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All Forum Posts by: Shanti S.

Shanti S. has started 5 posts and replied 187 times.

Post: Headed to the Amazon - anyone been there?

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

Bring some good bug dope, the orange 100% deet Ben's stuff is good.

They have these little blackflies they call borrachudos (bow-ha-shoe-dose) that you can't even feel biting you so a bunch will get your legs before you know it. Then you immediately develop blood blisters at the bites and the itching is maddening and lasts for days. People who can't stop scratching may get infected.

I'm envious, can't wait to go back to Brazil and hope to invest there someday soon.

I was planning on bringing a new laptop next time I go and selling it when I get there - last time I was there electronics were selling for about triple what we pay here, so I could have paid for my trip by flippin' a laptop.

(edit) Oh! and make sure you try an atemoya - it's a little green bumpy fruit that you can't generally get here. Amazing, they tasted like custard. I thought mangoes were the tops until I got me some atemoyas :-)

Post: Selling my property via owner finance - How to Get it Done?

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

12-15% seems high to me too, but is used for mobile home loans - John didn't say what the value of the property is here - if it's a $40k property then the interest wouldn't be ruinous.

Are you also expecting to amortize the loan over the 2-3 years only, or are you planning on requiring a balloon payment then?

Post: Please define SUB2

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

Jon I'm curious why you think banks will eventually want to start exercising the due-on-sale clause?

Seems like very few sub2'ers would be able to satisfy that clause, even though they are at the same time quite able to make the payments in a timely manner, earning the bank their interest on the loan.

Post: Mobile Home Investment

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

Off the top of my head, I don't see you factoring in maintenance costs, management (pay yourself something in your calculations even if you don't plan to pay a manager, never know if you might get sick of the job and want to have someone else manage it), a vacancy rate, and an accurate insurance number?

If you can't get that section 8 deal, what are other standard tenants paying for similar homes?

I've never been involved with MH's either but I think they're valued sort of like cars - there's a blue book of some sort to give you a starting point of value...I'd want to know the going rate for a MH of that vintage - $24k may be very generous

Post: Homeowners can't do their own work. WHAT?!

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

Wait 'til you have to show your contractor's license to purchase a roll of romex or some plumbing pipe haha :-)

Post: Mold Question

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

I believe Ozone Generators are often used to kill and control mold problems, without adding additional moisture.

Not affiliated, just the first link I found, for some reading:

http://www.jenesco.com/

Post: Buying Property with Cash with Intention to Refi

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

That really depends on the refi lender. A local bank that does loans in-house can do anything they want, others may have different conditions for title seasoning. Find a lender (or several) you can work with that understands what you're doing and agrees ahead of time that you're not going to have trouble doing the refi you want with them.

Post: no recession for the Feds!! What a great comparison

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

I did see this back in Dec and was horrified - I don't have a problem with anyone making $70k or $170k as long as they are producing earnings or savings in multiples of that for their employer.

But the 1 --> 1690 of $170k+ transformation at the DOT, if true, is the most shocking part of the story - it's like a mob looting the city before it burns!

Quote from another source:

"Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession's first 18 months — and that's before overtime pay and bonuses are counted . . .

Defense Department civilian employees earning $150,000 or more increased from 1,868 in December 2007 to 10,100 in June 2009, the most recent figure available.

When the recession started, the Transportation Department had only one person earning a salary of $170,000 or more. Eighteen months later, 1,690 employees had salaries above $170,000....

Private-sector employees could be forgiven for thinking that state and local government is a racket. In the private sector, you can do your job well, for a well-established company like Circuit City, KB Toys, Lehman Brothers, Saturn, or Gourmet magazine, and suddenly find yourself without a job for one of many reasons: changing consumer habits, a dramatic drop in revenue, new competition, reckless management decisions, or just bad luck. State and local legislators face possible job loss once every two years at most, and gerrymandering and the benefits of incumbency ensure its rarity. And when the governing classes want more money, they just demand it from those they govern.

But we'll soon have them in charge of health care! "

Post: I'm Never Going Camping For The Longest Time

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

I used to go winter camping in the mountains, in temps way below freezing.

It was only fun because 1) I was there by choice and, 2) I think I got off on the fact that I was out there for a few days and was alive with all my extremities intact, and 3) hot shower and couch and stuff when I got home was like a religious experience!

Post: What would you do with the money??

Shanti S.Posted
  • Real Estate Investor
  • Longmont, CO
  • Posts 208
  • Votes 109

Congrats on your early start, Brian. I second and third the need to have reserves - if something gives out on your rentals, your own property, or even your car dies or something you need to not be sweating your mortgage payments and risking your credit.

That does seem like really low rent for a house - not something that would cash flow. Couldn't you rent a trailer for about that, at much less acquisition cost?