I'm considering selling my car... Operation "Reduce Debt".
08-20-2016, 01:39 PM
#61
Burning Brakes
^ Tenant incentive is a good idea. It is tough to sell a house that is rented to tenants with a lot of clutter and no incentive to clean up.
08-20-2016, 04:38 PM
#62
Rennlist Member
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Can that house be converted into 5 rental rooms? 5 * $600 = 3k.. I'm on a contract on Baltimore's west side, and there quite a few people from VA, PA etc that are renting rooms. The stay in Baltimore during the week and go home on weekends.
08-20-2016, 06:58 PM
#63
Burning Brakes
Thread Starter
This is the crux, location, location, location. Is it where it will be worth $375-400 in 8 years? Close? No Way? That house and MD in general may as well be Mars to me, "why will people want to live there in 10 years?" If yes to these get creative with some non-conventionals. Balloons or FSBO if people will pay a higher mortgage than it will rent for.
Move back in it for a while, homestead it and HARP it
08-20-2016, 07:02 PM
#64
Burning Brakes
Thread Starter
Nah... house is too convoluted. Downstairs is all living area and upstairs you'd have to walk thru other bedrooms to get to the others. It's really a huge 1br with a 2nd floor loft living area and 2nd floor office. Currently it's being rented by 3 college grads who use the back bedroom as it is intended, the middle upstairs loft area as a 2nd small bedroom and gaming room, and then the front loft area office as a 3rd bedroom. $700/room is almost what I'm getting with no parking. Cant really argue with that.
08-20-2016, 07:13 PM
#65
Burning Brakes
Thread Starter
How much do you realistically think you will get for you 993? I see a lot of lofty asking prices but the sales prices are more down to earth. It might be worth more than you paid for it but don't expect prices to keep going up...they might even lose some value as the economy begins to sink back into recession. Before you sell it, look at other alternative.
The house sounds like a losing stock. Throwing more money at it in the hope that in 8 or so years it might turn around is not good business. Take a loss on the house and move on. Put your time and effort into the other projects you have. Also give a lot of thought as to why you are back in credit card debt when you already did a refi to pay all that off.
If you really think that selling the 993 is going to raise enough cash to bail you out...make a list of all the other things you could cut back on to achieve a similar effect. Then start doing all those other things anyway...get your debt style under control. Maybe sell one of those other two cars you still owe money...that will reduce some of your out of pocket.
Finally when you've got everything else under control and your debt is not going up but going down, then consider selling the 993 and putting the money in the bank and don't touch it. When the time is right to buy another Porsche, don't get wrapped up in pedigree and status...a 996 in the high teens to low twenties will give you a lot of Porsche experience, and you won't have to baby it or worry about it, just drive hard and enjoy it.
The house sounds like a losing stock. Throwing more money at it in the hope that in 8 or so years it might turn around is not good business. Take a loss on the house and move on. Put your time and effort into the other projects you have. Also give a lot of thought as to why you are back in credit card debt when you already did a refi to pay all that off.
If you really think that selling the 993 is going to raise enough cash to bail you out...make a list of all the other things you could cut back on to achieve a similar effect. Then start doing all those other things anyway...get your debt style under control. Maybe sell one of those other two cars you still owe money...that will reduce some of your out of pocket.
Finally when you've got everything else under control and your debt is not going up but going down, then consider selling the 993 and putting the money in the bank and don't touch it. When the time is right to buy another Porsche, don't get wrapped up in pedigree and status...a 996 in the high teens to low twenties will give you a lot of Porsche experience, and you won't have to baby it or worry about it, just drive hard and enjoy it.
). I'm not going to go into the asking price valuation or bother arguing with what RL'ers think it should sell for. It's a solid *** car with solid mods, wonderful repair and maintenance specs, etc. Someone who wants it can negotiate with me. I came to terms with the "it's only a car" outlook. It has appreciated nicely and I should probably take full advantage of that if, in fact, I do expect to realize additional expendable income once I do make some progress with this whole operation "Reduce Debt". I would drive the peepee out of a 996T but for the same cash, I'd rather have a clean 914 and a clean SC.
08-20-2016, 07:32 PM
#66
Burning Brakes
Thread Starter
Keeping the 993 isnt the main issue, it's having the liquid to do the things I need to cause the other things to happen to make some moves and etc. etc. etc.. Selling the 993 would fix several debt issues which would afford me to buy another 993 in the near future. Keeping the 993 would cause me to go further into debt to potentially make all the moves to refinance my commercial property enough to cover paying some of the debts but not all.
AAHHHHHH!!
haha... In an effort to pay off ALL my debts and immediately realize substantial income improvements, I think selling the 993 is the smart choice.
In an effort to pay off SOME of my debts and retain the 993, Im going to be stuck with that house for at least 5 more years but I believe I could stomach the $12k/yr subsidy on it IF I can get this apartment finished, rented and building reappraised, refi'd and cashed out enough to pay off those other SOME debts.
The priority now is finishing the renovation of the apartment and getting it rented. That alone pays for the $12k/yr I pump into the house I want to sell.
08-20-2016, 07:34 PM
#67
Burning Brakes
Thread Starter
Great time to be 993 seller gotta capitalize on that. Next year the opportunity might not be there when people wake and realize we are living in another bubble with asset prices propped by low interest rates. First things going for sale will be toys.
Not saying that will happen as nobody has a crystal ball, but it's a potential scenario. How well are you prepared for it esp. if you are close to retiring, if I read it right?
Not saying that will happen as nobody has a crystal ball, but it's a potential scenario. How well are you prepared for it esp. if you are close to retiring, if I read it right?
08-20-2016, 07:45 PM
#68
Burning Brakes
Thread Starter
That house sure would look more attractive cleaned up and stuff like ironing boards put away before pics are snapped, or showings done.
People should think nobody lives there when they look at it.
Back when we were looking for a new place in San Diego a few years ago-the minute we walked in and saw stuff like dirty clothes and towels on the floor-huge negative impression on the whole house. That may be the source of your "no position comments".
Maybe offer a selling bonus to the tenants.
People should think nobody lives there when they look at it.
Back when we were looking for a new place in San Diego a few years ago-the minute we walked in and saw stuff like dirty clothes and towels on the floor-huge negative impression on the whole house. That may be the source of your "no position comments".
Maybe offer a selling bonus to the tenants.
The tenants just signed another 12 mo lease and they've been good tenants. They just leave the house too messy to show. They also dont understand what tile and glass cleaning is. I had to yell at them to clean the gross sludge up from the corners of the shower! Maybe if I decide to list it next year towards the end of their lease, I'll do that... offer them some incentive. Free months rent or something, LOL.
08-21-2016, 12:41 AM
#72
How much do you realistically think you will get for you 993? I see a lot of lofty asking prices but the sales prices are more down to earth. It might be worth more than you paid for it but don't expect prices to keep going up...they might even lose some value as the economy begins to sink back into recession. Before you sell it, look at other alternative.
The house sounds like a losing stock. Throwing more money at it in the hope that in 8 or so years it might turn around is not good business. Take a loss on the house and move on. Put your time and effort into the other projects you have. Also give a lot of thought as to why you are back in credit card debt when you already did a refi to pay all that off.
If you really think that selling the 993 is going to raise enough cash to bail you out...make a list of all the other things you could cut back on to achieve a similar effect. Then start doing all those other things anyway...get your debt style under control. Maybe sell one of those other two cars you still owe money...that will reduce some of your out of pocket.
Finally when you've got everything else under control and your debt is not going up but going down, then consider selling the 993 and putting the money in the bank and don't touch it. When the time is right to buy another Porsche, don't get wrapped up in pedigree and status...a 996 in the high teens to low twenties will give you a lot of Porsche experience, and you won't have to baby it or worry about it, just drive hard and enjoy it.
The house sounds like a losing stock. Throwing more money at it in the hope that in 8 or so years it might turn around is not good business. Take a loss on the house and move on. Put your time and effort into the other projects you have. Also give a lot of thought as to why you are back in credit card debt when you already did a refi to pay all that off.
If you really think that selling the 993 is going to raise enough cash to bail you out...make a list of all the other things you could cut back on to achieve a similar effect. Then start doing all those other things anyway...get your debt style under control. Maybe sell one of those other two cars you still owe money...that will reduce some of your out of pocket.
Finally when you've got everything else under control and your debt is not going up but going down, then consider selling the 993 and putting the money in the bank and don't touch it. When the time is right to buy another Porsche, don't get wrapped up in pedigree and status...a 996 in the high teens to low twenties will give you a lot of Porsche experience, and you won't have to baby it or worry about it, just drive hard and enjoy it.
08-21-2016, 11:15 AM
#75
Rennlist Member
EMB,
John Ireland's contribution was helpful and 100% on topic, unlike your unnecessary post. If you have an issue with him, send him a PM, please. A post like yours is insulting and reflects poorly on not only you but on Rennlist, too.
Can you please try to be nice? I think you have the potential to offer even more to the board if you choose to use your time for good rather than being a bully who likes to take potshots at people. I'm not here to divide but, rather, to keep the peace and try to make this community a warm, friendly and helpful place.
Thanks for understanding, EMB.
John Ireland's contribution was helpful and 100% on topic, unlike your unnecessary post. If you have an issue with him, send him a PM, please. A post like yours is insulting and reflects poorly on not only you but on Rennlist, too.
Can you please try to be nice? I think you have the potential to offer even more to the board if you choose to use your time for good rather than being a bully who likes to take potshots at people. I'm not here to divide but, rather, to keep the peace and try to make this community a warm, friendly and helpful place.
Thanks for understanding, EMB.