My road to success (Moving Update 2)

8 8

Updates

 

I've been approved and signed up for the visa with a limit of 2k

 

My laptop got fried but I managed to get the files out of it so if you think I'm ignoring you guys I'm not.

 

BB28

 

The comic has been shipped so all I'm waiting for is that my friend is happy with the comic.

 

If you've applied for this, purely to get deals on comics (how stupid of me .. of course that's why) .. what happens when you go over the credit limit? If you go crazy .. expect a knock on the door from people who will want to claim that money back. Your prized, high-item books .. $5 each .. that's probably what value they'll put on each one to get their money back .. a comic book is a comic book to anyone who doesn't know the different values, right?

 

Your stock AND personal comics will be WIPED OUT!

 

Let's face it, you've made less money on comics than you've laid-out. You have a minimal wage job to support your lifestyle .. adding a card to the mix is potentially (no real potentially about it) dangerous and irresponsible if you have issues with money and not budgeting etc

 

.. this is not a good move for you.

 

Agree times infinity.

 

This is trouble waiting to happen.

 

What is the interest rate on the card you were approved for?

 

Credit cards are not backed by physical equity. If he defaults on the credit card loan they will harass him via phone calls and mail but I do not believe they can do anything other then kill his credit score. Rack up a killer amount of debt and then go bankrupt - American dream (I know he is in Canada).

I don't intend to get in debt with this card nor use it just yet.

Maybe I am "slow" but I am still trying to understand the nature of the deal on the BB#28.

 

Gabe, you made it sound like you bought the book outright on your own. We learn this is not the case.

 

So, what we know now (and correct me if I am wrong), you put in $500 of your own money.

Your "friend" puts in $700. This = $1200 bucks for the cost of the book.

 

Side Question: How did your "friend" pay the $700? Did the "friend" pay directly to the seller or did the "friend" give you a wad of cash or Paypal it to you?

 

The BB#28 arrives and you say this:

Pics will come tomorrow as I need to ship the comic tomorrow anyway.

 

Ok, so you now have the book in hand and now you are shipping it to someone else. Who are you shipping the book to? Are you shipping the book to your friend who paid the $700 or a different/new buyer? If a different/new buyer, how much did it sell for?

 

 

 

Originally it was supposed to be a split purchase but my friend decided to buy all of it and give me 700 as a thanks because how it would have worked it I would have gotten exactly what I invested as profit since I like to make things fair and he agreed to those terms. So long story short the comic arrived, I shipped it to my friend and I have the 700 dollars in my account so I suppose you can say I sold it for 1900.

 

This still isn't clear in my mind.

 

You and your "friend" went in on a $1200 book together. You put up $500, he put up $700.

 

At one point you said something about "unfriending"...is this a real friend; someone you know personally? Or is this someone you know through facebook comic chats? How well do you know this guy?

 

Back to the deal, the book was shipped to you but it took a long time for you to receive it because UPS was "playing games" with you.

 

You receive the book in-hand and now your friend decides he wants to be the sole owner of the book? To do this, he should be giving you $500 just for you to not take a loss. Realistically, you should be given a finder's fee if this is a client...something on the order of 10%.

 

But you say he gave you $700. Is this on top of the $500 he needed to give you to buy you out of your ownership of the book? Or was it $500 to buy you out plus a $200 finder's fee?

 

You say you "sold" it for $1,900...so it sounds like he bought you out for $500 and then gave you a $700 finder's fee. $500 (your initial investment) + $700 (friend's initial investment) + $700 (finder's fee) = $1900?

 

Is this how it went down?

 

Gabe, please answer the following questions and then go from there...

 

How much did the book cost?

 

 

How much did YOU pay for the book? As in money out of your own pocket?

 

 

How much did your "FRIEND" pay for the book?

 

 

Who sent the money to the original seller and how was it paid for?

 

 

Thanks.

 

 

 

 

 

 

 

The comic cost 1200

I paid 0 for the comic

He paid 1200 for the comic and I sent money to the original seller with paypal

Then you didn't pay 0. You paid something, what was it? What did you send to seller with paypal?

Wait, I forgot to turn my common sense off.

Your friend gave you $1200 and you used that to send to the seller on paypal?

Updates

 

I've been approved and signed up for the visa with a limit of 2k

 

My laptop got fried but I managed to get the files out of it so if you think I'm ignoring you guys I'm not.

 

BB28

 

The comic has been shipped so all I'm waiting for is that my friend is happy with the comic.

 

If you've applied for this, purely to get deals on comics (how stupid of me .. of course that's why) .. what happens when you go over the credit limit? If you go crazy .. expect a knock on the door from people who will want to claim that money back. Your prized, high-item books .. $5 each .. that's probably what value they'll put on each one to get their money back .. a comic book is a comic book to anyone who doesn't know the different values, right?

 

Your stock AND personal comics will be WIPED OUT!

 

Let's face it, you've made less money on comics than you've laid-out. You have a minimal wage job to support your lifestyle .. adding a card to the mix is potentially (no real potentially about it) dangerous and irresponsible if you have issues with money and not budgeting etc

 

.. this is not a good move for you.

 

Agree times infinity.

 

This is trouble waiting to happen.

 

What is the interest rate on the card you were approved for?

 

Credit cards are not backed by physical equity. If he defaults on the credit card loan they will harass him via phone calls and mail but I do not believe they can do anything other then kill his credit score. Rack up a killer amount of debt and then go bankrupt - American dream (I know he is in Canada).

 

Right, they can't come take his stuff. Just screw his credit for the foreseeable future.

 

I hope that Gabe knows what he is doing.

 

Based on his posts throughout this thread, I think a CC could spell trouble for him. If he uses it properly, it could be beneficial to him long term (ie, establish credit). Maybe I'm jumping to the wrong conclusion, but I think it will be used to help fund his comic "business".

What I will be doing is building up credit by buying comics and I know what you say I won't buy anything I can't pay off in 30 days or less.

Wait, I forgot to turn my common sense off.

 

Your friend gave you $1200 and you used that to send to the seller on paypal?

Yes to buy the comic from the seller.

Ah. So what about fee's? The $1200 covered everything?

I may have missed it, Gabe, but was this a graded or raw book?

 

What is the interest rate on the card you were approved for?

 

19.99%

Cut it into small pieces the instant you get it. Seriously.

And look up "usury".

Wait, I forgot to turn my common sense off.

 

Your friend gave you $1200 and you used that to send to the seller on paypal?

 

Yes to buy the comic from the seller.

Wait, did he give you $1,200 or $1,950?

"I suggested the idea of getting out of the comic in profit exactly what we invested and he agreed this was fair,"

But it sounds like you didn't invest ANY of your own money in this purchase! Or did you??

Sounds like you said that your friend gave you $750 finders fee on a $1,200 book that he bought through you for $1,950 on the hopes that it might sell later for $3,000 some day?

If your friend gave you all the money for the book plus $750 for you to keep for finding it, then you didn't invest anything in this book.

"19.99%..... I don't intend to get in debt with this card nor use it just yet."

Oh and that credit card.... you are saying EXACTLY what people who find themselves $20,000 in credit card debt say before they get $20,000 in credit card debt.

I'm amazed how many follow this thread

It's a car accident alright

I'm amazed how many follow this thread

and let it drive them

Updates

 

I've been approved and signed up for the visa with a limit of 2k

 

My laptop got fried but I managed to get the files out of it so if you think I'm ignoring you guys I'm not.

 

BB28

 

The comic has been shipped so all I'm waiting for is that my friend is happy with the comic.

 

If you've applied for this, purely to get deals on comics (how stupid of me .. of course that's why) .. what happens when you go over the credit limit? If you go crazy .. expect a knock on the door from people who will want to claim that money back. Your prized, high-item books .. $5 each .. that's probably what value they'll put on each one to get their money back .. a comic book is a comic book to anyone who doesn't know the different values, right?

 

Your stock AND personal comics will be WIPED OUT!

 

Let's face it, you've made less money on comics than you've laid-out. You have a minimal wage job to support your lifestyle .. adding a card to the mix is potentially (no real potentially about it) dangerous and irresponsible if you have issues with money and not budgeting etc

 

.. this is not a good move for you.

 

Agree times infinity.

 

This is trouble waiting to happen.

 

What is the interest rate on the card you were approved for?

 

 

 

19.99%

To echo a previous comment, cut it up! At 20% interest, your monthly payments aren't even likely to bite into the principle.

Updates

 

I've been approved and signed up for the visa with a limit of 2k

 

My laptop got fried but I managed to get the files out of it so if you think I'm ignoring you guys I'm not.

 

BB28

 

The comic has been shipped so all I'm waiting for is that my friend is happy with the comic.

 

Why did you apply for a visa? Credit can be very dangerous!

 

I didn't they kept bugging me about it

.. as they do, when they want business. Gabe, I'm out. Good luck.

I approached the buyer to ask if he wanted to split $500 (me) and $700 (him), so a 42/58 split, to purchase the $1200 book. He asked what I'd be selling the book for after the purchase, I said around $3k in the future. He decided there was a win win situation for us both as he wanted the book. The max profit I could earn at selling it for $3k down the road was:

(3000-1200) * 42% = $756

So based on your future valuation of the book to be $3k in the future he paid for the book in full and paid you a $700 bonus ($1950 total), essentially paying full market value for the book.

This would make sense, it's worth paying full price for a book if you think it's going up. And if he thinks there's future value in the book, he'd rather own it outright and have rights to 100% of the future profit based on market increase.

So instead of paying $700 and having an immediate profit of $406 (58% of the immediate $700 profit) absed on the original agreement,

he chose to:

Spend $1900 and have an immediate profit of $0, but 100% of future profit.

If the book became worth $3k then he would have profited $1044 (58% of the total profit of $1800 ($3000-$1200)

Now if the book becomes worth $3k, he profits $1050 ($3000-1950), $6 whole dollars more than the old scenario.

BUT THIS IS ALL BASED ON THE CERTAINTY THAT THE BOOK BECOMES WORTH $3000, which is not a certainty.

IN this new scenario he holds 100% of the risk if the book doesnt hit the magical $3k value.

Why would he take the additional risk, and thow all of his potential profits to you for a finders fee ($750)

It doesn't make sense. Also a $750 finders fee is what 62% of the purchase price, or almost 40% of the market value? Does anyone pay that kind of finders fee?

What happens when the book doesnt go up enough in value?

So he offered to send me $1950 goods and services. This put the required funds in my PayPal balance. I then sent $1200 to the owner of the bb28.

P

This is the first time you've used the phrase "goods and services".

Was this an all cash (via paypal) transaction? Or is he sending some "goods and services" as part of the $1950 value? And what are those "goods and services"??

Maybe I am "slow" but I am still trying to understand the nature of the deal on the BB#28.

 

Gabe, you made it sound like you bought the book outright on your own. We learn this is not the case.

 

So, what we know now (and correct me if I am wrong), you put in $500 of your own money.

Your "friend" puts in $700. This = $1200 bucks for the cost of the book.

 

Side Question: How did your "friend" pay the $700? Did the "friend" pay directly to the seller or did the "friend" give you a wad of cash or Paypal it to you?

 

The BB#28 arrives and you say this:

Pics will come tomorrow as I need to ship the comic tomorrow anyway.

 

Ok, so you now have the book in hand and now you are shipping it to someone else. Who are you shipping the book to? Are you shipping the book to your friend who paid the $700 or a different/new buyer? If a different/new buyer, how much did it sell for?

 

 

 

Originally it was supposed to be a split purchase but my friend decided to buy all of it and give me 700 as a thanks because how it would have worked it I would have gotten exactly what I invested as profit since I like to make things fair and he agreed to those terms. So long story short the comic arrived, I shipped it to my friend and I have the 700 dollars in my account so I suppose you can say I sold it for 1900.

 

This still isn't clear in my mind.

 

You and your "friend" went in on a $1200 book together. You put up $500, he put up $700.

 

At one point you said something about "unfriending"...is this a real friend; someone you know personally? Or is this someone you know through facebook comic chats? How well do you know this guy?

 

Back to the deal, the book was shipped to you but it took a long time for you to receive it because UPS was "playing games" with you.

 

You receive the book in-hand and now your friend decides he wants to be the sole owner of the book? To do this, he should be giving you $500 just for you to not take a loss. Realistically, you should be given a finder's fee if this is a client...something on the order of 10%.

 

But you say he gave you $700. Is this on top of the $500 he needed to give you to buy you out of your ownership of the book? Or was it $500 to buy you out plus a $200 finder's fee?

 

You say you "sold" it for $1,900...so it sounds like he bought you out for $500 and then gave you a $700 finder's fee. $500 (your initial investment) + $700 (friend's initial investment) + $700 (finder's fee) = $1900?

 

Is this how it went down?

 

 

I approached the buyer to ask if he wanted to split $500 (me) and $700 (him), so a 42/58 split, to purchase the $1200 book. He asked what I'd be selling the book for after the purchase, I said around $3k in the future. He decided there was a win win situation for us both as he wanted the book. The max profit I could earn at selling it for $3k down the road was:

(3000-1200) * 42% = $756

 

So he offered to send me $1950 goods and services. This put the required funds in my PayPal balance. I then sent $1200 to the owner of the bb28.

Prior to funds being transferred, I asked the seller of the bb28 to send a picture with a personalized note next to the book to prove he had it since the price was too good to be true. He did so so we went forth with the purchasing via goods and services.

 

I received a tracking number. I received the book on Thursday. Took a picture of the bb28 and sent it to my friend who should receive it today.

At the end of the day we both come out ahead. I get my max profit quickly. He gets a book at the price that the last 2.5 sold for which had two hole punches in it from a heritage auction recently.

I'm still confused.

At what point did your "friend" decide he wanted to be the sole owner of the book. Had you put up $500 of your own money already?

What was the plan if your "friend" didn't want to be the sole owner of the book? You said the future value of the book was $3K. From others here, it seems the current value is around $1900. Who holds the book until the sale? How long do you wait until you sell? Is the future price placed solely on movie speculation for the upcoming Justice League movie?

So many questions.

If it works out the way you say it did, I'd say you got lucky, but you did very well for yourself. It sounds like you essentially got tomorrow's speculative sales price with very little money up front. If that's truly what happened, don't count on that happening often. It's also tough to tell how savvy this friend of yours is by your accounts. If he's serious about collecting, why would he not just get the book himself and cut you out of the deal to begin with? And why would he just believe your future valuation of the book? If you told me that this classic key that has been desirable for years would suddenly jump 50% in value based on a new movie coming out, I'd say you're very optimistic. It's not impossible, but it is unlikely.

How did the purchase price of the book go from $1200 to $1950?

I'm amazed how many follow this thread

How did the purchase price of the book go from $1200 to $1950?

when his friend decided to "buy out" uchiha's 42% stake in the book (based on the 500/700 purchase price split) for $1250 (paying uchiha's $500 stake, plus giving him an extra $750??!)

his friend ended up investing $1950 to own a book worth $1900 (or so), but owned it outright, as opposed to investing just $700 to own 58% of a book immediately worth more than they bought it for.

I need to find friends like that.

And I really want to know if that $1950 was partially paid in comics (since uchiha said "$1950 in goods and services"), and whether those comics are REALLY worth what they are being valued at....