Bruce Marks Takes Owner Financing To A New Level

Posted by Michael Kimble | Filed under Real Estate

It’s always great news to hear about successful real estate investors. The really successful ones have a great deal of business knowledge to learn from. Fortunately, they’re happy to share their secrets with prospective real estate investors. When I heard a story about Bruce Marks on public radio the other day, I thought he sounded like the ultimate real estate investor: smart, successful, and generous. He has devoted his real estate career to helping others find affordable housing.

As an MBA graduate from New York University, Bruce Marks has a competitive advantage in the business world. The time he spent working as a regulator at the Federal Reserve Bank in New York further honed his business skills. He learned about ethical standards of practicing business, and took that knowledge to Boston to work as an activist for the hotel workers’ union there. After that, Marks took a job as the Executive Director at the Union Neighborhood Assistance Corporation (UNAC) in New York. He became so successful attacking predatory lenders in New England banks, he eventually started his own nonprofit organization, the Neighborhood Assistance Corporation of America (NACA).

NACA’s mission is to help prevent home owners from facing foreclosure and repair their credit. He believes that in a healthy economy, people can afford housing and can obtain the credit necessary to own commodities and necessary items like cars. Through NACA’s program, people can refinance their home loans for free. They also offer free credit counseling, and loans for prospective home owners without down payments. NACA has remained successful because they set up agreements that their clients can adhere to. Since they’re not greedy, they maintain their customer base.

Currently, NACA’s biggest campaign is against sub-prime lenders and their greedy practices. Marks is going after banks like Countrywide, who have caused thousands of home owners to foreclose. While NACA’s aggressive campaigns put many financial institutions, others, like Citigroup, have benefited from partnerships that offer affordable lending solutions to prospective home owners.

Bruce Marks’s brand of business sense corresponds with the wholesale real estate motto of enjoying success and sharing that with others. If he can form a wildly successful organization, why not do it in such a way that he’s helping others? By offering low interest rates on his loans, Marks has enabled many to acquire homes they wouldn’t otherwise have. Since these home owners can afford their mortgages, they repair their credit and have the opportunity to get other things they need, like insurance and transportation. It’s a win-win situation, and an inspiring story.

If this sounds like the system for you, please visit Michael Kimble’s daily blog at Wholesale Real Estate blog to get started! Michael is currently giving away his 4 best marketing systems that bring in Wholesale Real Estate deals.

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Permalink | November 14th, 2009

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