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      05-20-2012, 05:35 PM   #1
vzm3
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      05-20-2012, 05:51 PM   #2
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good so see such another young guy doing big things. I'm actually looking for another rental property to purchase soon, will be looking at the bank as well for some help. So i'll see how well that goes.


Lose the car, and finish what you started. You will feel much better. As they say "it's just a car" or so I keep telling myself since I sold the e46M to free up some cash.... lol
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      05-20-2012, 06:10 PM   #3
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Originally Posted by IFX View Post
good so see such another young guy doing big things. I'm actually looking for another rental property to purchase soon, will be looking at the bank as well for some help. So i'll see how well that goes.


Lose the car, and finish what you started. You will feel much better. As they say "it's just a car" or so I keep telling myself since I sold the e46M to free up some cash.... lol
Thanks for the kinds words & Good luck on your property. I am in the same boat, I don't want to regret selling it, but if I must...
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      05-20-2012, 06:25 PM   #4
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First congradulations on your business endeavour, looks like you have a good head on your shoulder. I further think your are on the right track on selling your car. You will of course take a hit on the sale. Once you settled your business issues there will be plenty of time for you to get back into an M3 or similar car of your dreams.

Since your car is one of the last sedans produced, you should have no issue to get a good price for it. I assume from your post you do own that M3 outright.

Here is what I would do if I was in your shoes.

1) I would contact the dealership were you purchased the car and have a heart to heart with the manager about your situation. Let him know that once you have your business situation sorted out you would be back in the market for a new M3. See if they take the car back and pay your price.

2) I would adverse it privately at the same time.

3) I would put a good add up here in the ///M3 sales forum section.

Best of luck to you and I hope all works out for you.

Rolf

PS. When I had to make difficult business decisions (I had my own business for 22 years) I always made a list of the pros and cons on what I was about to do. It never let me down. The outcome was always the right one. Good Luck again!
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      05-20-2012, 06:41 PM   #5
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Man, I'm really sorry you have to go through this. That's such a shame...

Good luck with your sale, and I agree with Rolf. See if the dealership can help you out in some way. I'd tell them you'll buy a new M3, as well as buy your wife a BMW from their lot when everything works out.
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      05-20-2012, 07:07 PM   #6
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I don't know the whole detail about your contract with the place where you wish to lease/rent for the business, but how is that legal for this guy to ask for something additional assuming you guys had signed an agreement already(didn't you, if not, how did you start all the preparation/renovation?). You might want to consult your lawyer or someone that knows better.

at certain points in our life, we need to sacrifice one thing for another. You might regret it or you might not, but always believe in yourself that your hard decision will lead you to a better position/situation/place. Good luck and I wish you success.
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      05-20-2012, 07:29 PM   #7
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I think you need to find a new lender, period.

In most states the rate he is charging in usurious and illegal. In fact, even my credit card rate is less than 20%.

Please tell me you have an attorney representing you in these transactions. Too many people are Pennywise and pound foolish.

Good luck.
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      05-20-2012, 09:21 PM   #8
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Originally Posted by Alter Peter View Post
First congradulations on your business endeavour, looks like you have a good head on your shoulder. I further think your are on the right track on selling your car. You will of course take a hit on the sale. Once you settled your business issues there will be plenty of time for you to get back into an M3 or similar car of your dreams.

Since your car is one of the last sedans produced, you should have no issue to get a good price for it. I assume from your post you do own that M3 outright.

Here is what I would do if I was in your shoes.

1) I would contact the dealership were you purchased the car and have a heart to heart with the manager about your situation. Let him know that once you have your business situation sorted out you would be back in the market for a new M3. See if they take the car back and pay your price.

2) I would adverse it privately at the same time.

3) I would put a good add up here in the ///M3 sales forum section.

Best of luck to you and I hope all works out for you.

Rolf

PS. When I had to make difficult business decisions (I had my own business for 22 years) I always made a list of the pros and cons on what I was about to do. It never let me down. The outcome was always the right one. Good Luck again!
Thanks for taking the time to give me your advice, am going to contact them to see what they can do for me... although it would not be my first choice I understand that I will be able to get another M3 in the future should I have to get rid of this one, although not mine
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      05-20-2012, 09:23 PM   #9
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Originally Posted by I M STIG View Post
Man, I'm really sorry you have to go through this. That's such a shame...

Good luck with your sale, and I agree with Rolf. See if the dealership can help you out in some way. I'd tell them you'll buy a new M3, as well as buy your wife a BMW from their lot when everything works out.
Thanks!! Our rep is well aware that my wife is crazy about ordering an M5 when the business takes off! Hopefully if It comes to it, it will help my case
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      05-20-2012, 09:25 PM   #10
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Originally Posted by py0413 View Post
I don't know the whole detail about your contract with the place where you wish to lease/rent for the business, but how is that legal for this guy to ask for something additional assuming you guys had signed an agreement already(didn't you, if not, how did you start all the preparation/renovation?). You might want to consult your lawyer or someone that knows better.

at certain points in our life, we need to sacrifice one thing for another. You might regret it or you might not, but always believe in yourself that your hard decision will lead you to a better position/situation/place. Good luck and I wish you success.
Well, my mistake was taking his word for it in advance without anything in writing, we began the renovations with my own money, he definitely made things complicated for me, I truly hope and believe that in the end everything will work out for the best!, thanks for the kind words!
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      05-20-2012, 09:29 PM   #11
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Quote:
Originally Posted by bsiciliano View Post
I think you need to find a new lender, period.

In most states the rate he is charging in usurious and illegal. In fact, even my credit card rate is less than 20%.

Please tell me you have an attorney representing you in these transactions. Too many people are Pennywise and pound foolish.

Good luck.
Trust me, this is something I would LOVE, it's just not easy to get a lender that is able to help. I do have an attorney but unfortunately since it would be a private deal, there is no restrictions as far as interest is concerned. Although I do agree, it is a lot of money I a, looking at the long term return I will receive from the business.
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      05-20-2012, 09:35 PM   #12
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I was in the same boat and it was humbling to own a successful engineering start up and drive a stock 96 integra with 170k in my 30's (my wife always said 'this car would be cool... If you were in high school') but I waited until it stabilized and built capital for growth and then rewarded myself with the M. Sell the car, when you buy the GT3 RS outright 2 years from now you'll look back and laugh at struggling with this decision. You're young dude, keep working hard and being successful, dont jeopardize your future financial independence and marriage over a car. I know, easier said than done. Sincerely wish you the best with your situation!
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      05-20-2012, 09:43 PM   #13
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Something is not right here. What sepcifically was stated, agreed and signed on the contract? Your post implies that u were unaware of percentage of profit sharing. Did you agreed to a partnership? It doesn't seem like it. Lender's action may be outright illegal. I would get a business contract lawyer asap.

Hopefully you dont have to sell your m3.

Good luck.
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      05-20-2012, 10:07 PM   #14
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I assume from your post you do own that M3 outright.
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      05-20-2012, 10:41 PM   #15
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Go to lending club to see if they will accept your loan. The acceptance rate is low but if you pass the screen, your loan will be put out for financing by investors, Given that you are willing to pay upto 30% APR and you state that you have excellent credit, you should be able to get financed.

As part of the screening if you can demonstrate that your IT business is meaningfully cash flow positive, with predictable income (i.e you have signed contracts with customers to provide IT management services for say 1 or 2 years) and that free cash flow is available to repay your debt, that should provide prospective investors with the comfort to finance you.

However, selling a depreciating asset (your m3) to build a business that, hopefully, will grow, generate cash flow and income for years to come is not a bad trade. The m3 is a good car but there are a lot of great cars out there and they will be available for purchase in the future as well when you are in a position to start buying again.

my 2 cents

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Originally Posted by vzmartinii View Post
Ok , this is not an easy one but if it must be done it must be done.

Ok, here is the story:
Last year I founded an IT /Server management company. It was first venture and required little star up, this made the purchase of my new M3 last November possible. I placed the order sometime in July and It was produced either the last or 2nd to last week of e90 m3 production.

It's a real great sense of accomplishment when you are 20 and are able to buy your own M3 of a business venture and risk that paid off. Steady making a good income, I saved a little over $140,000 to start up a local indoor / outdoor paintball field, (it's in me, to always want more, and challenge myself, I have always believed that these kinds of things were never easy but if they were, everyone would be doing it). According to the BP and calculations I needed about an extra $90,000 so I had my grandfather help me out with $25,000 and a lender with the remaining $65,000.

We leased the building and space, we started construction when suddenly, when I go to meet with the lender he now says that in addition to his 20% ($16,250 in just a six month period) he also wanted a percentage of profits for the first 5 years!!!!!!!!!!!!!??????????
After receiving plenty of advice it was clear that this guy was trying to take advantage of the situation.

So now, we are short $65,000. I have been under so much pressure lately because it's either I find the $65,000 yesterday or the whole thing goes down and I lose all of my money, this is something I could never live with!
As if that was not bad enough, this is also coming in between my marriage.

Although our credit is super strong, banks are not really willing to do business loans on new ventures, unless you are a major franchise like McDonald's! I have asked over and over for loans, we have a beach condo in Fort Lauderdale that we own outright that we can use as collateral as well as provide up to 30% APY for a 6 month loan. Unfortunately nobody has been able to help me out.

I was suggested to sell my M3 which I would hate, but at the end of the day I have to make the best business decision. Here is a picture of my car at a meet a few months back in Miami.

If anyone has any suggestions for me or my business our you would like to send me an offer on my car please feel free to do so here or via PM,

Thank you very much for taking the time to read this, I hope I can find a solution to this problem soon!
About my m3:

E90 AW 2011 M3
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      05-20-2012, 11:09 PM   #16
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Hey buddy. I got a friend in Florida that could help with the property loan. I believe the cost would be approx 2% point upfront and rate would be from 12%-20% max. LTV on the property could not be more than 50%.

Send me a PM if your interested. I'll give him a call tomorrow and see if he can give you a lower interest rate.

He a real estate broker in Miami.

Carlos

PS. If you have no other option than go ahead and sell the car.
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      05-21-2012, 02:53 PM   #17
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Originally Posted by M923 View Post
Something is not right here. What sepcifically was stated, agreed and signed on the contract? Your post implies that u were unaware of percentage of profit sharing. Did you agreed to a partnership? It doesn't seem like it. Lender's action may be outright illegal. I would get a business contract lawyer asap.

Hopefully you dont have to sell your m3.

Good luck.
My mistake was exactly that, I all the lending talk was just that "talk" nothing was done in writting :/
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      05-21-2012, 02:54 PM   #18
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I assume from your post you do own that M3 outright.
Yes I do, which I guess make this even worse for me since I was so happy to get the title
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      05-21-2012, 02:57 PM   #19
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Originally Posted by Ben Choad View Post
Go to lending club to see if they will accept your loan. The acceptance rate is low but if you pass the screen, your loan will be put out for financing by investors, Given that you are willing to pay upto 30% APR and you state that you have excellent credit, you should be able to get financed.

As part of the screening if you can demonstrate that your IT business is meaningfully cash flow positive, with predictable income (i.e you have signed contracts with customers to provide IT management services for say 1 or 2 years) and that free cash flow is available to repay your debt, that should provide prospective investors with the comfort to finance you.

However, selling a depreciating asset (your m3) to build a business that, hopefully, will grow, generate cash flow and income for years to come is not a bad trade. The m3 is a good car but there are a lot of great cars out there and they will be available for purchase in the future as well when you are in a position to start buying again.

my 2 cents
I have tried this what keeps hurting me is that I have had my credit ran so many times, my score is pretty good still (779+) but it has received about 15 inquiries throughout this process which now makes it so hard to get anything
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      05-21-2012, 02:58 PM   #20
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Originally Posted by cmk227 View Post
Hey buddy. I got a friend in Florida that could help with the property loan. I believe the cost would be approx 2% point upfront and rate would be from 12%-20% max. LTV on the property could not be more than 50%.

Send me a PM if your interested. I'll give him a call tomorrow and see if he can give you a lower interest rate.

He a real estate broker in Miami.

Carlos

PS. If you have no other option than go ahead and sell the car.
Thanks Carlos! PM Sent
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      05-21-2012, 03:39 PM   #21
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It would be a smart decision for you to sell your M3 in order to save your business. Years down the road you might be kicking yourself for being foolish enough to let your business die just so you could drive a nice BMW instead of a beater for a few years. If your business is successful enough, you could buy yourself a $200k car and still own an M3! The guy that wants a cut from your profits is a douce, you should hire an attorney.
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      05-21-2012, 03:43 PM   #22
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Originally Posted by vzmartinii View Post
Thanks!! Our rep is well aware that my wife is crazy about ordering an M5 when the business takes off! Hopefully if It comes to it, it will help my case
In that case I wish you all the best and I truly will pray that your business sky rockets and you can get an M5 for your lovely wife.

I suggest go for ED (European Delivery) and enjoy a nice ride on AutoBahn and take your wife to Italy via Austria.

Good luck with everything. remember business will get you 10 more M5 so take your decision with sound mind.
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