What do you intend to invest the capital in ? A huge ass mining farm ?
Effectively yes, however that's also a good idea!
Topic: [GLBSE] House for sale: RFC - page 3. (Read 4893 times)
Effectively yes, however that's also a good idea!
Some of your questions have been answered in the edited first post.
You may have answered some of my questions. I'm not even sure I would say that, though.
To me, the biggest red flag is that you seem to be conflating (a) selling shares of your house and (b) selling shares in a GLBSE fund that pays dividends. I could understand doing one or the other to try to pay your back taxes (although not necessarily condone it), but not both.
You're basically selling shares in your house and then giving away dividends. Doesn't make sense.
Alternate perspective: You're basically starting a GLBSE fund, where you keep some of the initial shares (and thus get some of the dividends) without putting any initial investment in, unlike the other shareholders. The whole house thing makes it look like you're putting in an investment.
Also, I don't have sympathy for the "screw the banks" rhetoric. It's just distracting from addressing the actual flaws.
Best of luck to you but unless all the issues people are raising are addressed, this does not look like something people would want to put money into.
What's the difference between taking out a home equity loan from a bank and doing a similar thing with Bitcoin? For one thing I won't have huge interest payments and this will benefit all the shareholders? The shares represent ownership in the house and the house is collateral against the shares, if something goes wrong the share holders may reposes my house or some small part of it by calling in the shares value.
But where do the funds that I receive go? Instead of a new car or renovation they go directly to an investment fund that then pays dividends to the share holders.
The shares themselves being pinned against the value of the house represent an investment opportunity however the shares value plus dividends represent a better investment and return for the money.
Why is this conflation or illegal in any way, I should have the right to invest any funds I receive in any way the shareholders see fit and I along with all the other share holders are probably going to want to see dividends. What law would you site to prevent me from paying my shareholders this way?
Please elobarare on this ideas flaws.
It's your prerogative to not invest however thank you for the good wishes.
What do you intend to invest the capital in ? A huge ass mining farm ?
He said he was going to buy GLBSE assets that pay dividends.
Some of your questions have been answered in the edited first post.
You may have answered some of my questions. I'm not even sure I would say that, though.
To me, the biggest red flag is that you seem to be conflating (a) selling shares of your house and (b) selling shares in a GLBSE fund that pays dividends. I could understand doing one or the other to try to pay your back taxes (although not necessarily condone it), but not both.
You're basically selling shares in your house and then giving away dividends. Doesn't make sense.
Alternate perspective: You're basically starting a GLBSE fund, where you keep some of the initial shares (and thus get some of the dividends) without putting any initial investment in, unlike the other shareholders. The whole house thing makes it look like you're putting in an investment.
Also, I don't have sympathy for the "screw the banks" rhetoric. It's just distracting from addressing the actual flaws.
Best of luck to you but unless all the issues people are raising are addressed, this does not look like something people would want to put money into.
What do you intend to invest the capital in ? A huge ass mining farm ?
So, you're going to raise $300k worth of Bitcoins via GLBSE, use $10k-$15k of it to pay off the backtaxes, and then put the rest in a variety of investments?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
You make very good points however I believe the IPO can be balanced to allow me control of the property while also making us all profit (51/49% split?). I would pay the taxes and expense from my share of the dividends.
It may be prudent to sell off batches or even as you say just an amount that would cover the back taxes and a little for fees etc. according to how successful this offering is while allowing us all to get our feet wet. The idea is exactly the same as a home owner looking for a home equity line of credit but it suddenly occurred to me that I could do the same with out all the ridiculous interest being paid to the banks. Instead of wasted interest a fairly large investment would now appear and support the exact people I want to support against the banks.
Trust of course is an issue, I can say for my part I will try hard to mitigate that with pictures of the house and deeds etc. But suffice it to say I also want some of those dividends and I don't want them to stop.
Of course, if the house is worth more or less than $300k, then it changes said calculation. That's why current house value is important to know...
Again, how much is the property worth? What is the street address?
That ratio is not fixed in stone but represents some ratio that would be agreed on such that I have the right to keep the property and control the fund at least unless there is some sort of issue.
Now we face my risk, I may have to make quite a large part of my life visible unlike many of the investments on GLBSE where there's not even an email address. In order to do this properly I will have have the property valued and make the valuation public in such a way that proves this is my house however I'm not sure I like the idea of imperial involvement and so this aspect of the IPO will have to be up for discussion.
The rough price quote is in dollars so it's 300,000/Current BTC price to get to BTCs. Also that price was when it was purchased at the height of the market 250k is probably a closer estimate.
I want to structure the IPO so there are really healthy dividends and with such a large amount this should be possible?
So, you're going to raise $300k worth of Bitcoins via GLBSE, use $10k-$15k of it to pay off the backtaxes, and then put the rest in a variety of investments?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
You make very good points however I believe the IPO can be balanced to allow me control of the property while also making us all profit (51/49% split?). I would pay the taxes and expense from my share of the dividends.
It may be prudent to sell off batches or even as you say just an amount that would cover the back taxes and a little for fees etc. according to how successful this offering is while allowing us all to get our feet wet. The idea is exactly the same as a home owner looking for a home equity line of credit but it suddenly occurred to me that I could do the same with out all the ridiculous interest being paid to the banks. Instead of wasted interest a fairly large investment would now appear and support the exact people I want to support against the banks.
Trust of course is an issue, I can say for my part I will try hard to mitigate that with pictures of the house and deeds etc. But suffice it to say I also want some of those dividends and I don't want them to stop.
Of course, if the house is worth more or less than $300k, then it changes said calculation. That's why current house value is important to know...
Again, how much is the property worth? What is the street address?
So, you're going to raise $300k worth of Bitcoins via GLBSE, use $10k-$15k of it to pay off the backtaxes, and then put the rest in a variety of investments?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
You make very good points however I believe the IPO can be balanced to allow me control of the property while also making us all profit (51/49% split?). I would pay the taxes and expenses from my share of the dividends.
It may be prudent to sell off batches or even as you say just an amount that would cover the back taxes and a little for fees etc. according to how successful this offering is while allowing us all to get our feet wet. The idea is exactly the same as a home owner looking for a home equity line of credit but it suddenly occurred to me that I could do the same with out all the ridiculous interest being paid to the banks. Instead of wasted interest a fairly large investment would now appear and support the exact people I want to support against the banks.
Trust of course is an issue, I can say for my part I will try hard to mitigate that with pictures of the house and deeds etc. But suffice it to say I also want some of those dividends and I don't want them to stop.
Why not use a home equity line of credit or take out a mortgage on the house? Rates are incredibly low these days, and if all you owe is back taxes, it seems reasonable to me to do this. More clarification is needed about why you're pursuing this option.
-bgc
-bgc
I find myself entirely reluctant to continue supporting the groups and organizations who've already taken almost all my wealth thus far.
I refuse to pay any more interest into an economy run by the very people who are trying to make me homeless and if I was a state with the power I'd take up arms against anyone determined to pry anymore wealth out of me.
So, you're going to raise $300k worth of Bitcoins via GLBSE, use $10k-$15k of it to pay off the backtaxes, and then put the rest in a variety of investments?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
What's to stop you from simply running away with the $300k? Will you title the house in the name of all the investors? Or in the name of a business that has the names of the investors?
If I, as an investor, invest $10,000 worth of Bitcoin into your house, how much of a share in your house does that buy me? How much is the house worth?
Why not just raise a smaller amount of capital to pay off the backtaxes and sell it for a small share of the house?
What happens if the shareholders want to sell your house? What happens if you don't want to sell, and never do sell?
If your house is worth $300k, but it is all paid off, and $300k is the amount of capital you are raising, then all shares together are immediately worth $285k + $300k = $585k?
I like this idea if only because it's an extremely creative way to solve your problem. There are definitely some issues here, but if you've got the guts to try it out, I'll definitely throw in a little bit to help out. Good luck with this!
Perhaps I've been slightly lazy trying to get forum members to help with the design of the IPO that's going to save my behind but I think doing it this way will help me build a stronger fund quicker. It's actually likely that I will keep the fund going rather than immediately buy back the shares so that we can all continue to profit.
Thank you!
Why not use a home equity line of credit or take out a mortgage on the house? Rates are incredibly low these days, and if all you owe is back taxes, it seems reasonable to me to do this. More clarification is needed about why you're pursuing this option.
-bgc
-bgc
Its a nice idea in theory but why not just sell the house and setup an investment fund on glbse with the proceeds ?
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I'm with you but all of a sudden I am tired of backing down! If I sell I'll have to rent again and that will reduce the investment potential of the idea.
Most importantly I can also start selling shares right away and those will immediately start producing dividends and I'll still have somewhere to stay with my own miners.
I understand. So essentially whatever funds you raise will be reinvested and used to generate dividends etc ?
Exactly!
Instead of paying interest into a failing economy run by the very people that are looking to make me homeless.
I like this idea if only because it's an extremely creative way to solve your problem. There are definitely some issues here, but if you've got the guts to try it out, I'll definitely throw in a little bit to help out. Good luck with this!
Its a nice idea in theory but why not just sell the house and setup an investment fund on glbse with the proceeds ?
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I'm with you but all of a sudden I am tired of backing down! If I sell I'll have to rent again and that will reduce the investment potential of the idea.
Most importantly I can also start selling shares right away and those will immediately start producing dividends and I'll still have somewhere to stay with my own miners.
I understand. So essentially whatever funds you raise will be reinvested and used to generate dividends etc ?
How much do you owe on it?
Mortgage? 1st? 2nd?
Back Taxes?
Is anyone else an owner? (is the title clouded from your divorce?)
What is the exact financial situation?
Mortgage? 1st? 2nd?
Back Taxes?
Is anyone else an owner? (is the title clouded from your divorce?)
What is the exact financial situation?
The house is fully paid for. There are no other owners, I hold a free and clear title minus back taxes which I'll have to calculate. There is no seizure order and the taxes are limited to around 10 to 15k.
So essentially you want to use your house as security for a 300K glbse offering?
Yes somewhere around that amount, with all of that being reinvested.
Its a nice idea in theory but why not just sell the house and setup an investment fund on glbse with the proceeds ?
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I'm with you but all of a sudden I am tired of backing down! If I sell I'll have to rent again and that will reduce the investment potential of the idea.
Most importantly I can also start selling shares right away and those will immediately start producing dividends and I'll still have somewhere to stay with my own miners.
How much do you owe on it?
Mortgage? 1st? 2nd?
Back Taxes?
Is anyone else an owner? (is the title clouded from your divorce?)
What is the exact financial situation?
Mortgage? 1st? 2nd?
Back Taxes?
Is anyone else an owner? (is the title clouded from your divorce?)
What is the exact financial situation?
The house is fully paid for. There are no other owners, I hold a free and clear title minus back taxes which I'll have to calculate. There is no seizure order and the taxes are limited to around 10 to 15k.
So essentially you want to use your house as security for a 300K glbse offering?
Its a nice idea in theory but why not just sell the house and setup an investment fund on glbse with the proceeds ?
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
I know people in the housing industry and I can tell you a story or 3 about crappy tenants
Count me in!
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