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Want your IRA to get 6% simple interest for the next 5 years?

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Hello,  I'm looking for a fellow RV'r who would like their IRA to make a super return for the next 5 years.  The collateral is  a 2017 Sunseeker 3010DS, and we'll payroll deduct payment every 2 weeks until paid off.  That's a profit of over $30k into your IRA.  Hopefully a ROTH so it's tax free.  If you're interested and have $65,000 in your IRA, let's talk.  This isn't a scheme, I've been investing in Real Estate for years with my IRA but i can't Lend myself money!  :(  Savvy folks who like to make simple loans with collateral will love this!

 

 

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OK, I have over $65,000 in my ROTH IRA, but it's not clear how I should contact you.

Please clarify the rationale for the claimed value of your asset and provide a recent FICO score. 

 

Edited by DanZemke
More clarification

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5 hours ago, DanZemke said:

Please clarify the rationale for the claimed value of your asset and provide a recent FICO score. 

It sounds like she wants someone to finance the RV for them.

2017 Sunseeker 3010DS, on RV Trader.

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A 2017 Sunseeker is not investing in Real Estate and her payroll deduction is not guaranteed, she could loose her job. 

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And only has one post. I think their intent is very clear. The market is bad enough, I’m not going to give my money away.

Edited by rynosback

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To the poster. Why would you pay anyone 16.077% interest? You do realize that you can get a loan for a CRAP LOAD less? The range is.99 to 5.99%. This is 65k x 60 months with bad credit.  My Mom taught me, if it is to good to be true then it is. Do you really get people to fall for this? My Mom also said that there is a sucker born everyday. I take it you only deal through Western Union also...

Edited by rynosback

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come on Kirk. One purpose name? Joined to day? Offering insane return on investment?. Just fishing for a sucker. The next question she would have 'what is your account numbers at that bank'.

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2 hours ago, Sehc said:

come on Kirk. One purpose name? Joined to day? 

That is the reason that I checked. She joined on last Tuesday, she was last here 5 hours ago, and she & her husband do check out as members of Escapees. Your questions are the reason that I checked. 

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I suspect she needs cash and is proposing an interest rate of 6% (not 16%) that is much higher than most people are currently receiving in their IRAs.  Corporate investment grade bonds are currently yielding less than 3%.  High yield bond funds (e.g. VWEHX) are yielding just under 6%.  So 6% could sound attractive.

The problem for me is, she is asking for a loan, without any information about her credit worthiness. Perhaps her plan was to attract yield-seeking investors first, and provide her financial information if their intentions seemed serious.  But like any lender, I'd need their current income and source, FICO score, RV value assessment, and proof of insurance on the RV.

Without the typical required loan information, her request for $65,000 at 6% is way too risky for me.

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5 hours ago, DanZemke said:

I suspect she needs cash and is proposing an interest rate of 6% (not 16%) that is much higher than most people are currently receiving in their IRAs.  Corporate investment grade bonds are currently yielding less than 3%.  High yield bond funds (e.g. VWEHX) are yielding just under 6%.  So 6% could sound attractive.

The problem for me is, she is asking for a loan, without any information about her credit worthiness. Perhaps her plan was to attract yield-seeking investors first, and provide her financial information if their intentions seemed serious.  But like any lender, I'd need their current income and source, FICO score, RV value assessment, and proof of insurance on the RV.

Without the typical required loan information, her request for $65,000 at 6% is way too risky for me.

A person with a good/great FICO score can rip people off as much as someone with a crappy FICO score. My FICO score is 820, could you please send me $65,000? 
attached are some pictures of loan calculators. I did for get that she said that she was going to pay back by-weekly.

These are the numbers. She wants $65,000 and will pay you by-weekly (every two weeks) for 5 years. She states that you will make a $30,000 profit. The only factor you do not have is the interest rate. 
you think she is giving you 6%. That calculates to $10303.91 in interest. That’s $19,696.09 short of what she offered. To get to the $30,000 she advertised it comes in at 16.23%.

Am I miss understanding this simple math equation?

this is your 6%, attachment.php?attachmentid=388532&d=159

This is my 16.23

attachment.php?attachmentid=388534&d=159

Edited by rynosback

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I’m done wasting my time explaining why this is a red flag and even put up the  real numbers. So if anyone decides to give there hard earned $65,000, you have been warned and deserve to lose it if you give it. And if you do, please do not post that you got taken by that person. As you were warned. 
safe travel and keep healthy.

Edited by rynosback

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Quote

The only factor you do not have is the interest rate.

The title of the thread is "Want your IRA to get 6% simple interest for the next 5 years?".  I took that to mean, she would be paying 6%.

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The ad is a starting point for negotiation.  If interested a "savvy" investor could require a different type of collateral.
After all, the poster claims to be in real estate.  I' might take a first on something with equity.

The ad is fine.  I wouldn't jump to conclusions.

 

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"The ad is fine."

I agree with you.  But it was also ineffective, without any followup.

Edited by DanZemke
clarity

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6 hours ago, DanZemke said:

"The ad is fine."

I agree with you.  But it was also ineffective, without any followup.

I felt that I needed to post what I posted to help protect the vulnerable people that get duped, so they would not be. My nephew wired $1500 through Western Union because someone called him pretending to be the IRS. So since that I try to very clearly show people that things like this are scams so the are not parted with their hard earned money. 

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13 hours ago, rynosback said:

I felt that I needed to post what I posted to help protect the vulnerable people that get duped, so they would not be. My nephew wired $1500 through Western Union because someone called him pretending to be the IRS. So since that I try to very clearly show people that things like this are scams so the are not parted with their hard earned money. 

There is no evidence that this was a scam.  None.

In my opinion, a far more plausible explanation is the woman needs cash and she made a mistake in her calculation of what the "profit" would be.  I was skeptical too, but instead of accusing her of fraud, I asked for her FICO score.  I also posted it wasn't clear how to contact her.  IMO, someone trying to pull off a $65K scam would have quickly responded.  She didn't.

Edited by DanZemke
clarity

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Just check out the website on her profile--lifepartnership.com--    see if there is any substance there.  Seems to be a following on FB and Pinterest?

At any rate, thinking I'd look for 6% some other way...

Edited by jblo

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Thanks, but I already did, before I posted "it's not clear how I should contact you" in post #2 of this thread.   I was/am not willing to dig for an email address or phone number to get information on a risky loan.

IMO, there is no way to get a safe 6% return in this market.  But I get your drift, there are probably alternatives that have a better risk/reward ratio than this one.

Edited by DanZemke
clarity

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