” This is the first time since May that this widely-lauded, yet sometimes controversial material has been available at any price. The sale ends when they’ve sold all 987 copies, or on Aug. 20, whichever comes first.

Act Now for your Chance to Win Free E-Mentoring Services
Preston tells me that he has pledged to provide the first 100 people who sign up for “Probates by Preston” with personal email mentoring services.

To get your chance at some quality, one-on-one time with Preston, go to this site and promptly at noon EDT, refresh your screen and check out what Preston has to say about his awesome launch.

The Elusive Preston Ely
So who is Preston Ely? Preston attributes much of his success to self-education, and will be the first to tell you that college was definitely not for him. After enduring the upheaval that came with his cubicle meltdown, divorce, foreclosure and an identity crisis in his mid-twenties, Preston overcame his fears and finally found himself, and prosperity in Real Estate Investing (REI).

Preston teaches more than real estate principles, Preston teaches lifestyle principles. Though the lifestyle Preston portrays in his well-coordinated and beautifully executed media and marketing campaigns may not hold the widest appeal for everyone, it clearly has earned Preston a great deal of buzz in the business.

All Aboard! Preston and the Crazy Train
In some circles, Preston’s mass media prowess was earned him iconic status. While in others, his ostensibly pimpish MTV persona has garnered contempt and sometimes even disdain. (Remember how your parents felt about Alice Cooper? Ozzy Osbourne?)

Everyone it seems, has a strong opinion about Preston, but I’m writing this post to focus on the man’s REI tools, not his persona. Or what he may or may not choose to with wild game, cameras and cocktail servers  during his  down-time.

Why all the Hoopla about Preston?
His strategies and techniques are solid and they work. For less than $300, his “Probates by Preston” home study course is hard to beat. Though its written materials appear a little rough around the edges, the course’s audio and video content are spot-on when it comes to defining and refining your Probate Investing strategies.

Probates by Preston Snapshot
Here’s a brief snapshot of what you can expect to learn from Preston’s home study course. If you want additional info, check out Preston’s free ebook, “Instant Probate Profits” to learn more about the contents of this home study course.

Home Study Course Highlights

• A compelling introduction to Probate REI,
• Cutting-edge info on how to pump-up your lead generation,
• Writing the perfect, pressure-free letter and sending it to the right people,
• Finding your own REI path of least resistance and
• How to cultivate relationships with attorneys involved in probate estate cases.

Why Probate? Why Now?
Your approach to generating leads has a lot to do with your approach to life, Preston says. There are lots of strategies and market approaches out there and each entrepreneur must find his or her own particular niche.

For those who’ve cringed at the pain of an exhausted, frustrated, devastated and broke seller in the distressed property arena, Probate investing emerges as a lower-impact strategy because in most of these cases, people actually want to sell the houses.

Solve Problems by Igniting Motivated and Qualified Seller Desire
When seller desire is present in a deal, there is far less attachment to property equity and fewer hassles, Preston says. Usually with probate deals, seller emotions are focused on the loss of a loved one rather than on the loss of a dream or a lifestyle.

For folks who are grieving, selling the house is just another of the many often-overwhelming tasks they must perform to resolve pressing estate issues, which in many cases, also requires prompt debt resolution.

Probate carves a great niche for real estate investors and though it is growing in popularity, competition remains minimal. Compared to the REI feeding frenzy in foreclosure and other distressed property markets, competition is virtually non-existent in this arena.

Worth the Wait
The first time Preston released his “Probates By Preston” course was in May. At the time, Preston strictly limited the initial release to fewer than 500 copies, of which I got one. Soon after, “Probates by Preston” went totally viral. He reports that his first limited edition sold out in five hours.

Apparently, I was one of the lucky few to get a chance to check out that first release and was so impressed, that I immediately wanted to write about it for members of my GaryBoomershine.com community. Actually, I’ve been waiting to tell you about it because it’s not been available since that fleeting moment in May.

If you move fast on Preston’s noon EDT launch deadline at this location, you could get a copy of this course – and some totally memorable E-mentoring from from Preston — all for for a song.

I wanted to let you all know that we’re rolling out the Community section here at GaryBoomershine.com. To kick it off, I’ve posted some events I’m participating in as summer blasts into fall.

I’ll soon be adding more info to the Community section that’ll include links to my favorite social networking sites and other treats to help GaryBoomershine.com Community Members to always stay in touch and on top of the best in REI.

Here are some intriguing details I have so far for three outstanding REI events that are lighting up my radar like an early Christmas tree. I’ll be sure to keep you posted on the latest developments as they unfold.

Colin Egbert Shatters the Real Estate Seminar Mold

• Event: Real Estate Investor Connect
• Where: Columbus, Ohio
• When: Sept. 12 – Sept. 14, 2008
• What to Expect:

This event is another bright idea conceived and organized by RealEstateInvestor.com’s co-founder Colin Egbert. He says it is his cure for the real estate seminar doldrums he’s found in the two predictable types of events he’s found himself attending recently: If they’re affordable, they’re too-often endless pitch marathons with little substance to most investors; If they offer great content, chances are good that they’re too expensive for many folks to attend.

From what I’ve seen, Real Estate Investor Connect is offering the all the top-notch content you’d expect from one of those high-priced events for a mere fraction of the price.

Perhaps the best news of all is that Colin is giving me license to give deep discounts on attendance to a limited number of my friends. Keep your eye on this blog for details about how you can attend this event and save your money for your business.

Rumor Mill: This is Your Chance to Win a Free House

• Event: Real Estate Investor Summit 2008
• Where: Orlando, Fla.
• When: Sept. 25 – Sept. 28
• What to Expect:

As if hanging out with me at a world-class resort and hearing my talk about exactly why marketing is Everything in this business isn’t adequate motivation to check out the REI Summit, rumor has it that one of the event’s organizers plans to hold a drawing to award a free house to a random — and lucky –attendee.

I’ll share more details when I get them, but I do know this much: in addition to hosting talks and sessions offered by some of the greatest minds working U.S. real estate markets today, the event being held at a posh facility with gourmet food, an on-site luxury spa, golf courses and a massive water park.

REI Boot Camp, Texas Style

• Event: Marketing Mastery Bootcamp with Richard Roop and Dan Doran
• Where: Dallas, Texas
• When: September 30 – Oct. 3, 2008
• Note: Register by Sept. 10, 2008 to lock in your group-discounted hotel rates for this event.
• What to Expect:

Richard Roop and Dan Doran’s legendary boot camps take a multi-faceted, immersion approach to quickly delivering the tools and knowledge you need to meet your most pressing real estate marketing, sales and negotiations challenges.

Here, I’ll be talking about how SalesTeamLive’s automated direct mail marketing services seamlessly integrate with and launch from Roop and Doran’s platform for amassing tremendous real estate wealth.

Tip: Your carefully designed, interactive training experience begins immediately upon enlistment, starting with an array of free training materials that were designed to prepare you for active participation in your Boot Camp experience, so be sure to register early for this event.

Right now, investors are drowning. Sucked under by the media’s foreclosure frenzy and the real estate investing (REI) trend’s undertow. Markets across the U.S. are flooded with investors and even more “wannabe” investors who are fighting over so-called distressed property “bargains.” I see it everywhere. They’re driving up prices and trying to limit our investment options in this business during what should be the best time in nearly a generation to make money in real estate.

Are you Ready for a Change?

• If you want a constant flow of leads,
• If you take your morning coffee with equity,
• If you want to tap hot markets with minimal competition:

You’re ready to check out Probate real estate. This emerging trend is promising to be a smash-hit with smart investors because it performs in virtually any market conditions, and because there are widespread misconceptions that keep away the crowds and make it it a smaller more manageable niche for creative real estate entrepreneurs.

What Is Probate Real Estate Investing?
After taking an informal poll, I’ve learned that a lot of investors fail to realize what probate real estate investing really is. In a nutshell, probate is the legal process of liquidating an estate’s assets after debts and creditors have been satisfied. With probate property investing, you’re scoring amazing deals on houses and availing yourself to many viable options for maximizing your profits in the flip transactions that follow.

An added bonus for real estate entrepreneurs is that buying and selling probate properties provides a valuable service for grieving families who often are overwhelmed when executing the estates left behind by their loved ones.

Preston Ely Is Probate REI’s Willy Wonka
Because I know that so many of you are ready for something better, I want to alert you to some timely probate news that I believe has the power to give you the break you deserve for your RE business. Preston Ely is releasing a new batch of his smash-hit underground home study course, “Probates By Preston.”

I have no doubt in my mind that the phenomenal success of the “Probates By Preston” course was sparked by his strong, short, sweet and free ebook: “Instant Probate Profits.”

More often than not, free ebooks are just throw-away copy folks use to get your attention. But in “Instant Probate Profits,” Preston immediately directs you to his path to the REI palace: The path of least resistance to finding profits in today’s real estate markets.

With these resources and tools, Preston takes you on a on a tour through his unique strategy for making the easiest, fastest, and most substantial high-profit deals possible in the world of house flipping.

Claim your Golden Ticket!
The first time Preston released his “Probates By Preston” course was in May. At the time, Preston strictly limited the initial release to less than 500 copies …. Then, the strangest thing happened:

“Probates by Preston” went totally viral! The limited edition sold out in five hours!

All the hoopla that followed reminded me of the droves of children clamoring for Willy Wonka’s Golden Tickets to get a tour of his legendary Chocolate Factory.

Delicious News for your Spread Sheets
I can’t think of the last time a home study course — much less an inexpensive one — has generated so much buzz in this business! I’ve even heard rumors that “Probates by Preston” was going on EBAY for thousands of dollars.

I checked out “Probates by Preston,” and was so impressed that I immediately wanted to write about it for members of my GaryBoomershine.com community.

I couldn’t post my rave review however, because I didn’t want you to be annoyed with me for telling you about this fantastic course if it wasn’t available anywhere — at any price.

Why is Preston Ely so Stubborn?
At first, I was a little irked with Preston for limiting this opportunity. And in a way, Preston’s offer is the grown-up REI equivalent to Willy Wonka’s grand palace made of irresistible candy. Only in this case, the chocolate waterfall flows with cash … but trust me — the deals are every bit as sweet as Wonka’s legendary candy.

What’s Preston Ely’s Big Secret?
After I learned what he’s really offering in “Probates by Preston” — and after seeing first-hand the totally awesome results he and his clients are getting — I decided to cut Preston some slack.

Preston explained that he was only protecting his clients — and himself — from the competitive frenzy that surely would have followed the unlimited release of this course.

I can relate to Preston’s sentiments here, because the success of my community means everything to me. That’s why I want you to drop everything and check this out.

Your Very Own Golden Ticket to Probate Profits
This month, in another limited release, Preston is doing it all: Again.

As history is sure to repeat itself, I want you to have the chance to be first in line for this amazing opportunity to make tons of cash in Probate REI.

Free Ebook, Limited Offer
Although “Instant Probate Profits” is free to everyone, this time, Preston is restricting the release of his “Probates by Preston” course to: only 987 copies. The sale ends when they’ve sold all 987 copies, or at noon EDT on Aug 20, whichever comes first.

Why So Few?
According to Preston’s calculations, he can safely offer less than one thousand copies of “Probates by Preston” without it affecting his students’ (or his) probate investing businesses.

At this rate, Preston explains, the circulation of “Probates by Preston” breaks down to only 20 courses per state. Not bad odds, even by casino standards!

Jump on this Opportunity!
I want you you to read Preston’s free ebook: “Instant Probate Profits” ASAP. Click Here to get your copy now.

This is a great way for you to see for yourself, the massive potential for “Probates by Preston” to be your golden ticket to the REI palace.

Preston Ely’s Peep Show
You also may want to check out this video footage of this rebel real estate wiz kid. It’s several chunks of video from a seminar he was recently teaching at. Preston is not a speaker. As far as I know, this was only one of two times he’s ever spoken in public about his current real estate wholesaling business. Click here to peek at the videos!