Official Gramps' Memorial Eternal OT Thread

#84,582
#84,582
hog88 said:
Do you get the in-state tuition living where you live?
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Yeah. I think we would deny the choice if we didn't.

To be honest, I am not sure he's cut out for college. He's a smart kid. The issue is he wants to do everything. His schedule right now is leave home around 7 and return around 10 or 11pm. Soccer and play practices double teaming him right now. A lot of opportunities for extracurricular distractions in college.
 
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#84,583
#84,583
hog88 said:
I'm not disappointed with it at all, it's comprable to the 6.7s we have in the fleet. I pulled our big JD skid steer with it with no problems, didn't miss the diesel
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I pulled my bobcat skid steer with the F150. It handled it ok but you could definitely feel it back there. The F250 handles it easily.
 
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#84,584
#84,584
McDad said:
Congratulations. I never followed up with you and I should have. No excuses. My son isn't going to UT, now. I am not a buyer living over 3 hours away.

So the buyer wants you to finance for a few years and you're willing to do it but you need better terms?
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We are asking $650 but would take less. He's offering $710 but only put $60 down with payments of only $1400/month with a balloon at 84 months. My fear is he let's it go to crap over 2-3 years and walks away.
 
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#84,585
#84,585
InVOLuntary said:
We are asking $650 but would take less. He's offering $710 but only put $60 down with payments of only $1400/month with a balloon at 84 months. My fear is he let's it go to crap over 2-3 years and walks away.
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It's a valid concern. Is there a way to structure that contract as a lease to purchase which would give you control over the property upkeep and maintenance and reduce the risk?
 
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#84,586
#84,586
McDad said:
It's a valid concern. Is there a way to structure that contract as a lease to purchase which would give you control over the property upkeep and maintenance and reduce the risk?
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Probably but enforcement would be the issue. I need to do some math. The $1400/month would be a negative interest rate.
 
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#84,587
#84,587
InVOLuntary said:
Probably but enforcement would be the issue. I need to do some math. The $1400/month would be a negative interest rate.
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I think enforcement is fairly straightforward. Outline the non negotiables wrt to maintenance and upkeep. Schedule inspections. Give notice in writing of violations. If not addressed in the time frame or up to your satisfaction you revoke the contract. He loses his downpayment.

With that offered, that type of contract isn't for everyone.
 
#84,588
#84,588
McDad said:
I think enforcement is fairly straightforward. Outline the non negotiables wrt to maintenance and upkeep. Schedule inspections. Give notice in writing of violations. If not addressed in the time frame or up to your satisfaction you revoke the contract. He loses his downpayment.

With that offered, that type of contract isn't for everyone.
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But what if he keeps it up for 2 years and then let's it go? He pretty much makes his down payment in 18 months. I'm left to sue a llc that goes bankrupt.
 
#84,589
#84,589
InVOLuntary said:
But what if he keeps it up for 2 years and then let's it go? He pretty much makes his down payment in 18 months. I'm left to sue a llc that goes bankrupt.
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Not necessarily with a lease / purchase. he is obligated to perform. You revoke the contract when he breaches. He would need to sue you to fight it. You keep the "earnest" and other monies paid and take over the property. In many ways, it is similar to your contract with your current tenants.
 
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#84,591
#84,591
McDad said:
Not necessarily with a lease / purchase. he is obligated to perform. You revoke the contract when he breaches. He would need to sue you to fight it. You keep the "earnest" and other monies paid and take over the property. In many ways, it is similar to your contract with your current tenants.
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I get that but there's nothing stopping him from walking away after he's recouped his original down payment and the $1400/month and a few months of profits. After 2 years he's pretty much done that. Then 2 more years of making good money, he decides he can't, doesn't want to make that balloon payment and just walks away.
 
#84,592
#84,592
InVOLuntary said:
I get that but there's nothing stopping him from walking away after he's recouped his original down payment and the $1400/month and a few months of profits. After 2 years he's pretty much done that. Then 2 more years of making good money, he decides he can't, doesn't want to make that balloon payment and just walks away.
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Wouldn't you own the asset in full if that happened? The lease (what he pays per month to have access to the property) would not 100% go to his down payment. A percentage of what he pays goes toward his future earnest money. Yall would negotiate that amount. So, if he defaults, you have his initial down payment, earnest money accrued, and full possession of the asset. You can list it for sale again. And if yall are on top of his maintenance and repairs you wouldn't have to sink a bunch of money into it again.

Im not pushing the idea. Just talking through it with you. It's a big decision that definitely has risk.
 
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#84,593
#84,593
McDad said:
Wouldn't you own the asset in full if that happened? The lease (what he pays per month to have access to the property) would not 100% go to his down payment. A percentage of what he pays goes toward his future earnest money. Yall would negotiate that amount. So, if he defaults, you have his initial down payment, earnest money accrued, and full possession of the asset. You can list it for sale again. And if yall are on top of his maintenance and repairs you wouldn't have to sink a bunch of money into it again.

Im not pushing the idea. Just talking through it with you. It's a big decision that definitely has risk.
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Yeah, it's doable but if I've got to be that involved I may as well just keep and rent it. I would still have the asset to sell anytime going forward.
 
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#84,594
#84,594
InVOLuntary said:
Yeah, it's doable but if I've got to be that involved I may as well just keep and rent it. I would still have the asset to sell anytime going forward.
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Absolutely true. And, you'll make more that way.

Considering all the upgrades yall made, it shouldn't be a killer for you with repairs and maintenance.
 
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#84,599
#84,599
Orangeburst said:
Gotta admit I am still bummed by that CFBP game
Just thought we could hang with them
This team left a lot on table imo
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Ya gotta learn how to get over things. The sun will come up, the flowers will bloom and the air will smell like fresh cut grass soon.

Then we'll blow another big game and you can be bummed about that.
 
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