Well, if Dino Rossi doesn’t end up running for the U.S. Senate, don’t assume it’s because he’s afraid of losing to three-term incumbent Sen. Patty Murray. It may just be that he’s too busy profiting off of the misfortune of others:
Ex-state Sen. Dino Rossi (R), a possible NRSC recruit to take on Sen. Patty Murray (D-WA), can’t catch a break these days. The latest: He’s a featured guest next week at an event teaching real estate investors how they can profit off of foreclosures.
An invitation for the May 25 event hosted by Steven Marshall, a partner in the Homeowner Conference, begins thusly: “With the current financial and real estate meltdown an opportunity has been created like never before in history.” So Rossi, touted both as the ’08 GOV nominee and principal of Coast Equity Partners, and a panel of other investors are teaming up for a dinner at the Bellevue Maggiano’s to teach real estate investors some tricks about the market.
Among the tips you’ll learn from Rossi and friends: “How to consistently earn over a 50% ROI per year buying and selling foreclosures.”
Yup, while most of us are just struggling to pay our mortgages and keep our homes, Rossi is leading a seminar on how to get rich quick off the foreclosure crisis. Can’t get much more populist than that.
Perhaps this is one of the reasons why the Washington Association of Realtors endorsed Sen. Murray?
Setting them up, and knocking them down!
And just think……had his Republican party not so utterly and criminally emasculated regulation of the finance industry there would be no completely devastated housing market to make such a killing in.
Go Dino Go!
Dino Rossi: 24
Patty Murray: 2
…and he isnt even a candidate…lol
so whats wrong with people buying up foreclosures, cleaning up the property and then reselling? People have ALWAYS done that, no matter what the economy.
Would you rather the house just sat vacant and being an eyesore to the neighborhood?
Its legal, and if I had more money to throw around, I might even buy up a few properties.
Maybe if you went out and got a job, you would not be struggling with your mortgage.
I’ve said it before. Realtors don’t like Rossi because he isn’t one but in 2004 he claimed to be.
Yup, while most of us are just struggling to pay our mortgages and keep our homes, Rossi is leading a seminar on how to get rich quick off the foreclosure crisis. Can’t get much more populist than that.
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Of course, Goldy, if you had a real business and didn’t have to beg for donations from your audience – what a business model! – you wouldn’t be struggling to pay that mortgage. Maybe you should think about taking Rossi’s seminar, eh?
3 DD
As a WA voter, I would think that this presents what I would think of as a conflict of interest between me amd the other people in WA state who not only can’t afford to buy up foreclosures for fun and profit, but who also might be facing foreclosure ourselves, and the heartless bastards at the bank (he owns a bank) who just see all of our suffering as just another opportunity to turn a quick buck. So maybe I don’t WANT a heartless bastard to be my Senator.
IOW, what’s Rossi done though the bank that he owns to HELP people in foreclosure?
There are fewer people in the markets of buying foreclosure properties right now.
Some of the early novices who tried to take advantage of the crash entered the market a year ago, only to find that while they could purchase the properties cheaply, they couldn’t re-sell them at a profit or even rent them out for amounts which would service the debt load and other costs.
In the meantime, there are still a lot of homeowners out there trying to get rid of their properties via short sales, without much luck. The first mortage holders don’t see much benefit in agreeing to accept less than the full value of their loan. If they do so, they have to book the loss at the time of the sale, making their balance sheets look worse. If they hold onto the property and the homeowner keeps paying, they don’t even recognize that the loan is at risk. If the homeowner defaults and they foreclose, they can sell it at a loss and then recover that loss via a claim against the PMI policy taken out on the loan (premiums were paid by the borrower).
So at this point the only game in town is dealing with the banks holding foreclosed properties. But many of them are being surprisingly stubborn about selling the properties at above their current market value, and only a portion of bank-owned properties are even on the market.
In Las Vegas, builders are even constructing new developments despite tne sof thousands of empty bank-owned units, because buyers are finding it so difficult to arrange purchases of foreclosed properties.
So it doesn’t surprise me that Rossi and his kind would be holding seminars like this. They aren’t doing it out of the kindness of their hearts. They know that we are still a year or more from recovery in the housing market, and nothing eats up profit on a housing investment than paying expenses on an empty unit for an extended period of time. So guys like Rossi, rather than putting their own money at risk, would be searching for investors who would put THEIR money at risk, with Rossi & his cohorts collecting a non-refundable fee in the process for seminars, consulting, arranging financing, ect.
@4
Well, Daddy, maybe he should use what’s become known as the “Blumenthal defense”:
Mr. Blumenthal said he had been unaware of “those misplaced words” when he said them.
Blumenthal Calls Military Claim ‘Misplaced Words’
http://www.nytimes.com/2010/05.....ax.html?hp
Maybe Rossi just “misplaced” his words when he spoke them too, eh?
@6…a conflict of interest because you cant afford to do it? huh?
if you are interested in doing it, then pool your resources with some friends(yes its socialist, you should love it), buy up some foreclosed houses.
you make it sounds like rossi if foreclosing on peoples houses and then making a profit from them. WRONG. the houses were already foreclosed by someone else – looks like he is just buying it from the bank for cheap.
not sure why you have an issue with it. lots of people do it.
people hold business seminars all the time…and this one is unique how?
@10 people hold business seminars all the time…and this one is unique how?
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Rossi is a Republican and not a Democrat. If it were the other way around these chumps would be trumpeting the seminars as an act of civic largess.
Personally, I am very happy that Rossi is giving conference presentations on how to legally (and fully ethically, no doubt) take advantage of foreclosures and promise his audience earnings of over a 50% ROI per year doing so.
I think the whole enterprise highlights his strengths as a person and helps voters understand his strengths as a politician.
Perhaps next he will give minicourses on how to start a profitable, and perfectly legal and ethical, payday loan business.
It may surprise many for me to say this, but I don’t think investors buying foreclosure properties is necessarily a bad thing. What we need is for the market value to rise to the point where it approximates at least the loan value of most homes, at which time at least the real estate portion of the last economic crash will recover. At that point people who need to divest themselves of properties can sell them rather than be forced to surrender them in foreclosure.
So unless the government steps in with cash to homeowners to pay down their loans (which would have been cheaper than the bank bailout in retrospect), the only way to get there is for the banks to go through the foreclosure process to wipe out the junior lienholders, sell the properties at a loss on their loans, and for an influx of new buyers to gradually cause the market prices to rise to an acceptable level.
Of course, for there to be qualified buyers, the employment market needs to recover as well. Currently qualified buyers who intend to reside in the homes make up only a fraction of purchases of bank-owned properties, in part because it takes so long to get them through escrow (for reasons which have never been adequately explained to me). So investors have to take up the slack, but they need to turn those properties over soon to make a profit as well, which again requires qualified buyers.
Blumenthal’s a serial liar. Would we expect anything less from someone who worked for Nixon?
Rossi must be getting pretty desperate to join the get rich quick scam circuit. Either that, or he’s never been anything other than a scam artist.
@13
It’s not a bad thing at all. Lying to people about how you can get rich quick and make @ 50% ROI (and probably pitch them a crooked investment deal while you’re at it.) is a bad thing.
“…the houses were already foreclosed by someone else – looks like he is just buying it from the bank for cheap….”
Which brings up an interesting question. My son is in the market for a house, but every time he looks at a bank-owned property, he’s found that several previous sales have already fallen through, due to lendor’s being wary of loaning money for purchase of such properties, or sluggishness of the bank which owns the properties in providing the necessary documents required for closing. In addition, the banks owning the property have been remarkably resistent to selling the properties at their current market value.
So this brings about the question: do the “invitation only” attendees at Rossi’s seminars have an inside track to properties and lenders available only to those who are part of the “good ol’ boys” network? Does entry into such a network require, as a quid-pro-quo, supporting Rossi’s political ambitions as well? Or looking at it from the reverse direction, does Rossi rely upon his contributor’s list as a hot sheet of prospects for his various business ventures?
@16…I think your imagination is getting the best of you.
Considering the long history of business failures, bankruptcies, commercial fraud, and criminality associated with Mr. Rossi’s resume, I’d steer will clear of any seminar touting his expertise or his connections.
But then again, considering that we learned today that Bristol Palin makes over $15k per speaking appearance, it would seem that the defining characteristics of Teabaggery must include a certain enthusiasm for blowing large sums of money, despite all the hysterical couch fainting about “fiscal restraint”.
Not that I’m planning on attending. John Curly is a real estate & economic expert? Quick register today. Make them think they’ve sold the place out!
Dude, I’m a VIP. Sweet!
hmmm….looks like anyone can show up and participate…..so much for RHP’s secret society hypothesis….
Dr. Dre,
“hmmm….looks like anyone can show up and participate…..so much for RHP’s secret society hypothesis….”
You could actually try investigating before spewing your bullshit, there, Squirt.
From the web site:
so Michael is who posted at #19 is part of the secret society now?
@21,22
Based on the email they sent me it looks like anyone can show up. They’re fishing for addresses and phone #’s and looking for suckers to pitch crooked deals too. I signed up with an email address I use for spam & a bogus phone # and address.
Classic scam artist behavior.
Oh good God this is awesome.
Democratic strategist just couldn’t write better commercials regardless if the ad is aimed at Rossi or GOP ass holes like him.
Nothing illegal about it, but mainstream swing voters know it’s plain wrong.
Those are the people who tilt elections one way or the other.
The fact that dip shits from the right are defending Rossi instead of being outraged by it only makes the Liberal message more appealing.
Good for our team as we wind up cramming even more of our Liberal agenda right down the throats of conservatives.
Can’t wait for Specter to get his ass handed to him tonight and put in a real Democrat who can win the seat.
Thank God the Teabaggers got their guy in KY. Now us Liberals have at least a small but very real chance of picking up a seat in McConnell’s backyard.
And, Jesus H. Christ, the way the Republicans shot themselves in the dick down in Arizona . . . oh yeah, good idea to piss off the Hispanics nationwide over your bigoted legislation.
We might even see a Democratic senator from Arizona this year.
I cannot wait for the real conservative ass kicking that is coming to them this fall.
Too Damn Funny.
REAGANISM IS DEAD!!!!!
Umm, sleazy business deals is what got Dino Lossi rich in the first place.
That money opened the door to his political “career”.
@23 Based on the email they sent me it looks like anyone can show up
Looks like Darryl @21 needs to dig a little harder. Thanks for leading the way, Michael!
Dr. Dre @ 22,
Ummmm…those are the words on the web site, Squirt. It ain’t so much “RHP’s secret society hypothesis…”; it’s their OWN claim.
The fact that they lied about still doesn’t make it any more “RHP’s secret society hypothesis….”
@26
I’ve always been fascinated by pitchmen.
3. Dr. Dre spews:
‘so whats wrong with people buying up foreclosures, cleaning up the property and then reselling?’
Nothing at all. Simple business. Goldy’s just jealous, as his house is pretty old, ramshackle, and needs serious work/repair. That, along with an unkempt eyesore of a yard and a falling-down garage/shed stems for extreme jealousy of the success of others and of those that have nicer things than him.
God forbid he gets off his ass and does something to improve the place! But that would involve work, pride, goals, drive, and earning money to pay for said improvements and we certainly can’t have that now, can we? :) Good evening all.
# 20: I was relying upon the statement in the previous article that it was an “invitation only” event. If anyone can register, it’s obviously not as advertised. Makes you wonder what else is not as advertised.
Is the dinner really free? My guess is that everyone is getting spagetti. And a short presentation which is a tease to get you to pay big bucks for the “real” seminar where you will learn the “real” secrets they only hinted at in the previous presentation. At the end of that seminar, you will be offered an “exclusive” opportunity to pay even more money to attend their “three-day college” where you can talk “one-on-one” with Rossi and the other experts, who will tell you the “real” tips investors like you can’t live without. At that “college” you will be given the opportunity to pay even more money to get telephone numbers where you can instantly access their experts to get their advise on specific properties… etc., etc., etc.
Anyone who’s attending, let us know if my prediction is correct. It’s a stock marketing format to divest people – mostly upper middle-class smucks with a few thousand dollars in savings who aspire to get into the really big leagues – out of their money.
@19, 30
They forgot #10!
10. Always be closing.
Rossi, simply, is slimy.
Darryl @ 12
Love it.
@32
So are attorneys who charge outrageous fees, counselor.
@27…maybe you should keep up with the thread then – before popping off and looking like a dumbshit.
owned.
Its promoters call this “building wealth”, but it’s mostly a scam luring the gullible into believing there are incredibly undervalued deals out there just waiting to be picked up.
So you pay your $25, or $40 to attend the first presentation given by some guy named Zig, or Bobby, and you can use your entry as credit against the tapes and DVD’s….which, surprise, cost more dough. Who gets rich? Zig and Bobby.
Worse…there are hucksters out there trying to flip real estate. You’ve seen the signs “Cash for your House!” What do they offer? Try 30 cents on the dollar. It’s a numbers game. If you try long enough and make enough offers, you just might find the poor desperate soul willing to sign. Confused elderly folks living alone are likely marks.
Those who worked hard and flipped a few homes by fixing them up are OK….but they need a rising market to make it work. The rest are scum.
@12 Darryl,
Close. His next venture will be a seminar on a guaranteed way to beat the stock market and pull down $10K/month working one day a week from your house….you know, the house you bought out of foreclosure and couldn’t flip.
The suckers always come back for more. Just look at today’s gold market.
Say what you want about Rossi but he sure was spot on about the financial situation in this state, UNLIKE the current douchebag you tards voted for.
You know Republicans still peddle the lie that Dino Rossi “was declared governor-elect” in 2004 before the last recount?
That in itself should remove them (and Dino, the guy who actually did the declaring) from serious conversation.