Real Estate hell, what to do? - Page 3

Danny_Ocean · 01-18-2007, 07:33 PM

Quote:

Originally posted by Dantilla
In any small corporation, to get a loan the principals will still need to sign a personal guarentee.

+1 I had to sign a UCC financing statement, giving the lender a lien on my business assets in order to secure financing for a warehouse (in addition to a promissory note).

Sorry...there still is no free lunch.

Danny_Ocean · 07:44 PM

Here's a couple of recent articles for you Jim. Not sure if they'll help, but should give you an idea of what's going on here. My advice...stop the bleeding. Unless you're willing to stay the course for 10 ~ 15 yrs., cut the price drastically and dump it.

http://www.sun-sentinel.com/business/local/sfl-zmoving11jan11,0,4784374.story

http://www.sun-sentinel.com/business/columnists/sfl-ybrealpo18dec18,0,3601462.column?coll=sfla-business-col

http://www.sun-sentinel.com/business/columnists/sfl-ybrealraf08jan08,0,655809.column?coll=sfla-business-col

angelny911 · 01-18-2007, 08:53 PM

YOU HAVE TO SEND PICS OF PROPERITY TO SEE WHAT YOUR OFFERING I'VE BEEN LOOKING AT SOME HOUSES DOWN IN THAT AREA BUT I'LL TELL YOU A LOT OF PEOPLE MADE MISTAKES IN BUYING HOUSES THAT WHERE WORTH LESS .BUT ZERO DOWN OR GREAT VARIABLE REATES SOUNDED GOOD ,SAME HAPPENING IN CALIFORNIA SEND PICS I'LL SEE WHAT YOU HAVE NOT LOOKING TO INSULT ANYONE JUST LOOKING TO BUY SOME THING NOT TO BE IN THE SAME SHOE

Jims5543 · 01-18-2007, 09:40 PM

I did not buy this house as an investment.

I am actually considering moving my office back into it and keeping the Occ license at my real home.

It seems some of my competitors do this and it works.

I am going to talk to my landlord next week and see if he can put some feelers out to find someone to take over me lease on my office space.

Then I'll move into the house again (on the sly) and it will not hurt so much.

Then Danny, I can wait 10-15 years happily and wait for Burger King to come along and make me an offer to leave.

Danny_Ocean · 01-18-2007, 09:48 PM

Quote:

Originally posted by Jim Cesiro
I am actually considering moving my office back into it and keeping the Occ license at my real home.

Then I'll move into the house again (on the sly) and it will not hurt so much.

What's going to keep the Nazi Code Inspectors from Hell out of your hair when they see all the vehicles parked there? How did they discover the violation previously? Tip-toeing around Code inspectors sux...they are on my banned list...people I won't rent to:

1) Code inspectors
2) Bouncers/security guards
3) Anyone who doesn't look/act like me
4) Attorneys
5) Bill Collectors/Telemarketers
6) Hot college babes (just kidding about this one)...

the · 01-18-2007, 09:52 PM

Quote:

Originally posted by Danny_Ocean 12/06/06
"It's not what you buy, it's what you hold...."

Some rich guy gave me that advice. I'm sticking with it. Unless you're next to Love Canal, real estate generally appreciates over long periods of time, just like the stock market or most other commodoties.

then six weeks later . . .

Quote:

Originally posted by Danny_Ocean 12/06/06
Here's a couple of recent articles for you Jim. Not sure if they'll help, but should give you an idea of what's going on here. My advice...stop the bleeding. Unless you're willing to stay the course for 10 ~ 15 yrs., cut the price drastically and dump it.

that's how the market as a whole shifts paradigms, too, and why it ALWAYS cycles up and down.

Danny_Ocean · 10:02 PM

And your point is? I'm holding...he's bleeding.

All my purchases have been below market value (FSBO's) and all my mortgages are fixed.

My advice wasn't to the world, only to Mr. Cisero. Don't try to make me look like a monkey or I'll stuff a banana up your rear...

Jims5543 · 01-18-2007, 09:55 PM

Quote:

Originally posted by Danny_Ocean
What's going to keep the Nazi Code Inspectors from Hell out of your hair when they see all the vehicles parked there? How did they discover the violation previously? Tip-toeing around Code inspectors sux...they are on my banned list...people I won't rent to:

1) Code inspectors
2) Bouncers/security guards
3) Anyone who doesn't look/act like me
4) Attorneys
5) Bill Collectors/Telemarketers
6) Hot college babes (just kidding about this one)...

Lets see,

I have 4 employees now instead of the ten I had 1 year ago, economy here falling apart? Yup!!

Occ license inspector cannot do a think I do not have an Occ license at the house it is out of his jurisdiction.

2 of the 4 employees are out in the field all day. So taht leaves me and 2 others.

I plan on decorating the front rooms like a real house. The business stuff tucked in the back out of site.

2 car garage - I hide my car, only 2 cars in drive. Anything else gets parked in back yard, I have a double gate and 6 foot fence.

No one will be the wiser.

Jims5543 · 01-18-2007, 09:57 PM

I cannot type and have too much wine in me to care, I see spelling errors and do not car.

Danny_Ocean · 01-18-2007, 09:59 PM

Quote:

Originally posted by Jim Cesiro
Occ license inspector cannot do a think I do not have an Occ license at the house it is out of his jurisdiction.

Correct, but what about the code inspectors in the county where your "new" office will be?

Lay low...use magnetic signs and instruct the employees to not pizz off the neighbors (loud stereo's, etc.).

Good luck to you!

Jims5543 · 01-18-2007, 10:02 PM

Magnetic? Hmmm.

The last tenant in the house was an employee. So one of my turcks were parking inthe drive a lot. This prompted a visit from the inspector.

Did I mention this employee was white trash and basically chased the inspector down the driveway with 4 letter words?

That inspector realized he was renting to even if a truck is in front now it will not throw any red flags.

the · 01-18-2007, 10:08 PM

Quote:

Originally posted by Danny_Ocean
And your point is? I'm holding...he's bleeding.

All my purchases have been below market value (FSBO's) and all my mortgages are fixed.

My advice wasn't to the world, only to Mr. Cisero. Don't try to make me look like a monkey or I'll stuff a banana up your rear...

Settle down, Coco.

Jim was asking for advice in this thread (read the title). Your first post above certainly could be read as your attempt to advise him. That's how most would interpret it - when someone asks for advice, and you say "This is what I do" that is going to be construed as your giving advice.

Danny_Ocean · 10:16 PM

OK, I'll clarify...

Mr. Cesiro...if I were in your shoes (which I'm not), this is what I would do...

Six weeks passed and your situation has not improved...mortgage adjusted up and a lowered price did not result in a sale. Your nutz are in a slowly tightening vice being turned by the mortgage company and the slowing economy in your region.

Dump it.

That is all...

Jims5543 · 01-19-2007, 12:13 PM

Time to fight a war.

My escrow shortage suggests I was short this year $2400 and then I would need to raise another $2400 so I am not short next year.

I recieved my proposed taxes for this year back in Sept and they showed a worse case scenerio of a $100 increase from $1700 to $1800.

When I got my 2007 Tax bill they raised my Taxes to $4100.

A $2300 overcharge. I am heading down to the Assesors office on Monday. This is BS.

berettafan · 01-19-2007, 12:46 PM

Quote:

Originally posted by the
then six weeks later . . .

that's how the market as a whole shifts paradigms, too, and why it ALWAYS cycles up and down.

it really is so easy to convince ourselves of one view on Monday and a different view on Tuesday and......

'the', excellent post. Danny, we all do it and 'the' is right.

Good luck to Jim. Not that it is the case for Jim but this recent period of easy credit is going to be looked back on as the equivalent of advertising a happy hour at an AA meeting.

turbo6bar · 01-19-2007, 03:13 PM

Bridge condo conversion

Quote:

Officers found the extensive encampment on Thursday afternoon. They said that seven homeless people were living in the bridge and had transformed the interior of one of the supports, erecting tents, even putting up shelves and pictures on the walls.

One of the occupants told NBC 7/39 that the group were in the process of turning the bridge into a multi-level condo complex.

"We made it up to the second floor -- and we were going to make it safe for everybody -- and once the second floor was secure, we were going to move up to the third floor and secure it for everybody, and onto the fourth floor," said occupant Ruben Lopez. "The fifth floor was going to be the grand hall -- it had rafters and and vaulted ceilings."

The people were forced to leave the bridge by officers, but they were allowed to take most of their possessions.

Haha.

Cesiro, if you're going to fight the tax assessor, show evidence that property values are flat or declining. They may claim their assessment is for price increses in 2005, but I'd raise cain.

Danny, quit while you're still behind, K.

Danny_Ocean · 01-19-2007, 04:05 PM

Thank you, gentlemen...the advice in your posts is priceless and has solved all of Jim's problems...

Danny_Ocean · 01-19-2007, 04:08 PM

Quote:

Originally posted by Jim Cesiro
Time to fight a war.

My escrow shortage suggests I was short this year $2400 and then I would need to raise another $2400 so I am not short next year.

I recieved my proposed taxes for this year back in Sept and they showed a worse case scenerio of a $100 increase from $1700 to $1800.

When I got my 2007 Tax bill they raised my Taxes to $4100.

A $2300 overcharge. I am heading down to the Assesors office on Monday. This is BS.

Your property taxes are set in stone. You very well may win an appeal, but it won't be adjusted until next tax year...

Jims5543 · 01-19-2007, 04:13 PM

Quote:

Originally posted by turbo6bar
Bridge condo conversion

Haha.

Cesiro, if you're going to fight the tax assessor, show evidence that property values are flat or declining. They may claim their assessment is for price increses in 2005, but I'd raise cain.

Danny, quit while you're still behind, K.

They did not incease the value of my house it remained the same. The raised the millage 50%.

The proposed tax increase sent to me in Sept. 06 showed a $100 max increase, when I got my new tax bill it went up $2300 in one year.

How could this happen in one year how could the proposed taxes be off by $2300?

Something stinks!

scottmandue · 01-19-2007, 04:15 PM

Jim, When I worked in my dads construction business we took the trucks home with us, any chance of your employees doing that? (I know that is a can of worms but just an idea)

People I won't rent to... LOL

I rent out my front house (currently to two helicopter pilots who always pay on time).

When the house was empty my dad had a lead "I got two collage students who's parents are lawyers... they already gave me a check."

Send the check back dad.