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Andrew Ikeda

What do you think of this?

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Greetings fellow Naked Investors,

 

I've been corresponding to this guy since Thursday. My first post to the seller on Craigslist appears at the bottom and the posts run from the bottom up. This guy sounds like an experienced investor. He certainly is not motivated but appears willing to work with me but on his terms. Before I balk and say 'no', I just thought I'd run this by you guys to see what you think. Yes, you'll see my 'green-hornness' in my posts so please ... um, well, ah... try to forgive my lack of finesse with the L/O stuff.. :blush: The emails are verbatim. Yes, I'm aware that I'm leaving money on the table so to speak, but I'm ok with that because right now I'm very anxious to make some money as I havent made much since March.

 

 

Thanks for your valuable input.

 

Andrew

 

 

 

---------------------------------------

 

Andrew,

 

I can see the CA as a possible option for us. Please review below conditions and consider. $2000.00 is a little steep but ... Think about:

 

I’m asking 185,000.00 for my home and 16 months ago I had a market appraisal of $205,000.00.

Now it has lost . . . in value?

 

If you could provide a client who consents to:

 

1. A purchase price of $185,000.00

 

2. A minimum of 5% down (@ $9,500.00)

 

3. Signed 36 months or less, contract with an interest rate @ 6%.

 

4. This will be a non-recorded lease option to purchase agreement.

 

5. Monthly payment to include insurance and taxes which as I indicated earlier at @ an additional

 

I would consider paying you $2000.00 which is 0.010811% of 185,000.00 from the prospective lessee’s down provided other terms remain the same.

 

I would consider paying you 0.010811% of $180,000.00-$185,000.00 provided other terms remain the same.

 

I would consider paying you 0.0005405% of $175,000.00-$180,000.00 provided other terms remain the same.

 

Interest rate and down payment are negotionable but will impact your fee as well. A higher down would result in a bonus for you. Interest hmmmmmmmm, have to give that some thought to make it fair for the both of us.

 

If you wish to continue I can prepare a business agreement for your review.

 

Below is a sample for a simple calc for payment. Taxes or insurance would add @125.00 a month.

 

An amortization schedule based on 30 years to show what principal you will have accrued after 36 months could be provided to client.

 

Result: Amortized over a 30 year period

 

Interest rate: 5.750%

Loan amount: $175,000.00

Monthly payment: $1,021.25 a month

With taxes @$1150.00 per month.

 

-------------------------------------------------------------

Hi Bruce,

 

Thanks for emailing me back. I am new at this so I cannot provide any credentials or documents. All I can say in my defense is that I'm an honest guy and with lease options, the buyer would pay my fees ($2,000 normally but can be negotiable). You benefit by saving on realtor fees and closing costs and I do not take out any extra on the sale of your property. There are no extra hidden costs or junk fees.

 

I am going to run some ads starting next week in the local papers and on craigslist and other places to build a clientele.

 

An ad may run something like this:

 

Lease option, 3/2 in Toledo . $XXXX/month. Downpay required. 360-XXX-XXXX

 

I do have lease option forms to use.

 

If the lease option doesn't work for you, then perhaps a cooperative assignment would work? A CA is basically me working to find a buyer for you and if I find one before you do, then I would just make money ($2,000) on the front at the time of the sale, then I'm out of the deal as the buyer will come in with their own financing or in the case of a lease option, then I would bow out and let you and the tennant/buyer work out an agreement.

 

I'm also considering doing mortgages: FHA, reverse, commercial, refi and so on. I was made 3 offers for employment today and need to ponder whether I will do this or not. But I'm leaning toward doing this so that I can help my tennant/buyers on lease options to get financing a.s.a.p. Since I would already be familiar with the clients and the situation, I could do well to help them sooner. I worked for US Funding Group in Vancouver , WA from August 2003 to May 2004 so I have some experience with mortgages.

 

The mortgage positions that I'm looking at are banks and one is a law firm that specializes in helping people who cannot refinance to modify their loan (loan remodification).

 

Thank you for your time and consideration. I wish you the best in selling your property. Hopefully we can work together.

 

Andrew

 

-------------------------------------------------

 

Andrew,

 

Please provide some credentials, documentation, or track record of sales to convince me working with you would be to my benefit?

 

Do you have access to an existing client base?

 

Provide me with a sample of how you would rewrite my ad. I would not plagiarize with-out your consent.

 

Do you have an agreement drawn up as it sounds as if you’ve done this before?

 

--------------------------------------------------

Greetings,

 

I saw your home in Toledo for sale on craigslist and see that you are open to all offers. I would like to assist you in selling your home on a lease option. I am not a realtor and I will get my fees from the buyer.. Would this be of interest to you?

 

If you are interested, please feel free to contact me at your earliest convenience. I would like to get pictures of your property, that way you shouldn't have to do as many open homes. I will also assist you in re-writing your ad to attract more interested parties and I'm sure we can find a buyer fairly soon.

 

Thank you very much for your consideration. I look forward to hearing from you soon.

 

All the best,

 

Andrew Ikeda

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Guest Diver

With out reading all that again, are you doing a lease option or a land contract? Diver

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Ok, it's late and I just got in, but it looks favorable.

True, he's an experienced investor, but like you stated, is willing

to work with you.

At first, I thought he went into great detail about all the financial jargon

and figures. But you did tell him you were experienced in the mortgage industry.

So, that may be the reason for that.

 

Way to get out there and have a go at it.

You're already ahead of the masses.

Again, it seems favorable that he's willing to work a CA with you.

However, the way he wants to structure it, has you working as an agent in the deal.

You're not are ya? Didn't think so. Be sure you're a principle in the deal and have more

control than he's appearing to give.

$2,000 isn't steep, as you've already stated, he's not going to be the one paying it.

 

Good luck and keep us posted.

 

I'm headed to bed......

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Andrew, I'm asking myself what it is you can do for this guy that he can't do for himself. And he's already squawking about you making $2K. . .even though you told him it comes from the t/b, not from him. Also, I don't understand why he is all wrapped up with interest rates and amortization jargon. This is a lease with option to purchase, not seller financing.

The bottom line, for me at least, is that I shy away from these guys. They don't need me and there are much less aggravating homeowners to do business with.

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Andrew

 

I agree with Jason about this guy having you cross line as an agent for him in the deal. But I think this guy is feeling you out to see what he can steal from you to make his own investments better. Something is fishy if he has this much experience and still wants to work with an outsider.

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Thanks for the input everyone.

 

No, I'm not a realtor. No, I don't expect this guy to work with me as it appears he's got everything set up anyway. I'm not sure I spelled everything out to him clearly and he seems to have the CA deal in his mind with 100% owner financing.

 

Again, thanks for all the input and for helping me see some things I otherwise wouldn't have.

 

For this seller, I'm going to see if he'll just part with 2,000 up front if I help him find a t/b and then let him take over from there. The 2,000 would be a welcome addition to my wallet. I don't want to appear desperate or a beggar but on the flip side, $2,000 is a lot to walk away from for me.

 

Take care and keep pluggin away.

 

Andrew

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Hey Andrew

 

Based on my experience, guys that quote all those numbers are either trying to sound more informed than they are, or they're trying to confuse you on purpose. Either way, be careful. Like MC said, why is he talking about all the interest rates and such? It doesn't appear you're understanding each other. I agree with Gord; he's trying to get something from you.

 

My Translations:

Please provide some credentials, documentation, or track record of sales to convince me working with you would be to my benefit?

I have none of my own, but this makes me sound more credible. Actually, I'm trying to find someone that can do the work for me.

 

Do you have access to an existing client base?

I'm always on the lookout for new leads. Your leads.

 

Provide me with a sample of how you would rewrite my ad. I would not plagiarize with-out your consent.

No translation needed here, but 1) "plagiarize with-out your consent" is redundant and 2) who hyphenates "without"?

 

Do you have an agreement drawn up as it sounds as if you’ve done this before?

I, on the other hand, have not, so I'd love to "review" your contracts.

 

This guy uses a lot of unnecessary fluff words, which makes me think he's a Grade-A Bull****er.

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Looking back over this, this gives me a mental picture of Nigerian scammer sitting

behind the keyboard. Should it be, have some fun with him.

Using intelligent-sounding words (when they're not needed) and using

redundant figures go hand & hand with these hucksters.

There's no telling how many that's tried to scam me. :blush:

Are there any pictures in this ad?

If so, I'd like to take a peek at them.

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MC, jhanson8 and Jason, thanks guys for the humor. I couldn't help laughing at the scenarios you painted. :blush: I emailed the guy last night and told him I thought $2,000 was fair and I wasn't asking for anything on the back end. He hasn't responded and I doubt he will. I'm moving on to other potential deals.

 

Thanks again for the help and ideas.

 

Andrew

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