Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
There are times when you are going to want to make offers as a "cash buyer". A "cash buyer" provides an expectation to a seller that you as the buyer should be prepared to deliver. Being a cash buyer means one of two things.
1. You have cash.
2. You already have private or hard money financing or a line of credit in place to buy for cash.
That's it. It does not mean you troll for leads and then ask the seller to seller finance or provide you with their financing leads or private lending contacts because you don't have your own financing set up. That kind of behavior is not "creative financing". It is bad investing etiquette. If you want creative financing, do not claim "Cash Buyer". A "Cash Buyer" is just about the most uncreative form of financing there is and it is why true cash buyer's get premium pricing.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
16y
100% Steve. I'm not kidding, I had a "Cash Buyer" today ask me for my rolodex of private lenders - explaining to me that if I provided them the financing, they could buy my properties and it would be a "strategic relationship" for me. I provided them a strategic middle finger.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
16y
Tim,
That is funny. You're going to have to do stand-up with that motiv8td Nick Johnson guy :) And you might want to bring that clown "buyer" too, to have somebody to poke fun at :D
Real Estate Investor · North Central Arkansas · Member since 2009 · 509 posts · 178 votes
16y
Originally posted by Tim Wieneke:
100% Steve. I'm not kidding, I had a "Cash Buyer" today ask me for my rolodex of private lenders - explaining to me that if I provided them the financing, they could buy my properties and it would be a "strategic relationship" for me. I provided them a strategic middle finger.
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
16y
Lol. Ok, I just had to share this. Casey Serin told me today that not even he would do this.
I like people like Casey who aren't afraid to admit mistakes and with the past press out there on him I just had to share this very funny perspective....
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
16y
Update to the infamous "cash buyer". Another BP member got your phone call and didn't even return it after reading this thread. This is a community of real people who look out for each other and word of this kind of behavior spreads fast amongst members here. Take this opportunity to learn your lesson and change before you develop a reputation that doesn't go away.
Real Estate Investor · North Carolina · Member since 2008 · 1k+ posts · 483 votes
16y
I blame the gurus for a lot of this nonsense (and the media).
Unfortunately it's now spreading to tenants. All mold is now BLACK MOLD to tenants, thank you very much, Media Hypesters.
And I'm also seeing an increase in inquiries for my rentals that include an interest in 'rent to own' -- using my money, of course. Thanks to 5-second sound bytes and guru book blurbs.