One foot on the brake and one on the gas, hey! Well, there's too much traffic, I can't pass, no! So I tried my best illegal move A big black and white come and crushed my groove again!
Go on and write me up for 125 Post my face, wanted dead or alive Take my license n' all that jive 'cause I can't drive 55!
The flipping fund closes in 3 weeks. I reported two weeks ago that firm commitments were over $1,000,000. Now that number stands at $1,425,000. I still believe I will reach $2,000,000. There are still 19 Sophisticated investor spots available.
I had been falling behind in my library updates, so Zovall developed an automated system that keeps me up-to-date at all times. For those of you wanting to find a post in the archives, it is now much easier to locate what you are looking for.
Writer's Corner
I cleaned out my office at work this week. I am still doing hourly work and helping with business development, but I no longer go to an office every day. I don't know what my future will be with the land development industry. I enjoy design work, but over the last 3 years, I haven't done very much of it -- and neither has anyone else. I am still seeing no green shoots in the homebuilding or development industry.
It's sad really. You spend your adult life gaining experience and increasing the depth and scope of your knowledge in a given profession, and suddenly that skill is no longer in demand. Perhaps if demand picks up, I may go back to that work, or at least do some hourly work on interesting projects. For now, I am focusing my energy on establishing a fund and creating a new professional life. I am not the only one in my industry that has been compelled to find other methods of making a living.
This new venture is very exciting. I am still mourning what may be the passing of my past career, but I am very excited about this new challenge. I feel like a sportscar that has been kept in the garage too long. In fact, last week I had a dream that I was driving a lime-green Lamborghini. I remember taking it out and fumbling with the gears and feeling a bit lost in a sea of gauges. I didn't get it up to top speed, but after a few minutes of driving, I felt like I was in control of the vehicle, and the power was exhilarating.
In my dreams, I have noticed that vehicles I drive are often symbolic of how I view my own life. I don't want to own a lime-green Lamborghini, but as a symbol of refined power with unique style, I can't think of a more appropriate automobile. If my subconscious views my new life this way, it stands in stark contrast to the sense of helplessness I felt at times during the recession. I guess part of me is more excited about the future than consciously I realize. I want to thank all the fund subscribers who have expressed their confidence in my ability to make this venture a success. I am looking forward to hitting top gear.
Home Purchase Price … $1,679,000 Home Purchase Date .... 1/2/2008
Net Gain (Loss) .......... $901,300 Percent Change .......... 53.7% Annual Appreciation … 18.3%
Cost of Ownership ------------------------------------------------- $2,745,000 .......... Asking Price $549,000 .......... 20% Down Conventional 4.50% ............... Mortgage Interest Rate $2,196,000 .......... 30-Year Mortgage $536,471 .......... Income Requirement
$11,127 .......... Monthly Mortgage Payment
$2379 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $229 .......... Homeowners Insurance $269 .......... Homeowners Association Fees ============================================ $14,004 .......... Monthly Cash Outlays
-$1716 .......... Tax Savings (% of Interest and Property Tax) -$2892 .......... Equity Hidden in Payment $915 .......... Lost Income to Down Payment (net of taxes) $343 .......... Maintenance and Replacement Reserves ============================================ $10,654 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $27,450 .......... Furnishing and Move In @1% $27,450 .......... Closing Costs @1% $21,960 ............ Interest Points @1% of Loan $549,000 .......... Down Payment ============================================ $625,860 .......... Total Cash Costs $163,300 ............ Emergency Cash Reserves ============================================ $789,160 .......... Total Savings Needed Property Details for 4 SUNPEAK Irvine, CA 92603 ------------------------------------------------------------------------------ Beds: 5 Baths: 4 full 1 part baths Home size: 4,782 sq ft ($574 / sq ft) Lot Size: 8,000 sq ft Year Built: 1996 Days on Market: 70 Listing Updated: 40416 MLS Number: S621933 Property Type: Single Family, Residential Community: Turtle Rock Tract: Cust ------------------------------------------------------------------------------ HUGE PRICE DROP. Live at the pinnacle in the hills of Turtle Rock. Beautiful custom home, tastefully remodeled in the last 3 years. On a coveted street where homes rarely come of the market, this jewel estate enjoys panoramic views of rolling hills of Shady Canyon by day & twinkling city lights by night. Classic exterior architecture is complemented with elegant interiors. The one of a kind floorplan is ideal for multi-generational living and provides flexibility with 3 potential master suites, including one downstairs! The grand entry foyer greets you w/a sweeping staircase, 2 story high ceilings adjoining to the immpresive formal great room. Entertain in the huge family room which includes an oversized built-in bar w/granite counters and seating for 6, walk in wine closet, built-in entertainment center, even room for a game table! A chef's dream kitchen has it all & includes 2 islands. Dine in the sunny nook or intimate dining room. Ideal dwnstrs home office/den. Even 4 fireplaces!
immpresive?
HUGE PRICE DROP? LOL! This property is at least a $1,000,000 overpriced. It desperately needs a huge price drop.
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