All Forum Posts by: David Hildebrandt

Background - spent six years running Jaguar Land Rover in Cincinnati where this is a common question for high income earners.

The most important step is to pick a vehicle you want, and that you believe will be beneficial to your business and your personal life. Then determine the avenue that is the most financially advantageous. For instance...with three kids under 7 I MUST have a van, with three kids under 7 the van WILL be destroyed in 3 years. After three years, my wife WILL NOT continue to drive with goldfish crackers falling from the headliner. So we lease....but we lease because it is also the most financially advantageous.

Toyota Sienna typically has a future value that outperforms the predicted residual. That is the key, high residual % or low residual % at lease inception DOES NOT MATTER other than it lowers your payment. If you want flexibility in your lease and the ability to get out early, you need a vehicle whose value out performs the residual. The Sienna general does, as this is our third and we have only kept one for even 24 of the 36 month term one time.

Also they have a low money factor, this is the interest your pay on a lease, a five digit decimal, in this case .00006. Multiply this by 2400 to compare to a more traditional interest rate so 0.14% on the Sienna. While I could get 0% to buy for 60 months, i am committing to purchasing the entire vehicle, not just a portion. When my 36 months is up, the equity in the vehicle is mine to recapture....very important to remember...if your buy out is 20,000 and the market trade value is 23,000 that equity is yours to use toward your next purchase. If the reverse is true and the buy out is 23K and trade value is 20k....you can turn it in and walk away! If you wreck it, have it repaired, but still are leery of the damage, you dont have to own it forever, turn it in and walk away!

However if your money factor is say .00325 as it is on many high end luxury vehicles like a Range Rover and your effective interest is 7.8% you might want to consider financing.

If the lot is worth something just sell it. to someone who wants to build there primary residence there, or find a developer to do new contruction and "flip" it. Everytime I have looked into new construction for rent, the numbers just don't make sense unless you have scale and high end. Thats why no one is constructing C class apartments the numbers just dont work at those kind of rent.

Take the money and run, or maybe start a garden???

There are a few places out there like Lima One Capital. I have never used them, but they might have a product that could act as a bridge to get to your VA loan.

All I can think of is maybe they had to pay a deductible or something? But can't imagine it was that low.

What utilities are landlord paid, and which ones are tenant paid?

Two things I notice on insurance. 1. Why did there costs fluctuate so much? 2. Why do you think you can insure it for less than half of what they spent in 2017?

@Dalmar Segrest-Brooks Super frustrating, and all of us have encountered the same problem somewhere along the line. 

It would be helpful to understand what you are looking to get a mortgage for? A personal residence? A flip? A rental property?

@John Underwood Great minds think alike!

@Michelle LaRue have you ever tried thumbtack.com? Decent way to find contractors who are available in a pinch, as they generally only respond to your request if they are available for work, since each response costs them money. Flipped a whole house with it essentially

If you are more comfortable with an agent just find one to represent you on the buy side, and pay them out of funds at closing. That would be my recommendation on your first deal.

1. The title company should generate a file or deal number that you would reference when paying your earnest money. When you use and agent the earnest money is generally collected by the buy side broker and then deducted from their proceeds at signing. Should be able to show up at any branch as long as you have that file/deal number. Seller should provide it

2. Not sure if this is cash or finance, but all other fees would be due at closing. You should get a HUD aka closing statement that outlines exactly how proceeds are distributed at closing and who is due what amounts. If you have a lender a big portion of the money comes from them.

I assume CA has county auditors/assessors. Can you log on to there site to see who the owner of the building is? Will probably be and LLC but at least it would give you and address to send a letter. You can send the mail and get a proof of mailing from the post office (not certified since possibly no one will be there to sign.)