MichaelBluejay
MichaelBluejay
Joined: Sep 17, 2010
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Boz
August 31st, 2019 at 3:52:24 AM permalink
RS blocked. I also request mod action on this insult also.
sodawater
sodawater
Joined: May 14, 2012
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AxelWolf
August 31st, 2019 at 3:57:41 AM permalink
I see the benefit for Bluejay if someone takes this deal...but what on earth is the benefit for someone loaning the money? 4 percent on a private loan and a ridiculous amount of hassle and risk? If I had any money to consider this I would just put it in BRK.B stock and call it a day.
RS
RS
Joined: Feb 11, 2014
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August 31st, 2019 at 4:07:18 AM permalink
Quote: MichaelBluejay

RS blocked. I also request mod action on this insult also.


How did I insult you? Itís a joke. Relax.
Boz
Boz
Joined: Sep 22, 2011
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August 31st, 2019 at 4:24:11 AM permalink
Sometimes it feels good to be proven right about a person. Just saying.

The man is an entrepreneur, and there is absolutely nothing wrong with that.

https://www.housingwire.com/articles/50017-freddie-mac-mortgage-rates-tick-up-slightly-to-358

Just Saying.

https://www.bankofamerica.com/mortgage/mortgage-rates/

Just Saying
Last edited by: Boz on Aug 31, 2019
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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August 31st, 2019 at 7:17:14 AM permalink
Quote: MichaelBluejay

(snip)

...

Mods, is this kind of insult actually kosher here now? He's not saying I *might* be a scammer, he's saying I *am* a scammer.

Lovecomps, put your money where your mouth is. I'll bet you hard cash that I have no problem refinancing at a bank if I go that route, or that the private lenders get paid by me if we go that route. We'll put the money in escrow with the Wizard or a licensed attorney in good standing. How's $10,000? Put up or shut up.



No, not particularly kosher. But you started it with a general solicitation for money, so I'm not surprised to see it, either. You haven't been very active in recent years, so newer people don't know you or trust you like you perhaps think they should.

If I were to suspend the 2 you've complained about, I would also suspend you for the solicitation thread, since all 3 of you are technically rule-breaking.

I will, however, issue a general warning. Do not troll this thread with accusations of a member scamming or implied comparisons to Nigerian princes or other personal aspersions.

But yeah, saw this coming when you started the thread yesterday. I would suggest you consider the message received, and any takers will likely contact you by PM. Otherwise, it would be best to let the thread die.
If the House lost every hand, they wouldn't deal the game.
MichaelBluejay
MichaelBluejay
Joined: Sep 17, 2010
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ForagerBoz
August 31st, 2019 at 7:27:43 AM permalink
Where is the rule against solicitation? That word doesn't even appear in the rules.

I've lost count of how many times people insult me on WoV and no action is taken.
mcallister3200
mcallister3200
Joined: Dec 29, 2013
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August 31st, 2019 at 7:34:03 AM permalink
If itís so bad just go away.
Boz
Boz
Joined: Sep 22, 2011
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August 31st, 2019 at 7:34:44 AM permalink
Quote: mcallister3200

If itís so bad just go away.



You just made the list!
MDawg
MDawg
Joined: Sep 27, 2018
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MichaelBluejay
August 31st, 2019 at 7:43:29 AM permalink
Well it just goes to show how peoples' minds work. When anything is thrown out there on the internet inevitably there will be extreme opinions on both sides. But I think it's a far cry from saying this might not be a good deal to claiming that it is a scam. I don't see scam, it's just not a deal that I'd go for because the return is too low versus that I might get stuck junior to (behind) multiple prior liens (TDs), even assuming all the equity is there. Think about it, if he never gets enough to pay off the 1st and 2nd (or just plain doesn't pay off the 1st and 2nd), and the junior liens from people who lend him each 5K or more keep piling up you could easily end up with a sum total of TDs that eclipse the value of the property, and then what good would it be being collateralized?

As I mentioned above, typically these guys who go around investing in TDs buy the entire TD and note at a discount and then resell, or collect payments on the note from parties they think will get back into performing status. In this situation there is no discount, and, unless you take out every single TD already recorded you are not going to end up in first position. The more people who take him up on this the more TDs there are going to be ahead of you. Plus the return is relatively low.

BTW someone above mentioned that the return here is low versus the stock market. I hear that, I have made money hand over fist in the stock market over the years. But let's not forget that it is not always that way nothing is guaranteed the stock market has gone down some years too, so if your stock market game is to buy and mold, long positions only, I believe in it big time over the long term but over the short it is not always a positive return. And nothing in the stock market is collateralized per se.

Getting back to these types of property deals: I mean I was recently offered a deal to pay off about 250K of debt on a property appraised at 450K and then get the entire property quit claimed to me with a new TD and note in my favor for 250K recorded on the property, but where there is an agreement to share 50% of the net proceeds above the 250K basis with an outside party where the agreement specifies that the property may not be sold until the outside party dies, and that outside party is not liable for any payments on the debt. There is always some catch no one is giving away free or easy money.
Last edited by: MDawg on Aug 31, 2019
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
Mission146
Mission146
Joined: May 15, 2012
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August 31st, 2019 at 7:56:01 AM permalink
Quote: MichaelBluejay

Where is the rule against solicitation? That word doesn't even appear in the rules.

I've lost count of how many times people insult me on WoV and no action is taken.



Rule 3: No free advertising, exception for prior permission. Just my opinion, but I think that this would fall under the spirit of that rule. That said, Wizard would almost undoubtedly have given you permission to post this thread had you asked.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219

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