Posted by SandyFL on June 19, 2001 at 12:50:17:
Johnboy, I knew I could count on you for a reply grin
150k after he dumps it into the stockmarket? I am in agreement with you, AGAIN! Wow, great minds think alike.
Sandy
Strange call from a millionaire - Posted by SandyFL
Posted by SandyFL on June 19, 2001 at 11:59:06:
OK who called me yesterday?
Actually, it couldn’t be someone from CREOnline because you all are a bit smarter than this guy. At least as far as valuing real property.
I have been working on homeowners with low equity, for subject-to deals, and this is a call I got yesterday on a small mailing I did.
This one was strange. Acting very knowledgable but then making some real un-intelligent comments.
He says he bought the house 1 year ago - and he has never lived in it. He paid 281k cash, and yet he is trying to sell it FSBO for 330k. You should see his justification tables - Basically he just added up all the perceived value items on the optional amenities he picked from the builder, and it comes to 330k, so that’s what he wants. He talked about needing to free up that money because he is building a 500k house - he’s not short of cash or anything - if need be he qualifies for a loan with the builder of the NEW house - but it drives him crazy that all his money is tied up in this house blah blah blah and anyway he lives at the Country Club. There is no mortgage to take over since he paid cash. He wishes the money instead was invested in the stock market where it was liquid - he could write checks against it - and it’s earning interest. He figures having that house empty is costing him “$1400 a month in unearned interest” – I told him, he should BE THE BANK (owner financing) and make a guaranteed interest rate on his money, instead of worrying about the market, which has been tough on him. He said no he didn’t want to worry about chasing his money down, etc etc. It wasn’t hard to let him talk - he was real good at that - but after while I just had to end the call because it was a waste of my time. I mean the dude has to see that I don’t want my cash tied up in real estate any more than he does - and he’s trying to sell an overpriced behemoth of a house for all cash - full price? (make that over-priced) Dream on, Mr Stock Market Wizard…
SandyFL
reminds me of a quote, but watch out… - Posted by SteveS(CPA)
Posted by SteveS(CPA) on June 19, 2001 at 23:39:34:
Sandy,
Your story reminded me of a quote; “A fool and his money are soon departed.” But watch out, some very high end people are trickier than foxes and smarter than wolves. He may be trying to bait you.
I’ve had it happen to me a number of times when I thought someone on the other side was simply mad, but when the rubber hit the road, I was the one getting run over.
Get a good laugh, but keep your gaurd up.
Good luck and best wishes
Steven
Re: Strange call from a millionaire - Posted by JohnBoy
Posted by JohnBoy on June 19, 2001 at 12:40:09:
Since he wanted all CASH, why didn’t you at least offer him $150k??? 
Tell him, your terms at MY price, or, MY terms at your price!!!
Besides, taking $150k in cash will be the same as getting $330k after dumping it into the stock market! LOL