Surplus Fund founder Spencer J Vann says it's not about seeking extra information; it's about getting the right information and putting it in the right sequence. “I've spent tens of thousands of hours studying this stuff,” he says. “Probably countless amounts of hours. It's no exaggeration. Like I've read a huge selection of books. I've had the chance to generally meet a lot of really amazing people. People which are next level. And I've also been around people that are the contrary, right?”
“And where this all started was, I spent my youth in a family making $60-, $70k per year,” Spencer continues. “So I don't result from a family of millionaires or billionaires or anything like that. My dad's literally a senior high school dropout. So I spent my youth in kind of a lousy environment. And I've gone from that to the best month of my life so far; I made $4.8 million dollars last month. That is the equivalent of 68 years of my dad's annual income. That is just stupid, right? Like that's just stupid to think about.”
The Surplus Recovery Process
Those who didn't watch the webinar and just want short and sweet version, Surplus Funds is exactly what it sounds like.
When a homeowner defaults on their mortgage (stops making payments) and continues never to make payments, eventually it goes into foreclosure when they can't work-out a cope with the bank.
There are many reasons why a homeowner may stop making payments… for whatever reason, it doesn't really matter.
Let's say the homeowner has been making payments on their going back 10 years. Loans have been paid down a bit. Along with making payments each month, their home has additionally increased in value within the last few 10 years. There's now $100,000 equity in this home.
The house may be worth significantly more than what's owed to the banks…
The homeowners now fall on hard times, lose their jobs, get yourself a divorce, in any case and they can't refinance as a result of credit issues. They are embarrassed and don't want their friends to know they're struggling so they do not try to sell.
The house goes into foreclosure and eventually is sold on the auction block. Remember, they have $100K equity in this home.
Conclusion
Here's the reality of surplus funds.
It's exciting and may give someone huge paydays. However, it's extremely competitive and there are really only a few areas worth going into. Those areas are filled with attornies and people already established doing the exact same thing. It sounds easy, but it's not. Most of these recovery agents have been established in the area for years and it requires a lot of time and work and you've to truly have the right team in place to even make it work. It's far better synergy having an attorney in the event that you can. Glen Arnell, a professional in surplus funds and a friend, who has been achieving this for the past decade, when he says it's tough, it's tough!
I'm not trying to discourage, I'm being honest and upfront saying it's not for everyone.
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