[NotCranky]

I have used interest only to my advantage and have made the recommendations that HLS is making. That was when it was a good time, I mean fool proof, time to buy or leverage property.
I also had 50% equity at the time, spread through a few properties. There were practically zero foreclosures in the market.Right now the only reason to go interest only with very little down is if you have 50% above and beyond the purchase price in a relatively safe investment or if you don’t mind the risk of foreclosure or if you planned on cashing out and going to Mexico.IMHO

Best wishes

[NotCranky]

I have used interest only to my advantage and have made the recommendations that HLS is making. That was when it was a good time, I mean fool proof, time to buy or leverage property.
I also had 50% equity at the time, spread through a few properties. There were practically zero foreclosures in the market.Right now the only reason to go interest only with very little down is if you have 50% above and beyond the purchase price in a relatively safe investment or if you don’t mind the risk of foreclosure or if you planned on cashing out and going to Mexico.IMHO

Best wishes

[NotCranky]

You are welcome Gary,
I think I saw one for 199k-219k not a short sale. I don’t think very many will sell in this price range. I think you get what direction I am pointing in. 200k was considerable money for a condo just a few years ago. That actually is kind of an understatement.
Best wishes

[NotCranky]

You are welcome Gary,
I think I saw one for 199k-219k not a short sale. I don’t think very many will sell in this price range. I think you get what direction I am pointing in. 200k was considerable money for a condo just a few years ago. That actually is kind of an understatement.
Best wishes

[NotCranky]

The workmanship on the house and the materials look pretty good.The spanish style houses in the central neigborhoods generally fix up pretty good. I have walked by this house so can judge the exterior. The interior looks pretty good from the photos and I would guess the craftsmanship of the remodel was consistent. It is still an astounding amount of money. Let’s hope people don’t mess up places like this before the prices get reasonable. That would be a shame. Unfortunately it will probably see some neglect and abuse before that time. It is on the corner which is a big negative in this area. It would be better in the middle of the block and north on Florida but then it might be sandwiched between two six or eight pack apartments or maybe even larger.

“It’s an overpriced turkey. :o)”

Thats funny. In real estate talk it is an overpriced “turnkey” or “turn-key” because it is in good shape and ready to live in. You might know this already, some houses like this ,without the remodel, sold for under 100k around or just beyond 10 years ago. It would have sold for around 500k without the remodel near the peak of this cycle.(guestimate)

[NotCranky]

The workmanship on the house and the materials look pretty good.The spanish style houses in the central neigborhoods generally fix up pretty good. I have walked by this house so can judge the exterior. The interior looks pretty good from the photos and I would guess the craftsmanship of the remodel was consistent. It is still an astounding amount of money. Let’s hope people don’t mess up places like this before the prices get reasonable. That would be a shame. Unfortunately it will probably see some neglect and abuse before that time. It is on the corner which is a big negative in this area. It would be better in the middle of the block and north on Florida but then it might be sandwiched between two six or eight pack apartments or maybe even larger.

“It’s an overpriced turkey. :o)”

Thats funny. In real estate talk it is an overpriced “turnkey” or “turn-key” because it is in good shape and ready to live in. You might know this already, some houses like this ,without the remodel, sold for under 100k around or just beyond 10 years ago. It would have sold for around 500k without the remodel near the peak of this cycle.(guestimate)

[NotCranky]

First of all my apolgies for insinuating that any regular poster here would be deceiptful(until it is more obvious at least). I think this person is a troll because it would seem that anyone who ever had been anywhere near the business, as OP claims to have been, would know a lot better.

[NotCranky]

First of all my apolgies for insinuating that any regular poster here would be deceiptful(until it is more obvious at least). I think this person is a troll because it would seem that anyone who ever had been anywhere near the business, as OP claims to have been, would know a lot better.

[NotCranky]

The gut instincts of the ever hyper-vigilant Rustico. This purported “Troll” is a saboteur of a recent new poster or it is that same recent new poster who wanted to see responses to the topic “Interest only loans”. My apologies in advance to all suspected parties if OP turns out to be legit and in that case Rustico opines,if you really have to have that house, “no choice” rob a bank.

[NotCranky]

The gut instincts of the ever hyper-vigilant Rustico. This purported “Troll” is a saboteur of a recent new poster or it is that same recent new poster who wanted to see responses to the topic “Interest only loans”. My apologies in advance to all suspected parties if OP turns out to be legit and in that case Rustico opines,if you really have to have that house, “no choice” rob a bank.

[NotCranky]

Thank you for responding NYer. Sorry you have to make a disclaimer like that to do a good deed.

You did bring up another question that I hadn’t thought of and that is what would happen to the easement in the case of foreclosure? Now I can investigate that.

The easement is a insignificant portion of a 9 acre parcel which was deeded in favor of several other parcels prior to the deed of trust for the construction loan. The area is to be zoned 10 acres minimums if the 2020 plan ever gets fully put in effect. I am told that it will be in a few years. I tell you that because it is the reason I think that no person or institution is going to see fit to go to much trouble to extinguish the easement. If for some reason the easement were extinguished, I believe a new owner would accept compensation to grant the easement again.(Not that It would be fun to have to go that route)

The financial risk on my part(dominent tenement) is not large. We have access from another point. So I am going to do it even with the risk you have explained. The benefit of the easement is that it meets developement requirements. It is more important to me than perfecting the other prescriptive easement which is too narrow for developement and includes much more distance and many more owners.

I am still curious as how buyers,lenders, appraisers, the planning dept., would be affected by the exclusion on my title policy if I sold, borrowed or wanted to develope the property via a tentative parcel map(lot split). I guess this reponse will give it one more chance for other poster to reply. If no one can answer I can ring some contacts. I know this is a pretty complex situation even for this high level blog.

Thanks again

[NotCranky]

Thank you for responding NYer. Sorry you have to make a disclaimer like that to do a good deed.

You did bring up another question that I hadn’t thought of and that is what would happen to the easement in the case of foreclosure? Now I can investigate that.

The easement is a insignificant portion of a 9 acre parcel which was deeded in favor of several other parcels prior to the deed of trust for the construction loan. The area is to be zoned 10 acres minimums if the 2020 plan ever gets fully put in effect. I am told that it will be in a few years. I tell you that because it is the reason I think that no person or institution is going to see fit to go to much trouble to extinguish the easement. If for some reason the easement were extinguished, I believe a new owner would accept compensation to grant the easement again.(Not that It would be fun to have to go that route)

The financial risk on my part(dominent tenement) is not large. We have access from another point. So I am going to do it even with the risk you have explained. The benefit of the easement is that it meets developement requirements. It is more important to me than perfecting the other prescriptive easement which is too narrow for developement and includes much more distance and many more owners.

I am still curious as how buyers,lenders, appraisers, the planning dept., would be affected by the exclusion on my title policy if I sold, borrowed or wanted to develope the property via a tentative parcel map(lot split). I guess this reponse will give it one more chance for other poster to reply. If no one can answer I can ring some contacts. I know this is a pretty complex situation even for this high level blog.

Thanks again

[NotCranky]

Maybe we’d have to comp out that other sale at closing. Things are looking more chunky. It use to be some newbie would fly over here and post a loss that always turned out wrong . Usually just a first trust deed amount with the vanishing second. Now folks are coming over here more and more with surprising numbers and they are sticking. I’ll do a better survey later. Gotta pour couple of stairs and a slab today between posts.

Have a good day.

[NotCranky]

Maybe we’d have to comp out that other sale at closing. Things are looking more chunky. It use to be some newbie would fly over here and post a loss that always turned out wrong . Usually just a first trust deed amount with the vanishing second. Now folks are coming over here more and more with surprising numbers and they are sticking. I’ll do a better survey later. Gotta pour couple of stairs and a slab today between posts.

Have a good day.

[NotCranky]

“Got Chunks?”

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