Reply
 
Thread Tools Search this Thread Display Modes
 
Old 05-02-2010, 10:17 AM   #43
1972 Travelux Princess 25
 
Cobourg , Ontario
Join Date: Oct 2008
Posts: 1,042
Don't take me too literally. I mean you should be thinking of some kind of business or income of your own, if the employment situation is bad, which it is in large parts of the country today.

If I could buy houses for $25000 to $30000 and get $750 to $900 rent I would be laughing all the way to the bank.

Another thing I don't get. If you can buy a house that cheap why are you even thinking of buying an Airstream?
__________________

__________________
Living in the trailer park of sense, looking out the window at a tornado of stupidity.
Ganaraska is offline   Reply With Quote
Old 05-02-2010, 10:25 AM   #44
1972 Travelux Princess 25
 
Cobourg , Ontario
Join Date: Oct 2008
Posts: 1,042
With your banking background have you considered becoming a mortgage broker? I know one small town mortgage broker who makes $2000 to $5000 on every deal and does 10 or 20 deals a week. No that is not a misprint he makes $20,000 to $100,000 per week with one secretary and 2 assistants. In a town of 50,000 population.
__________________

__________________
Living in the trailer park of sense, looking out the window at a tornado of stupidity.
Ganaraska is offline   Reply With Quote
Old 05-03-2010, 06:49 AM   #45
1 Rivet Member
 
Spring Valley , Wisconsin
Join Date: Apr 2010
Posts: 13
I'm not sure I know what you mean by taking you too literally. I have been through houses that have, or will sell for $20,000 to $30,000 that with an investment of $5,000 would rent for the $700 range.

Your mortgage broker friend is yanking your chain. To make that kind of money, I would guess he would need to generate every single mortgage loan a city of 50,000 would require (and he's doing at BEST 20% and not likely even that), or service a gigantic portfolio of mortgages. The fluctuation in income you describe makes me believe he's implying it's through generation, because servicing is a more stable income flow. The bank I was at serviced a portfolio of roughly $100,000,000 and they grossed roughly $500,000 in income/yr. Out of that came the salaries of the six employees that did the servicing and overhead. Net was probably $250,000? If he IS servicing, I can assure you his portfolio size is not likely $100,000,000. Secondly, he isn't making $2,000 to $5,000 per transaction unless he's been very lucky taking out commitments at a higher rate that he resells at a lower rate, and that's impossible in a rising rate environment, and also very, very dangerous in a declining rate environment.

Most mortgage brokers make in the $40-$80,000 range in this relatively slow market unless they own the brokerage, and it would have to be a very very successful brokerage for him to be taking out even $150,000 a year.

If the guy is so forthcoming with his income why not just ask to see what his taxable income was on his tax return? That will shut him up.

Finally, I wasn't a mortgage lender. I was involved in equity mortgages and commercial loans. There is no bank or brokerage that's hiring inexperienced mortgage lenders right now because there are so many available with experience that were cast out when the mortgage demand went in the tank 3 years ago.

The reason I don't want to buy a house for $30,000 right now is because It would make things very tight. Until the divorce is final I don't have much cash, and maybe not even then. I'm still paying a pretty substantial amount every month on the house she occupies.
__________________
bcs4 is offline   Reply With Quote
Old 05-03-2010, 02:52 PM   #46
1972 Travelux Princess 25
 
Cobourg , Ontario
Join Date: Oct 2008
Posts: 1,042
He's not yanking my chain because he didn't tell me. I figured it out. He brokered a couple of loans for me where I was the lender, in one case his fees paid by the borrower were $6000 and I was getting $12000 in interest and I was putting up the money. This was on a one year term, first mortgage. I figured out the rest from the volume of business I see going in and out of his office, and talking to the office staff. A lot of his mortages are in the surrounding rural area and in other towns 10 to 50 miles away. Around here it's hard to get a mortgage on country property.

By taking me literally, I mean you don't have to go into rental real estate just because I did. That was my thing, there are lots of other businesses you can get into. I just don't like to see people beating their head against a stone wall, thinking the only way to make a living is to "find a job" working for someone else. I used to believe that too, but once I realised I was never going to get the job I wanted, I went and did something else.

Around here a house that rents for $700 sells for $100,000.

If you can get that kind of rent for a $25000 house that you can buy for a 20% down payment you could net $5000 a year on a $5000 investment. 10 houses = $50,000 a year, 20 = $100,000. How good do you want it? I have made money on real estate investments but never that much or that easy.
__________________
Living in the trailer park of sense, looking out the window at a tornado of stupidity.
Ganaraska is offline   Reply With Quote
Old 05-03-2010, 03:57 PM   #47
Rivet Master
 
Foiled Again's Avatar
 
2012 25' FB Eddie Bauer
Vintage Kin Owner
Virginia Beach , Virginia
Join Date: Sep 2004
Posts: 5,883
Oh... Canada (and) Living Cheap

Is the housing situation and financing different in Canada? Taxes and Health insurance are... and I don't know anything about financing a house outside of the USA.

Dear 2Air, I know most RV'ers haven't fallen into deal that I did, but I got memberships at a Time Share RV park that was 35+ years old. The original memberships cost $14K, but over time old members have aged out, died out, moved out and generally lost interest. As with all timeshares - the deeds/memberships are virtually unsaleable. When I bought there were many memberships where the owner would sign over the deed for anyone willing to take over the annual maintenance dues... then a bit over $500 per year per membership. I bought two memberships which allow me to stay on a site for 28 days, then I have to leave for 7. I could literally get away with boondocking behind our business on those 7 nights, but I generally go to another campground and pay regular rates. Since I bought the dues have gone up to about $650 per membership, and if I stay more than 56 days per year, I'm also charged $2 per day for electricity. This timeshare campground now also closes during January and February.

This years expenses should be about:
$1200 January - February, including propane
$1260 membership maintenance dues
$ 336 extra campground electricity fees
$2000 for weeks off primary campground during season

$4796 per year.... and of course I DO have the big honkin tow vehicle that could be replaced by a much smaller car if I didn't have the Airstream. Add to that the cost of a cell phone and wireless internet coverage, and new tires this year, and replacing the rim I screwed up, and so on. I also buy bottled water because the well water at my campground has a lot of iron in it. I COULD write off some of my travel expenses because I often stay at a neighboring city (within 50-100 miles of home) and prospect for new clients on my off-site weeks. The big downside for most people in my situation might be the moving every 4 weeks, but I just consider it "time to clean and reorganize the Airstream".

In spite of all the little extras, you'll have to admit that we're talking pretty darned cheap here - especially considering that most of my compatriots are spending $2000-$3000 per month including their mortgage and utilities. Around here a decent apartment is $1200 per month.

These deals aren't all that easy to find - I consider myself very lucky - BUT if you look around there are many odd deals here and there. I know a couple who work at a self storage company. They get an apartment over the office as part of their compensation - but of course they are supplying a level of on-site security that is better than just the camera systems, and they do have to do minor maintenance and painting to the exterior of the units. One of our customers is a towing company - and they pay a guy to live in his RV on the repo lot (and NO I wouldn't take that job! Even with a company rotweiler included).

I think one of the worst parts of being unemployed is that you feel "out of the loop" - it's awkward to meet with old work friends or sometimes even social ones - but the key thing you've got to do is just ignore or fight that reluctance. Your current job is finding a job. Go to chamber of commercie meetings, BNI meetings, Jaycee meetings, anywhere you can wrangle an invite. Explain that your career is in flux and you're looking for ideas and possibilities. Consider a minor makeover - if you have a haircut from the 70's congratulations on having that much hair... but change it!

Paula
__________________
Today is a gift, that's why they call it the present.
Foiled Again is offline   Reply With Quote
Old 05-03-2010, 08:27 PM   #48
1 Rivet Member
 
Spring Valley , Wisconsin
Join Date: Apr 2010
Posts: 13
Sorry Ganaraska, I just realized you were in Canada. I think the equivalent that you're talking about in the US might be a realtor, but I'm not sure. They make 4%-7% of the selling price. Fees to a borrower including attorney, appraisal, filing, title insurance and a mortgage broke in total might come to $2,000 on a $200,000 loan. A mortgage broker in the US is merely someone that originates a mortgage loan and resells it on to the secondary market which bundles all their loans and sell shares to investors. Mortgage brokers and other mortgage lenders are the ones in the US that made tons of bad mortgages then sold the bundles to unsuspecting investors at face value when most were more or less worthless. Thus near bankruptcy for the US, and the resulting depression.

Agreed on the rental property around here. It's a strange market. If I could even average a 75% occupancy rate, it would be a respectable return. Not only that, but real estate prices should be coming back in 5 years or so. That $25,000 house may easily double in value!
__________________
bcs4 is offline   Reply With Quote
Old 05-04-2010, 09:46 AM   #49
1972 Travelux Princess 25
 
Cobourg , Ontario
Join Date: Oct 2008
Posts: 1,042
He is a mortgage broker. On second thoughts not all of his deals are that profitable. A lot of deals as you say, are done by a mortgage broker for a mortgage company and in that case his fee will be smaller. I am talking about private mortgages for borrowers who do not qualify with a bank or mortgage company.

The real estate situation in Canada is far different from the US. For a start, our bankers are sane. And, there are only 5 banks in Canada but they have branches across the country.

The mortgage market is more like it was in the states 50 years ago. You do not see banks making those nutty loans that anyone can see have no chance of being repaid.

In Canada to qualify for a loan you need to have a job or source of income large enough that you can service all your loans with no more than 30% of your income, and housing expense can't be more than a certain percentage, you need to have a substantial down payment 20% or more, unless you get an insured loan which is not that easy to get.

There are also much stricter zoning laws, which greatly restrict the number of houses that can be built.

The consequence is that houses are more expensive in some cases, but we do not have the crazy booms and busts that are such a feature of the US market.

House prices are more stable and there is more demand for loans outside the regular banking system because our banks are so restricted.
__________________
Living in the trailer park of sense, looking out the window at a tornado of stupidity.
Ganaraska is offline   Reply With Quote
Old 06-27-2010, 05:37 AM   #50
Crazy Montanan in Texas
 
MrBeast's Avatar
 
Currently Looking...
Houston , Texas
Join Date: Jun 2010
Posts: 167
In 2007 I wound up having to close up my trucking company spent the next 3 years living in a 24' travel trailer, it wasn't a stream but it worked, I was able to get things turned around and get back into business for myself.

If you have any questions about it feel free to bounce them off of me - Nick
__________________

__________________
"When the people fear the government, there is Tyranny; when the government fears the people, there is Liberty." - Thomas Jefferson
MrBeast is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Living full-time in an AS backphil Full-Timing 13 05-20-2010 01:16 PM
Full Time In My 345! Jim Casavant Full-Timing 7 10-18-2007 05:28 PM
Full time living/driving helpful advice please tjean45 Full-Timing, Winter Living & Workamping 6 09-20-2007 05:46 AM
Part Time vs Full Time (Days/Year) InsideOut Community Polls 30 10-23-2005 10:43 AM


Virginia Campgrounds

Reviews provided by




Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 09:44 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.

Airstream is a registered trademark of Airstream Inc. All rights reserved. Airstream trademark used under license to Social Knowledge LLC.