The Landlord-Lessee Joint Venture

[TheSheep]

He put $82,900 (10%) down, leaving a $746,100 mortgage on a property now worth $730,000, so currently the equity is -$15K and his $83K has gone to money heaven.

Heaven can wait and it is with this very premise that we see a Long Term Occupant of value.

I wouldn't count subsidizing the guy's golfing as part of the "investment."

Most assuredly, it is a private equity club, memberships have sold for as high as $150,000, Mr. Bear is in at the "stated" net cost of zero (allured by the free membership). One could extrapolate applying elmentary (school) algorithms)and say

$830,000
-125,000
=======
$705,000 True Housing Cost

Mr. Bear has assigned his membership rights (part of the Lease Agreement); Ram has learned to putt with his butt! We enjoy the daylight-ending romps, hoof n hoof, along the cart pathways and golf fairways, nibbling at the Champion Turf, dodging the ever present allicroc

YIKES!

and prancing in the sand traps and waste areas, as if we were young sheeps, back at Fleece U, aw, those were the Daze (and Confused).

BTW: Is this place in Florida?

The Italian Capital of SW FL may I boast!

 

[TheSheep]

It's like punching smoke. And by asking if this is in FL you are assuming that "this" is on Planet Earth.

Punch less,
read more.
All evidence
is before
your very grasp
to see
what is real
and not to be.

 

[elgordoboy]

Punch less,
read more.
All evidence
is before
your very grasp
to see
what is real
and not to be.

I don't want to hurt your feelings or anything I am just having some fun. I really do enjoy looking at your posts. Reading would imply some comprehension. You take it well

 

[up4golf]

do sheep eat fish?

 

[SHELLY]

Most assuredly, it is a private equity club, memberships have sold for as high as $150,000, Mr. Bear is in at the "stated" net cost of zero (allured by the free membership). One could extrapolate applying elmentary (school) algorithms)and say

$830,000
-125,000
=======
$705,000 True Housing Cost


The Italian Capital of SW FL may I boast!

Ah, Naples....where every home for sale boasts stainless steel appliances, granite counter tops and a golf club membership.

I guess having the golf membership rolled into the 30-year mortgage and property taxes looks good when one uses elmentary (school) algorithms.

This investment is just perfect.....for the current owner.



.

 

[fisher]

Brand new, 10%, depends on how you value equity (golf club membership is saleable and at what market value?)

Is the membership full or are there still openings available? How many memberships have been resold? Does the troubled developer have any ownership interest in the course and is said developer funding any operating shortfalls? Do you get equity back only if someone else is lining up to buy your membership after all founding memberships are sold? Unless this is a premiere championship venue that has a waiting list for members--good luck getting any equity out of the membership?

 

[fisher]

..., no longer falling, yes.

No longer falling Where in Florida have prices stopped falling?

http://www.swfl4u.com/CurrentReport.htm

 

[TheSheep]

No longer falling Where in Florida have prices stopped falling?

http://www.swfl4u.com/CurrentReport.htm

In our subdivision where Centex has lowered prices of new builds to their pre-boom numbers.

This is a good/bad scenario. It's a closed pricing system with major builders. in high end dvelopments. As demand dictates, prices rise with no real value attached. As prices fall, major builder drops to his pre-boom pricing for new construction. Either way, there is a known up limit and down limit (as long as new homes of the same kind are being built). Knowing the known (knowingly?), we are at pre-boom minimums, if you are looking in our subdivisions, prices are set (within small +/- %). That is, you can buy a "build-to-suit" at or less than existing home sales.

 

[TheSheep]

Is the membership full or are there still openings available? How many memberships have been resold? Does the troubled developer have any ownership interest in the course and is said developer funding any operating shortfalls? Do you get equity back only if someone else is lining up to buy your membership after all founding memberships are sold? Unless this is a premiere championship venue that has a waiting list for members--good luck getting any equity out of the membership?

Memberships are near full, there are openings but only for residents (at this time). The developer is not troubled, the initial developer was, the new developer is very strong financially. If a membership is sold, it must first be offered to the "club" for a period of time, if they choose not to repurchase (at the closing cost number), then it goes to the open market.

Thank you for the expression of Good Luck but we do not see cashing in our membership equity at anytime in the next 5+ years.

 

[TheSheep]

Ah, Naples....where every home for sale boasts stainless steel appliances, granite counter tops and a golf club membership.

Who stole the stainless steel? We have white! Every home in Naples has a golf membership? Wait until I tell the Ram. I was hoping someone would come along and point out how st00pid he is.

I guess having the golf membership rolled into the 30-year mortgage and property taxes looks good when one uses elmentary (school) algorithms.

I suppose, I really don't know what you mean, I , let me try to explain, I thought I, well, er, ok go on....

This investment is just perfect.....for the current owner.

I think your trying to hurt my feelings. I don't think you are being honest at all. I think you try to would poke holes in Swiss Cheese and claim VICTORY when you accomplished one a micron wide.

I don't like you.

I think I will now go snuzzle up in my hot tub, take a swing and a napsy wapsy in my hammock (under the beautiful, bug-free night skies), turn on our lanai TV and cry, in 5.1, with The Phantomn Of The Opera.

I hope you're happy, Little Missy Troll, all I tried to do was to put forth a very viable alternative that Loverly Landlords and Loverly Lessees could share, to avert their miseries and all live in perfect peace. One that works for us and can work for many, many others. But OH No, YOU have to..wait, Ram calls...

"What?.. Do what?...Flunk..no, Ponk.." <excuse, Ram mumbles when drunk >

"Plonk the *****?"

Got it.

PLONK