
horn4life
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Everything posted by horn4life
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Well If I had $250K for downpayment and remodeling costs laying around I would indeed just say fuck it and make an offer for both at $525,000 with no realtor fees. But unfortunately I don't. So unless I want to go to a hard money lender who will finance loans on two unoccupied and uninhabitable properties at a low interest rate (haha), just buying them conventionally isn't gonna work for me. But some owner financing from an owner who has been losing money on the properties for years might work for me? And her! Especially if I can craft a deal that make her more money over time than a sale today, while also giving me an opportunity to profit long term. If I did not want to try to hold onto the properties, then I could write a contract where i did the rehab and we split the profit beyond my recovering my costs and labor. But renting long term provides both an income stream and appreciation, over time. She is trying to avoid expenses to rehab, the burden of property tax and t capital gains tax on a sale. She is SOL in avoiding property taxes, but a rental income stream could provide her positive rather than negative cash flow on the properties. She can sell and gradually spend that money over time. But I am selling the fact she can indeed make more money over time on properties that are rentable. Or sell them cheap as is, and have a lot less cash to spend over time. As i have said probably won't work out. But worth some consideration and thought for sure.
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Not trying to take advantage at all. That's why I am trying to create some sort of cash flow for her. There is certainly a desire for future retirement cash flow and both these properties would not sell near peak value in their current condition. I may just buy the condo from her, but only on the condition of the ability to purchase the House. I am trying create a solution that gives her solid cash flow for ten years, and then the wife and I cash flow starting in 10 years. I have done thousands of dollars of work and helped her out without billing her. She's a former teacher of my kids, and fucking her over is the very last thing I would do. As has been said she is a hoarder, and that is a problem in and of itself that may not be solvable on the House. Without that condo flooding it too would be a high priced storage space. I am trying to find a win/win since our cash flow needs are so different. I would however certainly come out ahead over time, but she would come out far ahead over time than selling two distressed properties in the buyer's market we now have in Austin. So I am trying to find a creative solution. My concerns are: 1) dealing with a trust which I am unfamiliar with. 2) forming an equitable deal for BOTH of us. 3) protecting my investment of time and money with the ability to exit. The fact I am NOT trying to fuck her, is what is making this more complicated financially. The fact she is a hoarder just fucking complicates any of it, but that is also what has created the opportunity... Maybe sort of structure the deal like a 5/1 mortgage? I get her to agree to 5 years with interest free financing, that turns into a fixed higher rate after 5 years if I do not refinance? I agree to cover the property taxes and she gets 3/4 of all the rental profits past expenses for that same 5 years. I lock in the lower purchase price, and have a fixed financing costs going forward should I not sell or refinance. She in turn makes some cash flow for the next five years, then past that either a lump sum should I refi without any realtors fees, or interest payments until the note is paid off? Is that crazy?
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Well from the ashes.... Interesting how times have changed in a year. I am more cash poor as my Stocks have donked a bit in the last year, but the deal could still be a possibility. And the white hot market is now stirred embers with inventory mounting. The place is mold filled mess, exacerbated by the fact the upstairs unit's A/C has been leaking into the unit probably since my post last Summer. I think the real deal I want will indeed "require a longer term collaboration and cooperation." The condo thing has lingered forever, but with my house flooding and her lack of urgency I just dropped it. But now it's back in play and, I think... I have convinced her to make the house a part of the deal. The stock market downturn has hurt her drawdowns past her teacher's pension, and now soon to be $20K annual tax bill. In other words I think there is a possibility if I push it hard now. I had a good conversation with her today, and directly asked if a lump sum, or cash flow for a period of time would be better. I think the daughter is mostly interested in not having to deal with any of this stuff and the idea of cleaning out two houses full of crap. I also think the daughter would see advantages to cash flow rather than sales in keeping her mom financially independent. My plan was remodel the condo, furnish it and turn it into a short (30 days or more) rental. When my house flooded I realized how few and how expensive month to month rentals of decent quality were. I think the bylaws for the condo require a 6 month or more lease. So my idea of high rent and a 10 year note... sort of mathematically drifted away. Though until I see the bylaws I am holding out a sliver of hope. Now my plan is to tie the house and the condo together. As I honestly do not know if I want to do all the work on the condo to make that deal work, if I cannot lock in the house a few doors down. I think she is at the point of dumping crappy properties at a low price in a buyers market, or working with me to improve both properties and create some decent cash flow off the properties. (For her in the short term, and us in the longer term). I think I can put the condo together for $20K in materials, and $20K in labor. The house probably $80K in materials, and $45-$60K in labor to do it right. After thinking about it a bit today I came up with the idea of giving her nearly all the income off the condo for a period of time to create the most immediate cash flow for her in the short term. In return I would negotiate a below market purchase price on the house, that she would owner finance, and not start the clock on the loan until the house is complete. My goal for this house would be to turn it into a furnished 30 day or more rental for more than twice the monthly rental of a normal year lease. The only way this really makes sense for her is to finance/partner with me on the rentals and redevelopment of both properties. If not she should dump them and just take he cash after fees and capital gains. But from our conversation today the idea of cash flow seemed very appealing. If both properties were in top shape I would think the 1/1 condo would be worth $200k and 3/2 the house worth at least $650K(more probably). I am thinking of a price of $125,000 on the condo, and $400K on the house. I would have to invest $100K to make it happen, but to conventionally purchase $525,000 I would need that much anyhow. Seems like it could be a good deal for both of us, but as always the devil is in the details. If we did the deals on 20 year notes (with no penalty for additional principle) she could get the cash flow she needs the nest 8-10 years, and we could begin our cash flow as the interest starts falling off in the later years of the note. Thoughts, and more importantly criticisms. Thanks in advance
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The be honest, Trump's tilt of the US Supreme Court, to a court no longer representing the majority of Americans was quite simply Putin's greatest victory. Instead of his corrupt influence campaign simply helping get Trump elected to the presidency, the effects of his efforts will be felt in the most divisive way possible for years to come. In 50 years Trump's election will widely be viewed as part of the most effective foreign influence campaign ever undertaken.
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Heck I remember wondering if my old 1967 Coronet was gonna make it to Dallas and back from West Houston. Saw Van Halen again at the Sam Houston Coliseum a few months later opening for Black Sabbath. Walked out on Sabbath as they Ozzies voice sucked and they could not hold a candle to Van Halen. Heart actually put on a hell of a show, which I was sort of not expecting. I was really there for Head East, Nugent and Aerosmith. In fact I honestly cannot remember if we missed Van Halen or not, but we were 18 and pretty damn hard partiers. I had actually forgotten Journey was there, but for some reason I thought I remembered seeing them, but could never remember where... now I know! Hot as fuck, but heck first big festival on my own. I had been lucky enough a few years before to see Bob Dylan and the Rolling Thunder revue, but that was like my very first date and my Dad was taking pics, and we were in the press area on the mezzanine at the Dome. Aerosmith actually sounded pretty good as I recall. I remember walking out early on them in Houston(they were one of my faves) as Steven Tyler's voice just sucked I am still mad that my original pressing of Aerosmith's first album before the pulled all the crazy drug shit off the back and changed the cover. got ruined by a backed up AC at a college duplex. Good times... I still love hearing Head East most every time I get near the coast on the Radio. Something about that beat just gets me going even today. 1978 (July 1) – Texxas Music Festival, Cotton Bowl, Dallas, Texas (General Admission – $12.50) Blackstone (Winner of the State-Wide "Battle of the Bands" for opening slot on the 1978 Texxas Jam) Walter Egan Van Halen (second appearance in Texas)[3] Eddie Money Atlanta Rhythm Section Head East Journey Heart Ted Nugent Aerosmith Frank Marino and Mahogany Rush Cheech & Chong
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Who was the best footballer ever at his peak?
horn4life replied to shadow_operative's topic in Futbol
I pout a vote down for Pelé. Simply as his play was truly game altering at the time. PLUS, the level of fouling and physical punishment allowed to try and mute his talent was considerably more than the physical abuse that Messi faced on game days. Messi is clearly the modern and overall skill winner. It would be silly for me to say that Messi does not have a superior skill set to Pelé. All you need do is look at the Academy System that Messi was a part of, versus the poverty of Pelés youth. Head to head, in the exact same system, I would put my money on the original. There is absolutely no doubt that if Messi was in Pelé's time Messi would be the loser, as hormone therapy of that era would have rendered Messi at a severe disadvantage in a more physical era. Both are beautiful and creative players. And as i said Messi has the overall superior skill set. But Pelé, ruled his era in a way that I honestly doubt that Messi could have without the greater protections for the players afforded today in officiating. Flame away... https://en.wikipedia.org/wiki/Lionel_Messi#2004–05:_Success_at_youth_level https://en.wikipedia.org/wiki/Pelé#Early_years -
Another fucking drunk in the urinal....
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The GOP is about to go all in on the LIE that working class folks are going to all get audited by the IRS. Lies work unfortunately. Lest you forget the run that "Death Panels" got with the rise of the Tea Party to revolt against a non-existent threat. I expect IRS overreach to be the rallying cry for the GOP. Need a lot more young people and educated people to turn out this mid term. The dumb will be fully engaged in some sort of complete lie this fall. Morphing with FBI overreach... the GOP preaches anger at every opportunity. And sadly it works. https://www.npr.org/2017/01/10/509164679/from-the-start-obama-struggled-with-fallout-from-a-kind-of-fake-news
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Texas Recruiting Notes 2023: Strippers, Monkeys, and 5-Stars
horn4life replied to Machinator's topic in 🤫$9.95🤫
YES! But I am also heavily betting on mutual heat exhaustion when placing my bet! -
There is only one certainty! Whoever is named the starting QB, will clearly not be as good as the backup!
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Basically October in Port A became a thing years ago when the kids were young. Since I wasn't dragging the kids to OU, I was selling my tickets and that was a good chunk towards a 4 day weekend in October. The fact the kids always had a school holiday the monday after the OU game sealed us heading to the coast, as I never had to worry about being able to see the game as it is a national broadcast. Never surf fished before then either, but always have loved the beach. Now I'm getting excited again. I am curious to see how much the crowd drops off this weekend.
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Negative Recruiting Your Own School: The aggy Screenshot Megathread
horn4life replied to texifornia's topic in 🤫$9.95🤫
Glad I got on there with B-3! -
Texas Recruiting Notes 2023: Strippers, Monkeys, and 5-Stars
horn4life replied to Machinator's topic in 🤫$9.95🤫
Let's all be honest. Most women think engineers are not amazing electrical fucks... but boring mechanical fucks... 😉 -
Absolutely. Unless there is a hurricane I am gonna be there on and off from the end of September to the end of October. Gotta catch up on fishing and watching sunrises. I do think there is going to be a slight downturn (praying) this fall. As Fall traditionally was my "golden time" at the coast. Water is still warm, fishing is good, still sunny but not as brutal, and all summer folks are back to their regular lives. As I laughed to the bartender at Kody's before covid. "I love the fall, all the tourists are gone, and there are only assholes like me!" Tight lines, and lets for sure grab a beer this go round. Guess this will be the last Pig Party at the original location.
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Well- that whole block is going to shit anyhow. Might as well call it, Little Houston. All the flavor of meh... is all that will be left in all likelihood. The good news is at least I will get to notch a few nights there when we come down for October. I am praying that my prediction of a return to more "normal" crowds during the week this year compared to the covid surge. My assumption is the kids sports commitments will put a dent into the throngs. I was really sad when Giggity's closed. As it was my get a decent meal late go to... The amberjack dip and their version of Chick Fil-a sandwich were awesome. But the ability to come in after fishing the beach until dark and cleaning a few fish.. was priceless... RIP. Anyhow I plan on being in Port A every good weather weekday in October, and for sure OU weekend.
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Ill second that.. sadly RIP
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I'll be honest. The only real crime I ever committed on a person's property was parking in the C parking lot out near the edge of Red River. There used to be a dead end up against into a dirt berm where it was not yet connected to the other road. So a person could parallel park down at the ends. Well I come out of a final and some fucking asshole in a VW just parked between myself and the other parallel parked vehicle blocking us both into the dead end, and I managed to jump the curb do about an 18 point back and forth while climbing the dirt berm to get my car out without hitting anyone else's. Once I got clear, I then went to my trunk and found an old carpet knife that was for some reason in my small tool kit. I went over and after some effort with the dull knife I punctured the right rear tire. I started walking back to my car and thought, "Fuck YOU!" Went back over and punctured the left rear tire. No way that fucker was just gonna put on a spare and drive home. I am sure now I would not do it, as with cameras everywhere... IF that was your VW.... still fuck you!
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A story about a pathetic man's downfall [34 Felony Convictions]
horn4life replied to Francisco 2.0's topic in Cloak Room
Would anyone here be at all surprised to see a Truther Social post saying... "Under advice of counsel we have decided to keep the warrant and property list from release today. Though I really, really want it released. Sort of like I really, really wanted to to answer questions of Robert Mueller... very unfair!" -
A story about a pathetic man's downfall [34 Felony Convictions]
horn4life replied to Francisco 2.0's topic in Cloak Room
Hell I'll go you one better. Try to find one fucking instance where a nationally elected Republican (not on the Jan 6th committee) simply tells the truth? That is what is so dangerous about our country right now. It really does remind me of Hitler's development of grievance, where people who knew the truth went along with lies, at first for personal power, and then out of fear. Facts are now something to be ignored or distorted. Actually speaking the Truth is about the most dangerous thing and elected Republican can do these days if they want to stay elected. Simply because the Republican electorate has been so thoroughly convinced that lies are truth (because they never, ever, ever can be allowed to hear the truth). Because the Truth is now something very dangerous. To me it seems like rejecting the Truth is the far, far more dangerous situation for the Country. But please my Republican friends can you show me an actual instance of one paragraph of speech by a Republican Senator or Representative that is factually truthful. Think of it as a dissertation of research to find 3 sentences. Because you will never find 5 truthful sentences. -
A story about a pathetic man's downfall [34 Felony Convictions]
horn4life replied to Francisco 2.0's topic in Cloak Room
I think the DOJ and FBI did this as quietly as possible. They did not want a spectacle, but some 12 hours later by nightfall the merry Trumpsters were showing their support in the usual manner, driving in a circle with lots a flag waving. But fuck... 12 hours later? That is pretty stealthy in all honesty for something this big. Don't know how the DOJ could have been more stealthy really. Bottom line is a guy with no morals and no principles took shit he should not have. I sure as shit hope that fat penalty increase he signed into law as an attack on Clinton bites him in that dimpled gelatinous ass. -
that's what she said...
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Thanks for bringing your talents and dream to THE UNIVERSITY OF TEXAS. I pray you stay healthy, get a great education, and find out who you really are! That's what college is all about. I guess now, the cash is a huge factor in managing your life and trying to keep the leaches off you. Focus on school, find a few good friends, and avoid all the folks that tell you how great you are. They are NOT the folks you want in your life. So come on, have fun! Party hard... but keep your life of track... IF you can figure that out. And that my friend is the hardest part! As you will learn over tiem! Hookem! and let's roll!
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Teen driver insurance questions
horn4life replied to HiggyBaby's topic in Can You Help Me With This?
If I was your son, you would be so proud on the one had on my prowess. As it's fucking hard to shift and drive with one hand and finger with the other... Especially on cam! USAA is good. You are paying a premium, and I know this personally. Amica is probably the best for the buck. But since I am finishing out a $70K claim on the house with USAA I am not changing yet. Small engine and small passenger capacity is your only potential savior on insurance. Defensive driving certification also cuts the premiuam as well as honor role at USAA. Or did 8 years ago. -
Impromptu Happy Hour - Austin, Lavaca Street Downtown
horn4life replied to immamac's topic in Food and Travel
Hell I might get a wild hair. Shit I cannot remember the last time I went to Cain & Abels. -
A story about a pathetic man's downfall [34 Felony Convictions]
horn4life replied to Francisco 2.0's topic in Cloak Room
I would like to for one moment refocus on the fact your republican neighbor is a racist. If ever, at any point in time, they complained about Obama golfing. Even one fucking time. If they ever thought Obama was a Muslim and Trump was a Christian. Clearly racist IMHO. Unless you think a white guy that fucks around on his wife, and never goes to church, but always to golf course, is the "real" Christian.
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