Posted by Rick Lee on July 06, 2007 at 17:50:22:
Well,I have been thinking of this very thing today, I am thinking of going to Sam’s club & picking up one of their gun safes. They have some with a 1200 degree/30 min fire rating & you can bolt them to walls & floors, so that may be a good place to keep “valuables”. Of coarse not everyone needs one big enough to put something as large as a shotgun in, & one of those little Sentry fire safes may be just right.
Rick
Lady shows up with Crown Royal bag stuffed w/ cash - Posted by CR Smith
Posted by CR Smith on July 03, 2007 at 19:40:46:
20K to be exact.
I can honestly say I’ve never seen that much cash in my life. Still not sure I kept my poker face.
I’m asking 22,500, but she’s offered me 20. I’m in it for around 16, so I’m thinking I will probably do the cash grab.
She is coming Saturday after I turn the water on to “check out the pressure.”
I do have another buyer with decent credit and a 7K down payment that I could finance for the full asking plus interest, but this being my first deal, I would rather take the money and run.
absolutely - Posted by Steve-WA
Posted by Steve-WA on July 03, 2007 at 19:49:51:
PLEEEEEASE ensure that she is approved by the park first.
if you take the cash, its an instant 4K profit. WooHoo!
If you take the note, then you have 9K left in the deal, and statistically, its unlikely that you will get that back. Even at $300/mo, thats 30 months before BREAK EVEN??? Yipes!
You got too much into this one to sell it at 22.5 - try re-reading DOW.
Where are you located? I forgot.
Re: absolutely - Posted by David Monson
Posted by David Monson on July 04, 2007 at 10:31:27:
I have accepted large amounts of cash but if you only deposit or withdraw amounts under $10,000.00 per day the paper work is not required.
Take the money and deposit in amounts less than 10g’s.
Dave Fl.
Re: absolutely - Posted by CR Smith
Posted by CR Smith on July 03, 2007 at 19:58:23:
“PLEEEEEASE ensure that she is approved by the park first.”
A great point - I covered that and had the land owners come by to meet her today. They had mutual acquaintances and all but agreed to approve her on the spot.
“You got too much into this one to sell it at 22.5 - try re-reading DOW.”
Yep, that’s why I’ll take it and move in. I learned from my mistake and that was trying to buy something that was not in need of rehab. The next one I will try to spend at least a third less and get my hands a little dirtier.
“Where are you located? I forgot.”
Central Alabama
Thanks for your thoughts.
Re: absolutely - Posted by Bill H
Posted by Bill H on July 07, 2007 at 11:22:40:
Dear CR,
Live and learn or in your case live and Earn. Take the cash on your first deal is my advice too but don’t overlook the super yields you get by financing if you don’t have too much invested in your next one. Also,
Please don’t let that BUYER with $7K CASH go, go find them a deal too. Good Luck and Great work! Bill H.(TX)
Re: absolutely - Posted by Rolf
Posted by Rolf on July 03, 2007 at 22:40:28:
As a former bank employee, there are a couple of things I would
consider if someone ever presented a deal like this to me:
Never in a million years would I accept the amount of cash. If you
deposit the money into your bank account, banks have to report this to
various Federal agencies. Can you say “laundering drug money?” How
about having to prove to the Feds you were NOT involved in any illegal
transactions? I could go on and on but I hope you get the idea.
Even if this is not drug money, what are the chances some of these
bills are counterfeit? A lot higher than you might think. Let her go to
the bank and get you money orders or cashier’s checks.
Don’t want to rain on your parade but thought you might want to
consider some other factors.
Rolf
nailed it! - Posted by Marty (MO)
Posted by Marty (MO) on July 07, 2007 at 17:20:42:
that’s what I was thinking… instead of letting the buyers compete for his only home, turn another deal!
paranoia - Posted by Greg¶
Posted by Greg¶ on July 16, 2007 at 13:28:50:
>Can you say “laundering drug money?”
I would say “sold a mobile home”.
>How about having to prove to the Feds you were NOT involved in any illegal transactions?
You mean, with a bill of sale on a mobile home?
Re: absolutely - Posted by Ellen Brenn
Posted by Ellen Brenn on July 04, 2007 at 11:53:35:
There is an IRS form that must be filled out if you accept $10,000 in cash. (8851?) The purpose, of course, is to stop laundering money AND they then have record of the over $10,000 cash you have received and deposit in your bank. You must get documents from the buyer - social security # and copy of DL to fill out this form. Car dealers get audited for this form frequently…then you must notify the person by mail that you have sent this form to the IRS. Lots of paperwork. On the other hand, certified checks can be fraudulent too, or banks would not put holds on them! (And they do, sometimes, depending on how good a customer you are.)
good reality check - Posted by Steve-WA
Posted by Steve-WA on July 03, 2007 at 22:51:47:
thanks for the wake up
Take the cash, but… - Posted by roundhouse
Posted by roundhouse on July 06, 2007 at 07:51:04:
Make double sure the buyer is approved by the park.
Get one of those pens that test the bills by leaving a mark on fake ones.
Then put the cash in a secure location and use it to pay your normal bills with.
in stead of whipping out the credit card or checkbook, just use the cash at the grocery store, gas station etc.
It will be gone in a few months.
I wouldnt bother with all the hassle of depositing it.
I know several people that get paid in cash, and they put just enough in the bank to cover bills that you have to mail off. they keep the rest stashed in a secure location.
ALso nice to have a few K in an emergency fund, when the internet goes down, no credit cards, no ATMs, not even writing a check will work, since they cant verify it.
Re: Take the cash, but… - Posted by Mark (SDCA)
Posted by Mark (SDCA) on July 06, 2007 at 11:00:12:
Im curious what you consider “a secure location”.
TY
Mark