- Welcome to Financial Samurai - Forums.
Financial Freedom Sooner Rather Than Later
Recent posts
#31
Financial Advice From The Community / Reader Profiles / Mortgage Rates - Unknown/Newer...
Last post by Irish247 - July 08, 2021, 03:58:27 AMWith the latest mortgage drops, I'm considering refinancing out of a 2.87 rate, and found some rates today in the 1.75-1.99 range. The companies are lesser known to me, but not sure that matters?
Has anyone worked with these smaller brokerages/loan companies: Interfirst, Sebonic, amerisave? Seems like with these I can drop my monthly payment down and cut from 2.87 to 1.75 nearly a full point. They are saying zero points, and zero cost for the refinance (which I'm sure is baked in). These rates are on 15 and 30 year mortgages too. How is this possible? Too good to be true? The 15 and the 30 are giving better than the ARMs.
Considering my house increased roughly $200k in value, I'd almost consider a cash out refinance at these rates. why not do it?
Has anyone worked with these smaller brokerages/loan companies: Interfirst, Sebonic, amerisave? Seems like with these I can drop my monthly payment down and cut from 2.87 to 1.75 nearly a full point. They are saying zero points, and zero cost for the refinance (which I'm sure is baked in). These rates are on 15 and 30 year mortgages too. How is this possible? Too good to be true? The 15 and the 30 are giving better than the ARMs.
Considering my house increased roughly $200k in value, I'd almost consider a cash out refinance at these rates. why not do it?
#32
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by rs_thoughts - July 03, 2021, 09:37:36 PM3 years to get a 50% haircut on senior debt, despite the underlying still working and paying income?? And now you need to take admin fee off that? A round of applause for the managers. And then they send some marketing material to buy into some of their investments? SMH...
#33
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by Dgilpin - July 02, 2021, 10:42:57 AMAnyone else get updates about the West Islip Family care deal in the Franchise Growth portfolio today? To update those not involved, there is a buyer for the whole portfolio, that will be done in seperate deals. one of my investments West islip Family care will be one of the first to close. I just got the email today stating what the closing price will be. Lets just say I am shocked by the heavy discount they are accepting and the hit I will be taking on this investment. I can only assume my other investment in the Detroit Doghaus property will be even worse, despite the fact that they already failed to close a deal at a small loss to investors over a year ago. Does anyone know how the suits against IRRM are progressing? I plan to reach out to legal counsel about this and would like to potentially organize with others here.
#34
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by dwengca - June 11, 2021, 01:47:39 PMI agree! I got $20k on this one, and probably all gone now. I really think there might have been some sort of fraud going on here... how did they go from 6.6 million to end up costing 10.5 million?
The sad part I think here is that IRM will probably just let it go.
The sad part I think here is that IRM will probably just let it go.
Quote from: cgblack on June 11, 2021, 12:46:07 PM
A disappointing update on 1 Sand and Sea:
=====
IRM currently classifies this investment as a Tier 3 asset. Distributions from this
investment have not been distributed in accordance with the original business plan.
Since the last update, the house did sell. It was previously mentioned the closing was
delayed primarily due to the actions of one of the Managing Members (MM). The MM
who was trying to cause the delay demanded he get back his equity investment before
he would consent to the sale of the house. The active MM who completed the house
said the other MM decided not to contest the sale.
The house sold for $9,000,000 and after $450,000 of real estate commissions and
approximately $190,000 of other selling costs, the net sale price was $8,360,000. The
MM reported that the total acquisition, construction and financing cost was $10,528,196,
so the loss was $2,168,196.
The MM who has been involved in completing the house is a CPA. We have requested
much more detail than just a summary of the expenses. We will continue to work on
obtaining the detailed information to determine if the expenses were legitimate and
there was an actual loss. We are also taking steps to determine if there is any recourse
against the MMs for the apparent loss on this investment.
======
This is outrageous. Here is the original listing for this investment:
======
The total investment, including purchase price, hard and soft costs, and closing costs is approximately $5,572,642. The senior debt will contribute approximately 47.5% of project costs, while RealtyShares investors will contribute approximately 35.9%, leaving the sponsor with a 16.5% contribution to total project cost. The estimated sales price upon completion is $6,600,000, or $3,185/sf (1). However, in order for the Sponsor to return the investors' equity, preferred return, and annualized exit fee upon sale, the sales price need only be $5,112,903, or $2,468/sf.
======
Suddenly a net sales price of $8,360,000 comes out as a loss. Something stinks about this one!
#35
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by cgblack - June 11, 2021, 12:46:07 PMA disappointing update on 1 Sand and Sea:
=====
IRM currently classifies this investment as a Tier 3 asset. Distributions from this
investment have not been distributed in accordance with the original business plan.
Since the last update, the house did sell. It was previously mentioned the closing was
delayed primarily due to the actions of one of the Managing Members (MM). The MM
who was trying to cause the delay demanded he get back his equity investment before
he would consent to the sale of the house. The active MM who completed the house
said the other MM decided not to contest the sale.
The house sold for $9,000,000 and after $450,000 of real estate commissions and
approximately $190,000 of other selling costs, the net sale price was $8,360,000. The
MM reported that the total acquisition, construction and financing cost was $10,528,196,
so the loss was $2,168,196.
The MM who has been involved in completing the house is a CPA. We have requested
much more detail than just a summary of the expenses. We will continue to work on
obtaining the detailed information to determine if the expenses were legitimate and
there was an actual loss. We are also taking steps to determine if there is any recourse
against the MMs for the apparent loss on this investment.
======
This is outrageous. Here is the original listing for this investment:
======
The total investment, including purchase price, hard and soft costs, and closing costs is approximately $5,572,642. The senior debt will contribute approximately 47.5% of project costs, while RealtyShares investors will contribute approximately 35.9%, leaving the sponsor with a 16.5% contribution to total project cost. The estimated sales price upon completion is $6,600,000, or $3,185/sf (1). However, in order for the Sponsor to return the investors' equity, preferred return, and annualized exit fee upon sale, the sales price need only be $5,112,903, or $2,468/sf.
======
Suddenly a net sales price of $8,360,000 comes out as a loss. Something stinks about this one!
=====
IRM currently classifies this investment as a Tier 3 asset. Distributions from this
investment have not been distributed in accordance with the original business plan.
Since the last update, the house did sell. It was previously mentioned the closing was
delayed primarily due to the actions of one of the Managing Members (MM). The MM
who was trying to cause the delay demanded he get back his equity investment before
he would consent to the sale of the house. The active MM who completed the house
said the other MM decided not to contest the sale.
The house sold for $9,000,000 and after $450,000 of real estate commissions and
approximately $190,000 of other selling costs, the net sale price was $8,360,000. The
MM reported that the total acquisition, construction and financing cost was $10,528,196,
so the loss was $2,168,196.
The MM who has been involved in completing the house is a CPA. We have requested
much more detail than just a summary of the expenses. We will continue to work on
obtaining the detailed information to determine if the expenses were legitimate and
there was an actual loss. We are also taking steps to determine if there is any recourse
against the MMs for the apparent loss on this investment.
======
This is outrageous. Here is the original listing for this investment:
======
The total investment, including purchase price, hard and soft costs, and closing costs is approximately $5,572,642. The senior debt will contribute approximately 47.5% of project costs, while RealtyShares investors will contribute approximately 35.9%, leaving the sponsor with a 16.5% contribution to total project cost. The estimated sales price upon completion is $6,600,000, or $3,185/sf (1). However, in order for the Sponsor to return the investors' equity, preferred return, and annualized exit fee upon sale, the sales price need only be $5,112,903, or $2,468/sf.
======
Suddenly a net sales price of $8,360,000 comes out as a loss. Something stinks about this one!
#36
Financial Advice From The Community / Reader Profiles / How to Create Central Bank Dig...
Last post by Vinn - May 04, 2021, 04:21:55 AMAbbreviated from Central Bank Digital Currency, CBDCs are digital or electronic representations of national fiat currencies. Leveraging distributed ledger technologies such as blockchain, CBDCs enable central banks to increase payment efficiency while drastically lowering transaction costs.
Although similar to cryptocurrencies such as bitcoin or ether, CBDCs have substantial distinctions. While the former is mostly unregulated, CBDCs function under the governance of a nation's central financial authority. Furthermore, CBDCs are mostly stablecoins, backed by physical assets of value, such as gold or other foreign currencies; this eliminates the volatility crisis facing ordinary cryptocurrencies.
Combining these factors, then, CBDCs are more secured, efficient, transparent, and cost-minimized versions of money deposited in your bank account. In 2020, China's central bank began an experiment with digital yuan in Suzhou, Chengdu, and Xiong'an. According to its governor, Li Bo, the 'testing had shown that the issuance and distribution mechanism of the digital yuan, or e-CNY, are compatible with the existing financial system, and help minimize the impact on the banking sector.'
Following suit, the Reserve Bank of India has also expressed plans to explore CBDCs; so have Bank of England, Bank of Canada, and the central banks of Uruguay, Thailand, Venezuela, Sweden, and Singapore, among others. Against this backdrop, let us discuss how central banks can build robust CBDCs over the XinFin Digital Contract (XDC) network.
Creating CBDCs with XinFin XDC Network
Having discussed the overall benefits of using blockchains for CBDCs, and especially why central banks might prefer using XinFin, let us now look at the creation process. As such, based on the asset backing them, CBDCs can be of four broad types: fiat-collateralized, crypto-collateralized, commodity-collateralized, and non-collateralized.
While collateralized CBDCs usually have a 1:1 backing, non-collateralized ones leverage Seigniorage Shares Systems. But for each of these types, the process of creating CBDCs on XinFin is mostly similar and extremely easy. It only takes a few minutes, and the steps are as follows:
Step 1: Visit the MyContract website, to start creating your stablecoin, either on the XinFin Mainnet or the XinFin Apothem Network.
Step 2: Log in to the portal, either with XinPay or your private key.
Step 3: Enter the details of your stablecoin, such as name, symbol, supply, and so on.
Step 4: Review the details carefully; mistakes can lead to loss of funds and also credibility among potential users.
Step 5: Click on the 'Issue Token' button, and voila, your CBDC is ready for use; confirm the issuance using XinFinScan.
Read original article: https://www.thecryptoupdates.com/how-to-create-central-bank-digital-currency-cbdc-over-xinfin-xdc-network/
Although similar to cryptocurrencies such as bitcoin or ether, CBDCs have substantial distinctions. While the former is mostly unregulated, CBDCs function under the governance of a nation's central financial authority. Furthermore, CBDCs are mostly stablecoins, backed by physical assets of value, such as gold or other foreign currencies; this eliminates the volatility crisis facing ordinary cryptocurrencies.
Combining these factors, then, CBDCs are more secured, efficient, transparent, and cost-minimized versions of money deposited in your bank account. In 2020, China's central bank began an experiment with digital yuan in Suzhou, Chengdu, and Xiong'an. According to its governor, Li Bo, the 'testing had shown that the issuance and distribution mechanism of the digital yuan, or e-CNY, are compatible with the existing financial system, and help minimize the impact on the banking sector.'
Following suit, the Reserve Bank of India has also expressed plans to explore CBDCs; so have Bank of England, Bank of Canada, and the central banks of Uruguay, Thailand, Venezuela, Sweden, and Singapore, among others. Against this backdrop, let us discuss how central banks can build robust CBDCs over the XinFin Digital Contract (XDC) network.
Creating CBDCs with XinFin XDC Network
Having discussed the overall benefits of using blockchains for CBDCs, and especially why central banks might prefer using XinFin, let us now look at the creation process. As such, based on the asset backing them, CBDCs can be of four broad types: fiat-collateralized, crypto-collateralized, commodity-collateralized, and non-collateralized.
While collateralized CBDCs usually have a 1:1 backing, non-collateralized ones leverage Seigniorage Shares Systems. But for each of these types, the process of creating CBDCs on XinFin is mostly similar and extremely easy. It only takes a few minutes, and the steps are as follows:
Step 1: Visit the MyContract website, to start creating your stablecoin, either on the XinFin Mainnet or the XinFin Apothem Network.
Step 2: Log in to the portal, either with XinPay or your private key.
Step 3: Enter the details of your stablecoin, such as name, symbol, supply, and so on.
Step 4: Review the details carefully; mistakes can lead to loss of funds and also credibility among potential users.
Step 5: Click on the 'Issue Token' button, and voila, your CBDC is ready for use; confirm the issuance using XinFinScan.
Read original article: https://www.thecryptoupdates.com/how-to-create-central-bank-digital-currency-cbdc-over-xinfin-xdc-network/
#37
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by sdnerd - April 14, 2021, 03:01:17 PMIt would certainly be nice if they gave some type of update. It's been around 1.5 months since we've heard anything.
#38
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by JD - April 14, 2021, 06:26:33 AMQuote from: DigitalNomad on April 07, 2021, 04:45:08 PMQuote from: barnold24 on April 07, 2021, 04:23:01 PM
Has anyone received any tax documents or updates regarding timing of the K-1's?
No, I haven't received any of my 4 K-1s.
Me either and simply assuming it'll be another required extension year.
Only RS/IRM missing them, yet again. My other sites have delivered pretty much all of them by now.
#39
Financial Independence Retire Early (FIRE) / Re: Ideas to spend some wealth...
Last post by stevesheets - April 07, 2021, 09:55:09 PMDo you get the cable channel AWE - "A Wealth of Entertainment"?
Started watching a few shows there, and has resulted in plenty of ideas for spending:
- Dream Cruises - luxury european cruises
- Boys Toys - fancy cars, etc
give it a try, haha
Started watching a few shows there, and has resulted in plenty of ideas for spending:
- Dream Cruises - luxury european cruises
- Boys Toys - fancy cars, etc
give it a try, haha
#40
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by DigitalNomad - April 07, 2021, 04:45:08 PMQuote from: barnold24 on April 07, 2021, 04:23:01 PM
Has anyone received any tax documents or updates regarding timing of the K-1's?
No, I haven't received any of my 4 K-1s.