All Forum Posts by: Jon Holdman

I think this concept has merit.  Try reserving a campsite here in CO!  I reserve as soon as reservations open and just acknowledge I'm going to have to cancel some and pay the fees rather than try to get a reservation when we want to go.  I've driven through some of the dispersed camping areas and they are packed, too.  So, clearly lots of demand.  

In a park setting, you might be able to replace heater orifices and convert to central natural gas.  Or perhaps off a common tank rather than the small individual ones.

I don't get the attraction of Airstreams.  We've looked, but they seem crazy expensive compared to alternatives.  And, having extensively rebuilt our first travel trailer, which was "vintage" when we had it back in the 80's I would not do this with old ones.  I'd choose newer ones and be sure they were rated for continuous use.  Our 2011 Heartland North Trail specifically says in the manual it is not intended for full time use.

We were whacked bad by the hail in May 2017.  Impact resistant roof - destroyed.  Two cars - severely damaged, one totaled, the other should have been.  The camper did take some damage, but held up well.  It has fiberglass siding and a rubber roof.  All of the plastic on the roof was damaged, except the AC cover.  The front curved fiberglass was damaged.  As it turns out, the curved fronts have very little support behind the fiberglass where the sides and back have plywood behind the fiberglass.  The awning fabric was wrecked, but was surprisingly easy and cheap to replace.

I'd really consider doing some sort of cabins, though, rather than RVs. Cabins seem to be popular and there aren't a lot of them around.

I've looked at hotel occupancy numbers for non-ski towns. Don't fool yourself.  You get four good months, some occupancy in the winter (this was specifically in a town with some big winter festivals) and two months (November, April) where you get almost nothing.  The story would be better if you were near a ski resort, though your summer numbers might not be as good.

They brought them with them when they moved in.

Its not unusually to not have a disclosure for rental properties.  Or, if you do get one, it won't have much info.  The seller doesn't live there and doesn't know the property like a homeowner selling their residence would.  Go have a look and hire your own inspector if you're not comfortable evaluating the condition yourself.

I prefer to do month to month leases, so I would have told them to give me proper notice (30 days before the rent is due, per lease and CO law) and they could leave with no problem.  But if they choose to break a longer lease or don't get proper notice, I'm not going to give them a break.  With this happening yesterday my response would be "No, I will not give you June rent back.  Further, July rent is due on July 1.  And you're breaking the lease and my fee for doing that is equal to the deposit.  You'll be getting a bill for any damages."  And if I did not get July rent they would get a pay or quit on July 5.

Its very likely the roach problem is, at least in part, being caused by them.  Messiness attracts roaches.  I grew up in MO, on the other side of Lake of the Ozarks from you.  My mom was (and is) meticulous and we never had a roach problem.  Unless these something nearby that's generating roaches, its probably your tenants lack of cleanliness that's attracting them.  I would suspect they just don't like the place and this is an excuse for leaving.

 Your expenses are irrelevant for determining rent.  They can affect your cash flow, but market set rent, not your expenses.

The very best comp for a property is itself.   When you buy at $38K that strongly indicates the that property is worth $38K.  Yes, there are times and situations where that may not be the case.  But even then, your purchase will set a stake in the ground and affect not only that property but other nearby, similar properties.  Its very unlikely you'll actually get an appraisal that's significantly higher.

If you do some work on the property or wait some time (a few years), a higher value may be justified.  Even with work you'll almost always have to wait a minimum of six months to refi using a new appraisal.  Guidelines are looser that a few years ago, though, and you might find a lender to do it quicker.  A lender might also use the price you paid plus the money you spent fixing it up.

You are responsible for maintaing the clearance around your utility lines.  Sometimes the utility company will do it.  But in most cases its up to you to trim branches away from your lines.  Be a good neighbor and have a conversation before you start trimming.  In most locations you have full rights to trim branches that hang over your property.  I have a tree that's close to the line.  When our most recent neighbor moved in he pretty much whacked off everything that was over the property line.

No.  Tax assessments have only a loose relationship with the market value.   The sale is a much more reliable determinant of value.  No bank will lend based on tax assessments.

It is possible to buy a place, improve it, and then get a new loan based on a new value.  That value will be determined by an appraisal.  You normally have to wait at least six months to do that.  And you will almost always have to make improvments.

Those are accounting terms.  Think about your checking account.  When you deposit money that's a credit to your account.  When you write a check (OK, use your debit card) that's a debit.

When buying a selling real estate there is a "settlement statement" aka a "HUD-1" form that's created by the title company. It has two halves - buyer's side and seller's side. These taxes would appear on both sides. They are indeed two sides of the same coin. When you buy, you will have a credit for the taxes the seller owes and the seller will have a debit in the same amount. This reduces the amount of money the seller walks away with. It also reduces the amount of money the buyer has to bring to the closing. The buyer will later have to cough up that money, as described above.

If the bank is asking $350K its highly unlikely they would accept an offer of $179K.  I'd be surprised if they even responded.  They might come down a little, but only a few percent off their asking price.  If it doesn't sell, over time they will drop the price.  You can try putting in your offer after each price drop.  But you're a long way apart.