All Forum Posts by: Ryan K.

I give movie tickets to the local theater, sometimes a bottle of wine.  Mine is more a house-hacked duplex situation though, so it's nice to be a good neighbor.

There's like 30 bank owned lots for sale.  And no water.  Once the bank sold it's entire inventory, I think it would be a gold mine but the absorption period is likely decade+.  Plus no water.

Yikes

http://www.eagleranchhoa.com/page/16655~217414/Des...

I'm sure you've seen Horse Mountain Ranch north of Wolcott?  40 acre lots, beautiful views, tons of bank owned inventory for sale, only $60k.  The only catch is there's no water, but I always dream of buying some land up there.

Where are you planning to buy?

Eagle Ranch has lots of vacant lots, as well as HOA fees, design review board and ER Metro District doubling taxes. List prices from $89,000 to $295,000.

Maybe 7 undeveloped lots in the Bluffs, but none for sale.  Same story in the Terrace.

A few for sale north of the interstate, the cheapest one in Eby Creek is listed for $130,000.

A few in Upper Kaibab at $205k.

Rent ain't cheap, neither is land.  From what I hear, construction costs are crippling except for the 1%ers that prefer longer summers than Vail.

I was fortunate to buy an REO in Eagle Ranch in 2013. It's bounced in value about $200k since. I'd sell it but can't afford anything else around here. Although prices are bonkers, there is no new supply (a few Soleil Homes coming on line, but ERS and Haymeadow don't seem to be moving forward), so I believe that, locally at least, there is nothing to burst this bubble. I'd love to buy more. I would have really loved to have bought 10 back in '13.

I'm trying to close on a complex property right now (Monday is deadline for pre-qual!).  There is a 100+ year old farmhouse, a mobile home, and 3 garage/shop outbuildings.  The mobile is paying $750/mo now and I think I can increase, maybe up to $1000, so it seems like an advantage to keep it.

Local lenders have offered portfolio products but want 20-35% down, I'd greatly prefer 5%.

A local mortgage broker has proposed a 5% down, but I'm skeptical he can close (based on another local mortgage broker's failure on a previous deal).

Will any traditional Fannie/Freddie (best rates, right?) loan product work?

Ideally, 5% down and I'm fine with 5, 7 ARM, because plans for this property will likely be different in the next few years.

OK, other part of the story: this parcel is approved for the highest density in town and along the river, across from the town's proposed $10M riverfront waterpark.  Highest and best use is development of ~50 apartment units.  As completed, $1M+ annual revenue, $750k EBITDA, $9-12M market value.  My idea is to close on it, as is, then get to work planning the next step.  Gotta admit, I have no experience with development and construction.  I do have investors willing to back the plan, but it will take time to figure out how to go from farmhouse to cash-flowing apartments.  With the Monday deadline, don't know if I have time to go for a construction loan.  So how do I close on this?  

The BOP on the main house covers the majority of the improvement value, so in theory, the condo policy just covers my belongings.  Seems funny to me, but he's checked w senior agents and his insurance underwriters and insists this is how he has to do it.

I formally had my car and motorcycle with esurance and Geico before, it's something I regularly shop to make sure I'm getting competitive rates.  esurance doesn't even quote homes in my zip code though (small mountain town).  With AmFam, I got a local agent to speak with and bundle discounts with 4 policies (car, bike, BOP, condo), but I may need to find another option ASAP.  My rate lock expires Monday and this is the one missing piece of the puzzle (already appraised for 30% more than my '13 purchase).

According to the local AmFam guy, since it is rented out, it needs to be written as a BOP.  He says it would be different policies for all of the following scenarios: I move to main house, long-term lease the carriage house; I move to main house, Airbnb the carriage house; I rent out the entire property; I 100% occupy the property.  It's been a surprising PITA.  I feel like I'm being wise, living for free in a resort area and having someone else pay off my mortgage...they think they're financing and insuring a commercial property.

Correct, no condo bylaws. It's in a PUD and built as originally planned by the developer (Village Homes) in 2006. It's very common in this area, one of three on this block alone. The problem seems to stem from the fact that I live in the smaller unit.

My property has a 3-bedroom, 1900 sf plus unfinished basement house, and a detached 3-car garage, with a 1-bedroom, 650 sf apartment above.  I rent out the main house and live in the apartment, I have full use of the garage.  Property breaks-even by renting out front part, it's been a great set-up.

I'm trying to refinance right now from 4.529% to 3.625%, significant difference. However, the deal is in jeopardy because of how my property is insured. It's insured through a local AmFam agent, who also has my car and motorcycle policies. It is insured w 2 policies: Businessowner policy for the front (main) house that is rented, and a condo policy on my dwelling. The bank underwriters won't close because it's not insured as a primary home (which it is). Insurance agent insists this is the only way he can do it. In my mind, it's not a business or a condo, it's an SFR with an ADU, but since I live in the ADU, it seems to screw up insurance and financing. Anybody have experience like this? Any insurance agents out there with competitive quotes for 81631?

Thanks

As an appraiser, there are a few different, but very similar definitions for market value, I'm sure you've all seen them before.  However, the best definition I've heard is:

Market value is the price where both the buyer and seller think they're getting screwed.