All Forum Posts by: Toby Munk

I bought lots 12 miles from Breckenridge in the past.
Land loans are best done with a local banks that understands the market.

I would expect 20% down from a bank. You will have to prove solid credit at this point.

Colin,

real estate is much more than a 9-5 job. More like a 6-9 job.

Also the fact that you were almost good enough to become a pianist tells me you must be intellectually fit.

In my opinion real estate investing or the job of a real estate agent is not very intellectually stimulating.

I think having money is not the solve it all solution. If you want to have problems you will generate them even if you are a billionaire.

Well compiled time line. Thanks for the link.
It would be interesting to know how banks are valuing portfolios with the credit markets being frozen.

I would assume that they will continue to spread losses out over the next 12 months to have time to re-capitalize themselves.

Revinv,

thanks a lot for your reply. Here an update.

Posted 3 days to pay or quit. Result ... nothing.
Went to the court and files a FED.
Have a court date this Wednesday.

Tenant and landlord are working on a settlement.

Will keep you posted.

Toby

Found an auction that is going to be held tomorrow in Chicago. They had Cumaru which is a good wood but a lot more "splintery" then Ipe.

They told me they expect prices to be $1.25 or so per LF. That with the fact that I would have had to drive 1126 miles to get there and a winter storm hitting overnight made me stay.

I think I can get $1.4 / LF in shorts in Texas and can schedule my drive when I have time.

NOT Legal advice.

What the law requires and what you do are two different things. The tenant breaking the lease I think puts you on higher ground.

I would send them a final bill with the rent due and the security deposit due to them when bills are paid. If they pay April at least you have the 2 months that it normally takes you to re-rent.

I can not imagine them filing suit when they broke the lease. They will get their money when they deserve to get it. They broke a contract not you.

Hope you rent it quickly so they can get their deposit. But I would tend to be prudent.

Have a look if NAR (National Association of Realtors) publishes any of the state by state data. They should have access to the data via the MLSs they run.

Whether you can trust that real estate data is another issue.

Is it correct that real estate taxes in Florida are 2%-3% of property value?
That is like a second mortgage.

Here in Aspen you can own a place that costs maybe $7m and pay $5k to $8k in taxes.

The tax liability itself would make me hesitant to buy in FL. But it would be a second home for me.

If you invest on trust you are doomed. A Realtor(r) has a duty to go by the code of ethics of the NAR. If he enters into a buyers agency with you he also has a fiduciary duty vs you.

But trust has no place in an investment. Do your own due diligence and trust in your ability to find good investments.

I think I am trusted by my clients, but I do not think they buy BECAUSE they trust me. They buy because they want to own real estate and I find them good deals. They look at the data I present and analyze the market.

They do not blindly trust my recommendations.

Ok it probably was a run on the bank at Bear Stearns. But the CEO saying just days ago everything was fine?????

If I was a share holder and my holdings just took a 40% one day hit I would be looking into that. He is going to have a class action suite that alone will bring the company to its knees.

That again will make it very tough to sell the company to another bank. Basically it will be run into the ground before somebody will take it on at 2c on the Dollar.

Price target $7-$9 before a company sale.