What a flipping idiot ! - Posted by Ben (NJ)

Posted by Anne_ND on July 07, 2002 at 23:04:56:

It’s produced in Minnesota and so the commentators are ‘local’ to me.

take care, Anne

What a flipping idiot ! - Posted by Ben (NJ)

Posted by Ben (NJ) on July 06, 2002 at 09:31:06:

I just stumbled upon a local real estate radio program and listened in for a few minutes. A listener called and asked what “flipping” was. I thought this would be a good opportunity for the host to set the record straight on this issue. Was I wrong! The “expert” started lambasting flipping as “totally illegal”. What was worse, he didn’t have the slightest idea what it was! He told the caller, “this is when someone enters into a contract to buy a property for say $ 85,000. He doesn’t close but assigns the contract to a third party for more than $85,000, thereby ripping off the third party” No mention of bank fraud, straw men, fraudulent appraisals etc. I was about to call in and educate this fool but my cell phone died (as usual). The funny thing is what he thinks is "flipping"
is not even illegal anyway, just a transfer of equitable
interest.

another example - Posted by Anne_ND

Posted by Anne_ND on July 06, 2002 at 11:03:04:

Last weekend I heard a prominent Minneapolis financial planner tell a caller on a public radio program that it was impossible to use a self-directed IRA to buy real estate options. She said “I’d like to know the name of a custodian that would allow such a risky investment”.

I did send them an email telling them about Mid-Ohio and Entrust, but I doubt they’ll correct the mistake. The information on this web site is priceless.

Anne

Right On! - Posted by Juan

Posted by Juan on July 06, 2002 at 10:47:56:

It’s amazing what the so-called experts think is illegal. Too bad you did not get the chance to correct him, I am sure you would have done it professionally as to not sink to his negative level. You might consider calling the radio station and advising them that their guest was incorrect. Just a thought, we must do our civic duty.

This just reinforces the point that we must be careful in selecting our professional associates to help us make it to the top.

Juan

Re: What a flipping idiot ! - Posted by Matt KY

Posted by Matt KY on July 06, 2002 at 10:13:55:

we should be glad flipping is widely considered as illegal. that means not as much competition!

but i would have still been tempted to call in and embarrass the guy.

Re: What a flipping idiot ! - Posted by IB (NJ)

Posted by IB (NJ) on July 06, 2002 at 10:04:57:

Hi Ben. I’m in your local area. What station was that? And what day and time did the show air?

Re: another example - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 07, 2002 at 20:45:28:

Anne–(ND)------------------

Parallel lives!

Last weekend I heard a PBS radio station financial program, something like Money Matters or Money Broadcast, but that is not it. Some real estate investor called in asking about the same topic. He had had a self-directed IRA through a local bank which was bought out by a big bank and no longer offered the service.

She did not know about the custodians of self-directed IRAs and discouraged him. Before he hung up he said, I suppose then I should not make 10,000 calls trying to locate one? Her response: Yes.

I e-mailed to them a correction to her ignorance. I also mentioned Mid-Ohio Securities and Entrust, plus mentioning that there were about 15 guardians available.

I have received no response yet. However, I think they said she would be on vacation in the Caribbean this week and her co-host would be on his own.

Good Investing and Good Correcting***********Ron Starr**********

93.5 FM- show ended at 10am… - Posted by Ben (NJ)

Posted by Ben (NJ) on July 06, 2002 at 11:00:06:

very cheesy and low budget broadcasting, came across like one of those college radio stations. I think it was based in Queens, NY.

it’s called ‘Sound Money’ - Posted by Anne_ND

Posted by Anne_ND on July 07, 2002 at 22:16:57:

Hi Ron,

It was the same program I heard. I just caught the tail end of the caller’s question while driving back from a lease-signing.

Perhaps those who make their money directing the investments of wealthy people don’t want to let them know about self-directed options.

cheers,
Anne

Re: it’s called ‘Sound Money’ - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 07, 2002 at 22:49:26:

Anne-(ND)--------------

Thanks for the backup work.

I thought is sounded like the same program, but I thought you said a “local financial advisor” or something similar.

Good Investing**Ron Starr