All Forum Posts by: Rob Golob

If you had done this over the last 5 years, you would be "paying" about 11% annual interest by losing the market gain that the 401k would have achieved.

If you had done this recently - even worse:

Say you took loan last March. Then by July you accomplished buying, rehabbing, financing , and repaying the loan. That loan would have cost you an APR of about 29%.

Certainly, the market could be the other way - but you asked for downsides...

1 Vote

After their response email, I cant believe anyone is making any recommendations other than give the email to your attorney and do as he / she advises.

1 Vote

Assuming $60K over appraisal is actually a great deal???? Appraisal = $40K and offer = $100K is a lot different than appraisal = $2.5MM and offer = $2.56MM.

0 Votes

If legal....

A sign in the 5 yards in question:

"Building and yard provided by ABC Contractors"

2 Votes

Apparently not available on line.

0 Votes

Originally posted by @Account Closed:

Originally posted by @Joe Bertolino:

Originally posted by @Account Closed:

Originally posted by @Joe Bertolino:

I insure several hotel guys that own 60 properties or so. It can be very profitable but it is not a hands off business and I would not consider it passive income.

I don't want to discourage anybody but if it were the cash cow they were presenting in the sales packet, they wouldn't be selling it on the open market.

Well they can't be at all 60, so why even be at one? Why not be sailing, working from home, or on vacation like they probably are.

I am just giving you my 02 cents for the hotel operators I know. They are typically at one property with managers (often extended relatives) running their other locations. Those relatives often live on site. My most successful motel client with 22 properties said he lived on site at one property or another for his first 12 years in business. At this point he has a great life and spends months at a time on vacation at a beautiful flat in Mumbai, but I think he paid a big price to get there. If you think 2-2.5* hotels are cash machines that are easy to operate, you will be in for a rude awakening. I wish you the best, let us know how it works out.

I really do think it's easy to operate. I run an RV park right now and I work about 3 hours per week (granted it took more time to set up, but now that it's set up, I only work about 3 hours per week)... that is why I would get the financials before I buy.

You can go to loopnet.com right now and find 1000s of hotels that have been operating for a profit for quite some time.... it's just a matter of qualifying for the loan and coming up with the down payment. But once I have one, then I will have 2, 3, 4, 5, 6..... 1000, 2000, 6000. I probably won't even rename them.

Not if I can't think of a better name than the Inn & Out. That's stupid.

If you were sharp, you would increase your hours 20 fold to 60 per week and then you would have that hotel down payment in no time...............

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I'd by $5,000 worth of any GM car that has the 3.8L V6.

Lesabre (favorite) Impala, Grand Prix, Etc.

Good for 300K miles and great ride.

2 Votes

@Bradley Behr

Thanks for the correction. I will assume you are correct. My recollection was from when I was offered COBRA many years and i'd bet my recollection was off (By abouit 30 days.......)

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In purchasing our personal residence in 2012, we made offers on 2 different houses (at different times) and low and behold, same feedback from Selling Realtor.

First one was real and we'll never know about the second one. We got #2 for 3+% over listing. (Shhh - don't say anything, but my wifr would have gone MUCH higher.....)

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No one has mentioned it so perhaps the laws have changed, but it used to be (Still?) that you could opt for COBRA.

Basicaly, that means you continue the coverage as it is now with your employer but you pay the full premium. The amount that the employer paid for your coverage.

A neat little trick is to NOT accept the coverage for the first 89 days after separation. Then if you have no claims, move on to other coverage at day 90. If you do have claims in excess of the 3 months COBRA premiums, you can back pay and have the coverage back to the date of separation.

No legal advice given and I have no idea if this is still the prevailing policy / law.

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All Forum Posts by: Rob Golob

Rob Golob has started 15 posts and replied 80 times.

Post: Using 401(K) Loan to finance first property

Post: Renters her deducting security cameras and monitoring

Post: Offer for $60k Over Appraised Value

Post: Triple problem; Builder, renters and the HOA

Post: LED Light bargain

Post: Does anyone see anything wrong with this plan about buying hotels?

Post: If you were going to drop 5k on a car what would it be?

Post: Getting Ready To Quit the W-2 and Go Full Time REI - What Are You Doing For Health Insurance???

Post: "Multiple Offers" are Realtors Blowing Smoke?

Post: Getting Ready To Quit the W-2 and Go Full Time REI - What Are You Doing For Health Insurance???