Building Confidence

[Caleb]

Originally Posted by Riverpigusmc

Do they keep ALL the homos in condos down there?

Only the ones named “Mike”.


Sent from my iPhone using Tapatalk

[sdmc530]

speaking of the rustang, i see the Corevette now has more electric options too. SAD!!!

[FfNJGTFO]

Originally Posted by sdmc530

speaking of the rustang, i see the Corevette now has more electric options too. SAD!!!

I thought I had seen a blurb where Chevy is talking about a "full blown" electric Corvette. I dunno.... I've seen the Tesla's 0-60 performance, but I don't know if they can ever match or beat the power/pick up performance of a vette in electric mode.

[Caleb]

So if you pay it back (buy out) early, are there any fees?

$70k profit (your example) seems a bit excessive for a $30k loan. Have you tried a credit union?


Sent from my iPhone using Tapatalk

[FfNJGTFO]

Originally Posted by Caleb

So if you pay it back (buy out) early, are there any fees?

No, none for paying off early. Just the standard costs for the re-appraisal and other "buy-out" doc fees (very nominal).

Originally Posted by Caleb

$70k profit (your example) seems a bit excessive for a $30k loan. Have you tried a credit union?

I actually miscalculated that. The percentage is not based on the 2nd appraisal value, but on the delta between the two appraisals.



Example: Initial appraisal is $300,000 like before. They adjust it by 15% to cover their "depreciation margin." Thus, we start at $261,000.00.


The percentage of "their share" is based in part on the amount I draw, initially. I can draw a total of $59,000.00. I did bump it up from $30,000 to $40,000. As a result, the percentage is now 43.2% of the delta between the adjusted initial value ($261,000) in this case, and the resultant appraisal (at the time I buy them out). Say that's $315,000.00 Their "share" would then be ($315,000 - $261,000) * .432 = $23,328.00 + the principal I drew. If it depreciates below $261,000 in the time the contract is active, then I would owe less "principal" money. I don't even think that will happen because if they can project that, they would not accept the loan, initially.



At one point I was considering going up to $50,000.00 in principal, but they told me the percentage would be over 50% in that case. I told them to keep it at $40,000.00.



So, given the above numbers, and if I put away, say, $800.00 a month in a savings account for 8-10 years, I should be able to buy them out completely and get all my equity back. Even if their share comes to $60K to my $40K principal. That's $100K total. I should be able to cover that within 8-10 years.


We'll see. They might still deny me if they think it's not worth the investment. We'll see.

[FfNJGTFO]

Originally Posted by FfNJGTFO

No, none for paying off early. Just the standard costs for the re-appraisal and other "buy-out" doc fees (very nominal).





I actually miscalculated that. The percentage is not based on the 2nd appraisal value, but on the delta between the two appraisals.



Example: Initial appraisal is $300,000 like before. They adjust it by 15% to cover their "depreciation margin." Thus, we start at $261,000.00.


The percentage of "their share" is based in part on the amount I draw, initially. I can draw a total of $59,000.00. I did bump it up from $30,000 to $40,000. As a result, the percentage is now 43.2% of the delta between the adjusted initial value ($261,000) in this case, and the resultant appraisal (at the time I buy them out). Say that's $315,000.00 Their "share" would then be ($315,000 - $261,000) * .432 = $23,328.00 + the principal I drew. If it depreciates below $261,000 in the time the contract is active, then I would owe less "principal" money. I don't even think that will happen because if they can project that, they would not accept the loan, initially.



At one point I was considering going up to $50,000.00 in principal, but they told me the percentage would be over 50% in that case. I told them to keep it at $40,000.00.



So, given the above numbers, and if I put away, say, $800.00 a month in a savings account for 8-10 years, I should be able to buy them out completely and get all my equity back. Even if their share comes to $60K to my $40K principal. That's $100K total. I should be able to cover that within 8-10 years.


We'll see. They might still deny me if they think it's not worth the investment. We'll see.

Update: It looks like the Point Financing deal will proceed. The closing has been scheduled for later this month, and I should have the funds by 08/02 or thereabouts. I can get my roof done, my HVAC redone and some other things. Maybe a little room for some more "inventory" and ammo. They gave me a break on their share % as well only 34.2% to take out $45K.





Thanks all! Keep ya posted!

[Caleb]

Well good luck bro, hope it works out in your favor.


Sent from my iPhone using Tapatalk

[FfNJGTFO]

Originally Posted by Caleb

Well good luck bro, hope it works out in your favor.


Sent from my iPhone using Tapatalk

Much appreciated. I'm currently reviewing options in re: whatever these clowns in DC want to do in re: 2A and what I want to "early panic buy" before it turns into true "panic buying."



I just scored 1000 rounds of PMC M855, yesterday, combined with the amount of American Eagle I had previously. I'm thinking of beefing up my .45ACP a little. I'm comfortable with my 9mm inventory at present but I might want a little more JHP.



As far as the "gear" goes, I might be looking at a SIG-Sauer P322 (the .22LR) which has a 20 rnd mag I believe. Might be good for teaching my "youngins" initially (although my niece is a crack shot on my 1911 .45ACP). And, for that, I could probably use a little more .22LR, although I'm anticipating that won't be hard to find. M855 Green tip might be. I'm also looking at a SW M & P Shield Plus, just to compare it to my Shield 1.0. Finally, I may also stock up a bit on my .308 win for my PRS.



The big question for me is, do I want to invest at this point in any more AR Lowers and parts kits, in the event that the ATF decides to get "jiggy" with them. And, do they have enough mojo to make those kinds of restrictions? Not sure. I still have the one serialized lower for my 2nd build and all the parts for that. As soon as I get the roof and the HVAC done, I'll get back to that.

[Caleb]

Maybe get one or two more if you plan on continuing to build them up even if the “ban” goes into effect.


Sent from my iPhone using Tapatalk

[FfNJGTFO]

Originally Posted by Caleb

Maybe get one or two more if you plan on continuing to build them up even if the “ban” goes into effect.


Sent from my iPhone using Tapatalk

I might consider that. As is often said, "better to have them and not need them than to need them and not have them."