| Re: [GMCnet] Thinking of selling my two RVs [message #164545 is a reply to message #164540] |
Thu, 29 March 2012 02:09   |
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ljdavick
Messages: 3548
Registered: March 2007
Location: Fremont, CA
Karma:
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Senior Member |
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Robin,
Of course you realize who your asking...
Still, the Motorhomes are a luxury. They will not appreciate beyond what you will invest in them over time. The process of fixing them, and then the travels you'll take in them will prove to be more valuable than a few thousand dollars, to my way of thinking. But you must consider all options.
Have you considered what your earning potential might be in a few years? Newly out of school with a pile of debt it's tough to see the forrest for the trees. Too bad you couldn't take a night course and defer that debt a while longer. Still, with an improving economy and your abundance of charm you'll certainly go far. (I didn't say sense, I said charm. You have 2 GMC's...)
<off topic rant> It's a crying shame that our education system saddles new grads with this kind of burden. California of my childhood had the finest schools and universities in the country, and the cost was very reasonable. Not today. <end off topic rant>
Have you looked at refinancing the debt at a lower interest rate to cut the bank's share? Could you rent those acres and get cash while keeping the asset? Real estate is still depressed. Park the Motorhomes on the land and save $600 a year - it's almost a mortgage payment.
Reducing your debt is a very good thing to do. So is increasing your income. Do you have a sickly rich uncle to cozy up to? Any prospects for a grand idea whose patent will earn you a quick 6 figures? Get to know the local ambulance drivers (sorry - bad lawyer joke.)
The stories of your two coaches touched many of us here. I'd hate to see you sell those rigs, but even if you must I have a feeling you'd be back when times get fat. Frankly I think $3k apiece for sitting coaches is too high today.
I've clearly got no answers but I wish you the best of luck finding them.
Larry Davick
Sent from my iPad
On Mar 28, 2012, at 10:50 PM, Robin Hood <loxley@gmail.com> wrote:
> Heres the thing... I'm in debt due to student loans to the tune of 140k,
> plus the wife's 20k.
>
> Payments on those are 900 per month. That's more than our mortgage of 800.
>
> I'm doing the Dave Ramsey thing, trying to snowball my way out of debt. I
> make too much money to be this broke.
>
> I have about six acres of land that would bring about 21k that I am trying
> to sell. To put towards the loans.
>
> We've got about 800 dollars of slack in our monthly budget. I am
> considering dropping cable, Internet, phone plans, and everything elsi I
> can think of which would give us more money to dig out with.
>
> My thinking is that I can sell both coaches for 3k each? Is that realistic?
> Yall have seen the videos. Someone with more money than sense could
> drive/flatbed them to JimB's and have them totally redone.
>
> On the other hand, it's only six grand, which won't help that much and
> selling is such a hassle.. I could keep them stored, both for 50$ a month
> until I get these loans paid off... Which will probably be 5 years or so
> without selling the land. They'll be waiting and I will have a mighty Money
> Gun, instead of the pea shooter I have now. All that effort to move the
> queen was motivated by avoiding another 50$ storage fee.
>
> What thinketh my much older and wiser folks?
>
>
> --
> Robin Hood
> Jackson, MS
> 2003 Buick Lesabre
> 1968 Pontiac Catalina
> 1978 GMC Royale motorhome
> 1977 GMC Palm Beach
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Larry Davick
A Mystery Machine
1976(ish) Palm Beach
Fremont, Ca
Howell EFI + EBL + Electronic Dizzy
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