<< <i>Well after reading everyone (almost) say sell the silver, I'm glad I got out in front of the herd last week. >>
huh?
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Lakefront property was all the rage from 2002-2008. I live on a 1x1/2 square mile lake development with a couple hundred homes. I've seen the lakefront property triple in price and now fall back about 30-35%. It's a great area and we get demand 150 miles away for people looking for a 2nd summer property. But I've seen a number of these goon the market the past 2 years and they've been very slow sellers. I have all the same rights as these with waterfront property just not the dock and views. I'd bet 30-50% of these summer owners would sell their properties if they could get something closer to "yesterday's" price (ain't gonna happen). My brother is a private RE agent and he succumbed to buying an investment property in Daytona Beach. He's regretting that these days. The less extra homes you have, the more mobile/flexible one is.
When my son was from 6-10 yrs old we spent a ton of time at the park on the jungle jim and swings, playing baseball, and best yet, playing in the pond 1/4 mile behind our house. We collected pollywogs, frogs, fish, turtles, etc. Those were the good times and it didn't require a 2nd property to enjoy it. Is Chicago area property a new hotbed of activity? I would have thought Illinois was one of the top ten ground zero states when it comes to future financial issues.
I also went through that "fast" car phase when I was 37 until I was 49. Didn't have a Corvette but I went through a slew of muscle mopars from the 60's and early 70's including a coulple of roadrunners. It took a lot of time but was a blast doing it with my wife. But in hindsight a lot of that time was spent to the detriment of many other things that were far more important financially, economically, and professionally. There was no real payout for that period other than "fun", as it was just burning money. Those cars are all long gone as it was time to lighten up and batten down for today's times. I also discovered that the cars weren't all that important to me in the end. A lot of it was impressing others, even if on a subconscious level. I'd also concur with dumping the Vette as collector car prices are still floundering and will be for some time. Modern muscle just depreciates until things fall down to the mid or low $20K's. And if you run the miles up too far on those cars, a good resale value is much more limited. The day will come when you will probably say, yeah...should have gotten rid of it a while ago.
Waiting 3-4 yrs for real estate to get a little more attractive is not that big a deal imo. Your son will 7-8 yrs old, an age where things will be more remembered than what happened at ages 4-5. I used to go on week long beach outings with my family every summer from ages 4-14. I don't recall hardly a thing about those trips before age 7 other than our dog Sandy chasing the old '59 Mercury wagon down the street as the family "abandoned" her to a housesitter for a week. The ages of 7-12 still give a lot of time to play on a lake and your son will be able to keep up with the old man on the more demanding activities. Good luck in whatever course you choose. >>
Your posts are always informative.
But this one was especially interesting and very insightful.
Keep up the good work!!
"Gold is money, and nothing else" (JP Morgan, 1912)
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
Put an offer in on a property this afternoon. Will know by 5pm tomorrow if its a go. Stretched a bit more than we had planned....but for a much nicer place. Ask was 70K, we offered 60 firm. Its a 2011 park model trailer home on a 150 x 25 lakefront plot. Includes 2 boats, a brand new 10 x 10 shed, a fantastic firepit with patio, and all utility hookups. Wish us luck!!!
Well, it was pretty clear all along you had your mind made up!
I can get with that. Lots of my decisions are based on complexities far beyond the hard calculus. And this one--unlike some of those decisions--doesn't sound like it has a terrible downside for you, even if things don't pan out as envisioned.
The trailer is basically a luxury camper. Retail is $30K. Probably pull it off the lot for $28K out the door, but thats just strictly a guess. The lakefront plot that it sits on is easily a $25K lot if totally vacant. But with the new shed, fire pit/patio, seawall, and boat dock with 2 small boats, it is well worth $30K. Our offer of $60K cannot get us hurt. Lakefront property, 2 boats, and a brand new park camper....turnkey for $60K......whats not to like about that???
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Nah, we get the master bedroom. Our 4 yr old loves the loft area, so we'll probably throw a mattress up there for him....its a great playroom as well. Did you look at page 2 of the pics?
Your your familiy, particularly your son and his friends who visit and camp in those bunks and ride in those boats and toast marshmallows around that firepit, are going to share a lifetime of priceless memories. I'm so happy for you, sincerely, and from the tone of my past posts, you know I couldn't agree more with your decision
Kids love bunks beds and loft areas that much I know. Phil, I'm just messing with you. MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Congrats Phil, looks like a good decision for the home/family front.
And really, if you sold those PM's for $25K, you're actually coming out better than you thought because you had less than that in them didn't you?
Enjoy those laid back summer days looking at the water, you need some rest like that sometimes. If I were in a postition to do that don't think for a minute that I wouldn't. You get one trip here on earth, use it to invest in your family.
@ Elite CNC Routing & Woodworks on Facebook. Check out my work. Too many positive BST transactions with too many members to list.
Not a done deal yet fellas....dont jinx me! Owner has until 5pm to make decision. We offered about 14% back of seller's full asking price. In a soft economy and weak real estate market like this, we felt it was a very fair offer......lets see what the owner thinks though!
That looks like a fun idea with little downside risk. Some of my fondest childhood memories were family vacations. I was in Illinois last summer and was fascinated by the fireflies.
<< <i>That looks like a fun idea with little downside risk. Some of my fondest childhood memories were family vacations. I was in Illinois last summer and was fascinated by the fireflies.
Are you ready for their counteroffer? >>
There wont be a counteroffer. I told the realtor that in order to avoid the back and forth dance, we were "all-in" at $60,000. It will simply be a yes/no answer on the seller's part......to which he has exactly 1 hour and 50 mins to respond. If we get it, thats fantastic.....if we dont, thats fine too.
Im gonna go play some poker tonight, and have a bloody mary or 2 to get my mind off of it. Seller told our realtor that its too early to accept an offer that low that doesnt allow him enough of a profit.
I'm sorry it didn't go your way. There maybe a better deal in the cards for you. You have the market on your side.
If he "changes" his mind then offer him $59K and then tell him it decreases by 1K every day after.
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>I'm sorry it didn't go your way. There maybe a better deal in the cards for you. You have the market on your side.
If he "changes" his mind then offer him $59K and then tell him it decreases by 1K every day after.
MJ >>
MJ, I try my best not to take it personally, but its very hard. Part of me hopes he calls back in a month and says he'll do it for $60K. My exact answer will be "im willing to go $58K now, I wanted it for $60K on April 18th."
Keep your offer on the table Geck. He may change his mind.
I think you should lock in a mortgage instead on as much as you possibly can, because when TSHTF, interests will spike and you'll have a lock on a rate. You'll be paying off cheaply this way... If I were making the purchase, that's how I'd do it. But take this advice with a grain of salt.
"Poets are the unacknowledged legislators of the world." PBShelley
I've had a dozen places fall through once I'd made an offer. Some instantly, a few deep, deep into negotiations. I can honestly say I don't regret any of them. Might not mean much to you now, but give it a little time.
They'll come back. If they don't, the lot two lots down with a bigger cabin will sell in a week or a month. Or a year. Or you'll find a place closer with even better amenities. Or your dream house will come on the market for exactly $60k more than you would have had if you bought this place. Mark my words.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last. --Severian the Lame
Vinyl siding and a metal roof! That's a cool RV! You could tow it like a 2-bedroom house and it has potential too. $60K sounds like a fair offer and I assume there would be lot rent right?
<< <i>wht don't you buy alot and get your own trailer seem's like their is a bunch of lots on site >>
Although thats an option, we are pretty stuck on a lakefront lot. There are only a dozen or so lakefront properties up for sale, and almost all have pre-existing trailers on them. The one that doesnt has a "swampy" or "marshy" area from the water line up to about 15 feet inland. We passed on it because of that. If we didnt "have" to have a lake lot, we could buy a regular lot for $5K and buy the same exact new trailer for $30K, and be into the whole deal at about half the price of the one we bid on. But again.....if we are gonna have a summer place thats a 2 hour drive away, we want lakefront.
We will just wait.....save up more cash....and maybe something equally cool, and maybe even cheaper will pop up!
<< <i>Vinyl siding and a metal roof! That's a cool RV! You could tow it like a 2-bedroom house and it has potential too. $60K sounds like a fair offer and I assume there would be lot rent right? >>
There is an association fee. All campsites come with unlimited fresh water, and most have sewer. The lots with both services come with a $1120/ yr assesment fee. There is no "lot rent" as you actually secure title to the land.....you own it. We thought $60K was fair as it basically totals the sum of the parts....$30K for the new camper, and $30K for the lot itself. We are not willing to pay more than the sum of the parts under any circumstances! I dont care how nice a place is...its only worth fair market value.
Good move i would look for other lake front close to your area you got the right plan just don't let it get you in where you don't want to be kids only grow up once and man its fast best of luck
Consider looking in Michigan, if my memory serves me it would be exit 49 for Hartford, take the exit up 5 miles from town turn left at the little store, follow it down about a 1/2 mile and follow the road left (T intersection) go for about 3 blocks and turn left again onto what was a country style road- follow it in any direction you want (pay close attention to the house on the hill with a garage at the base of the hill) cruise to the lake side and have a gander. There were several FF's from Chicago and Indiana that bought in that neck of the woods- it is/was known as Van Auken Lake..and the prices are probably better than a mobile decker home by a long shot.
You get all the wonderful memories with your son, you get to keep 10K in cask , you get to keep 25K in metals and you would spend just about the same when you add all the fees/mortage/maintanace PLUS you dont have to take care of the place.
And add freedom to that.
"Women should be obscene and not heard. " Groucho Marx
Very interesting thread and lots of very sound view points. Thank you all for sharing. I know little about lake front life as I was raised on a small working farm. My father, a scientific mathematical engineer, bought ten acres when I was about five. Then spent the next ten years paying for and putting a house on it.. Then it was a continuous work load to make it work as a farm My family lived way under our means from the time of purchase till 30 years later when things really started paying off.. i didn't miss a thing as far as good times as a kid and wouldn't trade it for anything. I learned that it takes work to get ahead and that lifestyle shaped me down deep.. In hide sight I know now it was a very big leap my parents took. Most every penny and hour of extra time went into that dream and it paid off for us. The neighbors we left behind at the time seemed so wealthy with new cars every few years and dinners out three times a week. Now they are in the same little house living on SS and not very happy.
Quality time with family is the goal, big money isn't really a big requirement for that. There are a lot of years left in your game and someday money will be needed to keep focus on that goal.
I'd be really surprised if you could buy the new trailer for $30K, then the set up etc would be on top of that. Around here I have seen the little 400 sq. ft. prefab cabins going for well over $30k. I only know this because we have been looking for something to put on a lot we have at Lake Livingston.
All things considered, I'm leaning towards rawteam1's and calleocho's opinions. I've come to a point where I consider money as a tool to obtain what I'm after. If you commit a signicant chunk of money, you should expect a significant chunk of return. When you sink it into a recreational property, it reduces your other available options. When you rent, your options remain open and you are not obligated to pack up & spend time at the place as much as possible. I would suggest taking (2) extended vacations/weekends away from home this summer. Nothing beats dipping your toe in the water a few times before buying.
Q: Are You Printing Money? Bernanke: Not Literally
That area looks too crowded, neighbors are too close, a much better place will turn up. Looks to me that someone bought the land and trailer and just set it up to flip for 20k profit, do the same thing somewhere else on your own, make it a nicer set up for less $$., just trying to help---------BigE
<< <i>I'd be really surprised if you could buy the new trailer for $30K, then the set up etc would be on top of that. Around here I have seen the little 400 sq. ft. prefab cabins going for well over $30k. I only know this because we have been looking for something to put on a lot we have at Lake Livingston. >>
Thats the property that we initially wanted.....see my 1st post. The camper is a 2002, but really nice...no prob there. But the land is a mess.......lots of yard work just to maintain, and the last 10-15 feet of land before the water was completely mushy and marshy. So we passed on it.
Thanks for the link, the one we had looked at here was a similar style, I think 10x38, and was over 40K. I've decided for that price I can have something stickbuilt that's bigger. Labor is cheap in Texas, so now we are looking at plans to get something built.
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<< <i>Well after reading everyone (almost) say sell the silver, I'm glad I got out in front of the herd last week. >>
huh?
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Lakefront property was all the rage from 2002-2008. I live on a 1x1/2 square mile lake development with a couple hundred homes. I've seen the lakefront property
triple in price and now fall back about 30-35%. It's a great area and we get demand 150 miles away for people looking for a 2nd summer property. But I've seen a
number of these goon the market the past 2 years and they've been very slow sellers. I have all the same rights as these with waterfront property just not the dock and views.
I'd bet 30-50% of these summer owners would sell their properties if they could get something closer to "yesterday's" price (ain't gonna happen). My brother is a private RE agent
and he succumbed to buying an investment property in Daytona Beach. He's regretting that these days. The less extra homes you have, the more mobile/flexible one is.
When my son was from 6-10 yrs old we spent a ton of time at the park on the jungle jim and swings, playing baseball, and best yet, playing in the pond 1/4 mile
behind our house. We collected pollywogs, frogs, fish, turtles, etc. Those were the good times and it didn't require a 2nd property to enjoy it. Is Chicago area property a new
hotbed of activity? I would have thought Illinois was one of the top ten ground zero states when it comes to future financial issues.
I also went through that "fast" car phase when I was 37 until I was 49. Didn't have a Corvette but I went through a slew of muscle mopars from the 60's and early 70's
including a coulple of roadrunners.
other things that were far more important financially, economically, and professionally. There was no real payout for that period other than "fun", as it was just burning money.
Those cars are all long gone as it was time to lighten up and batten down for today's times. I also discovered that the cars weren't all that important to me in the end. A lot of
it was impressing others, even if on a subconscious level. I'd also concur with dumping the Vette as collector car prices are still floundering and will be for some time. Modern
muscle just depreciates until things fall down to the mid or low $20K's. And if you run the miles up too far on those cars, a good resale value is much more limited. The day
will come when you will probably say, yeah...should have gotten rid of it a while ago.
Waiting 3-4 yrs for real estate to get a little more attractive is not that big a deal imo. Your son will 7-8 yrs old, an age where things will be more remembered than what happened
at ages 4-5. I used to go on week long beach outings with my family every summer from ages 4-14. I don't recall hardly a thing about those trips before age 7 other than our
dog Sandy chasing the old '59 Mercury wagon down the street as the family "abandoned" her to a housesitter for a week. The ages of 7-12 still give a lot of time to play on a
lake and your son will be able to keep up with the old man on the more demanding activities. Good luck in whatever course you choose. >>
Your posts are always informative.
But this one was especially interesting and very insightful.
Keep up the good work!!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Two boats included....thats a real nice perk!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
I can get with that. Lots of my decisions are based on complexities far beyond the hard calculus. And this one--unlike some of those decisions--doesn't sound like it has a terrible downside for you, even if things don't pan out as envisioned.
Neat thread and neat comments here!
Good luck to you.
Here's a warning parable for coin collectors...
The trailer is basically a luxury camper. Retail is $30K. Probably pull it off the lot for $28K out the door, but thats just strictly a guess. The lakefront plot that it sits on is easily a $25K lot if totally vacant. But with the new shed, fire pit/patio, seawall, and boat dock with 2 small boats, it is well worth $30K. Our offer of $60K cannot get us hurt. Lakefront property, 2 boats, and a brand new park camper....turnkey for $60K......whats not to like about that???
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Who gets the top bunk you or Mrs Gecko?
MJ >>
Nah, we get the master bedroom. Our 4 yr old loves the loft area, so we'll probably throw a mattress up there for him....its a great playroom as well. Did you look at page 2 of the pics?
Liberty: Parent of Science & Industry
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
MANY positive BST Transactions
Congrats Phil, looks like a good decision for the home/family front.
And really, if you sold those PM's for $25K, you're actually coming out better than you thought because you had less than that in them didn't you?
Enjoy those laid back summer days looking at the water, you need some rest like that sometimes. If I were in a postition to do that don't think for a minute that I wouldn't. You get one trip here on earth, use it to invest in your family.
Too many positive BST transactions with too many members to list.
i do think the RE market has few declining years left in it and obviously (for most of us here) physical PM's will continue to rise.
if this deal falls through don't get discouraged.
I was in Illinois last summer and was fascinated by the fireflies.
Are you ready for their counteroffer?
<< <i>That looks like a fun idea with little downside risk. Some of my fondest childhood memories were family vacations.
I was in Illinois last summer and was fascinated by the fireflies.
Are you ready for their counteroffer? >>
There wont be a counteroffer. I told the realtor that in order to avoid the back and forth dance, we were "all-in" at $60,000. It will simply be a yes/no answer on the seller's part......to which he has exactly 1 hour and 50 mins to respond. If we get it, thats fantastic.....if we dont, thats fine too.
Im gonna go play some poker tonight, and have a bloody mary or 2 to get my mind off of it. Seller told our realtor that its too early to accept an offer that low that doesnt allow him enough of a profit.
If he "changes" his mind then offer him $59K and then tell him it decreases by 1K every day after.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>I'm sorry it didn't go your way. There maybe a better deal in the cards for you. You have the market on your side.
If he "changes" his mind then offer him $59K and then tell him it decreases by 1K every day after.
MJ >>
MJ, I try my best not to take it personally, but its very hard. Part of me hopes he calls back in a month and says he'll do it for $60K. My exact answer will be "im willing to go $58K now, I wanted it for $60K on April 18th."
I think you should lock in a mortgage instead on as much as you possibly can, because when TSHTF, interests will spike and you'll have a lock on a rate. You'll be paying off cheaply this way... If I were making the purchase, that's how I'd do it. But take this advice with a grain of salt.
They'll come back. If they don't, the lot two lots down with a bigger cabin will sell in a week or a month. Or a year. Or you'll find a place closer with even better amenities. Or your dream house will come on the market for exactly $60k more than you would have had if you bought this place. Mark my words.
--Severian the Lame
<< <i>wht don't you buy alot and get your own trailer seem's like their is a bunch of lots on site >>
Although thats an option, we are pretty stuck on a lakefront lot. There are only a dozen or so lakefront properties up for sale, and almost all have pre-existing trailers on them. The one that doesnt has a "swampy" or "marshy" area from the water line up to about 15 feet inland. We passed on it because of that. If we didnt "have" to have a lake lot, we could buy a regular lot for $5K and buy the same exact new trailer for $30K, and be into the whole deal at about half the price of the one we bid on. But again.....if we are gonna have a summer place thats a 2 hour drive away, we want lakefront.
We will just wait.....save up more cash....and maybe something equally cool, and maybe even cheaper will pop up!
<< <i>Vinyl siding and a metal roof! That's a cool RV! You could tow it like a 2-bedroom house and it has potential too. $60K sounds like a fair offer and I assume there would be lot rent right? >>
There is an association fee. All campsites come with unlimited fresh water, and most have sewer. The lots with both services come with a $1120/ yr assesment fee. There is no "lot rent" as you actually secure title to the land.....you own it. We thought $60K was fair as it basically totals the sum of the parts....$30K for the new camper, and $30K for the lot itself. We are not willing to pay more than the sum of the parts under any circumstances! I dont care how nice a place is...its only worth fair market value.
you got the right plan just don't let it get you in where you don't want to be
kids only grow up once and man its fast best of luck
just sayin....
his loss Geck....
You get all the wonderful memories with your son, you get to keep 10K in cask , you get to keep 25K in metals and you would spend just about the same when you add all the fees/mortage/maintanace PLUS you dont have to take care of the place.
And add freedom to that.
Groucho Marx
i assume u passed on this "deal"
hope u did, no land is worth more than $1, unless it has water & u can grow crops
buying that property would deplete the rest of ur metals
save ur pm's 2 buy place with a home/farm/acreage u can live on
lots are worthless
also this sounds like a time share deal, especially ur thought process to rationalize the purchase.....wow beware
go on vacation for a month and rent an expensive place & pay cash, cost u 2-3k?, u get 10 years to have great times with kids
<< <i>...$30K for the new camper... >>
That is one nice RV for $30K. I figured it was close to 60 by itself. Oh well....keep looking and the right thing will come along.........
for about 6K a year it can provide you with countless hours of fond memories and great stories with your son.
The lot will cost you about 100 bucks for fees, 100 in mortgage and 100 in maintance so about 3600 a year.
sure its more expensive, But its truly care free.
And You get to keep 10K in cash, 25K in PMs and a 17K less in debt.
Groucho Marx
Quality time with family is the goal, big money isn't really a big requirement for that. There are a lot of years left in your game and someday money will be needed to keep focus on that goal.
You may not have failed....reflect upon what is happening.
<(((><
bumanchu
P.S. Maybe you will wind up with the property. Whichever, make the best of it. I am confident you can do that!
Edited for spelling.
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I knew it would happen.
<< <i>I'd be really surprised if you could buy the new trailer for $30K, then the set up etc would be on top of that. Around here I have seen the little 400 sq. ft. prefab cabins going for well over $30k. I only know this because we have been looking for something to put on a lot we have at Lake Livingston. >>
Here is the exact same trailer for $29,900 brand new. If you are looking for something like this, its simply AWESOME!
RIP Mom- 1932-2012
<< <i>Did you notice this one? Not too shabby for the money...and it's on the lake... >>
Thats the property that we initially wanted.....see my 1st post. The camper is a 2002, but really nice...no prob there. But the land is a mess.......lots of yard work just to maintain, and the last 10-15 feet of land before the water was completely mushy and marshy. So we passed on it.
World Collection
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German States Collection