I’ve seen a lot of investors miss out on huge profits because they just don’t understand how far banks will go NOT to take back a property. Banks don’t want to own real estate. Banks don’t want to have bad loans on their books. All they want is people to pay them on time and take care of the house.
When you understand this, you recognize how much power you have when negotiating with lenders to find creative solutions to help sellers solve their problems. The key is to COMMUNICATE with the lender about what is going on and what you need to make this work for their best interest, which is having the loan brought current.
Many times I’ll do a three-way call with the seller and the lender. I’ll coach the seller to introduce me to the lender as a, “friend who knows more about this real estate thing than I do and who is helping me to understand what exactly is going on and how I can make sure you get your money.”
Then I take over and find out the specific details and exact status of the loan. Many times I negotiate a payment plan, known as a forbearance agreement, with the lender right there on the phone.
One word of caution, don’t tell the lenders that you are buying the property because they might not like you buying the property without paying off or assuming the loan. If they ask any questions about who you are, which they almost never will, simply repeat that you are a friend of the sellers who is trying to help them out.
Tip two: Foreclosure tidbits investors don’t know
What happens if the lender doesn’t get all its money out of the foreclosure sale? Many homeowners think that once the bank foreclosure sale has happened, all their worries are over.
This may not be true. In many states the lender can get a “deficiency judgement” from the court which means the borrower (homeowner) owes the lender any money that the lender LOST from the whole process.
Does the lender make money in foreclosure sales?
No, they’re not allowed to make a profit. Any money made in excess of the amount owed the lender, including the foreclosure costs, will go to the borrower. The reality is that rarely will the borrower get anything for his or her equity in a foreclosure sale.
Lenders can get money for fees like:
* Late penalties
* Accrued interest
* Attorney’s fees
* Court costs
* Filing fees
* Title work fees
Tip three: Other ways property owners default
While we usually see property owners default on loans by not making the monthly payments, there are other things home owners do that can trigger the foreclosure process.
* Homeowner fails to pay property taxes which creates a lien that jeopardizes the lender’s security
* Homeowner fails to pay a Home Owner Association fee
* Homeowner transfers title without getting the lender’s permission
* Homeowner does something to the property that diminishes it’s value
All of these things COULD trigger the lender to foreclose on the property, but rarely will they be the cause of the bank foreclosure. By far the most common reason for a lender to foreclose is non-payment by the borrower.
Tip four: Don’t be afraid to knock on doors
One useful technique to find great deals is to literally knock on the doors of owners who are default.
Can we really mean just show up at their doorstep and knock on their door? Yes!
Let’s face it, out of the 50 other investors who have the Notice of Default or Lis Pendens information about the sellers in the early stages of foreclosure, 25 of them will pop a postcard or letter one time in the mail to them.
Five of them will go to the effort of tracking down the owners’ phone number and giving them a phone call. And only one or two will actually face their fear and go knock on the seller’s door.
Now this is time consuming and takes a bit of finesse to make it pay off for you. The biggest clue that it is worth the time for a personal visit is if you reasonably expect there to be either:
1. A lot of equity in the house; or
2. The property is in an area where you are very interested in acquiring long-term keepers.
If one or the other (ideally both) of these criteria is not met, then give the sellers a call on the phone or plug them into your mailing sequence but don’t waste your valuable time visiting them.
You might be thinking that the homeowners wouldn’t want you to come to their door. In many cases they really are in desperate need of help.
For example, a student of ours in Columbus, Ohio knocked on the door of a couple who were in the end stages of foreclosure. The sellers were a nice couple who had gotten caught up in an unfortunate financial situation.
Our student, Mike, agreed to make up the back payments and stop the foreclosure. Then Mike would fix up the house, take over the payments, and resell it. There was a large chunk of equity in the house so Mike agreed to give 10% of his net profit back to the sellers to make it even more of a win-win deal.
What to say when you knock on the sellers’ door
Here are two scripts of what to say when you’re knocking on their doors cold:
Script One: This one works well if the sellers are still in pre-foreclosure OR if you’re not quite ready to use the gutsier script below.
Knock, knock…[Step back off the porch, turn sideways, assume a passive, harmless posture to put them at ease.]
Owner: “Yes?”
Investor: “Hi, (looking as harmless and Bambi-like as you can manage) my name is Jim and I’m an investor who is looking to buy another house in this neighborhood. I was wondering if you knew of anyone in the area who might be at all open to selling their house if they got a fair offer on it?”
Owner: “Well, actually I might want to sell my house.”
Investor: “Oh, okay, but I’ve probably caught you right in the middle of something, huh?” Owner: “No, I was just making dinner. Now’s as good a time as any.” And away you go with them showing you the house and following the Instant Offer System.
Script Two:
Knock, knock… Owner: “Yes, can I help you?”
Investor: “Hi, my name is Jim [looking passive and harmless like a small puppy dog], and I’m an investor who helps out folks who have a house that’s in trouble. Is your house in trouble?”
Owner: “No, I don’t know what you’re talking about.” Investor: “Oh…[looking down at his clipboard and scratching his head] I’m a little confused here. It says here that the city thinks this house is behind in it’s payments. Heck, they even have it listed in the legal notice newspaper. But they probably got all that wrong, huh?”
Owner: “Can I see that paper?”
Investor: “Sure…” [showing the owner the clipboard that has a list of the owner’s house with the date that the Notice of Default was filed or even a copy of the legal notice publication with the seller’s property highlighted]
Owner: [a bit softer now] “Well I guess I must be a bit behind. I thought the bank would work with me longer before they did this.”
Investor: “Yeah, I know…banks sure can play real tough with little fish like us.
“You know though, a lot of times banks make mistakes when they send you all that paperwork that can make them have to start all over again from the beginning. I was visiting with another homeowner like yourself the other day when we spotted how the bank misspelled her name on the official notice. I helped her get another 60 days’ delay in the process to give her more time to find her best solution.
“If you’d like, I’d be happy to take a quick look over the paperwork they sent you to see if I can spot any mistakes they made. Would you like me to sit down for a second and see if I can spot anything in the paperwork?”
Owner: “Would you?”
And now you’re in the house and connecting with the owner.
I got an email from an investor who found a great deal by doing some research at the courthouse to find sellers in default. Next he went and knocked on the seller’s door. The seller’s wife answered the door, and the three of them sat and talked for and hour and a half.
Our student funded the deal by taking on a money partner, and the two of them will split the $50,000 profit 50/50. The best part was that he helped the sellers avoid foreclosure.
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They take TOO Long. Good deals don’t wait around for indecisive people. Many people “think a deal to death.” One way to lower your anxiety level with a deal is to move forward provisionally (i.e. with a clause of some sort.)
Mistake #2
They trust the seller’s numbers. Even if there are only good intentions, most sellers just aren’t knowledgeable, and they are inherently a bit biased.
Mistake #3
They trust appraisals. An appraisal really isn’t meaningful, unless YOU hired the appraiser, and YOU gave the instructions, and YOU are handing the appraiser the check.
I can influence an appraiser to appraise a “$100,000” house for as little as $80,000 and as high as $120,000 (or more). That’s a 20% variance! That’s a lot to have in a marginal deal. So take any “appraisal” the seller hands you in the spirit that it was intended–as a MARKETING piece!
Mistake #4
They do their math in pencil. The next time you catch yourself thinking it’s okay to “fudge” your numbers a little to make the deal cash flow or the rehab payoff, BEWARE! Some investors have a tendency to “play” with the number a little to make them show a marginal deal is better than it really is.
Mistake #5
They overestimate market rents. This one happens all the time. The way you know what a house will rent for is to do a market rent survey. The rents listed in the paper may or may not be accurate.
Mistake #6
They overestimate “as is” value. So many investors forget that to turn a house in 60 days or less requires the price to be REAL–not pie in the sky. Be conservative in your estimate of value going into the deal. The worst case then is that you make MORE money than you thought you would!
Mistake #7
They get bogged down in process. Use a “Layered” Approach: I will be talking about this innovative way to analyze a deal FAST on Real Estate Radio.
Mistake #8
They worry about the house on the first layer analysis. On your first pass, you are only concerned about three things:
1. Why is the seller selling (motivation level)?
2. Is there any equity?
3. Would the property cash flow if you held onto it?
Mistake #9
They underestimate the time it will take to flip, fix, fill, or sell. I’ve bought a lot of houses from investors who got stuck with holding costs too much for them to handle. Be careful here.
Mistake #10
They SKIP analysis until the deal falls apart on it’s own. Wishful thinking isn’t pretty.
Bonus Mistake #11
They hide behind analysis when they are AFRAID to act!
]]>“Legally eliminate your mortgage”
Can this possibly be true? Well, I’ve read the claims and researched the law and here’s what I came up with.
The Claim
The claim is that you can legally eliminate your mortgage based on an accounting loophole that goes something like this…
“If the lender who funded your loan used borrowed money to fund your loan, then the loan is not valid. And, since the loan is not valid, the security (mortgage or deed of trust) is not valid either. All you do is simply march into court and ask a judge to void your mortgage lien, and you don’t have to pay it back.”
Now, without going into the legal issues, a common sense approach would tell you that the entire premise of this argument is patently absurd. Think about it… most lenders use borrowed money to fund loans, that’s the nature of the business.
So, if these “mortgage elimination” promoters are correct, then millions of mortgages would be void. The entire economy would collapse. This sounds vaguely familiar to the “tax protestor” scam where people claimed that they didn’t owe income tax because the government did not have the constitutional authority to tax them. More on that later…
The Law
The mortgage elimination promoters cite various court cases in support of their position. At first blush, it would seem there are dozens of court cases in which the judge actually did what they claimed, that is, declare a mortgage void because the lender used borrowed funds for the loan. But, since most laymen are not trained in the law, they take this stuff, hook, line and sinker.
I’ve read the decisions and they all have a common theme: they don’t support the mortgage elimination theory. In fact, most of the cases are only vaguely on point.
The “tax protestor” promoters did the same thing… take a quote from a judge’s decision out of context and cite the case as support for their position. In the end, the tax protestors all lost in court, paid large fines and went away with their tails between their legs. The government went after the promoters of the scam.
Similarly, the government is going after the promoters of the mortgage elimination scam. The Federal Reserve recently issued a warning, a copy of which can be found at the end of this article. The Office of the Comptroller of the Currency issued a similar warning last year.
The Minnesota Attorney General has also gone after a company that has allegedly charged consumers as much as $7,500 for this scheme.
The Cult of Stupidity
As I write this, undoubtedly a few “followers” of the theory will email me and argue that I don’t understand or that I’m part of the “establishment mentality” that keeps the little guy down. Of course, these are likely the same people who are collecting referral fees from the scammers that are charging thousands of dollars to consumers in exchange for a false promise to eliminate their mortgages.
On a philosophical level, I appreciate discussions about how the dollar really isn’t backed by gold, the government doesn’t have the right to tax Americans and the the like. But I wouldn’t tell a client to actually rely on any of these theories in a court of law. Nor would I charge someone thousands of dollars in exchange for a promise or guarantee that their mortgage could be eliminated without paying it off.
How to Really Eliminate Your Mortgage
There are some legal ways to eliminate your mortgage:
1. Pay it off in full
2. File for chapter 7 bankruptcy (in which case you will not be liable for the mortgage note, but you will also lose the house)
3. Find a REAL legal challenge that a judge is willing to accept as a valid reason to declare the debt void, such as usury, gross violation of lending laws, fraud, incompetency or the like.
]]>Whenever title passes, the seller usually gives a deed containing certain guarantees or “warranties” (hence the name “Warranty Deed”). The seller warrants that title is good, that is, no one will come challenge the integrity of the title. For example, if a deed that was passed before him was forged, all subsequent transfers are void. Other problems may be more subtle, such as a deed with an incorrect legal description or misspelled name. Any irregularities in the “chain of title” will place a “cloud” on the integrity of the title.
The Title Search
When you are ready to sell a property, a title search is performed by a title company or attorney. The title searcher follows the chain of title back about 50 years, tracing the ownership through deeds recorded in pubic records. The searcher also checks to make certain that previously recorded mortgages and other liens have been released. Based on documents found in public records, the title company or attorney will prepare a “title insurance commitment.” A commitment is a statement that based upon certain documents found by a search of public records, the company will issue a title insurance policy for a certain fee.
The Title Insurance Policy
The title insurance policy, unlike most insurance policies, covers past events. For example, the daughter of a previous owner claims that her father conveyed a deed while not mentally competent, the current ownership may be in jeopardy. The title insurance company will defend the claim and pay for any damages (usually the value of the property). The policy does not cover claims based on events that occur after the policy is issued. Furthermore, the policy usually contains numerous exceptions, such as claims based on information undisclosed to the title company. Thus, if you are aware of any potential problems that might lead to a claim, your failure to disclose this information to the title company will lead to a denial of a claim based on those events.
Ask for a “Re-issue” Rate
A title insurance coverage starts from ancient history and ends from the date you transferred title. Since most transfers are insured by a title company, the longer you own the property, the more the policy costs. Consider this: if you buy a property and the transaction is covered by title insurance, then you sell it six months later, what are the chances that something went wrong in the last six months? The answer is that the chances are slim to none, so the risk of a claim against the title are slim to none. For this reason, title companies offer a “re-issue” rate. The re-issue rate is a discounted price (usually about 40%) on the title insurance policy if another policy from a title company was issued on the same property within the last few years. The rate is lower because any claims that arise from events before the previous owner are covered by the previous policy. Thus the new policy really deals with the risk of claims from events that occurred while you owned it.
Try a “Hold-Open” Policy
If you are buying a property with the intent of re-selling it within a year, ask the title insurance company for a “hold-open” policy. For a small fee (usually an additional 10% on the policy), the title company will hold a title commitment open for a year or more. Rather than issue a policy based on the first transfer (from the seller to you), they will issue a policy on the second transfer (from you to the next buyer). Since the seller usually pays for title insurance, you can pay the additional 10% when you buy, saving 90% on title insurance when you sell.
]]>The groups targeted to be benefited by the VA loans are the U.S. veterans and service persons. The VA loans help fulfill their house building/home improvement aspirations. As per the VA Loan program provisions the Veterans Administration guarantees a certain portion of home loans made by institutional investors. It provides this to the veterans who suitably qualify as such.
Now the question may arise that which persons are the ‘veterans’ qualifying for these loans. Well, the veterans are the ones who had served on active duty during the World War II or perhaps even at some later period and had been honorably discharged afterwards. So, if you too belong to the group of such persons then you can apply for these loans and make good use of them. You only need to obtain a certificate of eligibility for these loans by completing the VA Form 26-1880.
Some special features of the VA loans are:
* The VA guaranteed loans are usually 15 or 30 year fixed rate loans. These are much easier to qualify for than the regular loans and can be completely amortized.
* Veterans need to make little or no down payments on these loans.
* These are meant for all property occupied by the owner and they involve the financing of family homes that comprise of between a single unit and four units.
* The Veterans Administration charges a funding fee. This is based on the total loan amount sanctioned. This is to be paid in cash or financed. This depends on loan-to-value, the status of the particular veteran and info about whether or not the veteran had made use of the program earlier.
* It may be that a veteran had opted for a VA loan earlier. But this does not mean that entitlement of the person to the loans cannot be restored for taking another loan.
If you are suitably qualifying for the VA loans then think about opting for these loan products. It can be guessed that the host of benefits on these loans will be luring you to apply for them. You can consult some mortgage specialist too about how best you can get the loans approved and secured.
Notification about requirements of new appraisal forms and a new appraisal report (November 2005 onwards) in relation to VA loans has been recently made. Think about approaching the experts on mortgages/loans to get to learn more about this from them.
]]>I know personally, I’ve stumbled upon a profile of someone I thought I recognized. All I need to do is look into some more pictures on their profile to be sure. But when I try to view their MySpace profile, I find it’s set to private. Now I see the only way I can view their pictures is to send a friend request to them. But we all know that this can be tiresome and most of the time not work at all. If their profile is set to private, they’ll most potentially not add you as a friend.
Private profiles is a great feature on MySpace, however they can be a real annoying when it comes to finding friends that you haven’t seen in a long time, or becoming friends with someone that you think look cool.
]]>Professional:
Some say that a child in a school uniform is more likely to take school seriously. Putting on the school uniform signals he or she is going to school just like dad dresses up to go to work. Schools report that when students dress in “work clothes” rather than “play clothes” they take a more serious approach to their studies.
Promotes Good Discipline:
Many think that school uniforms help maintain school discipline, decreasing the amount of discipline problems. The argument is that children today are lacking in self-discipline because parents refuse to discipline them. This makes it more difficult on the teacher who has to deal with classes of 25-30 students at a time.
Reduces Fighting and Violence:
Schools report that school uniforms decrease fighting and violence that arrise out of arguments over fashionable clothes. Children invariably tease those who do not have trendy clothes. Those who can’t afford name brand clothes are often sensitive about their clothing. Schools struggling with gang problems report that school uniforms help ease tensions.
Distractions:
Many parents believe that students wearing school uniforms look nicer and that a school uniform policy ensures that children will come to school in appropriate clothing, avoiding distractions such as fads considered to be outlandish or overly revealing. Some students have turned school into an unending fashion show. This disctracts from learning, as some kids spend more time focused on thier clothes than on homework.
Values:
School uniforms stress that individuality and self-expression are not determined by designer clothing or the latest fashion fad.
Low Cost:
School uniforms are a bargain. They are becoming far less expensive than many other clothes. Schools argue that school uniforms are economical, especially compared to designer clothing, and parents agree given school uniform durability. They say school uniforms last longer because they are made for repeated wash and wear. Many schools capitalize on this by starting used school uniform stores or swap meets. Parents can get used school uniforms at discount prices, or just use them as hand-me-downs between siblings.
School Spirit:
Some feel wearing a school uniform helps build school spirit. It instills a feeling of belonging. As the Beach Boys said, “Be true to your school.” Schools report an increase in school pride.
Individuality:
Supressing individuality is the most commonly cited objection to school uniforms. Educators argue that an academic program encouraging students to pursue individual thought is much more important than what they wear. They inhibit creativity and self-expression, forcing students to conform.
Causes Discipline Problems:
Some students reject any rules. Forcing them to wear school uniforms only aggravates their rebelious spirit. They alter their school uniform by tightening, widening, shortening, or lengthening them, and teachers are given the impossible task of policing the students on a daily basis.
Little or No Relationship to Academics:
Opponents insist that their is no credible evidence that school uniforms improve school discipline or promote higher academic acheivement. The principal argument is that some great students are terrible dressers. Dress does not necessarily improve learning.
]]>Here are five signs that he is interested in you too. If any of the following happens, he is probably trying to get close enough to ask you out:
1. He tells someone
Is he interested? He likes you if he tells a mutual friend that he wants to know more about you, or he asks other people who you are and where you’re from. He is trying to act like he’s “just asking” but his questions indicate more than a casual interest. And when he tells someone that he finds you attractive, he probably knows that it will get back to you. He’s hoping it does.
2. The look
He gives you a look that betrays his calm exterior. Even though he is across the room, “that look” he has says it all. It is sweeping, from your head to your toes, and then his eyes linger on yours. You think you notice the beginning of a tentative smile.
3. The conversation
Does he like you? When he manages to get close enough to you, to ask you questions, he is interested. He appears to be listening and responds to what you say. He’s moving in to the ultimate question, which is: “Are you seeing anyone.” He would only ask this question if he wanted to date you, and he hopes the answer is “No.” Never ever wear a ring in public. When a guy is across the room, he cannot tell which finger it is on and he may assume incorrectly that you are taken. If he doesn’t ask you the question of whether or not you are attached, he may ask someone whom you both know.
4. He appears unexpectedly
He likes you a lot if he shows up out of nowhere. He can only do that if he has been asking people about your schedule, or he has been paying attention to where you are going and at what time. His face may turn red when he sees you. A sudden, “Oh, hi,” is his way of saying, “I don’t want to seem obvious, but I am interested in you.” If you feel the same way, do not act shy. Stop and talk to him.
5. EVERYONE likes you
Is he interested? When you are well liked and a happy person, why wouldn’t he like you? Of course he does. If you don’t have a great life, however, now is your time to start working on one. Take a look at your career possibilities, body image, future, plans, and resources. You may be naturally talented at something, but it won’t matter unless you work on your strengths. Misused or unused talents fade away. School and training do not.
These are the five signs that he is interested and he is on the verge of asking you out. Make it easy for him and be friendly. This is where relationships begin.
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Here, organizational values are beliefs and ideas, about, what kinds of goals members of an organization should pursue and the appropriate kinds or standards of behavior organizational members should use to achieve these goals. From organizational values develops organizational norms, guidelines or expectations that prescribe appropriate kinds of behavior by employees in particular situations and control the behavior of organizational members towards one another.
In the past 25 years, the concept of organizational culture has gained wide acceptance as a way to understand human systems. From an open system perspective, each aspect of organizational culture can be seen as an important environmental condition affecting the system and its subsystem. Increased competition, globalization, mergers, acquisitions, alliances, and various workforce departments have created a greater need for organizational culture. Thus, it has become an important pattern for the organization’s development.
Below are important key ingredients of Organizational Culture:
It focuses attention on the human side of organizational life, and finds significance and learning in even its most ordinary aspects.
It clarifies the importance of creating appropriate systems of shared meaning to help people work together toward desired outcomes.
It requires members especially leaders, to acknowledge the impact of their behavior on the organization’s culture.
It encourages the view that the perceived relationship between an organization and its environment is also affected by the organization’s basic assumptions.
Organizational culture is possibly the most critical factor determining an organization’s capacity, effectiveness, and longevity. It also contributes significantly to the organization’s brand image and brand promise.
Organizational Culture creates energy and momentum. The energy will permeate the organization and create a new momentum for success.
The above-mentioned relevance of organizational culture supports the proposition that, in this competitive and globalized corporate scenario, there is huge need of organizational development strategy at various workforce departments, as this can improve the company’s culture. Thus, to fulfill organizations development needs, Organizational Culture Center is the better option! With its outstanding services, OCC provides meaningful responses to the company’s wants, needs and values. Its services range from Workshop, Speaking to Consulting and Coaching.
OCC, Workshop and Speaking service teach cultural enhancement programs to the attendees to improve their cultural effectiveness. It educates current and emerging leaders on issues related to organizational culture. Besides, its associates work parallel with leaders at every level of the organization by engaging and training them to understand workplace culture and to assume their responsibilities as the cultural leaders of their own individual subcultures.
Organizational Culture Center’s thirty years of experience of building culture, combined with VisionLink process, provides a complete guideline of six critical elements of workplace cultural effectiveness with the power of strategic mapping and the balanced scorecard. This proven and highly effective leadership concept brings about a direct linkage between the activities and measurements of every associate at every level of the organization with the vision and strategy of the enterprise as a whole. ]]>
Take full advantage of your big hands This principle sounds simple and straightforward but it always amazes me how many players never learn it or just plain forget it when it comes to actually implementing it at the tables. Taking advantage of big hands means, whenever possible, protecting your poker chip stack from hands that don’t offer much reward while taking the risk for pots that offer big gains. I’ve seen countless players chase hands that had a very small chance of winning and for pots that were barely larger than a few blinds.
On the other hand, I’ve seen players land killer hands and completely throw away a great opportunity to win huge pots of Facebook poker chips because they couldn’t pull the trigger, didn’t trust their instincts, or were unable to make an educated judgment about what kind of hands the other players at the table had. If you never take advantage of the “big moments” in poker, you will find your stack of Facebook chips slowly being drained away by the “bad moments”. In order to land a great hand, a player must pay many blinds and even call some preflop raises with less than stellar hands, because the idea is that when the big hand does finally come you will win it all back and then some. But being unable or unwilling to take advantage of your big moments means you will slowly be bled dry of your chips.
Don’t be afraid to be a little crazy: Did you know that professional texas holdem poker players catalogue other players at the table? That’s right, every move you make, every raise you call, hand you fold, or everytime you go all in it is being observed and catalogued by players better than you. This is why it is important to be unpredictable in poker and avoid being thrown into a certain poker player’s mold. How can you do this? Make moves that don’t make much sense while at the same time taking care not to open yourself to too much risk. Throw a few Facebook poker chips in the pot with terrible cards a few times and you’ll have your opponents scratching their heads about you the next time you go all in. They won’t know whether it’s just another crazy move or whether you really caught the flush or straight. Just be careful not to throw away all your chips doing this, the idea is to make a few small mistakes to seem “careless”, not to risk your entire stack of Facebook chips to convince everyone you really are crazy.
A little patience never killed anyone: If you regularly read about texas holdem poker you’ll notice that the most written about topic is easily “patience”, and with good reason too: 95% of players just don’t have it. Patience is not a naturally occurring characteristic in most players, it is something that needs be learned and nurtured. It’s hard to implement patience after just losing a million Facebook poker chips and being on the verge of going on tilt but that is when you need it the most. Many players find that they missed the best hands and opportunities to win more chips because they squandered their stacks on hands they should have passed on or folded. Life may be short but there is always time for patience in texas holdem poker.
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