Bruce Marks: An Owner Financing Genius

People who become wealthy wholesaling real estate are business geniuses. Fortunately, they’re also generous, and willing to share their secrets with others. It seems that real estate entrepreneurship and philanthropy go well hand-in-hand. In fact, I just recently heard an interview on public radio that sparked my interest. Bruce Marks, a business mogul from New York, has started an entire nonprofit giant. His success is based on the idea that generosity can pay enormous dividends.

Marks got his start in the business world working as a regulator for the Federal Reserve Bank in New York. Fresh from the MBA program at New York University, he had a lot of great ideas. From the beginning, he decided to be a champion of the underdog. After he left the Federal Reserve Bank, Marks took a position as a union activist for Boston hotel workers. He used his experience there to become the Executive Director of the Union Neighborhood Assistance Corporation in New York. The UNAC goes after predatory lending practices in New England banks. Before long, Marks made his department so big that he broke away and formed NACA (the Neighborhood Assistance Corporation of America).

NACA is a non-profit agency devoted to helping home owners refinance and renovate their properties. They have saved thousands of Americans from foreclosures by offering reduced-rate mortgages with no upfront fees or costs. Prospective home owners can apply for affordable loans, and can even receive assistance fixing up the properties. He has several offices throughout the United States offering those services, as well as credit counseling.

Currently, Bruce Marks is going after corrupt lending practiced by such financial institutions as Countrywide (notorious for the number of foreclosures they’ve experienced in the wake of unfair sub-prime and adjustable rate loans). While it sounds like Marks might be anti-big business, he has formed partnerships with Citigroup and a couple of other banks. Together, they find affordable loans for NACA’s clients.

What’s so great about Bruce Marks’s business model is how fundamentally American it is: he’s saving people from foreclosure, and giving them the opportunity to live the American Dream of home ownership. The most well-received real estate gurus are the ones who like to share their wealth, which Bruce Marks has dedicated his entire company to. Because he has such great business intelligence, Marks enjoys great success, and his clients reap the benefits of his program.

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