All Forum Posts by: Stu Holbrook

It has been a few weeks, has anything interesting or potentially amusing happened here?

My experience with sec8 tenants is a bit different. I think it is a bit of an overstatement to say they have nothing to lose. On the upside they are subject to inspection to maintain their benefit. To pass the inspection the place needs to be clean, no mold on the window sills etc.. In a way, renters in general have nothing to lose, regardless of screening some tenants will be vexing. Sec 8 tenants are less likely to pick up and move on, moving is too expensive and difficult for people that are on fixed incomes and have disabilities. I have found that often they consider the rented space home whereas some professionals view the rental as temporary and let things go believing that if it gets bad enough they are out of there.

Your seller has been avoiding you for 11 months. He has been unable to work out a reasonable course of action with his banks and seems likely to be upside down on the financing. There is no reason you should pay for his poor judgement with your cash.As Joel states approach the note holders and at this time get your finance options in place so you have ready funds to make the purchase. Also the note holding banks would rather sell at a discount to you than risk a really weak auction, proverbial bird in the hand. They are also likely to accept less as the auction date approaches.
In your shoes I would probably get my finances in order and go to the auction. To heck with your seller and to heck with the banks, let them fight it out over what he owes them. If the bidding at the auction gets hot and the price reaches $158K then this is really bad advise, but from the numbers you quote seems unlikely. Take it from me there is a lot of property available at a discount these days.

Thanks Mike, I took a look, Tiny Texas designs remind me of the old Frontierland at Disneyland, a real wild west feel with the corrugated metal roofs and the interiors. I think the Tumbleweed Tiny Homes have a wider appeal. Since my last post I looked into cottage design via architects, <1300 sq ft, contractors given latitude will render the project over priced it seems. The kit homes seem to be about 25% the total cost in materials and labor. Still looking for feedback regarding manufactured/mobile homes.

Recently I have become excited with finding affordable options for comfortable and practical living. Tumbleweed Tiny Homes jumped out as did designers like Ross Chapin Architect. I think the growing demographic of older Americans, empty nesters and other individuals and couples would be thrilled to not have to rent, share space, or pay larger utility bills and maintain a space larger than needed. I am coming at this as a land owner. I have lots all over the U S - my question is this , how truly affordable are they? How do they compare to top end mobile homes for example?

Time is money as well. Maintaining 2 houses now is fine but over time you will face larger construction issues and not just from major incidents but from normal use. If you have more properties will you still do the work yourself? Would you want that life? I truly think you should consider a plan to use a land management co. or likely better in your case -farm out the maintenance to a third party. That way you can still check on the properties but not be a slave to them, you are only young once. Ambition and a work ethic are virtuous but protect your time, spend some chucks of time and money now while you are in your 20's and without children or other major responsibilities. In the long run it is healthy to have quality time with your loved ones- for mind, spirit and the relationship.

I have issues with the entire insurance industry, so I will refrain from commenting on it. Every real estate deal is a gamble and has the potential to have a "mess" become time consuming and expensive. Quitclaim deals tend to be cheaper but also more problematic. My point here would be, like all business, its a numbers game. If quit claim is key to your business model and we know most deals are more or less OK, then volume is key. With enough deals in the pipe the big mess is a business expense. OTOH, the consumer or small investor cannot absorb the cost and would avoid quitclaim deals for that reason.

Next time you go to your friend's house bring a folder with you with whatever in it, ask the carpenter what he plans to do. Remind him you can virtually solve his current financial bind. He may believe that when he finishes his next job, or your friend's, that he can rescue the situation at the last minute. The nature of contract work is that money comes in lumps, my friend calls it porterhouse or peanut butter. Let him know that his situation seems stressful and that your first choice would be to work with him and not the bank but that you do intend to bid at auction. Lastly, if he is prepared to lose the property then highest bid at auction won't necessarily clear his debt. Most bidders are investors that want the property at a fraction of its value so they can make a profit, as the bids approach market value you may find yourself as last man standing. This too is more stressful for you in that it is a roll of the dice. In any event, this situation is not really that odd, people go into denial and kid themselves all the time. There seems to be a very good chance that you will own that parcel one way or the other. Right now people are being tight with their money and this works in your favor.

Jerry Planek - please let us know what happened here, the story seemed to be getting good.

All new electrical to code, roof, bathrooms, finish work inside and out with added landscaping and walk way, and this is the short list.If you buy this please do it right and go green with 21st century technology - use passive and active solar when construction occurs, use every energy saving option available perhaps add a solarium or greenhouse while your at it. In the end you should find a buyer for the best house on the market. The house will cost less in energy year round.