Merle Woolley

[killarney 0]

I am new to the board and have been an active flipper for about 5 years. Still doing flips but am also learning to buy properties in different ways and holding them. Just did my first lease option deal and found a tenant buyer rather quickly.

 

Anyway I came across Merle Woolley's material on another board. This man buys property with private investors and then lease options the property to tenant buyers giving them three years to buy. I love the business model.

 

My question - Does anyone know if he is still active in this business? Does he teach the model. The information I have are his posts from 2001. Has anyone copied his business model in their own business?

[GetSmart 0]

seems fairly simply and something you can do without purchasing the entire course.

[randian 0]

My question - Does anyone know if he is still active in this business? Does he teach the model. The information I have are his posts from 2001. Has anyone copied his business model in their own business?

Merle no longer teaches the business as far as I know.

[MichaelC 160]

Hi, Tom, and welcome to The Naked Investor! I'm not personally familiar with Wooley's materials but I recall his name being mentioned on the board previously. Try doing a search here to uncover some older threads that might have some info. For some reason I think member Doug(ON) knows him.

[Doug Pretorius (ON) 9]

I doubt you'll find anyone familiar with Merle's course, because he sold precisely *1* before taking it off the market! It's a funny story if you can dig it up in the creonline archives. So no, Merle doesn't teach his system, but like GetSmart said it's simple. Buy houses cash and sell them on terms.

 

Anyway, unfortunately I lost Merle's email awhile ago. I did talk to him sometime around 2005 and he was still as active as ever with ~120 properties. He stated that he was phasing out his investors in favor of bank financing because of two things:

1. The laws surrounding that type of private investment tightened up, making it a lot harder to pull off without being licensed to deal in securities (and all that goes along with that).

2. His local banks were offering him interest rates at 1/3 what he was paying his private investors, with nothing down.

 

He also said that he was buying more foreclosures through an agent instead of the FSBOs he had been doing. And lastly he said that evictions had gone through the roof. Suddenly in that year he had more evictions than in the previous 20 years combined.

[Jonathan RexfordFL 8]

I bought an two of his courses when he was selling it. His basic business model was borrow money and buy the homes around 75-80%.

 

He had a basic home grown presentation of borrowing money. He broke it down to show people how they can be the bank.

 

He is a great guy.

[hassansr 0]

I use the same model with subject to's. A good private money course to buy is Alan Cowgill's. If I were you, I wouldn't get into using private lenders until I had bought and sold at least five properties, as you will be risking another persons money.

[Jonathan RexfordFL 8]

Here is the main issue of Cowgils course. I personally don't like the Pie in the Sky thing. Offering something too good to be true is probably is. Besides there is a PDF file going around the Internet about a cease and desist order against him as far as advertising private money.

 

Yes I have all his material and paid to go to the bootcamps.

[hassansr 0]

Here is the main issue of Cowgils course. I personally don't like the Pie in the Sky thing. Offering something too good to be true is probably is. Besides there is a PDF file going around the Internet about a cease and desist order against him as far as advertising private money.

 

Yes I have all his material and paid to go to the bootcamps.

Have you been successful in raising private money using Alan Cowgill's info?

 

I have been.

[Jonathan RexfordFL 8]

Alans info is just a rehashed info from John Ulmer and Ron Legrand. But I can say that I have never raised money with his info or using his tactics. Now have I using John Ulmer and Ron Legrand? Yes some ideas. Have I raised money from Merle Woolley methods? Yes.

 

I am not a person that likes to market to the masses for private money. All the money I have ever raised are from networking with other people and share what I have. I don't run ads promising to pay 12% interest.

 

HTH

[hassansr 0]

True, Alan does rehash a lot of stuff. However it is a good starting point for finding private funds. I dont advertise either, but do make others aware of what I do. Doing that I have been able to get all of the properties that I have and am holding for resale funded using private funds over the past 3 years.

[Jonathan RexfordFL 8]

Sounds like you have a plan. That is what most new people need is a way to make there plan. I am not a fan of what he offers in his package. I have had one private lender with me for the last 12 years. He also hangs and finishes my drywall on the homes I own.

 

I see a lot of ads and mailings offering 12-15%. It just does not make sense to pay that. I think the business model that cowgill is to set someone up for failure if they follow it to long. Using borrowed funds to stay in business.

 

I have a good friend that also puts on a private money event. He is not a famous GURU but he has been around the block a few times.

 

With Cowgill & Ulmer in trouble I am very careful on who to recommend.

[killarney 0]

Sounds like you have a plan. That is what most new people need is a way to make there plan. I am not a fan of what he offers in his package. I have had one private lender with me for the last 12 years. He also hangs and finishes my drywall on the homes I own.

 

I see a lot of ads and mailings offering 12-15%. It just does not make sense to pay that. I think the business model that cowgill is to set someone up for failure if they follow it to long. Using borrowed funds to stay in business.

 

I have a good friend that also puts on a private money event. He is not a famous GURU but he has been around the block a few times.

 

With Cowgill & Ulmer in trouble I am very careful on who to recommend.

 

 

Jonathan, Who is the friend who puts on the private money event?

[Jonathan RexfordFL 8]

Tom,

 

His name is Matt Scott. He does a training a few times per year. What I like best about it is that he does really focus on laws. I will PM his website.

[bwalston 1]

With Cowgill & Ulmer in trouble I am very careful on who to recommend.

 

Hi Jonathan -

I was aware of Ulmer's troubles, but not those of Cowgill. I did hear that he had a simple cease and desist order with which he has complied and that was the end of it. Did you hear differently? PM me if you like. I am a bit concerned as a guy that I partner with on some deals is strongly considering using Cowgill's program.

Thanks!

Bill