| I love just about everything from the 1980s. And at the top of that list are the movies from that decade. The movie Scarface is so good. While most people remember the line, “Say hello to my little friend”, one of my favorite lines is when Tony Montana is given the advice, “Don’t get high on your own supply!” If you’ve seen the movie, you know he didn’t take that advice to heart. But you’re probably wondering what this has to do with probate. Well, recently, Oliver joined one of our mentorship programs in our Probate Fox family, quickly got his first deal, and brought a probate for us to work on. This deal was pretty interesting because the deceased parent left her home to her drug addict son. Having entrepreneurship aspirations, the son decided to become a drug dealer. Since he was launching his business, he needed cash to purchase his inventory. So, he went out and got an inheritance loan against his newly inherited house. These loans, available for heirs, can be very expensive, but can be helpful to some people. Well unfortunately, this guy broke Tony Montana’s rule and got high on his own supply. Since his inventory disappeared, he needed more working capital. So, he went out and got a second inheritance loan on the house. Wanna guess what happened next? Yup, he once again managed to consume all his supply with his business associates, aka friends. On top of all of this, there was also a mortgage on the property, which he was not paying, causing the lender to file a notice of foreclosure. This guy was in real trouble because not only did he owe money to the lender, but he also owed money to some not very happy drug suppliers. This is where I found myself negotiating with a group of people that didn’t want to hear excuses and only wanted their money. We were able to refer the heir into a drug rehab center and quickly purchased his property. All creditors including Tony Montana’s people were satisfied and Oliver got his first deal done. To your success, Ernie “Doing Deals” Vargas | The Probate Fox |
January 29
Don’t Get High On Your Own Supply
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