DC Tom Posted April 29, 2010 Posted April 29, 2010 Now I know why our country is so !@#$ed up. Our government is handing $2m to an idiot who runs his business plan by a bunch of yahoos on a message board. Yes, this is a great idea. It's not that he's running it buy a bunch of message board yahoos that worries me. It's that he's getting constructive criticism and input.
Booster4324 Posted April 29, 2010 Posted April 29, 2010 You're paying $120,000 for a $500,000 WC policy? Boy, what a savvy businessman, this venture can't possibly fail! You don't really understand what the term "market value" means, do you? Not surprising, since you don't understand the concept of 'interest' either. Your houses aren't worth $120k, no matter how you frame your scam. Honest question, how is it a scam if he puts it in writing he never makes more than 50k (one would assume that is adjusted for inflation). How is he scamming people? He might fail, but I do not see how he is ripping anyone off (other than when the whole scheme falls apart and the city is hurting).
Chef Jim Posted April 29, 2010 Posted April 29, 2010 It's not that he's running it buy a bunch of message board yahoos that worries me. It's that he's getting constructive criticism and input. Yeah, that has me a bit
DC Tom Posted April 29, 2010 Posted April 29, 2010 You don't really understand what the term "market value" means, do you? Not surprising, since you don't understand the concept of 'interest' either. Your houses aren't worth $120k, no matter how you frame your scam. Wait...you mean if you buy a whole neighborhood at $30k/unit, it won't be appraised at four times that?
Chef Jim Posted April 29, 2010 Posted April 29, 2010 Have you ever dealt in foreclosures?...and it's not WC because they suck...it's a private insurer and it covers EVERYTHING without a hassle...that's the top what it pays out for injuries...if they sued for like 1mil it wouldn't cover...but if three workers got hurt each for 200,000 they would be covered...do you understand now? You do realize when you start buying up homes in a neighborhood for $20k and $30k the comps are now $20 and $30k.
KD in CA Posted April 29, 2010 Posted April 29, 2010 Have you ever dealt in foreclosures?...and it's not WC because they suck...it's a private insurer and it covers EVERYTHING without a hassle...that's the top what it pays out for injuries...if they sued for like 1mil it wouldn't cover...but if three workers got hurt each for 200,000 they would be covered...do you understand now? I understand you are getting ripped off. You've already stated that you aren't insuring the houses themselves and that exorbitant amount is apparently just to cover workers' comp issues.
DC Tom Posted April 29, 2010 Posted April 29, 2010 I understand you are getting ripped off. You've already stated that you aren't insuring the houses themselves and that exorbitant amount is apparently just to cover workers' comp issues. But when considering the price of the workers' comp insurance, you probably have to consider the quality of the properties themselves...
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 What kind of jerk calls themselves a moron?...I am getting constructive criticism from more than just you for one...and there isn't much constructive criticism coming out of y'all pie holes anyway lol...it's more idiot dolt moron...which is all good...but still...again...lets try to wade through the BS flowing from your mouth... I am NOT buying THE ENTIRE TOWN...I am buying the borded up blighted buildings...when you buy a foreclosed home for 30k and fix it up...then SELL IT FOR A FAIR MARKET VALUE...the new SALE IS 120K...the property value will be positively affected, not negatively...brainiacs...
KD in CA Posted April 29, 2010 Posted April 29, 2010 Wait...you mean if you buy a whole neighborhood at $30k/unit, it won't be appraised at four times that? Sure it will. If your appraiser is in on the deal. But when considering the price of the workers' comp insurance, you probably have to consider the quality of the properties themselves... I guess...although if it's not any more inherently dangerous than normal construction, I can't see why it would be significantly more expensive. $120k for a one year policy with a $500k cap? What's the point? He said himself, he has volunteers doing this work and is only spending $10k per house, so it's hardly demo work; more like patching the holes, paint and carpet.
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 Sure it will. If your appraiser is in on the deal. I guess...although if it's not any more inherently dangerous than normal construction, I can't see why it would be significantly more expensive. $120k for a one year policy with a $500k cap? What's the point? He said himself, he has volunteers doing this work and is only spending $10k per house, so it's hardly demo work; more like patching the holes, paint and carpet. That insurance also covers remediation teams that will work with harmful chemicals in case of possible hazardous material remediation...it covers EVERYTHING...and makes my CDC reconstruction team marketable to state rehab projects as well
DC Tom Posted April 29, 2010 Posted April 29, 2010 What kind of jerk calls themselves a moron?...I am getting constructive criticism from more than just you for one...and there isn't much constructive criticism coming out of y'all pie holes anyway lol...it's more idiot dolt moron...which is all good...but still...again...lets try to wade through the BS flowing from your mouth... So far I've suggested to you that your risk analysis is non-existent (which it is) and you seriously need to do it, I've tried to get you to describe just some of your capitalization in hopes of getting you to consider it more closely, I've pointed out several points of exposure to liability, and pointed out that your legal protection is thin as hell ("I'm going to represent myself?" Really? Good plan...being your own lawyer in a multi-million dollar business venture that's deeply involved with local government.) Yeah, that's not much constructive criticism. I've even pointed out kindly - and you've admitted it's a possibility - that you're a touch long on idealism and short on practical experience, which criticism is about as constructive as you can get... But according to you, I just don't understand. Yeah, whatever. I am NOT buying THE ENTIRE TOWN...I am buying the borded up blighted buildings...when you buy a foreclosed home for 30k and fix it up...then SELL IT FOR A FAIR MARKET VALUE...the new SALE IS 120K...the property value will be positively affected, not negatively...brainiacs... Fair market value is the value of similar properties in the neighborhood, which are already depressed BY THE BLIGHTED PROPERTY YOU ARE BUYING. It's not an intrinsic quality of a property, it's an extrinsic judgement of it. Due, in no small part, to what the evil bankers will finance for other people, ironically. Your idea of "market value" is warped.
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 Alright I lied...DC Tom you have given me some constructive criticism... But what I'm saying is that market value is relative to what the houses can sell for...that's all...just because it doesn't adhere to what the banking industry wants me to sell it for is irrelevant...we are taking back our city FROM bankers...not like they want it anyway...I am putting people the banks don't want to do business with into homes banks don't want to hold on to...the costs are going to be there...which is the ONLY reason for the appraised prices being above what I am stealing them for...
KD in CA Posted April 29, 2010 Posted April 29, 2010 But what I'm saying is that market value is relative to what the houses can sell for...that's all... That's absolutely correct. And the point I made was that it is inaccurate and disingenuous to count the total amount paid over 20 years as the "purchase price" or current market value. And I strongly expect you will find that out for yourself if any of the people you sell to attempt to resell the house.
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 That's absolutely correct. And the point I made was that it is inaccurate and disingenuous to count the total amount paid over 20 years as the "purchase price" or current market value. And I strongly expect you will find that out for yourself if any of the people you sell to attempt to resell the house. If I sell it for 120k and sell the worst properties in the city for 120k and sell 25% of the previously foreclosed houses for that...that is quite a bit of on record sales that will push up property value...it's not dishonest...it's business...and I, unlike others in the financial world, am doing it to make ghetto citizens the money,...not pocketing it myself...I am rebuilding the ghetto...not taking the profits and buying a private jet
Chef Jim Posted April 29, 2010 Posted April 29, 2010 Alright I lied...DC Tom you have given me some constructive criticism... But what I'm saying is that market value is relative to what the houses can sell for...that's all...just because it doesn't adhere to what the banking industry wants me to sell it for is irrelevant...we are taking back our city FROM bankers...not like they want it anyway...I am putting people the banks don't want to do business with into homes banks don't want to hold on to...the costs are going to be there...which is the ONLY reason for the appraised prices being above what I am stealing them for... No it's not, it's based on what similar homes (area, sq footage not how well it's been renovated) in the area have recently been sold for. The term in comps. You buy homes in an area for $20-$30k homes of similar age and size (the ones you just !@#$ing bought) they are going to sell for around $20-$30k. Answer me who is going to pay $120k for a home when recent homes of the same size and age (the actual ones you're trying to sell) recently sold for $100k less. You get this don't you?
Chef Jim Posted April 29, 2010 Posted April 29, 2010 If I sell it for 120k and sell the worst properties in the city for 120k and sell 25% of the previously foreclosed houses for that...that is quite a bit of on record sales that will push up property value...it's not dishonest...it's business...and I, unlike others in the financial world, am doing it to make ghetto citizens the money,...not pocketing it myself...I am rebuilding the ghetto...not taking the profits and buying a private jet You first have to sell one at 400% over the comps. How you plan on pulling that off?
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 No it's not, it's based on what similar homes (area, sq footage not how well it's been renovated) in the area have recently been sold for. The term in comps. You buy homes in an area for $20-$30k homes of similar age and size (the ones you just !@#$ing bought) they are going to sell for around $20-$30k. Answer me who is going to pay $120k for a home when recent homes of the same size and age (the actual ones you're trying to sell) recently sold for $100k less. You get this don't you? Yes I understand comparisons of homes in the neighborhood...these are not exactly what foreclosed homes sell for however...AND...you're not getting the big picture...if I find buyers at 120k...they become comps for other properties in the area.....you get that don't you? Now, as for finding a buyer to pay 120k for the homes...I have explained that it will come from within...people who are paying more per month to own nothing...at the end of the day the working class gets this very simple plan... I get to own the house? Yes you do I pay about two hundred dollars less per month? Yes that is right I pay monthly payments for less than 30 year mortgages? Yes that is right Umm...what's the catch? Well I got it dirt cheap because it was foreclosed on, put in some work... Okay, what does that have to do with what I'm paying and what I get? Well, I bought a bunch of homes for less than I'm selling them to you for, but when I get all of us in these homes at 120k it will restructure the value of our neighborhood...there is a risk that you will overpay If I overpay, do I get kicked out? No, you just can't sell it for 120k But I still only pay 500 a month, and I can do what I want with it, and after 20 years I don't pay no more rent? That's right Okay what's the catch again? I can't really find a detrimental catch...but if you go on TBD, there are plenty of elitist bankers that can tell you... Okay is his name DC Tom? hehehehehehheehee chiding
Cynical Posted April 29, 2010 Posted April 29, 2010 You first have to sell one at 400% over the comps. How you plan on pulling that off? He can sell the house for whatever he wants. If it's 400% over FMV, that does leave only 2 options to pay for it: cash up front, or he holds the note (which he essentially is doing).
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 He can sell the house for whatever he wants. If it's 400% over FMV, that does leave only 2 options to pay for it:cash up front, or he holds the note (which he essentially is doing). exactly when you buy the house outright...you can call the shots...finding a market that will pay, I've already explained...so wish me luck on my fantasy of bringing the ghetto homes and the ghetto buyers together for a ghettoghettoland investment bankers need not apply
Cynical Posted April 29, 2010 Posted April 29, 2010 Yes I understand comparisons of homes in the neighborhood...these are not exactly what foreclosed homes sell for however...AND...you're not getting the big picture...if I find buyers at 120k...they become comps for other properties in the area.....you get that don't you? Now, as for finding a buyer to pay 120k for the homes...I have explained that it will come from within...people who are paying more per month to own nothing...at the end of the day the working class gets this very simple plan... I get to own the house? Yes you do I pay about two hundred dollars less per month? Yes that is right I pay monthly payments for less than 30 year mortgages? Yes that is right Umm...what's the catch? Well I got it dirt cheap because it was foreclosed on, put in some work... Okay, what does that have to do with what I'm paying and what I get? Well, I bought a bunch of homes for less than I'm selling them to you for, but when I get all of us in these homes at 120k it will restructure the value of our neighborhood...there is a risk that you will overpay If I overpay, do I get kicked out? No, you just can't sell it for 120k Isn't that the problem with today's real estate market? But I still only pay 500 a month, and I can do what I want with it, and after 20 years I don't pay no more rent? That's rightOkay what's the catch again? I can't really find a detrimental catch...but if you go on TBD, there are plenty of elitist bankers that can tell you... Okay is his name DC Tom? hehehehehehheehee chiding
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