Thanks for bearing with me on the last entry. Sometimes you just have to work through those things on paper (even electronic paper) just so you know....kind of an itch you have to scratch.
An update from yesterday however: my headset is awesome!! Wow, what a difference in sound quality. Nice purchase Joe.
Today I accompanied a friend out to a home that they own defacto due to a sibling's.....let's say...indiscretions. Anyway, they are trying to figure out what to do with this place and the choices are: put on a new roof and try to sell it (about 10% of the home value), sell it as is (and maybe break even with the mortgage) or level the house and rebuild on a nice lot with a new home and then sell it (trying to make a profit). Three scenarios.....three risk/reward possibilities. It's a fascinating, real world risk evaluation questionnaire. What would you do?
Option A: put a new roof on and hope that you can sell it for more than the mortgage plus investment.
Option B: lower the price to cover the mortgage and maybe something extra.
Option C: invest some money in leveling the house, obtain a bridge loan to build a new one, then try to sell for more than the mortgage+financing costs+building costs. Potential payoff is 25% of the current value of the home.
Quite the quandary. I know what I would do...how about you?
Finally, Joe Theisman agrees with me the Brian Griese is one of the better backups in football. I took it a step further though and fully believe that Griese would have been a better option than Grossman at the end of last season. I wouldn't rather have Batch starting than Grossman, but the number of QB's I would prefer to Grossman has to be up around 30 in the NFL. Certainly the other four would be preferable to Grossman in the short run now or at the end of last year.
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5 comments:
B for a while then if it doesn't sell right away A. I am not a fixer-upper type & I don't know crap about home building. Ergo I'd not be in a strong position to bargain and given others' experiences with home repair it appears about 100% of the time something goes wrong, to the home owners detriment.
Hmmm. I think my choice would have to be based on how much available cash I had, and time I could hold out financially until it sold.
I would replace the roof,the people that buy will demand a credit if you dont,a new roof will also add to the curb appeal .I would also do some little things in the interior,paint,carpet,remove the clutter and junk.If you knock it down and make a lot of money,there might be some issues with the other family members?
I agree with Ken and Alexis. The potential profit of Option C could lead to some additional headache from the sibling with indisrections. I would choose Option B wait to see if it sold and then choose Option A if it didn't. I hate home improvements and something always manages to run over budget!!
I'm in the Stef camp. It's a function of your capital. If you're tight on capital, gettin' the hell out and getting rid of the drain is usually the right option. Other options are fine if you are capital rich.
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