WHERE ARE THE BUYERS?!!!!

[John Baumgarten]

BUYERS -- WHERE ARE YOU? WE HAVE REAL PRODUCT!

I'M WORKING WITH DIRECT SELLER REP OF NATIONWIDE BULK REO TAPES, BOTH SFR AND COMMERCIAL AS WELL AS NPNs. OUR PRODUCT COMES FROM BANKS AND WE WORK WITH BUYERS/BUYER REPS TO GET YOU PRODUCT. PROTOCOL IS  REQUIRED LOI AND SPOF TO SELLER REP FOR PROOFING PRIOR TO CONTACT BETWEEN PRINCIPLES. IF YOU ARE A SERIOUS BUYER OR BUYER REP , OR NEXT TO THE BUYER REP AND CAN PROVIDE THE REQUIRED PROTOCOL, THEN PLEASE CONTACT ME ASAP WITH YOUR PRODUCT REQUIREMENTS TO DISCUSS!

[James Balter]

Hello,

The problem is that your asking for a soft POF that will go to the what? The Sellers Rep. Buyers do not take potential deals serious when they have to make their way through layers of intermediaries, which is what you and your partner or co-broker really are. Buyers don't care how much they will enrich themselves.

 

Buyers want to deal direct, principle to principle and in your deal and many deals here, that is never the case.

[John Baumgarten]

The SPOF is for the seller rep to vette the Buyer to see if they are real by contacting their bank contact from the LOI. There is, at this point, no account info exchanged. This is done after they are approved to buy a tape when the Seller Rep will contact the Buyer Rep, and review the LOI with them so they can move forward to produce a tape. There are no useless conf. calls and no "layers of IM's or co-brokers" involved. We do not work with or thru any "daisy chains". We are direct to the Bank(s) to obtain tapes based on the Buyers LOI. If this works for you and your Buyer(s), then please contact me direct at [e-mail].

[James Balter]

John: Talk to any real estate hedge fund that deals with these product selections every day of the week and they will tell you just as I am going to, that sellers reps don't exist.

 

It is a self proclaimed title that someone gives themselves, because we all have to operate by some title, right? what is your title?.

 

Look, I am not trying to be a jerk about things. CREPIG already has many people saying that deals on this forum/site never get done. They say it's great for informational content, just not for deals getting done.

 

I have been at this a long time. Did you read my recent discussion? That discussion may be the single reason that your not seeing many new deals posted here with regard to bulk reo's.

 

John, I hear what your saying and I respect your protocol. If you really want the buyers to come out, than have the soft POF go to the sellers attorney for review and verification.

 

POF's and other sensitive documents should always go to the attorneys anyway, never to anyone else. Also, let me correct something you just said. You said "Buying The Tape". A Buyer is buying the properties, the tape just provides information for due diligence.

[John Baumgarten]

While I respect some of your comments, if you read further in my emails proofing is with BANKS! 

There is no proofing between attorneys, so there is no need to send an LOI to the "sellers attorney". The seller rep, as in our case, acts for the "banks" to bring forward legitimate Buyers. This is done thru first vetting them by the seller rep with the Buyers "banker contact". That's the protocol from the BANKS, not our protocol!!!

And I never said "Buying The Tape" meaning the Buyer is buying a piece of paper. That is a common expression in this business. Of course the Buyer is buying properties -- what else would they be buying?

Now, if you have legitimate Buyers, then please continue to communicate with me that they are willing to come forward via the protocol. If you just want to make comments as you have, them I have nothing further to discusss with you.

 

[James Balter]

John:

I am not going to argue with you, you seem to know all about how this business works and I guess I know nothing. If you were doing all the things the right way, you wouldn't be posting a discussion under the title " Where are all the Buyers".

 

I spent ten years at JP Morgan on Wall Street in NYC, NY. John, dealing with the very same product your dealing in. So I guess you know more than i do.

 

I will check back in with you in six months and my guess is that you'll still be in the same place then as you are today.

 

Good luck to you.

[James Balter]

John:

I am far from a naysayer. I wish everyone success in their chosen path, including you. Why don't you send me the deal and the protocol. Allow me and my legal; team to call the bank and verify that they know you and have permitted you to sell their inventory.

 

If they verify that they know you and have indeed permitted you to sell their inventory and you are the only one who has that right, then I will provide my firms Proof of funds and work to take down what you have within seven days from our due diligence.

 

In the mean time ,why don't you post the deal here, and lets see if Michael Strand, steps up to the plate to buy? my guess is he won't because he is in the same shoes as you are, a seller with even stronger protocol than you probably have.

 

 

[Michael Strand]

James,

As I read numerous postings you seem to want to educate others as if your right all the time, and they are wrong. All you seem to do is ridicule people and attempt to elevate yourself over everyone's experience and it really gets annoying. What makes you feel that it is your duty or job to determine who is right or wrong?

To be honest, working at JP Morgan seems to have poisoned your thinking on how some things are done. Our entire industry is based on relationships. People's motivation drive the deals. We all have different contacts and relationships that creates opportunities for others. This form creates a venue to post those opportunities so that people like us can review and take action if we choose to do so.And if we choose to do so, we live by their rules and we also conduct our own due diligence.

While I'm not interested in dealing with banks or funds, I'm a principle seeking to diversify my portfolio. But when I see a common theme from you on practically every posting of others telling them they are wrong, it leads me to believe that you have way to much time on your hands and are not serious.

John,

While I appreciate your positing and I really do not have interest, keep trying and I applaud your efforts. If James was a serious party, he would either pursue the deal with you or just ignore and move on.

[John Baumgarten]

Thank you Michael for you comments. It is people like you whom I enjoy doing business with who don't critisize but offer encouragement. I have been doing this "business" a little over a year and have met many wonderful people on line whom I have conversed with both there and on the phone. Together we have been successful doing deals. I continue to grow my contacts and find that eye catching subject lines (like the one I used above) gets peoples attention. 

Unfortunately it is people like James (the naysayers) who discourage people in this business, and so I ignore them all together. Like you said, if he was serious he would pursue a deal with us.

[Michael Strand]

John,

I'm 4th generation in a Real Estate family that is influential in Southern California. I've been in the business for 24 years, I'm 42 now, but my Dad was the CEO of a public REIT, owned the largest mortgage company in the nation in the 80's, we currently own many properties accross the nation and are developing a St Regis hotel site in the Western States. We founded the Capital Companies, Inc. over 30 years ago and now have offices accross the world.

So my background is extensive. The reason for me giving you this information is to substanciate my credibility. I do not care for negative people that reflect that thought process on others. There is always a way to do a deal no matter what the obsticle.

In regards to IMs and Brokers, sometimes you have to kick some bushes to find the rabit and they do serve a purpose. You just have to protect them and deal directly with the principle. Why fight the problem.

I wish you well.

Mike

[James Balter]

Michael:

I don't make it a practice to ridicule people at all, however, I tell it like I see it. When someone comes here and posts a thread, saying "Where Are All The Buyers", I feel the need to offer my opinion.

 

You and I already faced off with the Lynn thing and from what I remember of that situation, you accused me of black hatting her, when all I did with her at the start was ask her how direct she was and she replied like I killed her, or how dare I call her to the mat.

 

You can come in at anytime Michael and correct me if you feel you need to. I highly doubt you'll do any of that because you know at the end of the day I am absolutely correct.

 

You would never provide to anyone your banking information unless you first reviewed what it was you were being asked to buy. Only a idiot would do that and I certainly don't view you as such. I don';t see you stepping up to the plate and offering to do business with John because you know that they are going to want things from you that you won't supply.

 

I think everyone here is sick and tired of all these intermediaries coming here and talking about these great deals they have, but if you want you to see what it is, you need to provide banking information and a LOI and this and that.

 

I have talked with many here or many who have been here and I asked them why they say the deal they have is great and they can't even substantiate why it is such a great deal.

 

I had a gal here just last week who said it's a great deal because it is priced at .55 cents of the dollar, no other reason and she didn't even know that the spreadsheet she was holding in her hands was the tape. She actually thought that there was going to be a microfiche that would be coming from the bank once I submitted the docs.

 

And in closing Michael, you'll never step up to the plate and tell me I am wrong, because you are partners with Lynn M. Johnson or associated somehow and you do business exactly like all the other intermediaries here, which is I have these great products but if you want to see them, you need to submit all these documents, jump through hoops just to find out what we have and if you want to buy them, then you have to submit more docs.

 

Come on Michael, did you actually think I didn't realize that your the same Michael that Lynn  said got her into the business.

 

And let me clear this up for everyone here. I hope no one views me as a expert. There are guys like Michael who obviously know more than I do.

[Michael Strand]

James,

You are so wrong!

I don't know who Lynn is nor do I care. Go to www.thecapitalco.com and you can see who I am. Go to the Society of exchange Councilors and look up Cliff Strand and you will see who my Dad is. I'll gladly send news paper actricles on our company that appeared in the Wall Street Journal, LA Times, NY Times, etc..I do not deal in tape, REOs, or other bank assets. I deal with individuals before the asset goes back to the lender. We are principles and if interested I would gladly send anyone including you our backup packages on any of our assets because we are the owners. No need for non-circ or disclosures. No need for protocol. Just simple information on our assets.

 

You are right, no one views you as an expert except yourself.

Mike Strand

Capital Newport

http://www.thecapitalco.com

 

 

[James Balter]

That's real interesting Michael, do you have selective memory? you chimed in on a exchange on a post between Lynn M. Johnson and myself where you said I should have better things to do than to black hat Lynn. You sure seemed like you know who she is.

 

Michael, since you don't deal in these assets as you just stated, then anything you have to say with regard to my discussion is not really relevant, is it.?

 

If you don't deal in these asset classes, than how can you sit where your at and tell me I am wrong? Oh and by the way Michael, your the one who felt it necessary to talk about your background. The only thing I disclosed is my prior employment.

 

If your so successful Michael, why don't you step up to the plate and make an investment. What you did in your reply was classic back peddling. You want to step to the plate and black hat me, but when asked to put your money where your mouth is, you back peddled by saying...Oh we don't deal in these.

 

Whatever Michael, have a nice day Sir.