Investors are increasingly turning to the teachings of Phil Grove and AMPS, which stands for Mortgage Payment Allocation System. Obviously, with any new strategy, there is a learning curve that must be overcome in order to do business.
As someone who studied Phil Grove and AMPS and turned that training into a successful AMPS-based business in less than a year, I have some tips and guidelines to enable new investors to avoid some big mistakes that can really keep them from making deals.
A mistake is giving up too soon. This system is based on marketing to motivated sellers. Without a doubt, the combination of Phill’s training will give you a powerful arsenal of marketing magic to get a flood of calls to motivated salespeople.
That said, it’s a numbers game and sometimes you turn off the filing cabinets and don’t get much of a response, and sometimes you get a call from a motivated salesperson who doesn’t close. This is part of the business that happens even to those of us who have been doing it for a while.
So even with Phil Grove and AMPS backing you, you can’t give up just because 1 or 2 deals didn’t work out, or you had a bad marketing strategy. You must persevere!
Another mistake is the lack of marketing. Some people get the system, go through each video multiple times, read all about AMPS, but never do the marketing to make the deals. You must trade to be successful with the Phil Grove and AMPS investment strategy.
One more mistake is making too big of a sales expiration clause deal.
Every time you do a lease option, sub deal, rent a property, and yes, do a Phil Grove and Amps style deal, you’ll trigger what’s known as the expiration of sale clause which states that if you do any of the As stated above, the bank has the option, but not the obligation, to call the promissory note immediately.
I’m not a lawyer, I’m just a student at Phil Grove and AMPS, but I’ve talked to lawyers who have done thousands of such transactions, which in theory trigger the expiration of the sale clause, and they can’t tell me about a single case in the that the bank has actually called the note past due. That could change, but that is the practical reality.
So, in my opinion, investors make a big deal out of this. And if it’s explained openly and honestly to the seller and buyer as taught in the Phil Grove and AMPS system, they usually don’t have a problem either.
Investors tend to make a much bigger deal on this than the seller and buyers.
Hope that helps, to the deals!
