OK…an update
I haven’t updated the blog lately for a couple of reasons. The main one is that this whole thing has taken a toll on me and I needed a break. Time to spend some time with my family and not let this whole thing rent space in my head. The other reason is that the CNBC interview thing didn’t go the way I had hoped. I’ll publish a excerpt from the email I got regarding this (I hope you don’t mind James):
“…our report was to air last night at 9pm, but due to time constraints we could not include your interview in the final piece. My apologies. I thank you again for participating, and I wish we had the time to include all of what we shot and reported. Unfortunately, we rarely have that luxury in broadcast journalism. I wish you good luck…”
Well, needless to say I was kinda put off by that. After all I used my PTO time from work and faced an hour drive to Miami… and paid too much for parking. But I Diana Olick was kind enough to put a link to my site from her blog. Ironically, I think I got all the traffic from people looking for info on the piece that did air on CNBC. My top keywords lately have been ‘CNBC Miami condos’ and other related terms.
Anyway, it’s time I start really worrying about how I’m gonna pay for this condo, or if I’m just going to walk away. I’m not a quitter but the pressure from my wife to ‘get real’ has been tremendous. Man… this seemed like an idea so crazy that it had to work. Just today I read the news about the guy in NY who saw the girl of his dreams on the subway and found her by making a website and posting a description and a picture he drew from memory. Pretty inspiring. Anyway, give me some feedback guys.
Posted: November 10th, 2007 under Uncategorized.
Comments: 4
Comments
Comment from Chris
Time: November 10, 2007, 7:46 am
I am not sure if you saw my last post.
What I suggested was you but the money you made from selling link units into a CD at 5.5% interest.
At the end of the year, you could pay off three shareholders with interest only and still keep the ORIGINAL MONEY!! Repeat the process until everyone is paid off with the interest, and you still keep the original money for the condo.
Other suggestion…
I really, highly suggest you play hardball with related group. Right now they have you on the hook for a 375,000 purchase price. The condo is worth much less and dropping fast. Is it not possible to say look, you have two options…
1) I walk away from the unit and you end up selling it for 250K or less to some guy in a few years after years of carrying costs.
OR
2) You reduce the purchase price to 250K for me right now and I will close on the unit and not default saving you the hassle.
If they accept the second option you only have to have a 175K mortgage which is more managable. And more reflecting of the unit true value.
Before you walk away….LET THEM KNOW YOU WILL DEFAULT IF THEY DONT WORK WITH YOU. See if they will lower the price. They know what the market is like right now and don’t want to lose a potential buyer and have to carry the unit for years.
Comment from Bob Kelly
Time: November 10, 2007, 8:06 am
What could you realistically do with that unit? Would it rent? Does the building/HOA place restrictions on renting? Can you live in it?
Comment from admin
Time: November 10, 2007, 9:29 am
Hi Bob,
I can rent it. The builder will have a real estate office in the building.
Comment from Bob Kelly
Time: November 11, 2007, 1:02 am
You’ll want to self-manage - not use the builder or a property manager. They take all the profit out. It’s not hard to do. Go get the book: Property Management for Dummies.
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