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3 Replies Last post: Nov 2, 2008 10:59 PM by val_cards

Letting my propery go.

Jul 27, 2008 4:49 PM

Click to view starprince's profile Professional starprince 4 posts since
Jul 27, 2008
Hello,

I have property in New Jersey that I have not been able to sell because of the market.
It is a 6 unit building. I came up with the idea to give it away to anyone who reaches out to help me with $50 but no one trusted the idea that I would give a building worth around $450,000 away for $50 mortgage free but I would have. I would have raised the mortgage and then picked someone out like a lottery as a Thank You. Now I am wondering if people would take a chance for $1.00 but then I would need at least $400,000 people to respond. I am sinking fast with this property please give me some ideas of what I can do with it so at least to get back what I invested in it.
Tags: online_store, marketing, internet_marketing, internet, website_design, website, malibooh, caribbean, independent, distributors, stores, hosting, google, ecommerce, business, online_marketing, on-line Report as inappropriate
Click to view starprince's profile Professional starprince 4 posts since
Jul 27, 2008
1. Re: Letting my propery go. Jul 27, 2008 4:52 PM
in response to: starprince
I am sorry, I am on my to work and typing to fast. I would need 400,000 people to respond with $1.00 each so that I could pay the mortgage off and pass on the property to someone who responded with $1.00 mortgage free.
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Click to view rmdm2007's profile Professional rmdm2007 3 posts since
Jul 26, 2008
2. Re: Letting my propery go. Jul 27, 2008 5:07 PM
in response to: starprince
You are damp smart! you are selling this property 400K whichever way you can but the people are not that stupid now. No One even wanted to pay $1 for this smart notion. Everyone smarter then you ha ha! Where is your property ( give me the address so I might find a buyer or I will buy).

Thank you very much for your future cooperation.


Akhter
rmdm2007@yahoo.com

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Click to view Cubie7's profile Professional Cubie7 5 posts since
Jul 27, 2008
3. Re: Letting my propery go. Jul 27, 2008 5:20 PM
in response to: starprince
Dear Starprince,

Believe it or not I saw a newscast last night, a guy out on Sebastian, Florida is doing the same and he is getting results. What you need to convey is the fact that this is a legit deal, check with an attorney and see what type of paperwork you must initiate before going public with this. People will invest $ 50. 0r $ 100 for a chance to win a property, they also need to know that someone will win, that is the clincher, don't give up just get it organized the right way.

Best,

Dan
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
4. Re: Letting my propery go. Jul 27, 2008 5:28 PM
in response to: Cubie7
Cubie7, Welcome and Hi

Who are you, Where are you??

Tell us more
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Click to view Cubie7's profile Professional Cubie7 5 posts since
Jul 27, 2008
5. Re: Letting my propery go. Jul 27, 2008 7:42 PM
in response to: LUCKIEST
Hello,

I am a small business owner based out of Miami, Florida. I represent television stations getting them advertising, I also sell television programming internationally., what about you guys?

Best,

Dan
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Click to view snipperred's profile Mogul snipperred 147 posts since
Jun 11, 2008
6. Re: Letting my propery go. Jul 28, 2008 3:05 AM
in response to: Cubie7
Hmmm...I wonder why you bought the property in the first place, what the market valuation was, and how much that is inflated/deflated with respect to the market now.

How is the building used? If I had a business and a property I couldn't sell, I would think of expanding. Your margin would only have to cover your property costs. When the market shifts up then you can sell if it is not profitable above that.
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Click to view Cubie7's profile Professional Cubie7 5 posts since
Jul 27, 2008
7. Re: Letting my propery go. Jul 28, 2008 8:35 AM
in response to: snipperred
Thanks for the advise but I do not own that property. Starprince is the person who posted.

Best,

Dan
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Click to view starprince's profile Professional starprince 4 posts since
Jul 27, 2008
8. Re: Letting my propery go. Jul 29, 2008 8:28 PM
in response to: Cubie7
Hello All,

Sorry about the late answer, I just got back from work.

The building is in Paterson, NJ on the North side which comes with a reputation. Things are changing but it cannot shake what it once once was which was drug sellers. I did not do enough research before I signed the papers and unfortunatley I am having problems finding good tenants. Every day I come up with a stupid idea about what I can do to get my family out of the stupid financial mess I got us into. This is legit I am too old to go jail and if I did it would not be for a $1 and a dream.
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Click to view Cubie7's profile Professional Cubie7 5 posts since
Jul 27, 2008
9. Re: Letting my propery go. Jul 29, 2008 9:33 PM
in response to: starprince
Hello Starprince,

I have read your latest post and it occurs to me that if the area comes with a reputation it might be good idea for you to approach any of the community organizations and present your raffle idea. The concept would be for a member of that depressed community to become the owner of this 6 unit building. The $1 ticket price is appealing but unrealistic as you would need 400,000 people to buy into it, regardless of some who could buy more. I would say that utilizing the community resources (organizations, churches) it can really develop into a concerted effort and make it happen, one of the benefits of this is that it will make it even more legit as it becomes a public, community based event. As I said you need to think of increasing the price to a more realistic figure, you also need to realize that in this depressed economy we are in, this is the only approach.

Good luck,

Dan
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Click to view starprince's profile Professional starprince 4 posts since
Jul 27, 2008
10. Re: Letting my propery go. Jul 29, 2008 10:54 PM
in response to: starprince
Thank You Dan for your kind reply. How much would you try for? I tried on Craigslist and because everyone taught that it was a scheme no one came through. I spent a lot of time on the computer answering e-mails but nothing came of it so then I just dropped the idea until now.

Thank you for the idea of the community.

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Click to view AuroraAbstrac's profile Professional AuroraAbstrac 3 posts since
May 19, 2008
11. Re: Letting my propery go. Jul 30, 2008 12:25 AM
in response to: starprince
Have you looked into a loan modification? I understand that you may want to sell, but it may offer some relief if the property is not selling quickly.
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Click to view snipperred's profile Mogul snipperred 147 posts since
Jun 11, 2008
12. Re: Letting my propery go. Jul 30, 2008 11:41 AM
in response to: AuroraAbstrac
If the unit has a bad history then the happy ending would be if the problem was turned into the solution. Concert the units into a beacon of hope and prosperity. Maybe a non-profit community center or something along those lines.
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