All Forum Posts by: Toby Munk

Interest only loans are the best!!

Just think of it this way. If you preferr to have a 30 year amortized loan, go to one of the online tools, calculate what your payment would be over 30 years with the interest only interest rate and pay more every month.

It gives you the flexibility to stop making that principal payment if need be and only pay what you have to.

It is a free option to reduce your cash flow in times of need.

Now the trick is that the int only loans might have a slightly higher interest rate, not much but maybe 1/8th

I think it is worth it. Should start a thread on this topic alone. Real Estate lives from having free options.

Check zoning and make sure yuou can drill a well. Without water you will be in real trouble.

So a street or dirt road onto or through the land will help to get the drill rig there.

Do you have any savings? There are expenses associated with becoming an agent. Even if the company sponsors your real estate license you will still need to pay your Realtor dues, E&O insurance, MLS fees (I think there might not be an MLS in NYC).

You will need to drum up business and if you do get a listing you will need to advertise etc..

So thinking that you start and make money in your first year is probably not what is going to happen.

Tim,

the "where" to get it is actually not the problem. The stuff is just very expensive. 1x6 go for $2-$2.5 a linear foot.

The question is where to get it cheaper? If that is possible at all.

So my 1000 sqft deck surface will set me back $4400 or so. Plus the sub-structure, concrete footings, railing and I will be closer to $6500.

I will do the work myself in the off-season (Mid-April to May).

Toby

I will have to make a few call on Monday. The best I have found so far was $2 per linear foot of 1x6 material IPE.

That would come to about $4 per sqft. Not quite the deal I was looking for.

If the auction source does not work out because they don't have anything for sale in the next month or so I will need to go the traditional way.

But if anybody has a source that sells it cheaper than the above price please let me know.

Thanks for all your help.

25 cent a foot of 4" that is a great price. Unbelievable price. Yes you are right, teak or ipe, would work.

Any idea where these building material auctions are advertised. I would drive up to 500-750 miles to pic up the stuff. So quite a big radius around Aspen.

I think that link is broken, what is the correct URL?

Its........ Toby Wan Kenobi
May the force be with you REI investors.

Sometimes it feels like a little bit of that remote throat grabbing action of good old Darth would come in handy with unruly tenants and unmotivated real estate clients ;-)

That is impressive, now when does one get to be a "fanatical poster" Is that after 250 posts? I think they should create many more of these categories, where you can reach a new one after every 50 or 100 posts, would just increase the fun.

But ultimately it is not about the # of posts but the quality.

If its a newbie and posts wrong telephone number should that not be altered by the moderator?

But just shows that land loans are a hot button issue. I would have need for a guy like that. Just re-financed my land after a 5 year fixed rate. Got Prime + 1% float but with a 6.5% floor, so I am bottomed out.

Any suggestions?

I am looking to add a teak deck to my single family home in the spring.
The surface area is about 1000 sqft.

Does anybody know a good source for teak planks? Obviously looking to buy quite a bit of area and there should be a wholesale deal somewhere?

Other tip are also appreciated.